50 Francs - Baudouin I

The Belgian Treasury issued this note rather than the Nationale Bank — a distinction that mattered administratively, though both institutions occupied the same monetary infrastructure. Treasury notes of this denomination circulated alongside bank-issued paper without any practical difference to users, a quiet institutional overlap that persisted through much of the postwar period.

De Decker and de Cuyper were among the more accomplished intaglio engravers working in Brussels during this period, and the Nationale Bank's own printing works produced consistently fine recess work. Worth noting for collectors: the watermark on this series is occasionally faint and can be difficult to read under standard lighting.