5 Francs

The Banque d'État du Maroc was a peculiar institution — nominally Moroccan, but established under the 1906 Act of Algeciras as a multinational concessionary bank with French interests dominant from the start. This note's extraordinarily long print run, spanning nearly two decades, reflects the protectorate's monetary conservatism rather than any printing convenience. The plates didn't change; the political situation did, repeatedly.

Gaspérini was a senior engraver at the Banque de France ateliers, and the quality of intaglio work on this series is noticeably finer than contemporary colonial issues printed by private security printers.