This infobox shows the latest status before this currency was rendered obsolete.
Thefranc (/fræŋk/;French:franc français,[fʁɑ̃fʁɑ̃sɛ];sign:F orFr),[b] also commonly distinguished as theFrench franc (FF), was acurrency ofFrance. Between 1360 and 1641, it was the name of coins worth 1livre tournois and it remained in common parlance as a term for this amount of money. It was reintroduced (indecimal form) in 1795. After two centuries of inflation, it wasredenominated in 1960, with eachnew franc (NF) being worth 100 old francs. The NF designation was continued for a few years before the currency returned to being simply the franc. Many French residents, though, continued to quote prices of especially expensive items in terms of the old franc (equivalent to the newcentime), up to and even after the introduction of theeuro (for coins and banknotes) in 2002.[4] The French franc was a commonly held internationalreserve currency of reference in the 19th and 20th centuries. Between 1998 and 2002, the conversion of francs to euros was carried out at a rate of 6.55957 francs to 1 euro.
The French franc traces its origins to theCarolingian monetary system of the 8th century AD, and more specifically to thelivre tournois, an offshoot of the same system which emerged in the 13th century. Here is a table of changes to the value of thelivre parisis and the livre tournois in terms ofsilver orgold until the French franc was introduced in 1795.
Historical values of the livres parisis and tournois, grams of precious metal
EmperorCharlemagne's monetary system was introduced in 781 AD to the FrankishCarolingian Empire and spread over the centuries to much ofWestern Europe, with a Livre (pound) of silver divided into 20sols or sous (shillings) and the sol divided into 12 deniers (pennies). Only thedenier existed as a coin for the next 500 years, with the sou and livre functioning as accounting multiples of the denier. The first livre and denier weighed 407.92 g and 1.7 g, respectively, of the finest silver available.
Livres and deniers issuedc. 1000 under theCapetian dynasty contained 305.94 g and 1.27475 g fine silver, respectively. The French mark of 8 ounces was a unit of weight equal to 244.752 grams, and equal in weight to 192 deniers or 16 sols of this period.
In subsequent centuries the French kings would struggle to implement fixed standards for the livre over a decentralized realm of Frankish feudal rulers, many of whom claimed the right to issue currency within their own domains, and often resorting to currency debasements in moments of stringency. While monetary values as proclaimed by French kings would eventually be identified as thelivre parisis, other regions almost always got by with currencies of lower standard. One such currency, thelivre tournois, would eventually become the preferred accounting system under a more centralized French kingdom.[5]
The emergence of the livre tournois as France's preferred accounting system occurred during the reign ofKing Louis IX with the issuance of the silvergros tournois with 58 issued to a French mark of silver of fineness23⁄24 (hence 4.044 g fine silver in a gros), and valued at 1 sol (12 deniers) in France's Touraine region, though valued less than 1 sol parisis. The new coin's reputation and handling convenience versus those of debased deniers assured the adoption of the gros tournois to the rest of Western Europe.
Towards the reign ofKing Philip IV le Bel came pressures to further debase the denier, which occurred in 1317 when thegros tournois was raised to 15 deniers tournois or 12 deniers (1 sol) parisis, thus commencing the fixed parity of 4 deniers parisis to 5 deniers tournois. While French kings would continue to prescribe coin values in multiples of 4 and 12 deniers parisis until the end of the 15th century, the rest of France would gradually choose to recognize their increased values in multiples of 5 and 15 deniers tournois.[6]
The start of theHundred Years' War againstEngland in 1337 would increase the pressure to further debase the French livre. An attempt in 1343 to reverse earlier depreciations of circulating deniers and reinstate the old 1317-era gros tournois (forte monnaie, or strong money) caused financial havoc especially with borrowers who received depreciated coins and who then had to repay debts inforte monnaie. Lower valuations for the livre had to be accepted subsequently as the war raged on.
