If you are a collector of world paper money you are no doubt familiar with the banknotes issued by the Banque de l’Indochine. While typically associated with the French colonies in Southeast Asia, the bank was of such importance and stature that branches were opened in many corners of the world. However, only specialists may be familiar with the history of the bank. In this blog, we will take a look at this bank, which played a pivotal role in the development of France’s Colonial Empire in Africa, Asia, and the South Pacific. Much of the information in this blog comes from the French book Les Billets de la Banque de l’Indochine by Maurice Kolsky and Maurice Muszynski. While the second and final edition was published in 1996, it remains an important reference work, and we strongly suggest every serious collector acquire a copy to learn more about these historic issues.
The Banque de l’Indochine (sometimes spelled Indo-Chine) was founded in Paris on January 21, 1875. It was the brainchild of Admiral Victor Duperre, who sought to establish a note-issuing bank to support the economy of the French colonies of Cochinchina and French India. French involvement in Asia began in the 17th century by establishing trading posts in French India, including settlements like Pondicherry, Chandernagore, and Mahe, as part of France’s efforts to compete with British and Dutch in the region. However, it was not until the mid-19th century that France expanded its influence more aggressively in Southeast Asia, particularly in Cochinchina (southern Vietnam). Following a series of military campaigns starting in 1858, France formally annexed Cochinchina in 1862, establishing it as a colony and laying the groundwork for French Indochina. This expansion was driven by both economic interests, such as the desire for access to valuable resources and trade routes, and strategic motives to counter British dominance in the region.
Shortly after it was established, the bank opened its first office in Saigon on April 26, 1875. Less than two years later, the bank opened an office in Pondicherry. Additional offices were opened in French Cochinchina at Haiphong and Hanoi in the mid-1880s. In 1888, the bank thought that further expansion in that region was ill-advised despite the establishment of the Union of French Indochina, which put the area under a single French administration. As a result, as part of its expansion plan, the bank would focus its expansions elsewhere in the world. Between the founding of the bank and the late 1920s, 28 branches were opened, starting with a branch in Noumea (New Caledonia). Soon these branches included places such as Hong Kong, Bangkok, Shanghai, Singapore, Djibouti, and Vladivostok.
Even though 28 branches were opened over the years not all branches issued notes, and only ten place names are featured on notes of the Banque de l’Indochine. The notes often shared similar designs, as most were printed by the Bank of France, although there are key differences between the issues. For example, notes from Saigon and Haiphong generally had different color schemes making their origins, and notes from the branches in China were printed in red. Other key differences include small language changes. Varieties also exist where notes were printed for one colony but eventually overprinted for use in another colony, such as notes printed for Tahiti that were circulated in Djibouti. Not surprisingly, there are some fascinating and often very rare varieties; even putting together a collection of notes from what many would consider a “common” colony, such as Djibouti or Tahiti, can be challenging for even advanced collectors.
Besides the (often extremely rare) early issues from the bank for French Indochina, key rarities also exist issued by the bank’s branches in China. We are fortunate to offer three different denominations from the Banque de l’Indochine’s Chinese branches in our April 2025 Hong Kong sale, including an extremely rare 100 Dollars = 100 Piastres specimen in Gem Uncirculated condition for the Shanghai branch of the bank. We also feature an attractive 1 Dollar = 1 Piastre from Haiphong graded Choice Extremely Fine 45 by PMG, a very rare type and the sole finest example of the kind in the PMG population report. Finally, from the Saigon branch, we offer a 1907-dated 5 Piastres graded About Uncirculated 55 by PMG, an almost unheard of grade for this rare type that is rarely encountered in any grade. This is one of the finest known of the iconic type.
While consignments for our upcoming April 2025 Hong Kong Showcase Auction have now closed, we are always accepting quality material for one of our upcoming auctions. To start the consignment process, please contact Dennis Hengeveld at [email protected] or call 800-458-4646.
