1 Franc - Chambres de Commerce de Granville et Cherbourg

After the First World War, the Banque de France struggled to supply small-denomination coinage in sufficient volume, and hundreds of local chambers of commerce across France stepped in to fill the gap with emergency paper issues. The joint emission from Granville and Cherbourg — two Norman ports with distinct commercial identities — was unusual; most chambers issued independently, and the administrative cooperation required to produce shared notes reflects the particular pressure on the Manche département.

Arnaud's Lyon workshop printed the bulk of France's chambre de commerce emergency series, and the watermarked stock was a deliberate hedge against counterfeiting at a time when these small notes circulated as freely as coin.