In 1361 the gros tournois of 15 deniers tournois (1 sol parisis) was minted at 84 to a French Mark of silver, 23/24 fine (hence, 2.79 fine silver in a gros). At the same time gold flowing fromSouthern Europe started to become an important medium of exchange in the North, so gold francs worth 1 livre tournois (16 sols parisis) were minted at 63 to a French mark of fine gold (hence, 3.885 g in a franc). Gold as circulating currency would henceforth continue in the form ofécus d'or of varying gold content.
The gold franc worth one livre tournois was introduced in 1360 to pay theransom of King John II of France. This coin secured the king's freedom and showed him on a richly decorated horse earning it the namefranc à cheval[7] (meaning "free on horseback" in French).[8][full citation needed] The obverse legend, like other French coins, gives the king's title asFrancorum Rex ("King of the Franks" in Latin) and provides another reason to call the coin a franc.[citation needed] John's son,Charles V, continued this type. It was copied exactly atBrabant andCambrai and, with the arms on the horse cloth changed, at Flanders. Conquests led byJoan of Arc allowedCharles VII to return to sound coinage and he revived thefranc à cheval.John II, however, was not able to strike enough francs to pay his ransom and he voluntarily returned to English captivity.
John II died as a prisoner in England and his sonCharles V was left to pick up the pieces. Charles V pursued a policy of reform, including stable coinage. An edict dated 20 April 1365 established the centrepiece of this policy, a gold coin officially called thedenier d'or aux fleurs de lis which had a standing figure of the king on its obverse, pictured under a canopy.[7] Its value in money of account was one livre tournois, just like thefranc à cheval, and this coin is universally known as afranc à pied ('free on foot').[7] In accordance with the theories of the mathematician, economist and royal advisorNicole Oresme, Charles struck fewer coins of better quality gold than his ancestors. In the accompanying deflation, both prices and wages fell, but wages fell faster and debtors had to settle up in better money than they had borrowed. The Mayor of Paris,Étienne Marcel, exploited their discontent to lead theJacquerie revolt which forced Charles V out of the city. The franc fared better. It became associated with money stable at one livre tournois.[9][full citation needed]
A certain degree of peace achieved at the start of the 15th century helped settle the value of French currency. After 1422 the gros of 1 sol parisis was minted at 96 to a French mark,3⁄4 fine (hence 1.912 g per gros), while theécu of 20 sols parisis was minted at 64 to a French mark,22+1⁄2 karats or15⁄16 fine (hence 3.585 g per écu). The gros and the écu compared favourably with England's2-pence coin of 1.8 g silver and 40-pence (1⁄6th of a pound) half-noble coin of 3.48 g gold, resulting in an approximate exchange rate of 1pound sterling to six livres parisis.
Peace in theBurgundian Netherlands after the 1420s also resulted in the 1434 realignment of the Flemish monetary system with the French livre. The newFlemish guilder (pound) of 20stuiver (shilling) contained 32.6 g fine silver and was approximately par with the Livre Parisis of 20 sols (38.24 g). Such parities between the French livres to the Flemish and English currencies would persist up to the 1560s and would facilitate the issue of identical coin denominations across these countries.[10]
TheGreat Bullion Famine of the mid-15th century resulted in yet another debasement during the reign of KingLouis XI, with the livre parisis reduced to 1 French ounce (30.594 g) fine silver or 2.620 g fine gold. The silver gros was minted at 69 to the French mark,23⁄24 fine (3.4 g fine silver) and was valued at1⁄9th the Livre Parisis (or2+2⁄9 sols). The goldécu au soleil was minted at 72 to the mark,23+1⁄8 karats fine (3.2754 g fine gold), and was valued at 25 sols parisis. The close of the 15th century saw the beginnings of a more centralized French currency system and the discontinuation of competing currency systems within France.
The livre parisis of 1 French ounce approximately matched the silver content of1⁄6thpound sterling (1 troy ounce of sterling silver). It would also become the model for the Holy Roman Empire when its prince-electors started issuing the 1-ounce silverGuldengroschen divided into 21Groschen (gros, shillings) or 252Pfennige (pence).
