1 Franc - Chambre De Commerce de Troyes

Troyes issued its own emergency fractional notes during and after the First World War, when acute coin shortages forced hundreds of French provincial chambers of commerce to produce local paper substitutes. The Chambre de Commerce de Troyes was among the more prolific issuers in the Aube department, producing multiple dated and undated varieties across several denominations — the JP#124 series for the 1 Franc alone runs to at least seven distinct references.

The watermark is the primary authentication feature, consistent across the series but varying slightly in placement between printings. Distinguishing between the JP#124 variants typically comes down to date, serial format, and minor typographic differences in the overprint text rather than any dramatic design change.