5 Francs

Belgium's postwar monetary situation was severe enough that the Banque Nationale leaned heavily on small-denomination paper throughout the early 1920s, partly because coin metal was still being reallocated after wartime requisitioning. The P#93 filled that gap in everyday transactions at the lower end of the scale — not a prestigious issue, but a workhorse one.

The watermark is the sole security measure, a relatively thin line of defense for a denomination vulnerable to crude forgery. Known examples from this series show significant wear precisely because they circulated hard among a population still wary of hoarding paper after the occupation years.