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 printed in red "Tranche Francaise."
