50 Francs

Luxembourg's paper currency in the early 1930s occupied an awkward position — the Grand-Duchy had been in monetary union with Belgium since 1921, which meant Luxembourg francs circulated at parity with Belgian francs but were not legal tender in Belgium itself. This note was issued under those constraints, by an authority with limited monetary autonomy.

Joh. Enschedé en Zonen had been printing banknotes and securities since the 18th century and handled much of the smaller European states' currency work during this period. P#38 is among the scarcer interwar Luxembourg issues; the series had a relatively short circulation life before wartime disruption ended normal issuance entirely.