Army Treasury 1917-1919  (1917-1919)

The first World War bogs down in the long run. To finance the war and its armament, the French State monopolizes all the precious metals. The same goes for the silver coins in circulation! Although hoarded by the French, these currencies must not fall into the hands of the enemy. In 1917, the Army Treasury then decided to issue "vouchers notes" with forced circulation in conflict zones to replace coins of 50 cents, 1 franc and 2 francs. The banknotes are also intended to replace the "Emergency local notes" still used by the inhabitants in the areas under German occupation. Three notes of 50 centimes (Pick #M1 to #M4), 1 franc (Pick #M2 to #M5)and2 francs (Pick #M3) are printed by the Imprimerie Nationale in 1917 and 1919. Due to their small size and low face value, these notes circulated with a very high frequency and many of them finally arrived in bad condition. It is very difficult to find these banknotes in UNC grade for some series!

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