20 Francs

Waterlow & Sons printed this note in London during the German occupation of Luxembourg — a remarkable logistical fact in itself. The Grand Duchy's government-in-exile authorized the issue from London while the Reich Commissariat administered the territory, meaning these notes were prepared for a liberation that hadn't yet happened.

The series was part of a broader Allied currency preparation effort timed for post-liberation monetary stabilization. Notes printed under these circumstances frequently show uneven distribution across surviving populations, with some denominations far scarcer than their print runs suggest.