20 Gulden Coin Note

The Dutch "muntbiljet" — coin note — was a mechanism for substituting paper for silver coinage during periods of metal scarcity, issued by the Ministry of Finance rather than the central bank, which gave it a different legal standing than ordinary banknotes. The 1846 series predates De Nederlandsche Bank's monopoly on note issue, and these denominations circulated alongside specie in a monetary system still transitioning away from the bimetallic standard.

The April 1945 print date is striking: the Netherlands was still under German occupation, liberated only days later in May. Whether this printing was intended for post-liberation restocking or was already in preparation by a government-in-exile operation is a question the date alone cannot answer.