20 Francs

The Banque Populaire de la Broye was one of Switzerland's many regional cantonal and district banks operating before the Swiss National Bank's founding in 1907 consolidated note-issuing authority. Payerne, the seat of the Broye district in Vaud canton, was home to this institution — and the note was both issued and printed locally, an unusual degree of provincial self-sufficiency even by the standards of Swiss private banking.

The 1870s and 1880s were the last period in which such small regional Swiss issuers could sustain their own circulation. Federal pressure mounted steadily after the 1874 constitutional revision, which set the stage for eventual centralization. This note predates the 1881 Federal Banking Act that began formally restricting private issue rights.