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The Netherlands East Indies 100 Gulden 1938 banknote, cataloged as Pick #82 and graded VF25 by PCGS, represents a significant and visually compelling example of pre-World War II colonial currency issued under Dutch administration in the East Indies. As one of the highest denominations in circulation at the time, the 100 Gulden note was a symbol of both financial power and colonial order, serving elite commercial and governmental functions in what is now modern-day Indonesia. The VF25 grade reflects a moderately circulated note, with visible wear, folding, and handling but no major damage or impairments that compromise its integrity or overall design appeal.
This banknote was issued by De Javasche Bank, the central financial institution of the Dutch East Indies, which had been operating since the 19th century. Founded in 1828, De Javasche Bank was responsible for managing the colony’s monetary policy and issuing legal tender under the supervision of the Dutch crown. By the 1930s, the economy of the Netherlands East Indies was highly developed, particularly in Java and Sumatra, where extensive plantations, mineral extraction, and commerce required stable and widely accepted currency. The 100 Gulden note, first released in 1938, was part of a redesign series that emphasized intricate engraving, vivid coloration, and increased anti-counterfeiting measures.
The obverse of the 100 Gulden 1938 note is distinguished by its rich and colorful design, primarily rendered in shades of blue and green with intricate geometric and guilloché patterns surrounding the central imagery. The most striking feature is the portrait of Queen Wilhelmina of the Netherlands, prominently displayed on the left side of the note. She is depicted in royal regalia, facing slightly right, with an air of calm authority, reinforcing Dutch colonial sovereignty. The portrait is flanked by fine decorative borders and anchored by the denomination "100" prominently printed in multiple locations. The text “De Javasche Bank” and “Honderd Gulden” are printed in ornate type, lending the note a sense of grandeur and official weight.
Printed by Joh. Enschedé en Zonen, one of Europe’s most respected security printers based in the Netherlands, the note features superb intaglio printing, detailed line work, and color layering that was considered state-of-the-art for its time. In a VF25 example, the note retains strong visual clarity and bold colors, though signs of wear such as multiple vertical and horizontal folds, surface dirt, and slightly frayed corners are present. Minor tears in the margin or light staining may be visible but do not interrupt the main design. The paper still holds good firmness, and the inks maintain sufficient vibrancy to highlight the intricate details of the central and border designs.
The reverse of the note continues the design excellence with a symmetrical layout and an ornate central medallion. Within this medallion sits a colonial-era depiction of a crouching Javanese figure in traditional attire, symbolizing the indigenous culture under colonial oversight. The denomination “100 Gulden” is repeated, and the reverse uses a complementary color palette of brown, orange, and blue. Surrounding elements include ornamental flourishes, scrollwork, and repeating patterns that provide both artistic beauty and anti-counterfeiting functionality. In the VF25 grade, the reverse will likely show consistent wear with the obverse, including some loss of ink intensity and surface soiling, yet all key design elements remain legible and aesthetically pleasing.
This note was issued at a time when the Netherlands East Indies was economically flourishing but politically tense. The late 1930s saw the rise of Indonesian nationalism and increasing global instability, with the looming threat of war in Europe and Asia. The 1938 issue marked the last major redesign of currency under Dutch rule before the Japanese occupation of the islands in 1942. Once Japan invaded during World War II, all Dutch banknotes were demonetized and replaced by Japanese-issued occupation currency. As such, surviving examples of this 100 Gulden note offer a tangible link to the final years of uninterrupted Dutch control, just before Indonesia’s long and complex journey to independence began.
The 100 Gulden note was rarely used in day-to-day transactions due to its high value. It was typically used in major commercial dealings, interbank transfers, and elite financial transactions. As a result, relatively fewer examples were printed compared to lower denominations, and even fewer have survived in collectible condition today. Most were either redeemed, destroyed during the war, or heavily circulated in the chaos of the 1940s. A note in VF25 condition is thus an above-average survivor, offering strong visual presence and historical integrity without the high premium of an Extremely Fine or Uncirculated grade.
Collectors of colonial banknotes, Southeast Asian history, or Dutch overseas issues prize this note for its artistry, scarcity, and geopolitical context. The note’s colonial motifs, such as the Queen’s portrait juxtaposed with indigenous imagery, reflect the complexities and contradictions of European imperialism. Its large size, fine engraving, and security features also make it a popular display piece. Notes certified by PCGS add a level of assurance, providing a clear grading standard and protection from counterfeits or alterations that can plague uncertified examples.
From a design standpoint, this note exemplifies the European engraving tradition applied to colonial currency. The meticulous printing, advanced for its time, also served as a statement of Dutch economic power and legitimacy in the region. Even in VF25, one can appreciate the fine line work, balanced composition, and careful use of color that marks this series as one of the most beautiful colonial-era issues in Asia. While wear is present and expected in this grade, the note remains whole, visually engaging, and historically significant.
In conclusion, the Netherlands East Indies 100 Gulden 1938 P#82 in VF25 condition PCGS offers a compelling blend of colonial history, numismatic artistry, and geopolitical context. As one of the final major banknotes issued before the collapse of Dutch control, it is a highly collectible piece that speaks to the final chapter of European rule in Southeast Asia. With its detailed portrait of Queen Wilhelmina, exquisite printwork, and strong paper body, this note stands out as both a collector’s item and a historical document. It is an essential addition to any collection focused on world currency, pre-war Asia, or the numismatic legacy of colonial empires.