5000 Francs - Victoire type 1934 modificated, smooth cut

The "Victoire" series was among the most technically ambitious high-denomination French notes of the interwar period. The 1934 design was modified progressively through the late 1930s as the Banque de France responded to increasingly sophisticated counterfeiting attempts — the "modificated, smooth cut" variant reflects one such revision, altering the edge finish to complicate reproduction. Marguerite Dreyfus, who signed her intaglio work as "Rita," was one of the few women working at that level of engraving in French state printing during the period.

By 1938, the 5000 Franc denomination represented a very large sum in everyday French life, meaning circulation was largely confined to commercial and banking transactions rather than retail use.