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5 Piastres

Issuer Banque de l'Indo-Chine
Year 1910-1915
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Value 5 Piastres (5 ICFP)
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Obverse lettering BANQUE DE L'INDO-CHINE DÉCRETS DES 21 JANVIER 1875, 20 FÉVRIER 1888, 16 MAI 1900 ET 3 AVRIL 1901 CINQ PIASTRES PAYABLES EN ESPÈCES AU PORTEUR HAÏPHONG LE CAISSIER DE LA SUCCURSALE UN ADMINISTRATEUR L'ADMINISTRATEUR-DIRECTEUR GEORGES DUVAL fec. L. RUFFE sc.
Reverse description The reverse is printed in brown on plain paper, dominated by a large coiling dragon vignette that curves around the left and centre of the note in a circular composition. Chinese and Vietnamese script characters appear in two registers at right, with the bank name repeated in a text band along the upper and lower borders. A secondary ornate cartouche with dragon motifs occupies the right margin.
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The Banque de l'Indo-Chine, though a private colonial institution chartered in Paris, held monopoly rights over note issuance across French Indochina — a commercial privilege that generated considerable political friction back in France throughout the early 1900s. This small-denomination note was printed by the Banque de France itself, an unusual arrangement that blurred the line between state and colonial private banking infrastructure more than the issuer would perhaps have liked acknowledged.

Ruffe was a skilled intaglio engraver whose work appears on several colonial issues of this period. The Duval-Ruffe pairing was not uncommon for French colonial printings of the era, though P#16 represents one of their more modest commissions in terms of denomination.