50 Ðồng

The National Bank of Vietnam was established in 1951 as part of the Associated State of Vietnam's move toward financial independence from the Indochinese piastre system administered by the Banque de l'Indochine. This 50 Đồng note, printed by De La Rue in London, belongs to the first substantive series issued under that new authority — notes that had to project institutional credibility for a government still fighting for both military and political survival against the Việt Minh.

De La Rue's involvement was entirely practical: no domestic printing capacity existed capable of producing secure currency at the time.