French Franc
French Franc
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{{Infobox Currency| currency_name_in_local = franc français franc francès | image_1 = Francia 20 franchi.JPG| image_title_1 = 20 franc coin| image_2 = Francia 1 franco.JPG| image_title_2 = 1 franc coin| iso_code = FRF| using_countries = Monaco, Andorra, France except New Caledonia, French Polynesia, and Wallis and Futuna], CFA franc, CFP franc, ADF, Monegasque franc| ERM_since = 13 March 1979 [1998 [1999 [2002| nickname = balle (≥1₣)bâton, patate, plaque, brique (10,000₣)| symbol = ₣ (rare). Most people used F or FF| frequently_used_coins = 5, 10, 20 centimes, ½₣, 1₣, 2₣, 5₣, 10₣| rarely_used_coins = 20₣| used_banknotes = 20₣, 50₣, 100₣, 200₣, 500₣| issuing_authority = [Banque de France| mint_website = www.monnaiedeparis.com| obsolete_notice = Y-->The franc (represented by the franc sign ₣ or more commonly just [F) is a former currency of France. Between 1360 and 1641, it was the name of coins worth 1 livre tournois and it remained in common parlance as a term for this amount of money. It was re-introduced (in French livre) in 1795 and remained the national currency until the introduction of the euro in 1999 (for accounting purposes) and 2002 (coins and banknotes).
History Before the French Revolution The franc was introduced by King John II of France in 1360. Its name comes from the inscription reading Johannes Dei Gratia Francorum Rex ("Jean by the grace of God King of the Franks") and its value was set as one livre tournois (a money of account). Francs were later minted under Charles V of France, Henri III of France and Henri IV of France.
Louis XIII of France stopped minting the franc in 1641 (replacing it with the écu (coin) and Louis (coin)), but use of the name "franc" continued in accounting as a synonym for the livre tournois.
French Revolution .The franc was established as the national currency by the French Revolutionary Convention in 1795 as a decimal unit (1 franc = 10 decimes = 100 centimes) of 4.5 g of fine silver. This was slightly less than the French livre of 4.505 g but the franc was set in 1796 at 1.0125 livres (1 livre, 3 denier (coin)), reflecting in part the past minting of sub-standard coins.
In 1803, the "franc germinal" (named after the name of the month in the French Republican Calendar) was established, creating a gold franc containing 9/31 g (290.32 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). This system continued until 1864, when all silver coins except the 5 franc piece were debased from 90% to 83.5% silver without the weights changing.
The currency was retained during the Bourbon Restoration.
Latin Monetary Union France was a founding member of the Latin Monetary Union (LMU) in 1865. The common currency was based on the franc germinal, with the name franc already being used in Switzerland and Belgium, whilst other countries used their own names for the currency. In 1873, the LMU went over to a purely gold standard of 1 franc = 9/31 g gold.
World War I
The outbreak of World War I caused France to leave the gold standard of the LMU. The war severely undermined the franc's strength, as war expenditure, inflation and postwar reconstruction, financed partly through the printing of ever more money, reduced the franc's purchasing power by 70% from 1915 to 1920 and a further 43% from 1922 to 1926. After a brief return to the gold standard (1928 to 1936) the currency was allowed to resume its slide, until it was worth in 1959 less than a fortieth of its 1934 value.
World War II During the occupation of France, the franc was a satellite currency of the German reichsmark. The coins were changed, with the words Travail, Famille, Patrie (Work, Family, Fatherland) replacing the Republican triad Liberté, Égalité, Fraternité (Liberty, Equality, Fraternity) and the emblem of the Vichy regime added.
At the liberation, the US attempted to impose use of the US occupation franc, which was averted by General De Gaulle.
Post-War period After World War II, France devalued its currency within the Bretton Woods system on several occasions. Beginning in 1945 at a rate of 480 francs to the Pound sterling (119.1 to the United States 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).
The new franc In January 1960 the French franc was revalued at 100 existing francs. Old one and two franc pieces continued to circulate as centimes (none of which were minted for the first two years), 100 of them making a nouveau franc (the abbreviation NF was used on banknotes for some time). Inflation continued to erode the currency's value but at a greatly reduced rate compared to other countries. The one centime coin never circulated widely. Only one further major devaluation occurred (in August 1969) before the Bretton Woods system was replaced by free floating exchange rates. Nonetheless, when the euro replaced the franc on January 1, 1999, the franc was worth less than an eighth of its original 1960 value.
The old franc pieces were gradually withdrawn and demonetized. None were valid at the time of the euro's introduction.
Interestingly, after revaluation and the introduction of the new franc, many French people continued to speak of old francs (anciens francs), to describe large sums. For example, lottery prizes were often advertised in amounts of centimes, equivalent to the old franc. This usage continued right up to the time when franc notes and coins were withdrawn in 2002.
In his series of books about Provence, author Peter Mayle relates that that some people there continued to cite prices in old francs into the 1990s.
European Monetary Union From January 1, 1999, the value exchange rate of the French franc against the euro was set at a fixed parity of 1 Euro=6.55957 FRF. Euro coins and notes replaced it entirely between January 1 and February 17, 2002.
Coins The first coins were issued in denominations of 1 and 5 centimes, 1 and 2 decimes (in copper), quarter, half, 1, 2, and 5 francs (in silver), and 20 and 40 francs (in gold). Copper coins were not issued between 1801 and 1848, leaving the quarter-franc as the smallest coin being minted. During this period, copper coins from the previous currency system circulated, with a one-sou coin being valued at 5 centimes.
