20 Francs

Pannemaker is the name worth noting here. Adolphe-François Pannemaker was among the most accomplished wood engravers working in Brussels during the second half of the nineteenth century, contributing regularly to illustrated publications before his work crossed into security printing. The involvement of Albert Doms alongside him suggests a division of labor across the note's engraved elements — not uncommon when a single design demanded both fine portraiture and decorative border work at this level of intricacy.

The issue window spanning nearly a decade reflects the National Bank's conservative replacement cycle, not any production shortfall. Henri Hendrickx served the Bank as its primary in-house designer across multiple series during this period.