1 Franc - Chambre de Commerce et Ville d'Orléans 45

French chambers of commerce were authorized to issue emergency small-denomination notes in 1914 specifically because the outbreak of war caused an immediate hoarding crisis — coins vanished from circulation almost overnight as the public stockpiled metal. The Orléans chamber was among dozens across France that stepped in to fill the void, printing locally what the Banque de France could not supply fast enough in small denominations.

Auguste Goût et Cie printed this in the city where it circulated, an unusual degree of local self-sufficiency. The JP#95 reference covers four distinct varieties across this single denomination, distinguished by serial number ranges and minor typographic differences.