2 Francs

The Protectorate administration began issuing small-denomination cardboard emergency notes in 1919 to address a chronic shortage of metallic currency — silver and bronze coins had been hoarded or exported during the war years, leaving everyday transactions in Morocco effectively paralyzed. These notes were a stopgap, intended for local commerce only, and were not legal tender outside the Protectorate zone.

The cardboard composition makes survival rates poor. The material warps, splits along edges, and stains readily in humid conditions — Morocco's coastal cities were particularly hard on paper currency. Undamaged examples of the P#7 are genuinely difficult to find.