25 centimes - Chambre de Commerce de Bolbec [76]

Bolbec, a textile town in the Seine-Maritime, was one of dozens of French provincial chambers of commerce that continued issuing small-denomination emergency currency well into the early 1920s — the national coin shortage that began during the war had still not been resolved. The Chambre de Commerce de Bolbec turned to Les Papeteries de Normandie in Caen, a firm better known for paper manufacturing than banknote production, which accounts for the somewhat workmanlike printing quality typical of this series.

The watermarked stock is the primary security measure, sourced in-house given the printer's core business.