5 francs 1928

Common. eBay market data shows consistent sales in the $4–$29 range across multiple condition grades from 2013–2022, with VG-graded examples selling for under $5 in 2013. The 2016 catalog value for VG is $17.50, but actual realized prices are substantially lower. The note was issued in January 1928 with multiple branch variants (P-5Ba through P-5Bf for Dakar alone), indicating substantial print runs. No evidence of rarity, recall, or scarcity; this is a typical colonial circulation note from a stable, multi-year issue.

This note was issued during the height of French colonial administration in West Africa, specifically from the Dakar branch—a major commercial and administrative hub of French West Africa. The bilingual design with Arabic script on the reverse reflects the diverse populations and trading networks of the colonial territory, while the classical allegorical portraits and maritime vignettes emphasize the 'civilizing mission' narrative and mercantile importance of the region. The January 1928 date places this note in the stable interwar period before the economic upheaval of the Great Depression.

The front features two classical allegorical profile portraits—a bearded male figure on the left and a female figure on the right—representing virtues or personifications associated with commerce and colonial governance. The note is framed by elaborate Art Deco geometric borders incorporating navy blue and gold coloring with intricate checkerboard and grid patterns. Decorative sun symbols appear in the upper portion, while maritime vignettes (ships or sailing vessels) are positioned in corner elements, symbolizing the seafaring commerce vital to West African trade. The center displays the denomination and issuer name in red. The reverse features Arabic script text in a symmetrical rectangular layout with ornamental corner designs and a central decorative motif, reflecting the North African and Islamic commercial networks important to the region. The design was created by H. Bellery Desfontaines and engraved by Ernest Florian, both accomplished French banknote designers of the period.

FRONT: 'Banque de l'Afrique Occidentale' (Bank of West Africa) / 'Cinq Francs' (Five Francs) / 'Payables en Espèces, à Vue, au Porteur' (Payable in cash, on sight, to bearer) / 'Un Administrateur' (An Administrator) / 'Le Directeur' (The Director) / 'Dakar' (Dakar) / 'Janvier 1928' (January 1928) / Serial numbers: 377 and 4181 / 'h. Bellery Desfontaines del.' (designed/drawn by) / 'Ernest Florian Sc.' (engraved by). BACK: Arabic inscriptions in green text (precise translation of Arabic text uncertain from visual analysis, but appears to contain banking and legal terms related to payment and authority) / 'h. Bellery Desfontaines' (artist credit repeated).

Intaglio engraving (steel plate engraving) executed at high quality, evidenced by the intricate line work, multiple-color printing in navy, gold, red, and green inks, and the fine geometric patterns visible throughout. The complex security features including detailed border designs and patterned backgrounds are characteristic of the security printing standards employed by the Banque de l'Afrique Occidentale and typical of French colonial currency production of the era.

This note is cataloged as Pick P-5Be, a Dakar branch variant from the 1928 series. The visual analysis confirms the Dakar branch designation ('DAKAR' inscription visible on front) and the January 1928 date. The PMG population report lists six Dakar variants (P-5Ba through P-5Bf), suggesting this note represents one of several similar issues from the Dakar branch with potential differences in signatures, administrative officials, or serial numbering. The specific variety P-5Be appears to be distinguished from other Dakar variants by signature configuration or similar administrative detail. Serial numbers 377 and 4181 are typical of the series and provide no additional rarity significance.