20 Francs

Banque de l'Indochine continued issuing this note well after French Indochina had effectively ceased to exist as a political unit — the series ran through 1963, by which point the issuing authority was operating in a residual capacity across the successor states. The Banque de France produced the notes in Paris, with engraving split between Régnier on the obverse and Chapon on the reverse, a division of labor common to Banque de France security printing of the period.

Pierre Munier's design work for colonial issues of this era is underappreciated. His compositions for Indochine notes show considerably more care than the rushed emergency issues that preceded them during the Japanese occupation years.