25 Gulden William the Silent, of Orange

Enschedé's engraved work on the P#46 is among the most technically accomplished Dutch intaglio printing of the interwar period — the Haarlem firm had been supplying De Nederlandsche Bank since the nineteenth century and brought a depth of plate work to this series that offset lithography simply could not match. The notes were issued across two fiscal years, 1929 and 1930, straddling the Wall Street crash, though Dutch monetary policy at the time kept the guilder firmly on gold.

Circulation wear on surviving examples tends to concentrate along the horizontal fold lines, a known characteristic of this format.