25 Livres

The Banque de Syrie et du Grand-Liban was a French concessionary institution — its notes were obligations of a private bank operating under a League of Nations mandate, not instruments of a sovereign central bank. The 1939 date places this issue in a narrow window: France was weeks from declaring war on Germany, and the mandate territories were being quietly prepared for wartime economic controls that would reshape Syrian and Lebanese monetary arrangements within a few years.

Printing by the Imprimerie de la Banque de France guaranteed quality, but the "O" suffix in the Pick reference denotes a specific signature combination that collectors track carefully — earlier and later signature variants of P#39 carry meaningfully different scarcity levels.