200 Ðồng

P#27 was issued by the National Bank of South Vietnam during a period when the piaster-denominated economy was under severe pressure from wartime inflation — the 200 đồng denomination was a relatively high-value note at issue but lost purchasing power rapidly through the early 1970s. Thomas De La Rue's involvement was consistent with South Vietnam's reliance on British and American security printers throughout the republic's existence; the note carries a watermark as its primary anti-counterfeiting measure, modest by De La Rue's own capabilities but standard for the series.

The 1972 monetary pressures would eventually push denominations far higher. This note predates that spiral by two years.