2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16
The formation and development of the monetary system of France was significantly influenced by the specifics of the historical process of the formation of this state. Until the middle of the XIV century, this country did not have its own banknotes, and Roman gold denarii coins were used in circulation. France, whose coins are presented in this material, was formed as a republic in the 18th century.
Old French coins
After the collapse of the Roman Empire in the 5th century AD and the appearance of the Franks on the map of the state, Roman banknotes are gradually losing their dominant position. The reason for this was the significant wear of these coins. On the territory of the French state, they start minting their own banknotes. At first, only silver coins were put into circulation, but over time, gold ones. Counting banknotes in France appeared as a result of the reform carried out by King Charlemagne. They were called livres, sous or denarii. It would be appropriate to say that the Frankish monarchs tried to make coinagebanknotes centralized. However, over time, the royal issuance of money declines, and local rulers start making their own coins.
Medieval coins of France
With the onset of the Hundred Years' War in 1360, the first nationwide monetary units appeared in circulation in France. The new signs were called francs and contained the image of the king with the Latin phrase FRANCORUM REX, which was translated only as "king of the francs". Charles V launched the process of producing coins with a full-length image of the monarch printed on them. Such banknotes are called "pedestrian franc".
Gold coins were made until the middle of the 15th century. During the reign of King Louis XI, the franc was replaced by the ecu. Nevertheless, from 1575 to 1586. silver francs were put into circulation, which had a mass of 14, 188 grams. The minting of these silver coins of the 833rd test by medieval French cities was carried out and subject to control until 1642. Along with this, representatives of the aristocratic class also made their own money, which was recognized by France. Coins in circulation in the territories controlled by England were called "Anglo-Gaulish".
Coins of the 17th-19th centuries
By the middle of the 17th century, the ecu minted from silver came to the fore in the state's monetary system. A little later, France switched to decimal order. So, 1 franc consisted of 10 desims or 100 centimes. The coins of France - a franc weighing 5 grams - contained 4.5 grams of pure silver in their composition. Besides,¼, ½, one, two and five francs were minted. A little later, gold francs were added to these coins in denominations of five, ten, twenty, forty, fifty and one hundred. During the First Republic, in accordance with the law of August 15, 1795, the franc became the official state currency.
It will be by the way to say that such a phenomenon as bimetallism was used not only by France for almost the entire next century. Coins made of gold and silver were the main payment instrument of that time in countries that were members of the Latin Monetary Union. In that era, the "exchange rate" ratio of gold and silver money was 15.5 to 1. In addition, paper banknotes were put into circulation. True, literally within three years, these francs depreciated, and the hard currency finally received the status of the main one at the state level.
Modern French coins
After the end of World War II, there was a strong trend towards various attempts to improve and develop the economies of European countries. France was no exception. Coins are gradually giving way to other means of payment, which was the result of the implementation of a certain monetary policy of the country's leadership. To tame inflation, it was decided to switch to a paper-credit monetary system. Since then, the number of paper notes and coins has been steadily declining. At the same time, the share of demand deposits and plasticcard.
And already in 2002, the French franc was completely withdrawn from circulation. It was replaced by the currency of the united Europe - the euro.
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