50 Centimes - Chambre de commerce d'Angoulême [16]

Angoulême's chamber of commerce began issuing small-denomination emergency notes in 1915 as the war drained the country of metallic coinage — a problem severe enough that hundreds of French chambers of commerce were granted the same stopgap authority that year. The Keller Frères printing house was a local firm, which kept production entirely within the Charente department rather than routing through Paris.

The JP#9-13/14/15 reference covers three catalogue varieties within this denomination, distinguished primarily by minor typographic and watermark differences. Worth examining closely before cataloguing individually.