The stabilization loan was sold in several tranches ($47 million in the US, $6 million in Switzerland, $4 million in the Netherlands, $2 million in Sweden, $1 million in Poland and $2 million in France). The Polish government undertook to pay the French tax on interest coupons of foreign securities - that's why pieces with the red diagonal print "Tranche Francaise" are encountered.
The Tranche Francaise was initially issued only in $100 slips, and since the terms of the loan issue stipulated that small slips could be converted into higher denomination slips - hence a small number of $500 and $1,000 slips were also prepared.
7% stabilization loan of 1927. - bond for $100, additionally printed in red "Tranche Francaise" - without the conversion stamp lowering the interest rate.
Great rarity - highly recommended!
