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20 Gulden Queen Emma
| Issuer | De Nederlandsche Bank |
|---|---|
| Year | 1939-1941 |
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| Currency | Gulden (decimalized, 1817-2001) |
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| Obverse description | Printed in violet and olive, the obverse carries at center-left a vignette after the painting 'Fleet of Admiral de Ruyter on the Roads of Algiers' attributed to Rembrandt, serving as the dominant pictorial underprint. At right, a portrait vignette of Queen Emma (1858–1934), Princess of Waldeck and Pyrmont, is rendered in intaglio. Denomination numerals '20' appear at upper left and lower right, flanking the central design. |
|---|---|
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| Protection description | Watermark visible in the paper |
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| Comments |
Enschedé had been printing for De Nederlandsche Bank since the nineteenth century, and this note shows that relationship at its most assured — a domestic commission executed entirely in Haarlem without recourse to foreign security printers, which was still not universal practice among smaller European central banks of the period.
The timing matters. Notes dated within this range were issued across the German occupation of the Netherlands beginning May 1940, meaning a significant portion of the print run circulated under Nazi administration. De Nederlandsche Bank continued operating under occupation, a contested arrangement that kept the currency nominally stable but served German requisitioning as much as Dutch commerce.