1 Franc - Chambre de Commerce de Cahors 46

French chambers of commerce were authorized to issue emergency fractional notes in August 1914 after the mobilization order caused an immediate hoarding crisis that stripped small coinage from circulation almost overnight. Cahors, the departmental capital of the Lot, was among hundreds of provincial bodies that stepped in to fill the gap. These chambre notes were explicitly temporary — redeemable at face value — yet many circulated for years.

Pierre Dumont in Limoges handled printing for several regional chambers during this period. The watermark security on a note of this modest denomination reflects genuine concern about counterfeiting, even at one franc.