50 Francs

The Zürcher Kantonalbank was established in 1870, making this one of its earliest note issues — printed by Giesecke & Devrient in Leipzig during a period when Swiss cantonal banks still dominated domestic currency issuance before the Confederation moved to centralize that authority. The Swiss National Bank wouldn't absorb that function until 1907, so notes like this circulated in genuine competition with those of other cantonal institutions.

G&D's involvement is unsurprising; by the 1870s the Leipzig firm had already built its reputation across German-speaking Europe as the prestige printer for serious banking paper. The relatively long issue window — four years — suggests these were printed in batches and released incrementally rather than as a single run.