20 Gulden

De Nederlandsche Bank's P#44 ran for over a decade without a single design change — an unusually long active life for an interwar Dutch note. The period spans both the worst years of the Great Depression, during which the Netherlands clung to the gold standard longer than virtually any other European economy, and the mid-1930s deflationary crisis that forced severe domestic austerity and drove significant public distrust of institutional banking.

Joh. Enschedé en Zonen in Haarlem handled production, as they did for nearly all Nederlandsche Bank paper of this period — not Amsterdam, despite the bank's address. The long run means date and signature combinations vary considerably, and some later examples circulated into the German occupation before being withdrawn in 1941.