10 Francs

At 45 × 30 mm, this is among the smallest denominations ever issued under Luxembourg's own authority — deliberately so. The 1923 series was produced by the Recette Générale, the state treasury office, not a central bank, which reflects Luxembourg's still-underdeveloped monetary infrastructure in the early post-war period. The country had only exited the German Mark zone following the Armistice and was in the process of establishing its own franc-based currency system.

Auguste Trémont was a respected Luxembourg-born artist, and Minguet's engraving work for van Buggenhoudt in Brussels was competent journeyman work. The tiny format made fine intaglio detail almost beside the point.