1 Franc - Syndicat Général des Commerçants and Industriels de Trouville-sur-Mer 14

Trouville-sur-Mer's merchant and industrial syndicate issued these small emergency fractional notes during the severe coin shortages that followed the First World War — a problem widespread enough across provincial France that hundreds of local chambers of commerce, syndicates, and municipalities produced their own fiduciary paper between roughly 1915 and 1927. Bredel, Grémond & Cie in Le Havre handled production for several Norman issuers during this period, which gave notes from the region a degree of consistency in print quality that locally improvised issues often lacked.

The watermark is an unusual security investment for a note of this denomination and issuer type — most comparable syndicate issues skipped it entirely.