10 Piastres

Banque de l'Indochine issued this note during the final, turbulent years of French colonial administration in Indochina — a period bookended by the First Indochina War, which began in December 1946. The choice of Thomas De La Rue in London rather than the Banque de France's own printing facilities reflects the disruption to French industrial capacity that persisted well after the Liberation; De La Rue handled several colonial currency contracts for France during this window.

The Pick 80 series spans four years of issue dates, suggesting sustained demand from a circulation zone that was simultaneously a war zone. Notes from the later end of the date range would have moved through territories increasingly contested by Việt Minh forces.