1 Franc - Chambre de Commerce de Montluçon - Gannat 03

During World War I, the exodus of metal coinage — hoarded by civilians and consumed by the war economy — left French provincial commerce nearly paralyzed for small transactions. Chambers of commerce across France were authorized from 1914 onward to plug the gap with locally issued emergency fractional notes, and the Montluçon-Gannat chamber was among hundreds that did so. This 1 Franc piece falls squarely within that wartime improvisation.

Herbin & Bouché were a local Montluçon printer, not a specialist security firm, which is typical for these chambres de commerce issues — legitimacy came from the watermark and official stamp rather than sophisticated intaglio work.