1 Franc - Chambres de Commerce de Cahors

Cahors issued its own fractional emergency notes during the coin shortage that gripped France throughout the First World War — a shortage so acute that hundreds of individual Chambres de Commerce across the country were authorized to produce their own low-denomination paper. The Limoges firm of Pierre Dumont handled a significant share of this regional work, and their output for Lot department issuers is well documented.

The JP#35-22/24 sequence covers three distinct dated varieties within the 1917–1919 window. Collectors should note that the watermark security feature — modest by any standard — was the primary distinguishing element separating these notes from outright forgeries, of which provincial wartime issues attracted more than a few.