BANKNOTES OF FRANCE
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The History of the French franc
One of Europe's oldest currencies, the french franc
was first minted in 1360 to pay a King's ransom for the release of King John the
Good. It reappeared in a variety of manifestations over the course of French
history, often in times of trouble. The currencies name comes from the
inscription reading Johannes Dei Gratia Francorum Rex ("Jean by the grace of God
King of the French") and its value was set as one livre tournois (a money of
account). Francs were later minted under Charles V, Henri III and Henri IV.
Louis XIII of France stopped minting the franc in 1641 (replacing it with the
Écu and Louis d'Or), but use of the name "franc" continued in accounting as a
synonym for the livre tournois.
During the French Revolution the franc was established as the national currency
by the French Revolutionary Convention in 1795 as a decimal unit (1 franc = 100
centimes). The value of the franc was set at 4.5 grams of fine silver. This was
slightly less than the livre tournois which was valued at 4.505 grams of silver,
but in 1796 the franc's value was set at 1.0125 livres or (1 livre, 3 deniers),
reflecting in part the past minting of sub-standard coins.
In 1803, the "franc germinal" (named after the name of the month in the
revolutionary 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.
1865 saw the formation of the Latin Monetary Union of which France was a
founding member. The Latin Monetary Union was an attempt to unify several
currencies into a single currency that could be used in all member countries.
The Union was formed at a time when most currencies were still made out of gold
and silver. The Union was originaly made up of four countries: France,
Switzerland, Belgium and Italy. The common currency was based on the French
franc germinal, with the name franc already being used in Switzerland and
Belgium, whilst other countries continued to use their own names for the
currency. Thus 5 Italian lire was equal to 5 french francs. The Union was later
joined by Spain and Greece in 1868, and Romania, Austria, Bulgaria, Venezuela,
Serbia, Montenegro, San Marino and the Papal States in 1889. In 1873, the
Monetary Union went over to a purely gold standard of 1 franc equal 9/31 grams
of gold.
With outbreak of World War I caused France to leave
the gold standard of the Latin Monetary Union. 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.
France returned to the gold standard from 1928 - 1936, France left the gold
standard in 1936 and the value of the French franc continued to slide.
During the German 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" (Freedom, Equality, Brotherhood) and the symbol of the Vichy regime added.
After the close of World War II the value of the French franc continued to slide further, until in 1959 the value of the French franc was less then 1/40 of its 1935 value.
The New Franc
In January 1960 the French franc was revalued at 100
existing francs. Old 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 comparable to other
countries so when the value of the franc was pegged to that of the euro in
January 1, 1999, the new franc was worth less than an eighth of its original
value.
Interestingly, after revaluation and the introduction of the new franc, many
French people continued using 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 when franc notes
and coins were withdrawn in 2002.
From January 1, 1999, the value exchange rate of the French franc against the
euro was set at a fixed parity of 1 EUR=6.55957 FRF. Euro coins and notes
replaced it entirely between January 1 and February 17, 2002. Prior to the
introduction of the euro banknotes and coins, French banknotes circulated in
denominations of 20, 50, 100, 200 and 500 francs. Coins were issued in
denominations of 5, 10, 20 and 50 centimes, 1, 2, 5, 10 and 20 francs. The ISO
4217 code for the currency was FRF.
Usage of the French Franc around the Globe
Just Prior to the introduction of the euro, French Banknotes and coins were used
in the independent countries of Andorra and Monaco and in the French
possessions
of French Guiana, Guadeloupe, Martinique, Mayotte, Reunion and St. Pierre et
Miquelon.
Several now independent former French colonies use currencies with their
exchange rate tied to the value of the French Franc. See related currencies at
the bottom of this page for a complete list.
Historical Exchange Rates
The table below gives the average yearly exchange
rates of the franc from 1948 until the euro's introduction in 2002. The
rates show are the number of French francs per U.S. Dollar and per British pound.
