50 Centimes - Chambres de Commerce de l'Aveyron [12]

The Chambres de Commerce emergency notes of WWI France are often lumped together as a single phenomenon, but the Aveyron series has a specific administrative wrinkle worth noting: the issuing authority here is the combined chamber covering the entire département, not a single municipal body, which is why the same basic note was reissued across multiple date variants spanning six years — the JP reference alone lists over ten discrete catalogue numbers for this one denomination.

L. Cassan Ainé was a Toulouse regional printer, not a specialist security printer, which shows in the relatively modest watermark as the primary anti-counterfeiting measure.