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25 Centimes

Issuer Trésorerie Générale des Finances de Monaco
Year 1920
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Printer Veuve A. Chêne, Monaco, Monaco
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Signature(s) R. le Bourdon and A. Noghès
Protection type Watermark
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Comments

Monaco's wartime small-change crisis dragged into 1920, well after the armistice, because bronze coinage remained scarce throughout the early postwar years. These paper fractional notes were a stopgap, printed entirely in-country by a local press — Veuve A. Chêne was not a specialist banknote printer, which shows in the relatively modest production quality compared to contemporary French emergency issues printed by established security printers.

Albert Berthe's engraving credit is unusual for a note at this denomination and scale. The watermarked paper was presumably sourced externally, since Monaco had no domestic papermill capable of security stock.