A considerable acceleration in the debasement of the French, English and Dutch currencies occurred during the reign of theValois-Angoulême kings in the 16th century amidst the huge influx of precious metals from the American continent arriving through theHabsburg Netherlands. The loose enforcement of monetary standards in the Dutch provinces resulted in a significant1⁄3rd reduction in the value of the French livre by 1549, with debasements continuing into the 17th century.
The French ounce (30.594 g) of fine silver was raised in value from 1 to1+1⁄2 livre parisis (or from 25 to37+1⁄2 sols tournois). Theécu au soleil of 3.2754 g fine gold was raised in value from 25 to37+1⁄2 sols parisis (or31+1⁄4 to approximately 47 sols tournois). This 50% advance was also seen in England in 1551 when it raised its troy ounce of sterling silver from 40 to 60 pence, and in the 17th century when the Holy Roman Empire raised its one-ounce silverthaler from 1 to1+1⁄2 silver gulden.
The 16th century saw the issuance of larger silver coins, first in testoons (9 g fine silver, valued at 11 sols Tournois in 1549), and later on in silver francs (12.3 g fine silver, valued at 1 livre tournois in 1577). These French coins, however, were much less popular than the 1-ounce silver coins coming out of Spain, the Netherlands and the Holy Roman Empire, leading to the 1641 currency reform under KingLouis XIII.
Henry III exploited the association of the franc as sound money worth one livre tournois when he sought to stabilize French currency in 1577. By this time, inflows of gold and silver fromSpanish America had causedinflation throughout the world economy and the kings of France, who were not getting much of this wealth, only made things worse by manipulating the values assigned to their coins. TheStates General which met at Blois in 1577 added to the public pressure to stop currency manipulation. Henry III agreed to do this and he revived the franc, now as a silver coin valued at one livre tournois. This coin and its fractions circulated until 1641 when Louis XIII replaced it with the silverécu. Nevertheless, the name "franc" continued in accounting as a synonym for the livre tournois.[11][full citation needed]
Louis d'argent of Louis XIII, 1642Louis d'or of Louis XIII, 1641
In the 17th century KingLouis XIII abolished its unpopular coinage of francs and ecus in favour of Spanish-modelled coins. It also abolished the livre parisis system in favour of exclusive use of the livre tournois. TheSpanish dollar was the model for theLouis d'argent – 9 to a French mark (244.752 g) of silver,11⁄12 fine (hence 24.93 g fine silver), and valued at 3 livres tournois. The Spanishdoubloon or two-escudo coin was the model for theLouis d'or –36+1⁄4 to a French mark of gold,11⁄12 fine (hence 6.189 g fine gold), and valued at 10 livres.
Ecu of Louis XVI, 1784Louis d'or of 24 livres, 1788
France entered another turbulent period during theWar of the Spanish Succession from 1701 to 1714, resulting in another debasement of the livre tournois. Under KingLouis XV's reign in 1726 the silverécu d'argent was issued at 8.3 to a mark of silver, 11/12 fine (hence 27.03 g fine silver), and valued at 6 livres. A new goldLouis d'or was also issued at 30 to a mark of gold, 11/12 fine (hence 7.4785 g fine gold), and valued at 24 livres.
The rise in the value of gold at the onset of theIndustrial Revolution in Great Britain and elsewhere as well as KingLouis XVI's reign led to the rise in the gold–silver ratio to 15.5, resulting in the reduction in the gold content of the 24-livreLouis d'or from1⁄30 to1⁄32 of a mark, 11/12 fine. While the silver standard remained unchanged, assays of the period indicate that coins contained approximately 1.5% less bullion than officially specified. The 1795 swapping of livres to francs at the rate of 1.0125 livres = 1 franc suggest that the 6-livre ecu contained 26.67 g fine silver while the reduced 24-livre Louis contained 6.88 g fine gold.
The livre tournois was swapped in 1795 for the French franc (or franc germinal), worth 4.5 g silver or9⁄31 g = 0.29032 g gold (ratio 15.5), at a rate of 1 franc =1+1⁄80 livres or 1 livre, 3 deniers.
