50 Francs L'union de Limoges

L'Union de Limoges was a consumer cooperative — part of the broader French cooperative movement that proliferated in industrial towns during the early twentieth century. These societies frequently issued their own scrip not as emergency currency but as a functional loyalty mechanism: members spent the notes at cooperative shops, which kept money circulating within the membership rather than bleeding into competing commerce. The Limoges cooperative drew heavily from the city's porcelain and textile workforce.

Scrip of this type occupies an ambiguous legal position in French numismatic law. Technically not banknotes, such issues were tolerated by the Banque de France so long as they remained internal to the issuing body's membership — a line that was frequently blurred in practice.