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

French chambers of commerce were authorized to issue emergency small-denomination notes in August 1914 after the outbreak of war caused an immediate hoarding crisis that stripped coins from circulation almost overnight. The Angoulême chamber was among the earlier provincial issuers, and Keller Frères — a local print house rather than a specialized security printer — produced the notes in-town, which accounts for the relatively modest security provision: a watermark alone, without the guilloche work or serial numbering seen on notes from larger financial centers.

The JP reference covers four distinct varieties across this single type, differentiated by watermark text and paper stock changes made during the run.