20 Korun

This note was prepared in London during the final phase of World War II, issued by the Czechoslovak government-in-exile through its Ministry of Finance rather than through a central bank — a deliberate administrative choice that reflected the provisional nature of the restored state. Waterlow & Sons produced a significant portion of the exile and liberation-era Czechoslovak series, having already built a long relationship with Central European governments before the war.

Notes from this 1945 issue entered circulation immediately after liberation but were quickly caught up in the postwar monetary reform of 1945, which severely restricted currency exchange. Many were rendered void before seeing meaningful use.