500 Francs - type1863 black indexes

The 500 Francs series issued between 1868 and 1882 represents one of the longer-running high-denomination instruments of the Third Republic's early years, a period when the Banque de France was simultaneously managing post-Commune monetary disruption and a massive indemnity payment to Prussia. France settled the five-billion-franc war indemnity by 1873, two years ahead of schedule, and notes at this denomination were workhorses of that settlement machinery.

The "black indexes" designation distinguishes this type by its printed serial references rather than a later color variant. Pannemaker's contribution is notable — he was among the finest steel engravers working in Paris at mid-century, better known for reproductive illustration work than banknote security engraving.