Monaco. Principality of Monaco. 1920 First Emergency Issues. Date: March 20, 1920. Dimensions: 100 x 65 mm. Watermark: no. Material: paper. No security thread. Printer: Vve A. Chêne, Monaco. Monochrome front and back printing in blue. Description of the front: texts in French. Decorated frame. Shield with caduceus on the left, crown and coat of arms of the Principality of Monaco in the center and shield with an anchor on the right. In the center in a wreath, the value "50c" in letters and numbers and the signatures. Combination of signatures with the Minister of State, Raymond le Bourdon and the Chief Treasurer of Finances, Alexandre Noghès. Text concerning the terms of reimbursement of the note on December 31, 1922. Description of the back: texts in French. In the center, a view of the Palace of the Principality of Monaco in a medallion decorated with the value "50c". Decorated frame and garland of flowers around. No numbering. 400,000 issued notes.