20 Dollars / 20 Piastres

The Banque de l'Indochine was established by decree in 1875, but early note production was slow to mature — the 1893 series represents the bank finding its visual footing, with Paris-based artists Bramtot and Duval contributing designs that leaned heavily on the allegorical vocabulary of French academic printmaking. Wullschleger's engraving is the technical backbone; his work for the Banque de France in the same period is well documented, and the quality of intaglio line work here is consistent with that output.

The dual denomination — Dollars and Piastres — reflects the monetary overlap of the period, when the Indochinese piastre was being formally pegged against the Mexican silver dollar still widely in use across the region. The 1885 monetary reform had not yet fully displaced local trading currencies from commercial practice.