10 Francs

The Caisse Hypothécaire du Canton de Fribourg was a cantonal mortgage institution, not a central bank — its right to issue circulating notes was a practical concession of mid-nineteenth century Swiss federalism, before the National Bank existed and before uniform currency regulation had any real teeth. Cantonal and private issuers flooded the Confederation with competing paper during this period, and Fribourg's mortgage bank was among the more conservative participants, backing issues against real property rather than commercial credit.

The 1856 date places this note squarely in the chaotic decade before the Federal Banking Act of 1881 began forcing smaller cantonal issuers out of the note-issuing business entirely.