5 Francs Trésorerie; watermark Leopold III

Features

Issuer	Belgium
Issuing bank	National Bank of Belgium (Nationale Bank van België)
King	Leopold III (1934-1951)
Type	Standard circulation banknotes
Year	1938
Value	5 Francs 5 BEF = USD 0.14
Currency	Franc (1832-2001)
Composition	Paper
Size	125 × 75 mm
Shape	Rectangular
Number	N# 205471
References	P# 108 Standard Catalog of World Paper Money (10 volumes). , LA# BFB-11 Laurens Aernout; 2017. Catalogus van Belgische Numismatische Uitgiften / Volume 2017: 1831-2017. Numismatica Zuidwest-Vlaanderen, Europees Genootschap voor Munt- en Penningkunde.

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Series: 1938-1947 Issue

Obverse

Blue on light brown underprint.
Conjoined portrait King Albert and Queen Elisabeth at left.
With overstamp "Trésorerie" on watermark area.

Script: Latin

Lettering:
10-04-31
BANQUE NATIONALE DE BELGIQUE
CINQ FRANCS
PAYABLES A VUE
5
LA LOI PUNIT
LE CONTREFACTEUR
DES TRAVAUX FORCES

Translation:
National Bank of Belgium
Five Francs
Payables at sight
The law punishes the counterfeit forced labor

Engravers: Guillaume Minguet, François Poortman

Designers: Guillaume Minguet, A. Dierkx, Jean-François Freund

Reverse

Black on blue underprint.
Seated man looking at factory scene.
With overstamp "Thesaurie" on watermark area; with signatures.

Script: Latin

Lettering:
BNB
NATIONALE BANK VAN BELGIE
VIF FRANK
BETAALBAAR OP ZICHT

Translation:
National Bank of Belgium
Five Francs
Payable at sight

Watermark

Portrait of King Leopold I in profile.

Comments

Similar to P#93 and P#97.

Signatures: H. Sontag & G. Janssen; Series: N14-U16 (01-03-1938 to 11-05-1938).

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Date	VF		Frequency
Undetermined
1938-Mar-02		Préfixe O14	0.8%
1938-Mar-05	$ 2.30	Prefix R14	29%
1938-Mar-07		Prefix S14	0.8%
1938-Mar-08		Prefix T14	1.0%
1938-Mar-11		Prefix W14	0%
1938-Mar-12		Prefix X14	1.3%
1938-Mar-14		Prefix Y14	1.0%
1938-Mar-15		Prefix Z14	3%
1938-Mar-17		Prefix B15	1.0%
1938-Mar-19		Prefix D15	0.3%
1938-Mar-21		Prefix E15	0.3%
1938-Mar-22		Prefix F15	3%
1938-Mar-23		Prefix G15	1.0%
1938-Mar-25			2%
1938-Mar-28		Prefix K15	0.3%
1938-Mar-29		Prefix L15	0%
1938-Mar-30		Prefix M15	2%
1938-Mar-31		Prefix N15	1.3%
1938-Apr-01		Prefix O15	1.6%
1938-Apr-04		Prefix Q15	0.5%
1938-Apr-05		Prefix R15	1.0%
1938-Apr-06		Prefix S15	6%
1938-Apr-07		Prefix T15	1.0%
1938-Apr-08		Prefix U15	1.8%
1938-Apr-09		Prefix V15	1.6%
1938-Apr-11		Prefix W15	1.8%
1938-Apr-12		Prefix X15	5%
1938-Apr-13		Prefix Y15	3%
1938-Apr-14		Prefix Z15	1.0%
1938-Apr-15		Prefix A16	3%
1938-Apr-19		Prefix B16	1.0%
1938-Apr-20		Prefix C16	3%
1938-Apr-21		Prefix D16	1.8%
1938-Apr-22		Prefix E16	2%
1938-Apr-23		Prefix F16	4%
1938-Apr-25		Prefix G16	4%
1938-Apr-26		Prefix H16	0.5%
1938-Apr-27		Prefix I16	1.3%
1938-Apr-28		Prefix J16	1.3%
1938-Apr-29		Error date 29.4.88 instead of 29.4.38	0.3%
1938-Apr-29		Prefix K16	4%
1938-Apr-30		Prefix L16	2%
1938-May-02		Prefix M16	2%
1938-May-03		Prefix N16	1.3%
1938-May-04		Error date 4.5.88 instead of 4.5.38	6%
1938-May-04		Prefix O16	1.6%
1938-May-05		Prefix P16	1.8%
1938-May-06		Prefix Q16	1.8%
1938-May-07		Prefix R16	3%
1938-May-09		Prefix S16	3%
1938-May-10		Prefix T16	1.0%
1938-May-11		Prefix U16	4%

Values in the table above are expressed in USD. They are based on evaluations by Numista users and sales realized on Internet platforms. They serve as an indication only; they are not intended to be relied upon for buying, selling or exchanging. Numista does not buy or sell coins or banknotes.

Frequencies show the percentage of Numista users who own each year or variety among all the users who own this banknote. Since some users own several versions, the sum may be greater than 100%.

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This index is based on the data of Numista members collections. It ranges from 0 to 100, 0 meaning a very common coin or banknote and 100 meaning a rare coin or banknote among Numista members.

Examples of the type

Picture 1 of the example of 5 Francs (Trésorerie; watermark Leopold III)

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Past sales

Pictures	Sale	Date	Version	Grade	Sold price
	Katz Auction 99 Lot 1601	31 Oct 2023	1938-Apr-09 – Prefix V15	UNC	USD 52.08 (EUR 45.00) (+ buyer's premium)
© Katz Coins Notes & Supplies Corp.
	Katz Auction 59 Lot 1970	23 Apr 2022	1938-Apr-30 – Prefix L16	VF	USD 8.10 (EUR 7.00) (+ buyer's premium)
© Katz Coins Notes & Supplies Corp.
	Katz Auction 71 Lot 2017	30 Nov 2022	1938-May-05 – Prefix P16	F	USD 9.26 (EUR 8.00) (+ buyer's premium)
© Katz Coins Notes & Supplies Corp.
	Katz Auction 193 Lot 1729	5 May 2026	Undetermined	XF	USD 28.93 (EUR 25.00) (+ buyer's premium)
© Katz Coins Notes & Supplies Corp.
	Katz Auction 185 Lot 2104	24 Feb 2026	Undetermined	XF	USD 28.93 (EUR 25.00) (+ buyer's premium)
© Katz Coins Notes & Supplies Corp.
	Katz Auction 176 Lot 1442	18 Nov 2025	Undetermined	XF	Unsold
© Katz Coins Notes & Supplies Corp.
	Katz Auction 164 Lot 165	1 Aug 2025	Undetermined	XF	USD 23.15 (EUR 20.00) (+ buyer's premium)
© Katz Coins Notes & Supplies Corp.
	Katz Auction 153 Lot 1476	22 Mar 2025	Undetermined	XF	Unsold
© Katz Coins Notes & Supplies Corp.
	Katz Auction 147 Lot 3085	17 Dec 2024	Undetermined	XF	Unsold
© Katz Coins Notes & Supplies Corp.
	Katz Auction 137 Lot 138	11 Sep 2024	Undetermined	XF	Unsold
© Katz Coins Notes & Supplies Corp.