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| 背面铭文 | CE BILLET ÉCHANGEABLE CONTRE DES BILLETS DE LA BANQUE DE FRANCE DEVRA ÊTRE PRÉSENTÉ AU REMBOURSEMENT AVANT LE 1er AOÛT 1924, SAUF DÉCISION PROROGEANT CE DÉLAI. CINQUANTE CENTIMES |
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French chambers of commerce were authorized to issue emergency small-denomination notes during and after World War I to compensate for the chronic disappearance of coins from circulation — hoarding and metal requisitions had gutted the fractional coinage supply well before the Armistice. By 1921, most chambers were winding these series down, making late-date issues like this one shorter-lived in circulation than their wartime predecessors. Arnaud, based in Villeurbanne near Lyon, handled a substantial share of provincial French emergency note printing during this period.