50 Centimes - Chambre de Commerce de Bourges 1917

The Bourges Chamber of Commerce began issuing emergency fractional notes in 1915 when the wartime hoarding of coins — particularly bronze and nickel — created a crippling shortage of small change across provincial France. This 50 centimes piece belongs to the later phase of that series, printed locally by Vve Tardy-Pigelet & Fils, whose family connection to designer J. Tardy suggests the commission never left a tight provincial circle.

Engraver H. Richy's work appears across several regional emergency issues of this period. The watermark is the sole security measure — modest, but adequate for a note whose entire purpose was short-term local utility.