200 Francs Kerguelenois

Kerguelen has no permanent civilian population and no functioning economy — these notes were never legal tender in any conventional sense. Issued under the authority of the French Southern and Antarctic Lands administration, they circulate almost exclusively among collectors and were sold directly to philatelic and numismatic buyers rather than disbursed through any banking channel.

The polymer substrate is an unusual choice for a territory that issues perhaps a few thousand pieces per print run, suggesting the decision was driven by novelty and collector appeal rather than durability requirements. French overseas territories with actual circulating needs — Polynesia, New Caledonia — use CFP franc notes produced through the Institut d'émission d'outre-mer. Kerguelen has no such infrastructure.

The "Kerguelenois" denomination exists nowhere in any monetary system.