5 Francs With overprint

When Japanese occupation severed Indochina's supply lines from metropolitan France, existing note stocks were overprinted rather than replaced — a stopgap that applied to several denominations across the wartime series. This 5 Francs, printed by the Banque de France from a design by Walhain and engraved by Deloche, predates the occupation but was pressed into service under it, the overprint marking its reauthorization for wartime circulation.

Pick 11 is not rare in absolute terms, but notes that passed through actual colonial circulation in 1943 often suffered badly in the humid climate — paper deterioration is a known issue with this series specifically.