

This 100 French Francs Allied Military Currency note from 1944 (Pick P-123c) presents in VF condition with notable age-related patina and oxidation characteristic of historical wartime currency. The turquoise and blue color palette, intricate wave and geometric security patterns, and the prominent '100 CENT FRANCS' denomination are well-preserved despite brown spotting and creasing from decades of handling. As a second-issue provisional French franc note without 'Émis en France' on the obverse, it represents a significant transitional currency from the Liberation period, with eBay market data consistently valuing VF examples in the $4–$11 range.
Common. The extensive eBay sales record provided demonstrates consistent availability in the marketplace, with VF examples regularly selling between $3–$11 and F examples between $1–$8 over more than a decade of trading history. Multiple sales occur annually, and the catalog notes at least three variants (P-123c, P-123d, P-123e) exist, indicating substantial print runs. The 2016 catalogue value of $9 for VF aligns with observed market prices, and the abundance of transaction data confirms this is a widely collected issue with healthy supply relative to demand.
This note was issued by the Allied Forces in 1944 during the Liberation of France, serving as provisional currency to stabilize the French economy following Nazi occupation. The design deliberately omits 'Émis en France' (Issued in France) on the front, marking it as second-issue Allied Military Currency rather than official Bank of France notes. The reverse proudly displays 'LIBERTÉ ÉGALITÉ FRATERNITÉ'—the French national motto—within an oval cartouche, symbolizing the restoration of French republican values and sovereignty at the moment of liberation.
The note features a modernist Art Deco aesthetic with no portraits or specific landmarks depicted. The obverse showcases a turquoise/cyan background dominated by elaborate wave patterns and geometric linework serving as anti-counterfeiting security measures. Corner ornaments include decorative floral designs in the upper corners and geometric square motifs in the lower corners, all rendered in dark blue/navy and white/cream. The denomination '100 CENT FRANCS' appears prominently in multiple locations with symmetrical framing. The reverse employs a blue and red/pink color scheme with radiating curved lines creating dimensional depth, centered on an ornamental oval cartouche containing the word 'FRANCE' surrounded by the tripartite national motto 'LIBERTÉ ÉGALITÉ FRATERNITÉ.' Decorative scrollwork adorns the top corners, and fine radiating line patterns fill the background as additional security features. The overall design emphasizes geometric precision and abstract patterning rather than figurative representation, reflecting the functional nature of military currency.
Front side: '100' (denomination), 'CENT' (hundred), 'FRANCS' (francs), 'FRANCE' (France, appears on both left and right margins), 'SÉRIE DE 1944' (Series of 1944), 'CENT FRANCS' (one hundred francs), serial numbers '0765177' and '0065727'. Back side: 'FRANCE' (France), 'LIBERTÉ' (Liberty), 'ÉGALITÉ' (Equality), 'FRATERNITÉ' (Fraternity)—the three pillars of the French Republic arranged around the central oval cartouche.
Intaglio (engraved) printing with multiple color passes, characteristic of high-security banknote production. The catalog identifies Forbes as the printer for P-123c variant. The intricate wave patterns, fine geometric linework, radiating curved lines, and multi-layer color registration visible in both the turquoise/dark blue obverse and blue/red/pink reverse are consistent with intaglio engraving techniques. The complexity and precision of the repeating geometric and wave patterns, evident in the visual analysis, represent sophisticated anti-counterfeiting measures typical of official Allied military currency production.
This note is catalogued as Pick P-123c, identified by printer Forbes according to PMG records. The catalog reference notes this is the '2nd Issue - Provisional French Franc Currency - without Émis en France on front,' distinguishing it from first-issue notes that included this text. The serial numbers visible in the visual analysis ('0765177' and '0065727') are consistent with Allied Military Currency numbering schemes. Additional P-123 variants (P-123d and P-123e) exist with different characteristics, likely representing different printing locations, watermark variations, or signature combinations typical of military currency production. Without additional signature or watermark details visible in the images, specific sub-variety classification within P-123c cannot be definitively confirmed.