Bronze coinage was introduced from 1848, and coins worth 1, 2, 5 and 10 centimes were issued from 1853. The quarter-franc was discontinued, with silver 20-centime coins issued between 1849 and 1868. The gold coinage also changed at this time, with 40- franc coins no longer produced and 5-, 10-, 50- and 100-franc coins introduced. The last gold 5-franc pieces were minted in 1869, and silver 5-franc coins were last minted in 1878. Nickel 25-centime coins were introduced in 1903.
The First World War brought substantial changes to the coinage. Gold coinage was suspended and holed 5, 10 and 25 centimes minted in nickel or cupro-nickel were introduced. In 1920, production of bronze and silver coinage ceased, with aluminium-bronze 50-centime, and 1- and 2-franc coins introduced. Until 1929, these coins were issued by the Chambers of Commerce of France. During the same period, local Chambers of Commerce also issued small change coins. In 1929, silver coins were reintroduced in 10- and 20-franc denominations.
The Second World War also affected the coinage substantially. Zinc 10- and 20-centime pieces were introduced, along with aluminium coins of 50 centimes, and 1 and 2 francs. Following the war, rapid inflation caused denominations below 1 franc to be withdrawn and coin denominations up to 100 francs were introduced by 1954.
In 1960, the new franc was introduced, worth 100 of the old francs. Stainless steel 1- and 5-centime, aluminum-bronze 10-, 20- and 50-centime, nickel one-franc and silver 5-franc coins were introduced. Silver 10-franc pieces were introduced in 1964, followed by aluminum-bronze 5-centime and nickel half-franc coins in 1966.
Nickel clad cupro-nickel 5-franc and nickel-brass 10-franc coins replaced their silver counterparts in 1970 and 1974, respectively. Nickel 2 francs were introduced in 1979, followed by bimetallic 10 and 20 francs in 1988 and 1992, respectively. The 20-franc coin was composed of two rings and a centre plug.
A nickel 10-franc piece was issued in 1986, but was quickly withdrawn and demonitized due to confusion with the half-franc and an unpopular design. The aluminum-bronze pieces continued to circulate until the bimetallic pieces were developed and additional aluminum-bronze coins were minted to replace those initially withdrawn. Once the bi-metallic coins were circulating the aluminum-bronze pieces were withdrawn and demonitized. A silver 50-franc piece was issued from 1974-1980, but was withdrawn and demonitized after the price of silver spiked in 1980. A 100-franc piece, in silver, was issued, and circulated to a small extent, until the introduction of the euro. All French franc coins were demonitized in 2005 and are no longer redeemable at the Banque de France.
At the time of the changeover to the euro, the coins in circulation were
- 1 centime (0.152 cent) stainless steel, rarely circulated
- 5 centimes (0.762 cent) aluminum-bronze
- 10 centimes (1.52 cent) aluminum-bronze
- 20 centimes (3.05 cent) aluminum-bronze
- ½ franc (7.62 cent) nickel
- 1 franc (15.24 cent) nickel
- 2 francs (30.49 cent) nickel
- 5 francs (76.22 cent) nickel clad copper-nickel
- 10 francs (€1.52) bimetallic
- 20 francs (€3.05) bimetallic
- 100 francs (€15.24) silver, rarely circulated
Banknotes The first franc paper money issues were made in 1795. They were assignats 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 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 5000-franc notes but, despite base metal 5-franc coins being introduced after the war, the banknotes were not removed.
In 1944, the liberating Allies introduced paper money in denominations between 2 and 1000 francs. Following the war, 10,000-franc notes were introduced, while 5-, 10- and 20-franc notes were replaced by coins, as were the 50- and 100-franc notes in the 1950s.
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. 500-new franc notes were also introduced at this time. 5- and 10- franc notes were withdrawn in 1970 and 1979, respectively.
Banknotes in circulation when the franc was replaced were
- 20 francs (€3.05) : Claude Debussy Brown
- 50 francs (€7.62) : Antoine de Saint-Exupéry Blue
- 100 francs (€15.24) : Paul Cézanne Orange
- 200 francs (€30.49) : Gustave Eiffel Red
- 500 francs (€76.22) : Pierre Curie and Marie Curie Green
The franc as an international reserve currency Andorran franc (ADF) The Andorran franc was a 1:1 peg to the French franc. Unlike Monaco, Andorra was not in formal currency union with France. Consequently, no Andorran coins were minted nor notes printed.
See also
- Livre tournois
- French euro coins
- Economy of France
External links {{Standard numismatics external links| world_coin_gallery_1_url = France| world_coin_gallery_1_name = France| banknote_world_1_url = france| banknote_world_1_name = France| dollarization_1_url =| dollarization_1_name =| gfd_1_url = France| gfd_1_name = France| gfd_data_1_url = 4008| gfd_data_1_name = France Franc| show_gfd_excel = Y-->
- Overview of French franc from the BBC
{{succession box|title=France currency|
before=French livre,
écu (coin),
louis (coin),
Dutch guilder (?-1810, Kingdom of Holland)
Kronenthaler (?-1795, Austrian Netherlands)
? (?-1918 Saarland)
? (?-1954 Saarland)
? (CFA franc)
? (CFP franc)|
after=Euro
Dutch guilder (1813-1832, Netherlands)
Dutch guilder (1815-1832, Southern Netherlands)
German reichsmark (1935-?, Saarland)
German mark (1957-2002, Saarland)
CFA franc (1945-present, CFA franc)
CFP franc (1945-present, CFP franc) |
years=1795-1999
1810-1813 (Netherlands)
1795-1815 (Southern Netherlands)
1918-1935 (Saarland)
1954-1957 (Saarland)
?-1945 (French African colonies)
?-1945 (French Pacific colonies)-->
French franc - Wikipedia, the free encyclopedia
The franc (represented by the franc sign ₣ or more commonly just F) is a former currency of France. Between 1360 and 1641, it was the name of coins worth 1 livre tournois and it ...
Franc - Wikipedia, the free encyclopedia
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