20 Francs

Luxembourg's interwar note issues occupy an awkward institutional space — the Grand Duchy had no central bank until 1998, and these early franc notes were issued under the authority of the state itself rather than any banking institution. The 1926 20 Francs emerged while Luxembourg remained in monetary union with Belgium, making the practical necessity of a separate Luxembourgish emission partly political and partly logistical.

Pick 35 is genuinely scarce in any grade. Low print runs and a small domestic population meant few entered sustained circulation, but wartime disruptions and successive currency reforms saw large quantities destroyed or unredeemed.