1938 Belgium 5 Francs – Royal Allegory & Industrial Ambition
Pick# 108a | Printed by Banque Nationale de Belgique | Designed by Guillaume Minguet
Collector’s Summary: The 1938 Belgium 5 Francs banknote (Pick 108a) is a compact yet richly symbolic issue, reflecting Belgium’s interwar identity—anchored in monarchy, labor, and industrial progress. Featuring conjoined portraits of King Albert I and Queen Elisabeth and a reverse scene of a seated worker gazing at a factory, this note captures the tension and hope of a nation rebuilding its economy and reaffirming its royal legacy.
For collectors of early 20th-century European currency, this note offers historical nuance, artistic depth, and scarcity in high grades. Its modest denomination belies its cultural weight, making it a prized addition to any Belgian or royal-themed collection.
Design Highlights
Obverse:
Conjoined portraits of King Albert I and Queen Elisabeth in profile at left, framed in a medallion
Overprint: “TRÉSORERIE – THESAURIE” across the watermark area
Printed in blue on light brown underprint
Text: Banque Nationale de Belgique – Cinq Francs
Signature varieties: Henri Sontag and Georges Janssen
Reverse:
Seated man gazing at factory scene, symbolizing labor and industrial modernization
Guilloche background with denomination and bilingual text (French and Dutch)
Watermark:
King Leopold I in profile, reinforcing dynastic continuity
Designer:
Guillaume Minguet, known for his allegorical and realist compositions
Specifications
Attribute Details
Country Belgium
Year 1938
Denomination 5 Francs
Issuer Kingdom of Belgium – Treasury
Printer Banque Nationale de Belgique
Size 125 × 75 mm
Material Paper
Pick Number P# 108a
Watermark King Leopold I
Status Demonetized (March 2, 1938)
Why Elite Collectors Seek This Note
Royal Portraiture: Rare conjoined depiction of King Albert I and Queen Elisabeth, unique among Belgian issues
Industrial Allegory: Reverse design reflects Belgium’s economic aspirations during a volatile pre-WWII period
Overprint Variant: “Trésorerie – Thesaurie” overstamp adds collectible complexity and historical context
Watermark Prestige: King Leopold I watermark links the note to Belgium’s foundational monarchy
Affordable Entry Point: Offers historical and artistic value at accessible prices for new and seasoned collectors
Whether you're curating a portfolio of pre-war European allegories or seeking royal-themed rarities, the 1938 Belgium 5 Francs note delivers symbolism, scarcity, and numismatic charm in a compact format.
