20 Francs

The Crédit Agricole et Industriel de la Broye was one of several cantonal and regional private credit institutions that issued notes in Switzerland before the Federal Banking Act of 1881 effectively ended the era of decentralized note issuance. The Broye is a river district straddling the cantons of Fribourg and Vaud — a decidedly rural, agricultural zone — which makes the "industriel" in this bank's name somewhat optimistic for its time and place.

Hofer of Zürich was a competent but minor Swiss printer whose note production was modest compared to contemporaries like Orell Füssli. This 1866 date puts the note squarely in the contested pre-unification period when Switzerland had dozens of note-issuing institutions and no national currency authority.