500 Francs CFP

The franc CFP — formally the franc des Collectivités Françaises du Pacifique — has been pegged to the euro at a fixed rate of 119.33187 CFP francs per euro since 1999, inheriting the peg mechanism that originally tied it to the French franc in 1945. That immovable rate is both the note's defining economic feature and the reason the IEOM exists at all: Paris maintains the guarantee, the territories give up independent monetary policy, and the arrangement has been politically uncontested for decades.

The Banque de France printed this series in-house, consistent with its long-standing role producing currency for French overseas territories.