25 francs, “brown” type, ND (1922).

P.7b - K.307b (R5).
A rare and sought-after type!
PMG 12 Fine (2003802-001).
Pins, creases, and tears. Condition: Very Good.

* Pursuant to Council Directive (EU) 2022/542 of April 5, 2022, which will be implemented in national law as of January 1, 2025, buyers from within the EU must pay 5.5% VAT on the hammer price of this lot.
* Pursuant to Council Directive (EU) 2022/542 of April 5, 2022, which will be implemented in national law as of January 1, 2025, European buyers must also pay 5.5% VAT on this lot.