1 Franc - Chambre de Commerce de Toulouse 31

The Chambres de Commerce emergency notes of 1914 were a direct response to the financial panic that swept France in the days following mobilization — the Banque de France simply could not meet the sudden demand for small-denomination coin, which was being hoarded on a massive scale. Local chambers of commerce across the country were authorized under a law of 5 August 1914 to issue their own fractional notes, and Toulouse was among the first to act.

Berdoulat was a local Toulouse printer with no particular banknote pedigree, which shows in the relatively modest production values of this series compared to chambers that contracted specialist security printers.