Three separate strikes of the proposed two-decimes coin (not adopted)
The decimal "franc" was established as the national currency by theNational Convention ofRevolutionary France in 1795 as a decimal unit (1 franc = 10 décimes = 100 centimes) of 4.5 g of finesilver. This was slightly less than thelivre of 4.505 g, but the franc was set in 1796 at 1.0125 livres (1 livre, 3deniers), reflecting in part the past minting of sub-standard coins. Silver coins now had their denomination clearly marked as "5 FRANCS" and it was made obligatory to quote prices in francs. This ended theancien régime's practice of striking coins with no stated denomination, such as the Louis d'or, and periodically issuing royal edicts to manipulate their value in terms of money of account, i.e. thelivre tournois. The franc became the official currency of France in 1799.[7]
Coinage with explicit denominations in decimal fractions of the franc also began in 1795.[12][full citation needed] Decimalization of the franc was mandated by an act of 7 April 1795, which also dealt with thedecimalization ofweights and measures. France led the world in adopting themetric system and it was the second country to convert from anon-decimal to a decimal currency, followingRussia's conversion in 1704,[13][full citation needed] and the third country to adopt a decimal coinage, also following theUnited States in 1787.[14][full citation needed] France's first decimal coinage used allegorical figures symbolizing revolutionary principles, like thecoinage designs the United States had adopted in 1793.
The circulation of this metallic currency declined during the Republic: the old gold and silver coins were taken out of circulation and exchanged for printedassignats, initially issued asbonds backed by the value of the confiscated goods of churches, but later declared aslegal tender currency. The withdrawn gold and silver coins were used to finance theFrench Revolutionary Wars and to import food, which was in short supply.
As during the "Mississippi Bubble" in 1715–1720, too manyassignats were put in circulation, exceeding the value of the "national properties", and the coins, due also to military requisitioning and hoarding, rarefied to pay foreign suppliers. With national government debt remaining unpaid, and a shortage of silver and brass to mint coins, confidence in the new currency declined, leading tohyperinflation, morefood riots, severe political instability and termination of theFirst French Republic and the political fall of theFrench Convention. Then followed the economic failure of theDirectory: coins were still very rare. After acoup d'état that led to theConsulate, theFirst Consul progressively acquired sole legislative power at the expense of the other unstable and discredited consultative and legislative institutions.
20 gold francs coin of 1803, depicting Napoleon asFirst Consul
40 gold francs coin of 1806, now depicting Napoleon asEmperor
In 1800 theBanque de France, a federal establishment with a private board of executives, was created and commissioned to produce the national currency. In 1803, thefranc Germinal (named after the month Germinal in therevolutionary calendar) was established, creating a gold franc containing 290.034 mg of fine gold. From this point, gold and silver-based units circulated interchangeably on the basis of a 1:15.5 ratio between the values of the two metals (bimetallism) until 1864, when all silver coins except the 5-franc piece weredebased from 900 ‰ to 835 ‰ silver without the weights changing.
This coinage included the first modern gold coins with denominations in francs. It abandoned the revolutionary symbols of the coinage 1795, now showingNapoleon in the manner ofRoman emperors, first described as"Bonaparte Premier Consul" and with the country named as"République Française". After hiscoronation in 1804 coins changed the obverse legend to"Napoléon Empereur", dropping his family name in the manner ofregnal names. In 1807, the reverse legend changed to name France as"Empire Français". In analogy with the oldLouis d'or these coins were calledgold Napoleons. Economically, this sound money was a great success and Napoleon's fall did not change that. Succeeding governments maintained Napoleon's weight standard, with changes in design which traced the political history of France. In particular, this currency system was retained during theBourbon Restoration and perpetuated until 1914.
France was a founding member of theLatin Monetary Union (LMU), a single currency employed primarily by theRomance-speaking and otherMediterranean states between 1865 and the First World War. The common currency was based on the franc germinal, with the name franc already being used inSwitzerland andBelgium, whilst other countries minted local denominations, redeemable across the bloc with 1-to-1 parity, though with local names: e.g., thepeseta. In 1873, the LMU went over to a purelygold standard of 1 franc = 0.290322581 grams of gold.
