20 francs 1943

Common. The eBay price history shows consistent sales in the $5–$35 range for VF grades across multiple decades (2010–2025), with the majority of VF-graded notes selling between $8–$22. This pricing pattern and frequency of availability indicate robust circulation and supply in the collector market. The note was a regular issue of the Luxembourg government during WWII and does not fall into rare or scarce categories despite its historical significance.

Issued during World War II under German occupation, this 1943 banknote represents Luxembourg's monetary administration during a complex period of the conflict. The allegorical design on the reverse—depicting agricultural abundance through the farmer, oxen, cornucopia, and pastoral landscape—reflects Luxembourg's agrarian heritage and post-war aspirations for reconstruction and prosperity. The inclusion of the coat of arms with lions and crown motifs asserts Luxembourg's sovereignty and governmental legitimacy during a period of foreign occupation.

The obverse features a right-facing profile portrait of Grand Duchess Charlotte within an ornate oval frame, surrounded by elaborate scrollwork and floral patterns rendered in brown engraving. The left border displays grape vine and grape cluster imagery symbolizing Luxembourg's viticultural tradition. The coat of arms with lions appears twice on the front, flanking the central portrait. The reverse depicts a classical allegorical female figure (representing prosperity or abundance) seated in a pastoral landscape, holding a cornucopia and grape cluster. In the background, a rural agricultural scene shows a farmer with oxen plowing fields, with forested hills beyond. The coat of arms with crown appears prominently at center top of the reverse. Ornamental numerals '20' occupy the decorative corners on both sides.

FRONT: 'LETTZEBURG' (Luxembourg in Luxembourgish); 'Zwanzeg Frang' (Twenty Francs in Luxembourgish); 'LE MINISTRE DES FINANCES' (The Minister of Finance in French); '1943' (Year of issue); 'A249026' (Serial number, appears three times); Legal warning: 'CEUX QUI AURONT CONTREFAIT OU FALSIFIÉ DES BONS DE CAISSE SERONT PUNIS DES TRAVAUX FORCÉS DE 15 À 20 ANS' (Those who shall have counterfeited or falsified cashier bonds will be punished with forced labor from 15 to 20 years in French). BACK: 'ZWANZEG FRANC' (Twenty Francs in Luxembourgish); 'WATERLOW & SONS LIMITED LONDON' (Printer information in English).

Intaglio engraving with multi-color lithographic printing, executed by Waterlow & Sons Limited of London, a prestigious British security printer. The fine line engraving is evident throughout both sides, with intricate cross-hatching, decorative borders, and background patterns characteristic of high-security banknote production of the era. The complex color registration visible in the multicolor underprint demonstrates advanced offset printing technology for 1943.

This example is cataloged as Pick-42 (standard type) issued by the Grand-Duché de Luxembourg in 1943, printed by Waterlow & Sons (W&S). The PMG population report indicates three cataloged varieties for this Pick number (P-42a, P-42cts, P-42s), all printed by W&S. The serial number 'A249026' visible on this note places it within the standard issue range. No overprints, signature varieties, or color varieties are evident from the visual analysis that would distinguish it as a special sub-variety; this appears to be the primary P-42a variety.