20 Francs

The Caisse Hypothécaire du Canton de Fribourg was a cantonal mortgage institution, not a commercial bank — its note-issuing authority derived from its role financing agricultural and real estate credit in a predominantly rural, Catholic canton that was slower than its neighbours to centralize financial activity. Swiss cantonal note issuance was already under pressure from the federalizing impulse that would culminate in the Banque Nationale Suisse, chartered in 1905, and this series represents one of the later private-cantonal emissions squeezed out by that process.

The twenty-six-year issue window is wide enough that date variants likely exist across the series.