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20 Francs 3rd series, reserve banknote

Issuer Swiss National Bank
Year 1926
Type Non-circulating banknote
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Obverse description Pink and blue note with an elaborate guilloche border framing the entire face. At centre-right, an intaglio oval vignette contains a bust portrait of a man in early 19th-century attire with a cravat. The denomination numeral '20' appears in large guilloche roundels at left and lower corners, while the trilingual bank name and value inscriptions are set in letterpress across the centre. Three facsimile signature lines with printed titles appear at the lower centre above the printer's imprint.
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Reverse description Multicolour back in green, blue, and red, dominated by a large central oval guilloche underprint enclosing the Swiss white cross on a red ground. The oval is surrounded by an inscribed band carrying the trilingual bank name. The ornate outer border is composed of interlocking foliate and geometric guilloche panels, with the numeral '20' repeated in each corner.
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Variants P#38a - 01.01.1925
P#38b - 01.01.1926
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