50 centimesThe value of the old French franc, in 2007euros. Years shaded in gold indicate fixing to thegold standard.
The outbreak ofWorld War I caused France to leave the gold standard of the LMU. The war severely undermined the franc's strength: war expenditure, inflation and postwar reconstruction, financed partly by printing ever more money, reduced the franc'spurchasing power by 70% between 1915 and 1920. After a brief appreciation of the franc during theDepression of 1920–1921, it depreciated a further 43% between 1922 and abalancing of the budget in 1926. This devaluation was aggravated by the insistence of theRepublicanU.S. federal government andWorld War Foreign Debts Commission that France's war debts be repaid within 25 years at a minimal 4.25 percent interest per year. The currency devaluation contributed to French demands for highreparations payments fromGermany.[15] After a brief return to the gold standard between 1928 and 1936, the currency was allowed to resume its slide, until in 1959 it was worth less than 2.5% of its 1934 value.
After World War II, France devalued its currency within theBretton Woods system on several occasions. Beginning in 1945 at a rate of 480 francs to theBritish pound (119.1 to theU.S. dollar), by 1949 the rate was 980 to the pound (350 to the dollar). This was reduced further in 1957 and 1958, reaching 1382.3 to the pound (493.7 to the dollar, equivalent to 1 franc = 1.8 mg pure gold).
The value of the new French franc, in 2007 euros. Years shaded in light blue indicate fixed exchange rate to theeuro.
In January 1960 the French franc was revalued, with 100 existing francs making onenouveau franc.[16] The abbreviation "NF" was used on the 1958 design banknotes until 1963. Old one- and two-franc coins continued to circulate as new centimes (no new centimes were minted for the first two years). The one-centime coin never circulated widely. Inflation continued to erode the franc's value: between 1950 and 1960, price levels increased 72 per cent (5.7% per year on average); between 1960 and 1970, it increased 51 per cent (4.2%).[17][full citation needed] Only one further major devaluation occurred (11% in August 1969) before theBretton Woods system was replaced by free-floating exchange rates. When theeuro replaced the franc on 1 January 1999, the franc was worth less than an eighth of its original 1960 purchasing power.[citation needed]
After revaluation and the introduction of the new franc, many French people continued to use the term "old francs" (anciens francs) for large sums, for example for the prices of houses, apartments, and cars. This was common until the introduction of the euro and even later. Many people, old and young – even those who had never used the old franc – still quoted prices in old francs, confusing tourists and people abroad.[4][18][19] For example, lottery prizes were most often advertised in amounts of centimes, equivalent to the old franc, to inflate theperceived value of the prizes at stake. Multiples of 10 NF were occasionally referred to as"mille francs" (one thousand francs) or"mille balles" ("balle" being a slang word for franc) in contexts where it was clear that the speaker did not mean 1,000 new francs. The expression "heavy franc" (franc lourd) was also commonly used to designate the new franc.[citation needed]
All franc coins and banknotes ceased to belegal tender in January 2002, upon the official adoption of theeuro.[citation needed]
From 1 January 1999, the value exchange rate of the French franc against the euro was set at a fixed parity of €1 = 6.55957 F. Euro coins and notes replaced the franc entirely between 1 January and 1 March 2002.[citation needed]
In August 1795, the Monetary Law replaced thelivre ("pound") with thefranc, which was divided into 10décimes ("tenths") and 100centimes ("hundredths").Copper coins were issued in the denominations of 1 centime, 5 centimes, 1 décime, and 2 décimes, designed byAugustin Dupré. After 1801, French copper coins became rare.[citation needed]
