2 Francs

The Régence de Tunis notes of 1919 were emergency small-change issues, pushed into circulation because the wartime drain on coinage had left Tunisia critically short of fractional currency. France had been siphoning metal for the war effort, and by 1918–1919 subsidiary coins had effectively disappeared from daily transactions across much of North Africa.

P#47 belongs to a short series of low-denomination paper issued under the protectorate administration specifically to fill that gap. These circulated hard among the general population and survivors in collectible condition are genuinely uncommon.