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 has pledged to pay the French tax on interest coupons of foreign securities - that's why pieces with the red diagonal print "Tranche Francaise" are encountered.
According to Peter Bykowski, the Tranche Francaise was initially issued only in $100 slips, and since the terms of the loan issue stipulated the possibility of converting small slips into higher denomination slips - hence a small number of $500 and $1,000 slips were prepared.
7% stabilization loan of 1927. - $100 bond, converted in 1938 (interest rate lowered to 4.5% and maturity extended to October 15, 1968), additionally with "Tranche Francaise" printed in red.
It is interesting to note that the attached additional voucher with coupons for the period 1947 to 1968 does not have "Tranche Francaise" printed on it - despite the fact that its number corresponds to the bond number.