The 5-centime copper coin was called asou, referring to "sole" (fr. Latin:solidus), until the 1920s.[citation needed]
During theConsulship period (1799–1804) silver francs were struck in decimal coinage.[20] A five-franc coin was first introduced in 1801–02 (L'AN 10),[21] half-franc, one-franc, and gold 40-franc coins were introduced in 1802–03 (L'AN 11),[22] and quarter-franc and two-franc coins in 1803–04 (L'AN 12).[23]
The 5-franc silver coin was called anécu, after the six-livre silver coin of theancien regime, until the 1880s.[citation needed]
Copper coins were rarely issued between 1801 and 1848, so the quarter franc was the lowest current denomination in circulation. But during this period, copper coins from earlier periods circulated. A Napoleon 5-centime coin (inbell metal) and Napoleon and Restoration 1-décime coins were minted.[citation needed]
Most pre-decimal silver was removed from circulation by 1834. Until they were also demonetized in 1845, 15- and 30-sou coins from 1791-1793 continued to circulate with a value of 0.75 and 1.50 francs, and 18th-century billon coins that had come to be known as “pièces de 6 liards” (originally issued with various values) were valued at 7.5 centimes.[24]
A newbronze coinage was introduced from 1848. TheSecond Republic Monetary Authority minted a 1-centime copper coin with a 1795 design. 2, 5 and 10-centime coins were issued from 1853. The quarter franc was discontinued, with silver 20-centime coins issued between 1849 and 1868 as the smallest silver coin produced in France.[citation needed]
The gold coinage also changed. 40-franc coins were last struck in 1839 (with just 23 coins minted).[25] Several new denomination were introduced as gold coinage: 5 gold francs (1856),[26] 10 gold francs (1850),[27] 50 gold francs (1855),[26] and 100 gold francs (1855).[28] A second design for the 100 gold franc coin was released in 1878 depicting standing genius writing the constitution.[29] The pictured example (1889) was issued as a proof and only 100 coins were struck.[29]
The last gold 5-franc pieces were minted in 1869, and silver 5-franc coins were last minted in 1878. After 1815, the 20-franc gold coin was called a "napoléon" (royalists still called this coin a "louis"), and so that is the colloquial term for this coin until the present. During theBelle Époque, the 100-franc gold coin was called a "monaco", referring to the flourishing casino business inMonte Carlo.[citation needed]
Nickel 25-centime coins were introduced in 1903.[citation needed]
World War I and the aftermath brought substantial changes to the coinage. Gold coinage was suspended and the franc was debased. Smaller,holed 5, 10, and 25-centime coins minted in nickel or cupro-nickel were introduced in 1914, finally replacing copper in 1921. In 1920, 1 and 2-centime coins were discontinued and production of silver coinage ceased, withaluminium-bronze 50-centime, 1-franc, and 2-franc coins introduced. Until 1929, these coins were issued by thechambers of commerce, bearing the phrasebon pour on it (meaning: "good for"). At the beginning of the 1920s, chambers of commerce also issued small change coins in aluminium. In 1929, the originalfranc germinal of 1795 was replaced by thefrancPoincaré, which was valued at 20% of the 1803 gold standard.[citation needed]
In 1929, silver coins were reintroduced in 10-franc and 20-franc denominations. A very rare gold 100-franc coin was minted between 1929 and 1936.[citation needed]
In 1933, a nickel 5-franc coin was minted, but was soon replaced by a large aluminium-bronze 5-franc coin.[citation needed]
Vichy French zinc and aluminium coins made during World War II. These coins circulated in both Vichy France and thezone occupée.
