50 Centimes - Chambre de Commerce de Rouen

French chambers of commerce became emergency issuers during World War One after the near-total disappearance of fractional coinage — hoarding stripped the country of small change within weeks of mobilization in August 1914. The Rouen chamber's series ran across multiple JP reference numbers because the notes were reissued repeatedly over a five-year window, with subtle variations in date, series letter, and overprint distinguishing each tranche. Imprimerie Richard was a workhorse commercial printer, not a specialist security firm, which is why the watermark represents essentially the only meaningful anti-counterfeiting measure in the design.