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

French chambers of commerce began issuing emergency small-denomination paper money in 1914 when a shortage of coin — silver hoarded, bronze requisitioned for the war effort — left ordinary retail transactions nearly impossible. Angoulême's chamber was among dozens that took up the slack, printing locally rather than waiting on a central authority. François Javanaud was a local printer, not a specialist security firm, which is exactly what you'd expect from a provincial emergency issue.

The watermark is the only meaningful security feature, modest by any standard. JP#9 references place this within the well-documented Pirot classification for French necessity coinage.