1 franc - Trésorerie aux Armées type 1919

The Trésorerie aux Armées notes were produced specifically for French military personnel operating in occupied territories after the Armistice, circulating in zones where ordinary Banque de France currency was deliberately excluded — partly to control black market exchange with civilian populations and partly to prevent franc-denominated funds from leaking into local economies without oversight. The 1919 type represents the tail end of that system, issued as demobilization was already underway and the administrative rationale for a separate military treasury was rapidly dissolving.

Ludovic Vallée, a prolific designer at the Imprimerie Nationale, contributed to several wartime and postwar emergency issues. His work here was functional rather than ambitious — these notes were never intended for longevity.