20 Francs

The Banque de l'Indo-Chine contracted the Banque de France's printing works for this series rather than a commercial security printer — an unusual arrangement driven by the close relationship between the two institutions and the French state's interest in controlling colonial currency production. Wullschleger was one of the Banque de France's most accomplished intaglio engravers of the period, and his involvement placed this note technically on par with metropolitan French issues.

The 1921 start date for this series coincided with postwar monetary disruption across Indochina, where wartime token coinage and scrip had badly eroded public confidence in paper instruments.