50 Francs

The Banque d'État du Maroc was a Franco-Moroccan institution established under the 1906 Act of Algeciras — a diplomatic settlement between the European powers over Morocco's future — which gave it the right of note issue while Morocco remained nominally independent under the Sultan. That political architecture is precisely why the notes were printed in Paris by the Banque de France rather than by a purely commercial security printer.

Camille Beltrand and Eugène Gaspérini were both accomplished intaglio engravers working in the Banque de France's stable during the interwar period. The thirteen-year date span on P#21 reflects wartime printing constraints rather than an unusually long design cycle.