50 Centimes - Chambre de Commerce de Poitiers and de la Vienne 86

French chambers of commerce were authorized to issue emergency small-denomination notes in August 1914, stepping in after the outbreak of war caused an immediate and severe shortage of small coinage — silver and bronze disappeared from circulation almost overnight as hoarding took hold. The Poitiers chamber was among the earlier provincial issuers to act on that authorization.

Gaston Paré et Philippeau in Angers handled a considerable volume of chamber of commerce emergency issues across western France during this period, which accounts for the shared aesthetic across several regional series. The watermark is the primary security measure — modest by any standard, but sufficient for the intended purpose of keeping local trade moving.