5 Francs Papeete

The Banque de l'Indochine extended its reach into French Polynesia through agreements with the French colonial administration, and the Papeete branch notes were authorized separately from the main Indochina circulation — meaning this 5 Francs sat within a distinct issuing mandate despite sharing institutional parentage with notes circulating in Saigon and Hanoi. Walhain and Deloche were a productive pairing at the Banque de France workshops during the interwar period, their collaboration appearing across multiple colonial series.

Pick 11 is notoriously difficult to find in any condition above heavily circulated, reflecting both the intensity of use in Tahiti's small cash economy and the attrition typical of tropical storage.