50 Centimes - Chambre de Commerce de Limoges 87

French chambers of commerce were authorized to issue emergency small-denomination notes during and immediately after World War I to address a severe shortage of coins — silver and copper had been hoarded or melted down, and the national mint could not keep pace. The Limoges chamber was among dozens that stepped in as a de facto local monetary authority, a role it was entirely unequipped for by training but legally permitted to occupy from 1917 onward.

Pierre Dumont printed this locally, which is unusual enough to note — many provincial chambers contracted with larger Paris houses. The watermark is the sole security feature, thin protection against forgery but sufficient given the note's negligible face value and short intended lifespan.