50 Francs

The Banque d'État du Maroc was a peculiar institution — nominally a Moroccan central bank but in practice a creature of the 1906 Algeciras Conference, with capital held by fourteen European and American signatory powers. France held the dominant stake, which is why the note was printed by the Banque de France's own workshops rather than a commercial security printer.

Fraipont was primarily known as a poster artist and illustrator before his death in 1923, meaning the designs attributed to him for this series were almost certainly completed before the notes were actually issued — the plates outlived him by nearly a decade.