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| 正面描述 | The obverse is printed in green and brown on cream paper, with an elaborate guilloche border framing the entire design. The Luxembourg crowned lion coat of arms appears as a central vignette, flanked left and right by the denomination '20 Francs' in bold letterpress. The title 'BON DE CAISSE' is set prominently in the upper field, with the authorising legal references inscribed beneath, and 'GRAND-DUCHÉ DE LUXEMBOURG' rendered in large capitals across the lower banner. |
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| 正面铭文 | 20 20 BON DE CAISSE Loi du 28 novembre 1914 - Arrêté g. d. du 11 décembre 1918 20 Francs 20 Francs Le Directeur Général des Finances La Recette Générale GRAND-DUCHÉ DE LUXEMBOURG |
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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.