The events of theSecond World War also affected the coinage substantially. In 1941, aluminium replaced aluminium-bronze in the 50 centimes, and 1, 2, and 5 francs ascopper andnickel were diverted into the War Effort. In 1942, followingGerman occupation and the installation of theFrench Vichy State, a new, short lived series of coins was released which included holed 10 and 20 centimes in zinc. 50 centimes, and 1 and 2 francs were aluminium. In 1944 this series was discontinued and withdrawn and the previous issue was resumed.[citation needed]
Following the war, rapidinflation caused denominations below 1 franc to be withdrawn from circulation while 10 francs in copper nickel were introduced, followed by reduced size 10-franc coins in aluminium-bronze in 1950, along with 20 and 50-franc coins of the same composition. In 1954, copper-nickel 100 francs were introduced.[citation needed]
In the 1960s, 1 and 2 (old) franc aluminium coins were still circulating, used as "centimes".[citation needed]
Coins of the French franc ("Old franc (1795-1959) issue")
La Semeuse ("The Sower"; 1897) byLouis-Oscar Roty: A woman (model: Charlotte Ragot) wearingPhrygian cap of liberty, sowing seeds with the sunrise in the background[c]; text RÉPUBLIQUE FRANÇAISE
In 1960, the new franc (nouveau franc) was introduced,[30] worth 100 old francs.Stainless steel 1 and 5 centimes, aluminium-bronze 10, 20, and 50 centimes, nickel 1 franc and silver 5 francs were introduced. Silver 10-franc coins were introduced in 1965, followed by a new, smaller aluminium-bronze 5-centime and a smaller nickel1⁄2-franc coin in 1966.[citation needed]
A first attempt to introduce a nickel 2-franc coin in 1960 failed.[citation needed]
Nickel-clad copper-nickel 5-franc and nickel-brass 10-franc coins replaced their silver counterparts in 1970 and 1974, respectively. Nickel 2 francs were finally introduced in 1979, followed by bimetallic 10 francs in 1988 and trimetallic 20 francs in 1992. The 20-franc coin was composed of two rings and a centre plug.[citation needed]
A nickel 10-franc piece was issued on 22 October 1986, in an attempt to increase usability, reduce counterfeiting, and make it easier for vending machines to recognise. While 120 million were released into circulation, circulation was halted on 26 November due to confusion with the half-franc and an unpopular design. The coin was subsequently withdrawn on 19 December and became demonetized at the end of June the next year.[31][32] This led to the conception of the later bimetallic model. The aluminium-bronze pieces continued to circulate until the bimetallic pieces were developed and additional aluminium-bronze coins were minted to replace those initially withdrawn. Once the bimetallic coins were circulating and produced in necessary quantities, the aluminium-bronze pieces were gradually withdrawn and demonetized.[citation needed]
A .900 silver 50-franc piece was issued from 1974 to 1980, known as the largest silver coin ever minted in France, (due to its face value in accordance to its size) but was withdrawn and demonetized after the price of silver spiked in 1980. Then, in 1982, a 100-franc piece, also in .900 silver, was issued, and circulated to a small extent, until the introduction of the euro.[citation needed]
All French franc coins were demonetized in 2005 and are no longer redeemable at theBanque de France.
At the time of the complete changeover to the euro on 1 January 2002, coins in circulation (some produced as recently as 2000) were:
1 centime (~ 0.15 euro cents) stainless steel, rarely circulated (last production stopped first in 1982, then in 1987 due to high production cost, and lack of demand due to its very low value).
5 centimes (~ 0.76 cents) aluminium-bronze
10 centimes (~ 1.52 cents) aluminium-bronze
20 centimes (~ 3.05 cents) aluminium-bronze
1⁄2 franc (~ 7.6 cents) nickel
1 franc (~ 15.2 cents) nickel
2 francs (~ 30.5 cents) nickel
5 francs (~ 76 cents) nickel-clad copper-nickel
10 francs (~ €1.52) bimetallic
20 francs (~ €3.05) trimetallic, rarer (produced for a short period before the euro, the banknote equivalent was much more frequently used)
100 francs (~ €15.24) silver, rarely circulated (most often bought and offered as personal gifts, but rare in commercial transactions, now worth more than its face value).
Coins were freely exchangeable until 17 February 2005 atBanque de France only (commercial banks were not required to accept the old coins after the transition period in 2002, but some did), by converting their total value in francs to euros (rounded to the nearest cent) at the fixed rate of 6.55957 francs for 1 euro. Banknotes remained convertible up until 17 February 2012.[33] By that date, franc notes worth some €550 million remained unexchanged, allowing the French state to register the corresponding sum as revenue.[34]
République Française – 1000 francs (1795)Banque de France – 100 francs (1927)
The first franc paper money issues were made in 1795. They wereassignats in denominations between 100 and 10,000 francs. These followed in 1796 by "territorial mandate promises" for 25 up to 500 francs. The treasury also issued notes that year for 25 up to 1000 francs.
