50 centimes - Chambre de Commerce de Limoges [87]

When the French Treasury withdrew metal coinage from circulation in August 1914, chambers of commerce across the country scrambled to fill the void with locally printed emergency fractional notes. Limoges was among the earliest to respond — this 50 centimes piece, printed by Pierre Dumont just blocks from the chamber's offices, entered circulation within weeks of the mobilization order.

The JP#73.1 and 73.2 variants differ in minor typographic details, a common artifact of hasty successive print runs rather than deliberate revision. The watermark, modest as it is, was an unusual security measure for a note of such small nominal value.