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| 背面描述 | A vignette of a Brussels city square with Gothic architecture at center right, framed within an elaborate guilloche border with repeated denomination numerals '20' along the margins. The heading 'NATIONALE BANK VAN BELGIE' appears at top in large lettering, with '20 TWINTIG FRANK' below. A blank circular watermark area is positioned at left, with 'THESAURIE' inscribed alongside two facsimile signature lines at center. |
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| 防伪类型 | Watermark |
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Pick 111 spans the full run of the German occupation and into the postwar settlement, which tells you something about Belgium's monetary situation — the Banque Nationale continued issuing notes under occupation, and this series circulated continuously through Liberation without immediate replacement. The liberation didn't trigger an instant reissue; old notes kept moving while the authorities worked through the 1944–45 currency reform that eventually targeted the inflation-bloated supply.
The reform, driven by Finance Minister Camille Gutt, was abrupt: in October 1944, all notes had to be declared and exchanged at strict limits. Most circulating 20-franc notes from this series were surrendered then, which suppresses the supply of used examples dated to the early occupation years.