25 Gulden

This note belongs to the first series issued after Liberation — De Nederlandsche Bank resumed operations in the summer of 1945 under Allied authority, with Enschedé's Haarlem plant one of the few Dutch printing facilities that had survived the occupation without major disruption. The 1940–45 period had forced the Bank into a deeply compromised position, with occupation authorities compelling it to finance German requisitions through credit expansion, leaving the Netherlands with severe monetary overhang by war's end.

A sweeping currency reform followed in September 1945: all circulating notes were called in, stamped, and exchanged at controlled ratios to suppress the inflationary surplus. Whether a given example passed through that process — or escaped it — is often the most consequential fact about any 1945-dated Dutch note.