20 Piastres

Banque de l'Indochine operated as a private colonial bank with note-issuing privileges across French Indochina — a legal arrangement that persisted well past the point where most colonial powers had centralized such authority. This 20 Piastres issue was produced by the Banque de France in Paris, a printing relationship that gave the notes a technical quality far above what colonial administrations typically arranged through commercial security printers.

The Deloche and Piel engraving credits on the obverse plate reflect the Banque de France's in-house atelier, one of the most accomplished intaglio workshops in the world at the time. Marguerite Dreyfus, known professionally as Rita, handled the reverse — her name appears across multiple Banque de France colonial commissions from this period.

Two signature combinations are documented for circulating examples: De la Chaume & Baudouin appears on specimens only.