2 francs - Chambre de Commerce de Bordeaux [33]

French chambers of commerce were authorized to issue small-denomination emergency paper money during and immediately after the First World War, filling a gap created by the hoarding of coins that had essentially stripped fractional currency from circulation. Bordeaux's chamber was among the more prolific regional issuers, and by 1920 was still producing notes well into the postwar period because the coin shortage stubbornly persisted long after the armistice.

Gounouilhou was a well-established Bordeaux printing house, not a specialist security printer — the watermarked paper was the primary safeguard against counterfeiting rather than any sophisticated intaglio work. JP#30.27 places this within a large and catalogued series, though condition varies considerably given that these notes circulated hard through commercial trade at the local level.