25 Francs

The Banque de l'Afrique Occidentale operated as the privileged note-issuing institution across French West Africa from 1901, its concession repeatedly renewed despite periodic pressure from colonial administrators who resented the bank's private, Paris-based shareholders controlling currency across an enormous territory. This note falls within the years France was tightening economic integration of its West African colonies while simultaneously managing Depression-era monetary pressures at home.

Deloche and Hourriez were both Banque de France workshop engravers, which explains the technical quality — the BAO regularly contracted Banque de France's printing establishment rather than the commercial houses used by many colonial issuers. Laurent's design credit is comparatively rare to find documented for this series.