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| 正面描述 | A classical intaglio vignette at left centre depicts Neptune reclining and holding a trident, rendered in a fine engraved style against a guilloche underprint covering the entire field. A large blank circular medallion occupies the upper centre, flanked by the bank title and denomination in letterpress. Two handwritten signatures appear below the text lines for the administrator and director. |
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| 正面铭文 | BANQUE DE L'INDO-CHINE Nouméa, le VINGT FRANCS PAYABLES EN ESPÈCES AU PORTEUR UN ADMINISTRATEUR, LE DIRECTEUR, 20 W.27 234 |
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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.