1 Franc

The P#7 franc series was issued under the wartime Vichy administration of French Morocco, a territory that remained under nominal French control throughout the occupation years. Small-denomination Treasury notes like this one were a direct response to the hoarding and disappearance of coin — metallic coinage vanished from circulation across occupied and administered French territories as the war disrupted normal supply chains.

Deschamps served as Director of Finance for Morocco; Gelsmar's signature places this firmly within the local treasury apparatus rather than the Banque d'État du Maroc, which issued higher denominations. The distinction matters — these were emergency fiscal instruments, not central bank obligations.