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| 背面铭文 | 500 INSTITUT D`ÉMISSION D`OUTRE-MER 500 L`ARTICLE 139 DU CODE PÉNAL PUNIT DE LA RÉCLUSION CRIMINELLE A PERPÉTUITÉ CEUX QUI AURONT CONTREFAIT OU FALSIFIÉ LES BILLETS DE BANQUE AUTORISÉS PAR LA LOI (Translation: 500 INSTITUT D`ÉMISSION D`OUTRE-MER 500 THE ARTICLE 139 OF THE PENAL CODE PUNISHES WITH CRIMINAL RECLUSION IN PERPETUITY THOSE WHO COUNTERFEIT OR FORGE BANK NOTES AUTHORIZED BY LAW) |
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| 防伪描述 | Watermark embedded in the paper, visible when held to light. |
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The Institut d'Émission d'Outre-Mer was established in 1966 to manage currency for France's remaining Pacific territories — New Caledonia, French Polynesia, and Wallis and Futuna — after the dissolution of older colonial monetary arrangements. This note circulated across all three territories simultaneously, an unusual arrangement given how geographically dispersed and economically distinct those islands are from one another.
The CFP franc, pegged first to the French franc and later to the euro at a fixed rate of 119.3317 CFP per euro, meant the IEOM had no independent monetary policy to exercise — the Banque de France handled production, and Paris set the rate.