50 Lira Free Territory of Trieste - zone B

The Free Territory of Trieste never functioned as a coherent monetary unit — Zone B, administered by Yugoslavia, operated essentially as an extension of the Yugoslav state while nominally maintaining separate instruments. This note was issued by the Economic Bank for Istria, Rijeka, and the Slovenian Littoral, an institution created to absorb the financial infrastructure left behind after Italian administration collapsed and before the territory's final absorption into Yugoslavia in 1954.

HDT in Zagreb handled the print run — the same state press producing currency and official documents for the new Yugoslav government simultaneously. The watermark is the sole security feature, modest even by postwar provisional standards.