20 Francs

Luxembourg's government issued this note directly — not through a central bank — because the Grand Duchy had no central bank of its own in 1929. The Banque Internationale à Luxembourg and the Caisse d'Épargne both operated, but currency issuance remained a government function through the Ministry of Finance. That arrangement persisted until the Banque Nationale de Luxembourg was established decades later.

Enschedé in Haarlem had been producing security printing since the early eighteenth century and was the dominant supplier for smaller European states lacking their own intaglio facilities. Pierre Blanc's design credit is uncommon for this series — named designers on Luxembourg government notes of the period are rarely documented.