France - Emergency
The term "emergency note" covers any note, bond or debt mechanism that was issued as a result of the central bank not being able to provide banknotes or coinage. Typically emergency notes were used during wartime. One group of these notes are the Chamber of Commerce notes of WWI shown here. At the start of the first world war in 1914, France immediately suspended use of gold coins and the conversion of banknotes to gold. As inflation grew, French coinage was being hoarded for its gold and silver content. Merchants were unable to process small transactions with customers. In August of 1914, the Chamber of Commerce of Paris requested, and was authorized to issue small bearer bonds in denominations of 0.25F, 0.5F, 1F, 2F, that would be legal tender among the Paris merchants that agreed to accept them. As financial backing, the Chamber of Commerce would place an equivalent amount of cash on deposit with the Banque de France. Soon thereafter, the Chambers of Commerce of other cities throughout France implemented the same mechanism as done in Paris, and issued their own bearer bonds for local use. This system was maintained for at least five years, at which time its faults started to show; paper money was not able to withstand the constant handling required of small denominations, and the bonds were being used beyond the local scope of each Chamber of Commerce. In 1921, it was decided to issue bronzed plated aluminum "Jetons", in 0.5F, 1F and 2F denominations, to replace the paper bearer bonds. These Jetons were usable across the country. These Chamber of Commerce notes are quite common, and prices generally range from $5-$20 today.
WWI Chamber of Commerce Issues
Monument to Pierre Gassendi
- Printer: Moullot, Marseille
- 7/19/1917
- André, F. FEC
Statue of Pierre Paul-Riquet and Canal du Midi
- Printer: Cadenat Fréres, Béziers
- 11/10/1918
- Louis Paul INV
- Printer: Wetterwald Frères
- 1917
- Rogagneau, F.M. DEL
- Rogagneau, F.M. INV
- Printer: Wetterwald Frères
- 12/31/1926
- Rogagneau, F.M. DEL
- Rogagneau, F.M. INV
Louis-Oscar Roty's Sower
- Printer: P. Dumont, Limoges
- 8/16/1917
George Sand
- Printer: Mellottee
- 5/10/1925
- Watermark: Bee pattern
- Laprade, A. INV
Statue of Général Bertrand
- Printer: Mellottee
- 3/2/1922
Arms of Dunkerque, Nautical References
- Printer: Chaix, Paris
- ND
- Embossing
- Watermark: Leaves
- Leclerc, L. INV
- Printer: Imprimerie Génèral, Grenoble
- 8/11/1917
- without engraver's name
- Printer: Imprimerie Génèral, Grenoble
- 8/11/1917
- with engraver's name
- Farcy INV
Pierre Terrail, seigneur de Bayard (left), François de Bonne, duc de Lesdiguières (right)
- Printer: Imprimerie Génèral, Grenoble
- 8/11/1917
Bistre.
- Printer: Moderne, Nantes
- 1915
Monument à la mémoire des Enfants; Saint-Étienne Bridge
- Printer: P. Dumont, Limoges
- ND (10/1/1919)
- Series B
- Watermark: Bee pattern
- Printer: Robaudy, Cannes
- 4/19/1917
- Like JP.91.5 with dates overprinted 1920/1921 in red
- Simon, M. INV
- Printer: Robaudy, Cannes
- 4/30/1920
- Series 232
- Watermark: None
- Moussa, G.A. INV
- Printer: Robaudy, Cannes
- 4/30/1920
- Series 89
- Watermark: None
- Imbert & Cie INV
- Printer: Robaudy, Cannes
- 4/30/1920
- Series 303
- Watermark: Bee pattern
- Like JP.91.9 on watermarked paper
- Moussa, G.A. INV
- Printer: Robaudy, Cannes
- 4/30/1920
- Series 140
- Watermark: Bee pattern
- Like JP.91.11 on watermarked paper
- Imbert & Cie INV
- Printer: Barma, Nice
- Series 21
- Watermark: None
- Like JP.91.18 with dominant red color
- Imbert & Cie INV
Cathedrale St-Front, Tour de Vésone
- Printer: Ronteix, Périgeux
- 6/24/1916
Michel de Montaigne (left), Pierre Daumesnil (right); Perigeux Cathedral
- Printer: Ronteix, Périgeux
- 11/5/1917
- Printer: P. Morer-Benezet, Perpignan
- 10/22/1919
- Watermark: Bust of Commander Joffre with text TENIR COUTE QUE COUTE (Stand Firm)
Commander Joseph Joffre (left), Charles Martel (right)
- Printer: G. Paré, Angers
- 1915-10
- Andre, L. INV
- Printer: Moullot, Marseille
- 12/31/1922
- Watermark: Bee pattern
- Moul, Ch. INV
- Printer: Tourangelle, Tours
- 12/27/1920
- Autret, P. SC
- Fachet, P. DEL