50 Francs 5th series, type 1

Waterlow & Sons had a long relationship with Swiss currency production, and this series reflects the technical standards that made the London firm a preferred contractor for security printing well into the postwar period. Pierre Gauchat's design work and Harold Bard's engraving represent a genuinely accomplished collaboration — Bard was among the more capable intaglio engravers working in Britain at the time.

The nine distinct signature combinations across three print dates make this one of the more granular series to collect properly. The middle position rotates through five different bank officials, and completists chasing all variants face real scarcity on certain combinations, particularly later Iklé-signed examples in circulated grades.