25 Gulden William the Silent, of Orange

De Nederlandsche Bank's relationship with Enschedé in Haarlem goes back to the nineteenth century, and by the late 1920s the firm had developed an intaglio printing quality that was genuinely difficult to counterfeit — a practical concern given the economic turbulence sweeping Europe at the time. This note belongs to a series that would be replaced relatively quickly as the bank modernized its designs through the 1930s, shortening the effective circulation window.

Pick 45 is considered scarcer than its immediate neighbors in the series, with fewer documented survivors in collector grade.