25 Centimes - Syndicat Général des Commerçants and Industriels de Trouville-sur-Mer calvados [14]

Trouville-sur-Mer's merchants and industrialists issued this emergency fractional note during the severe small-change shortage that followed the First World War — a crisis that drove hundreds of French chambers of commerce and local syndicates to print their own currency between roughly 1914 and 1923. The Syndicat Général was a trade body, not a bank, which made its note-issuing authority legally ambiguous at the time.

Bredel, Grémond & Cie were a Le Havre printing firm responsible for a number of Norman regional issues in this period. The inclusion of a watermark at this denomination is worth noting — 25-centime bon de caisse from smaller syndicates often dispensed with security features entirely.