20 Francs

The Banque Populaire de la Broye was one of the small cantonal and regional note-issuing institutions that proliferated in Switzerland before the Federal Banking Act of 1881 consolidated note-issue authority and eventually extinguished these private banks' right to circulate paper. The Broye is a river valley straddling the cantons of Fribourg and Vaud, and the bank served an agricultural community with modest commercial needs — which is why surviving notes from this issuer are genuinely uncommon. They simply weren't printed in large quantities.

Pick 572 is listed with minimal documentation, and confirmed auction appearances are rare.