100 francs= 20 belgas 1943

Common. Despite its exceptional PMG 67 grade, this note is fundamentally common in the marketplace. The eBay price history provided shows consistent sales of this pick number across all grades ranging from $1-$305, with most ungraded or lower-graded examples selling for under $20. Even PMG-graded examples (63-67) show relatively frequent sales, indicating substantial survivor population. The 1933-1943 series had substantial print runs across multiple years and signature varieties. While this specific PMG 67 grade commands premium pricing (the 2020 comparable sold for $305), the underlying note type remains widely available to collectors.

This banknote was issued during the final year of German occupation in Belgium (WWII), dated May 25, 1943, representing the Banque Nationale's continued monetary authority under occupation. The allegorical imagery—prominently featuring the Meuse (MOSA) and Scheldt (SCALDIS) rivers on the reverse—symbolized Belgium's geographical and cultural identity during a period of national constraint. The dual-language inscriptions (French and Flemish/Dutch) reflect Belgium's deep linguistic and cultural divisions that persisted throughout and after the occupation period.

The front features a central oval medallion containing an allegorical female figure (personification of Agriculture or Prosperity) with draped classical robing, flanked by two circular portrait medallions labeled 'LE TRESORIER' (left) and 'LE GOUVERNEUR' (right), representing the Treasurer and Governor of the Banque Nationale. The reverse depicts a more elaborate allegorical scene with multiple classical figures in flowing drapery, representing the personified rivers MOSA (Meuse) and SCALDIS (Scheldt), central to Belgium's geography and identity. Both sides feature identical ornate decorative borders with geometric patterns, floral scrollwork, and fine filigree work characteristic of high-security currency engraving. The circular emblems bearing the 'N' (Nationale) appear on both sides, with Belgian heraldic lions completing the symbolic design.

FRONT (French): 'BANQUE NATIONALE DE BELGIQUE' (National Bank of Belgium), '100 FRANCS / 20 BELGAS' (denomination), 'LE TRESORIER' (The Treasurer), 'LE GOUVERNEUR' (The Governor), 'PAYABLES A VUE' (Payable on sight), date '25.05.43' (May 25, 1943), serial numbers '10728M196' and '268186196'. BACK (Flemish/Dutch): 'NATIONALE BANK VAN BELGIE' (National Bank of Belgium), 'DE SCHATEWAARDER' (The Treasurer), 'DE GOUVERNEUR' (The Governor), 'FRANK / BELGAS' (denomination), 'MOSA' (Meuse River - Latin), 'SCALDIS' (Scheldt River - Latin). The note includes additional administrative inscriptions and serial identification marks.

Intaglio engraving (line engraving), the dominant security printing method for Belgian banknotes of this era. The fine line work, intricate border detail, and raised impression characteristic of intaglio are evident throughout the design. The Banque Nationale de Belgique employed leading European security printers; this 1933-1943 series was typically produced by firms specializing in currency engraving. The watermark area visible as blank ovals in both images indicates paper incorporating a watermark of King Leopold I, a standard security feature of the period.

The catalog lists 'P-107: 100 Francs-20 Belgas' with one recorded variant. This specimen exhibits the French-text front (as noted in external references, with the Flemish variant being P-112). The note displays the bilingual design standard for this series, with signature varieties noted in reference materials as comprising 4 known combinations. The observed date of '25.05.43' (May 25, 1943) places this in the final year of issue before the occupation ended. Serial number prefix '10728M196' and the individual serial '268186196' should be cross-referenced against known signature combinations to determine the specific variety, though such granular variety attribution requires access to comprehensive PMG population data and specialized Belgian currency catalogs.