50 Francs

The Banque d'État du Maroc was not a Moroccan institution in any meaningful sense — it was a multinational financial body established under the 1906 Act of Algeciras, giving several European powers a stake in Moroccan banking before the French Protectorate had fully consolidated its grip. This note circulated during that awkward administrative interregnum, when the bank's shareholders included France, Spain, Britain, and others, yet French interests dominated day-to-day operations entirely.

Gustave Fraipont was primarily known as a poster artist and illustrator, an unusual background for banknote design work. The Banque de France handled production, as it did for much of France's colonial monetary apparatus in this period.