Year | US Dollar (USD) | Br. Pound (GBP) | Year | US Dollar (USD) | Br. Pound (GBP) |
1948 * | 308.81 | 1244.50 | 1976 | 4.8029 | 8.630 |
1949 * | 331.96 | 1235.70 | 1977 | 4.9052 | 8.556 |
1950 * | 349.68 | 979.10 | 1978 | 4.5131 | 8.654 |
1951 * | 349.96 | 979.90 | 1979 | 4.2544 | 9.010 |
1952 * | 349.97 | 979.90 | 1980 | 4.2256 | 9.820 |
1953 * | 349.96 | 979.90 | 1981 | 5.4346 | 10.921 |
1954 * | 349.97 | 979.90 | 1982 | 6.5721 | 11.481 |
1955 * | 349.97 | 979.90 | 1983 | 7.6213 | 11.552 |
1956 * | 349.79 | 979.40 | 1984 | 8.7381 | 11.624 |
1957 * | 361.64 | 1012.60 | 1985 | 8.9852 | 11.531 |
1958 * | 419.74 | 1175.30 | 1986 | 6.9261 | 10.143 |
1959 * | 493.71 | 1382.40 | 1987 | 6.0107 | 9.823 |
1960 | 4.9371 | 13.824 | 1988 | 5.9569 | 10.596 |
1961 | 4.9371 | 13.824 | 1989 | 6.3801 | 10.439 |
1962 | 4.9371 | 13.824 | 1990 | 5.4453 | 9.669 |
1963 | 4.9371 | 13.824 | 1991 | 5.6421 | 9.951 |
1964 | 4.9371 | 13.824 | 1992 | 5.2938 | 9.291 |
1965 | 4.9371 | 13.824 | 1993 | 5.6632 | 8.494 |
1966 | 4.9371 | 13.824 | 1994 | 5.5520 | 8.497 |
1967 | 4.9371 | 13.824 | 1995 | 4.9915 | 7.877 |
1968 | 4.9371 | 11.849 | 1996 | 5.1155 | 7.981 |
1969 | 5.1942 | 12.466 | 1997 | 5.8367 | 9.555 |
1970 | 5.5542 | 13.330 | 1998 | 5.8995 | 9.770 |
1971 | 5.5406 | 13.483 | 1999 | 6.1579 | 9.963 |
1972 | 5.0445 | 12.599 | 2000 | 7.1343 | 10.794 |
1973 | 4.4528 | 10.909 | 2001 | 7.3324 | 10.555 |
1974 | 4.8096 | 11.244 | 2002 | 6.9815 | 10.464 |
1975 | 4.2878 | 9.4850 | |||
* Rates from 1948 - 1959 are shown in old francs. |
Related Currencies
Euro:
On
January 1, 2002 France adopted the euro as its national currency replacing the
franc.
► See Banknotes of
the European Union
Central African States and West African
States: The CFA franc is the currency used in 12 formerly French-ruled
African countries, as well as in Guinea-Bissau (a former Portuguese colony) and
in Equatorial Guinea (a former Spanish colony). The ISO currency codes are XAF
for the Central African and XOF for the West African CFA franc.
It had a fixed rate with the Franc and since France's adoption of the euro now
has a fixed exchange rate to the euro: 100 CFA francs = 1 French (new) franc =
0.152449 euro; or 1 euro = 655.957 CFA francs. The value of the CFA franc is
guaranteed by the Bank of France. The Central African CFA francs and West
African CFA francs have the same monetary value against other currencies,
however western CFA coins and banknotes are not accepted in countries using
Central African CFA francs, and vice versa.
► See Banknotes of
the Central African States
French Pacific Territories: The CFP
franc is the currency used in the French overseas country of French Polynesia,
in the French overseas collectivities of New Caledonia and Wallis and Futuna
Islands, and also formerly used in New Hebrides now called Vanuatu.
The value of the CFP franc is guaranteed by the Bank of France. Since
January 1960 the CFP franc has had a fixed rate of exchange against the French
franc of 1 CFP franc = 0.055 French francs. Since 2002 when France adopted the
euro the rate of exchange was set at 119.3317 CFP franc = 1 euro.
► See Banknotes of
the French Pacific Territories
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Page created: 4 November 2006
Last Update: 18
March 2007
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