50 centimes - Chambre de Commerce de Villefranche-sur-Saône [69]

French Chambers of Commerce were authorized to issue emergency small-denomination notes during World War I to address a severe shortage of coin — silver and copper had been hoarded and melted, leaving everyday commerce paralyzed. Villefranche-sur-Saône's Chamber joined dozens of provincial issuers in filling that gap, with X. Perroux & Fils handling production out of Mâcon. The Perroux firm was a regional printer rather than a specialized security press, which shows in the relatively modest production values compared to notes from the larger Paris houses.

The JP#129.7 and .8 catalogue references indicate at least two distinct variants within this emission — typically reflecting date or signature differences on what is otherwise the same printed stock.