20 Francs - Léopold III

Léopold III's accession in February 1934 followed the sudden death of his father Albert I in a mountaineering accident — a loss that shocked Belgium and left the monarchy briefly without clear direction. These coins entered circulation just as Léopold was navigating the twin pressures of the Great Depression and rising fascist movements on Belgium's borders. The silver content had already been debased from earlier franc issues, a concession to fiscal pressure that the government had been reluctant to publicize.

The series runs across two years, with the French and Dutch legend variants — position of "Belges/Belgen" determining KM attribution — a distinction that matters considerably to type collectors.