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

The Chambres de commerce emergency issues of 1914–1926 filled a vacuum created when small-denomination coin vanished from circulation almost overnight at the outbreak of the First World War. Hoarding was immediate and total. France's provincial chambers were granted authority to issue papier-monnaie de nécessité, and Angoulême — a departmental capital with deep roots in papermaking — had the industrial infrastructure to produce its own notes locally through Keller Frères rather than rely on a Paris printer.

The JP#9-47/48 reference distinguishes two varieties, likely differing in serial numbering or minor typographic detail. Worth confirming before cataloging separately.