50 Centimes - Chambre de Commerce de Toulouse

French chambers of commerce were authorised to issue emergency small-change notes during and immediately after the First World War to address a severe shortage of coin, which had been hoarded or melted down in quantity. Toulouse's chamber was among hundreds across France to exercise this right, and Berdoulat — a local Toulouse printer — handled the entire production locally, an unusual degree of regional self-sufficiency compared to chambers that contracted Paris firms.

The JP reference covering two catalogue numbers (34 and 35) indicates two distinct varieties exist within this denomination, most likely differentiated by serial number format or minor typographic variation rather than a fundamental design change.