500 Francs

The Banque de l'Indochine's wartime printing relationship with the Banque de France placed this note in an awkward political position almost immediately after issue. France fell in June 1940, and by 1941 the colonial administration in Indochina was operating under Vichy authority while simultaneously navigating Japanese military occupation — the currency had to function under two overlapping power structures simultaneously.

Fraipont had died in 1910, so the design predates this printing by several decades. The plate work credited to Gaspérini and Dreyfus reflects a common Banque de France practice of assigning engravers to specific faces of an existing design rather than commissioning new work for colonial reissues.