1 Franc - Chambre de commerce d'Angoulème [16]

French chambers of commerce were authorized to issue emergency paper money in 1914 after the outbreak of war triggered an immediate hoarding crisis that stripped small silver and bronze coins from circulation almost overnight. Angoulême's chamber was among the first wave of issuers, and this 1 Franc note was printed locally by Keller Frères rather than sent to a metropolitan printer — a practical choice given wartime disruption to transport and supply chains.

JP#9-11 distinguishes this from related types in the Angoulême series, suggesting variant dates or signatures exist within the broader issue. The watermark security feature is modest by any standard, reflecting the urgency and limited resources under which these emergency pieces were produced.