French franc
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| ISO 4217 Code | FRF |
| User(s) | France, Monaco, Andorra |
| ERM | |
| Since | 13 March 1979 |
| Fixed rate since | 31 December 1998 |
| Replaced by €, non cash | 1 January 1999 |
| Replaced by €, cash | 1 January 2002 |
| € = | 6.55957 ₣ |
| Pegged by | KMF, XAF & XOF, XPF, ADF |
| Subunit | |
| 1/100 | centime |
| Symbol | ₣ (rare). Most people used F or FF |
| Nickname | balles (always plural) |
| Coins | |
| Freq. used | 5, 10, 20 centimes, ½₣, 1₣, 2₣, 5₣, 10₣ |
| Rarely used | 20₣ |
| Banknotes | 20₣, 50₣, 100₣, 200₣, 500₣ |
| Central bank | Banque de France |
| Website | www.banque-france.fr |
| Mint | Monnaie de Paris |
| Website | www.monnaiedeparis.com |
| This infobox shows the latest status before this currency was rendered obsolete. | |
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 decimal form) in 1795 and remained the national currency until the introduction of the euro in 1999 for accounting purposes, with coins and banknotes issued in 2002.
Contents |
[edit] History
[edit] Before the French Revolution
The franc was introduced by King John II in 1360. Its 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.
[edit] 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 livre of 4.505 g but the franc was set in 1796 at 1.0125 livres (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.
[edit] 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.
[edit] 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.
[edit] 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" (Freedom, Equality, Brotherhood) and the symbol of the Vichy regime added.
[edit] Post War Period
After WWII, France devalued its currency within the Bretton Woods system on several occassions. Beginning in 1945 at a rate of 480 francs to the British pound (119.1 to the US dollar), by 1949 the rate was 980 to the pound (350 the dollar). This was reduced further in 1957 and 1958, reaching 1382.3 to the pound (493.7 to the dollar).
[edit] 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 compared to other countries. Only one further devaluation occurred, in 1968, before the Bretton Woods system was replaced by free floating exchange rates. Nonetheless, when the euro replaced the franc in January 1, 1999, the franc was worth less than an eighth of its original, 1960 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.
[edit] 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 EUR=6.55957 FRF. Euro coins and notes replaced it entirely between January 1 and February 17, 2002.
[edit] Coins
The first coins were issued in denominations of 1 and 5 centimes, 1 and 2 decimes (copper), ¼, ½, 1, 2, 5 francs (silver), 20 and 40 francs (gold). Copper coins were not issued between 1801 and 1848, leaving the ¼ franc as the smallest coins being minted. During this period, copper coins from the previous currency circulated, with 1 sou valued at 5 centimes.
Bronze coinage was introduced from 1848, with 1, 2, 5 and 10 centimes all issued from 1853. The ¼ franc was discontinued, with silver 20 centimes coins issued between 1849 and 1868. The gold coinage also changed at this time, with 40 francs coins no longer produced and 5, 10, 50 and 100 francs coins introduced. The last gold 5 francs were minted in 1869 with silver 5 francs coins last minted in 1878. Nickel 25 centimes 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 centimes, 1 and 2 francs 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 francs denominations.
The Second World War also affected the coinage substantially. Zinc 10 and 20 centimes were introduced, along with aluminium 50 centimes, 1 and 2 francs. Following the war, rapid inflation caused denominations below 1 franc to be withdrawn and denominations up to 100 francs were introduced by 1954.
In 1960, the new franc was introduced. Stainless steel 1 and 5 centimes, aluminum-bronze 10, 20 and 50 centimes, nickel 1 franc and silver 5 francs coins were introduced. Silver 10 francs were introduced in 1964, followed by aluminum-bronze 5 centimes and nickel ½ franc coins in 1966.
Nickel clad cupro-nickel 5 francs and nickel-brass 10 francs replaced the silver coins 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 francs was composed of two rings and a centre plug.
At the time of changeover, the coins in circulation were
- 1 centime (0.152 cent) aluminum, 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, rarely circulated
Coins were exchangeable until February 17, 2005 [1]
[edit] Banknotes
The first franc paper money issues were made in 1795. They were assignats in denominations bewteen 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 francs notes were added, whilst 5, 20 and 50 francs were added in the 1860s and 70s, although the 200 francs note was discontinued.
The First World War saw the introduction of 10 and 5000 francs notes but, despite base metal 5 francs 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 francs notes were introduced, whislt 5, 10 and 20 francs notes were replaced by coins, as were the 50 and 100 francs in the 1950s.
The first issue of the new franc consisted of 500, 1000, 5000 and 10,000 francs 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 francs notes were withdrawn in 1970 and 1979, respectively.
Banknotes in circulation when the franc was replaced were [2]
- 20 francs (€3.05) : Claude Debussy
- 50 francs (€7.62) : Antoine de Saint-Exupéry
- 100 francs (€15.24) : Paul Cézanne
- 200 francs (€30.49) : Gustave Eiffel
- 500 francs (€76.22) : Pierre and Marie Curie
Banknotes of the current series as of euro changeover may be exchanged with the French central bank or services like GFC until February 17, 2012. Most older series are exchangeable for 10 years from date of withdrawal.
[edit] Andorran franc (ADF)
The Andorran franc was a 1:1 peg to the French franc. Unlike Monaco, Andorra was not formal currency union with France. Consequently, no Andorran coins were minted nor notes printed.
[edit] See also
[edit] External links
| Preceded by: Livre | French currency 1360-1641 | Succeeded by: Livre Écu Louis d'Or |
| Preceded by: Livre, Écu, Louis d'Or, Kronenthaler (?-1795, Austrian Netherlands) ? (?-1918 Saarland) ? (?-1954 Saarland) ? (CFA-zone) ? (CFP-zone) | French currency 1795-1999<ref>1999 by law, 2002 de facto.</ref> 1795-1815 (Southern Netherlands) 1918-1935 (Saarland) 1954-1957 (Saarland) ?-1945 (French African colonies) ?-1945 (French Pacific colonies) | Succeeded by: Euro Dutch guilder (1815-1832, Southern Netherlands) German Reichsmark (1935-?, Saarland) German mark (1957-2002, Saarland) CFA franc (1945-present, CFA-zone) CFP franc (1945-present, CFP-zone) |
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| Francs | |
|---|---|
| Current | Burundian franc | CFA franc | CFP franc | Comorian franc | Congolese franc | Djiboutian franc | Guinean franc | Liechtenstein frank | Rwandan franc | Swiss franc | UIC franc |
| Defunct | Algerian franc | Belgian franc | Cambodian franc | French Camerounian franc | French franc | Katangan franc | Gold-Franc | Luxembourgish franc | Malagasy franc | Malian franc | Monegasque franc | Moroccan franc | New Hebrides franc | Saar franc | Tunisian franc | Westphalian Frank |
| Pre-euro and other EU currencies | Image:European flag.svg | ||||||||
|---|---|---|---|---|---|---|---|---|---|
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