50 Francs

La Chaux-de-Fonds was the watchmaking capital of Switzerland, and this note reflects the character of that economy — a private cantonal bank serving an industrial town rather than a financial center. The Banque de Dépôt & d'Émission was one of dozens of Swiss private issuing banks that flourished before federal monetary unification under the Swiss National Bank, a process not completed until 1907.

1848 was a turbulent year across Europe, and Swiss banking confidence was far from guaranteed. An embossed stamp as the primary security feature was already considered thin protection by mid-century standards — counterfeiting of Swiss cantonal paper was a persistent problem throughout this period.