In 1800, the Bank of France began issuing notes, first in denominations of 500 and 1000 francs. In the late 1840s, 100 and 200-franc notes were added, while 5, 20 and 50 francs were added in the 1860s and 70s, although the 200-franc note was discontinued.
The First World War saw the introduction of 10 and 1000-franc notes. The chambers of commerce'snotgeld ("money of necessity"), from 1918 to 1926, produced 25c, 50c, 1 F, 2 F, 5 F, and 10 F notes.
Despite base-metal 5, 10 and 20 F coins being introduced between 1929 and 1933, the banknotes were not removed. In 1938, the first 5000-franc notes were added.
In 1944, theliberating Allies introduced dollar-like paper money in denominations between 2 and 1000 francs, as well as a brass 2-franc coin.
After the Second World War, 5, 10 and 20-franc notes were replaced by coins in 1950, as were the 50- and 100-franc notes in the mid-1950s. In 1954, the 10,000-franc notes were introduced.
In 1959,banknotes in circulation when the old franc was replaced by the new franc were:
The first issue of the new franc consisted of 500, 1000, 5000 and 10,000-franc notes overprinted with their new denominations of 5, 10, 50 and 100 new francs. This issue was followed by notes of the same design but with only the new denomination shown. A 500-new franc note was also introduced in 1960 representingMolière, replaced in 1969 by the yellowPascal type (colloquially called apascal). A 5-franc note was issued until 1970 and a 10-franc note (showingHector Berlioz) was issued until 1979.
From 1992 until 1998, a series of redesigned banknotes byRoger Pfund was issued, to be the last notes before the introduction of the euro. Banknotes in circulation when the franc was replaced were:[35]
Banknotes current at changeover to the Euro could be exchanged at the French central bank or other services until 17 February 2012.
Most older series banknotes were exchangeable for 10 years from date of withdrawal. As the last banknote from the previous series was withdrawn on 1 February 1999 (100 francs, Delacroix), the deadline for its exchange was 31 January 2009.
Along with theSpanish peseta, the French franc was also ade facto currency used inAndorra (which had no national currency with legal tender). It circulated alongside theMonegasque franc inMonaco, with which it had equal value. These currencies were all replaced by the euro in 2002.
^Always used in the plural and originally in reference to the old franc, so that new francs were known ascent balles (100 old francs). Later, new francs and eventually euros came to be calledballes.
^ab"[P]eople continued to talk in old Francs for large values. They were still doing that in January 2002 ... In everyday conversation many people around here now [in 2003] operate three different systems depending on the value involved. For prices up to around €100 Euros are used. For higher values Francs are used – New Francs that is, except for values of 10,000 New Francs and more, which are still quoted in old Francs.""The French Franc and its replacement by the Euro".Midi France.Archived 7 April 2022 at theWayback Machine
^Cribb, Cook, Carradice, and Flower,The Coin Atlas, p. 119
^Cribb, Cook, Carradice, and Flower,The Coin Atlas, p. 266
^Steiner, Zara (2005).The lights that failed: European international history, 1919–1933. Oxford: Oxford University Press.ISBN978-0-19-151881-2.OCLC86068902.
^Otmar Emminger (1986).DM, Dollar, Währungskrisen – Erinnerungen eines ehemaligen Bundesbankpräsidenten. p. 75.
^"But everyone gets confused above 10 million francs [100 000 new francs] and continues to use 'old francs'." (Mais au-delà de 10 MF, tout le monde s'y perd et continue de parler en «anciens francs».) Wolton, Dominique (5 January 1995)."Anciens et nouveaux francs".Libération.Archived 22 January 2022 at theWayback Machine
^"Almost 40 years later, a large part of the population continues to talk in old francs!" (Près de quarante ans après, une grande partie de la population continue à parler en anciens francs !) Tovi, Laurence (2 December 1997)."Euro : une mobilisation des citoyens franchement tardive 12".Les Echos.Archived 22 January 2022 at theWayback Machine
^Fenwick de Porquet, Louis (1848).Foreign and English and English and Foreign Ready Reckoner of Monies, Weights and Measures for Nearly All Parts of Europe. Fenwick de Porquet. p. 24-26.
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