The Kingdom of France emerged out of the West Frankish Kingdom, a fragment of the Frankish Kingdom which was partitioned in the Ninth Century.
Coins were issued in France as early as the fifth century BC. when Greeks settled in Massalia (Marseilles). The first Roman coins were issued in 118 BC. Merovingian France issued gold tremissis and silver deniers. It was under the Merovingians that the monetary system of 1 livre = 20 sous = 240 deniers was established. Gold coins were reintroduced by Philippe IV, the Fair (1285-1314) with the agnel (named after the lamb on the obverse and equal to 20 sous) and the ecu (equal to 16s 8d).
France adopted the Livre Tournois (FRT) under Saint Louis in the 13th Century. The gold content of the Livre Tournois declined from 84 grams of fine gold in 1223 to 4.5 grams of Fine gold under Louis XVI in 1785. Various gold, silver and copper coins were minted from the 13th to the 18th Century, and banknotes were first issued in 1701. The banknotes issued under John Law in 1720 were demonetized and made worthless on November 1, 1720. In general, the gold Louis d’Or was divisible into 4 Ecus, 24 Livres Tournois, 480 Sols Tournois, 1960 Liard or 5880 Denier.
During the French Revolution, Assignats (FRL) were issued beginning on December 19, 1789, supposedly with the royal domains backing them; however, their overissue led to a steady inflation (the limit on Assignats was put at 40 billion Livres).
The gold "franc a cheval", equal to Livre Tournois was first issued in France in 1360. The French Franc (FRA) replaced the Livre Tournois on August 15, 1795 (28 Thermidor III) at the rate of 1 French Franc equal to 1 Livre 3 Deniers. The Mandats Territorial (FRM) replaced the Franc Assignats on March 18, 1796 at the rate of 30 Assignats for 1 Mandat. The Mandats also depreciated quickly, and were withdrawn on February 4, 1797 at the rate of 100 Mandats Territorial equal to 1 French Franc. The Franc Germinal (FRG) was introduced on April 7, 1803 (the Law of Germinal XI) with a bimetallic currency system based upon gold and silver. The Gold Napoleon was equal to 10 French Francs, and the Franc was divisible into 100 Centimes.
The Latin Monetary Union was formed December 23, 1865 providing for a common standard for coins between France, Belgium, Italy and Switzerland based upon the French Franc (XULF). The union formally ended in 1927. France, as well as its colonies, left the Gold Standard on June 30, 1937.
In 1921, France abandoned the Franc Germinal, replacing the silver coins with aluminum-bronze coins, and creating the Franc Poincare, named after the Prime Minister and Finance Minister of France at that time. During German occupation, the Franco-German exchange rate was set at 1 Franc equal too 20 Marks and Reichkreditkassenschein (XDEK) circulated in German-occupied France. When the Allies liberated France, Allied Military Currency Francs (FRP) were introduced, but they proved unpopular and were soon replaced by French notes.
The French soon placed numerous foreign exchange controls on the Franc to try and limit the devaluation of the Franc. In 1949, for example, there was the Franc Libre (sic) (Official Rate), Franc Capital (Registered Investments), Franc EFAC (Retention of Export Proceeds), Franc Interieur Estranger (Nonregistered Investments), Franc Petrole (Crude Oil Imports), Franc Cinematographique (Film Royalties), and Franc Devises-Titres (Foreign Securities Purchases) and later a Franc Touriste. The Nouveau Franc (FRF) replaced by Ancien Franc (FRG) on January 1, 1959 at the rate of 1 New Franc equal to 100 Old Francs. In 1962, the Franc replaced the Nouveau Franc. The Banque de France was the sole banknote-issuing authority for France from 1800 until 2002.
France became part of the Euro currency area on January 1, 1999 with 1 Euro equal to 6.55957 French Francs. The French Franc will cease to be legal tender in France on February 17, 2002. French Francs through 2002 and Euros, beginning in 2002 are legal teder in Guadeloupe, Guyane, Martinique, Mayotte, St. Martin, St. Pierre and Miquelon, and Wallis and Futuna.
The France UIC Franc (XFU) and Gold Franc (XFO) were settlement currencies between France and other countries.
Various forms of the French Franc have circulated in French territories and colonies in the past and today. Prior to the Revolution, the Colonial Franc (XFCL) circulated outside of France with 1.5 Livres Colonial equal to 1 Livres Tournois.
Metropolitan France (FXX) refers to France excluding its overseas territories. This currently includes the overseas departements of French Guiana, Guadeloupe, Martinique and Reunion, and the overseas territorial collectives of Mayotte and St. Pierre and Miquelon. All of these overseas territories used the French Franc through 2002, and introduced the Euro along with Metropolitan France. See individual entries for currency histories before 2002.
Alsace and Lorraine were occupied by Germany in 1870 and annexed to Germany in 1871. The territories were returned to France in 1919, reoccupied by Germany between 1940 and 1945, and in 1945 returned to France. German Marks and French Francs were used according to which country ruled over Alsace and Lorraine at any given point in time. |
