1 Franc Essai

The Institut d'Émission d'Outre-Mer was established in 1966 to manage currency across France's remaining Pacific territories after the dissolution of earlier colonial monetary arrangements. Essai strikes like this one were produced for administrative approval and collector distribution — never for circulation — which explains why survivors are almost invariably found in mint state despite being over five decades old.

KM#E4 is among the scarcer essais from this issuer's early production runs.