Introductiontothefranc
Thefrancwasoriginallyagoldandsilverdoublecurrency.In1865,undertheinitiativeofFrance,France,Italy,SwitzerlandandBelgiumheldameetinginParistoannouncetheformationoftheLatinCurrencyLeague(Greece,Spain,Romania,Venezuelaandothercountrieslaterjoined),andimplementthegoldandsilverstandardcurrencysystembasedontheFrenchsystem.Itsmemberstatespledgedtomintgoldcoinsof100francs,50francs,20francs,10francsand5francs,aswellassilvercoinsof5,2,1francand50,20centimes.ThevalueoftheUS$5EagleEmblemGoldCoinissuedbytheUnitedStatesaftertheCivilWarandtheBritishSovereign(Sovereign,30shillingsor1.5pounds)werebothcloseto25francs.Therefore,thetwocountriesproposedtoissue25francsgoldcoinsinthesamewayasLatinAmerica.Themonetaryunionestablishedties,butthisproposalwasrejectedbyFrance,whowasworriedaboutthecostofcurrencyrecasting.
Duetothecontinuousfluctuationofthepriceofgoldandsilverinthelate19thcentury,thesystemofgoldandsilverrestorationwascollapsed.InFrance,theratioofgoldandsilverchangedfrom1:15from1807to1870to1:16.17in1874.Thelargeamountofgoldflowedout.Francehadtoimplementagoldstandardsystemin1876,abolishedthecirculationof5francssilvercoins,andstipulatedthegoldcontentoffrancs.Itis0.2903225grams.
PictureofFrenchfrancbanknotes
1968version
ThecultureofFrancbanknotesissuedin1968
LouisHectorBerlioz(LouisHectorBerliozconductedhis"Requiem"(Requiem)attheChapelledesInvalidesinParisonDecember5,1812. | LuisHectorBerliozholdingPaganiTheguitarNigavehim |
ClaudeDebussy,opera"Ocean" | Debussy,lakeview | tr>
MauriceQuentindeLatour,PalaceofVersailles | MauriceQuentinTower,SaintQuentinCityHall |
FerdinandVictorEugeneDelacroix "FreeguidePeople" | FerdinandVictorEugeneDelacroix |
Montesquieu | Montesquieu |
BrycePascal,Saint-JacquesTower(Paris) | BrycePascal,Champs-Elysees,PortRoyal(Versailles) |
1993firsteditionfranc
1993firsteditionofFrancbanknoteculture
facevalue | ||
|---|---|---|
50Frenchfrancs | AntoineMarieRogerdeSaint-Exupéry,thelittleprince,map,"Latécoère28"airplane | "Breguet14"biplane |
100Frenchfrancs | PaulCezanne | PaulCezanne’swork"ApplesandCookies" |
200Frenchfrancs | GustaveEiffel,Gallabiviaduct | EiffelTowerbase |
500Frenchfrancs | MarieCurie,PierreCurie | ExperimentalutensilsoftheCuries |
Frenchfranccoinpicture
DevelopmentHistory
FirstWorldWarAfterthep>
AftertheFirstWorldWar,Franceadoptedapolicyofpapercurrencyinflation,andthefrancdepreciated.By1922,itspurchasingpowerhadfallento191Theratioof43%in5yearstothepoundsterlingdroppedfrom25.22:1in1914to240.2:1in1926.Francehadtoterminatetheimplementationofthegoldstandard.In1928,Franceenactedanewcurrencylaw,stipulatingthatthefranccontains0.065gramsofgold,whichisonly1/5ofthatbeforetheFirstWorldWar.
SecondWorldWarAfter
AfterWorldWarII,Franceexperiencedhyperinflationagain,thesameastheBritishpoundThepriceratiofelltocloseto1:1000.In1960,anewfranc(NouveauFranc)wasissuedanditscurrencyvaluewasdeterminedtobe100timestheoldfranc,whichwasequivalentto0.1802gramsofgold.
AftertheissuanceoftheeuroonJanuary1,2002,thefranchasgraduallyceasedtocirculate.TheNationalBankofFranceandtheBankofFrancestoppedexchangingsomeoldFrenchfrancnotesin2002,andafter2005,theoldbanknotesBanknotesintheCorneilleseries(5francs,100francs)or10francsBerliozseriescannolongerbeexchangedforeuros.
TypesoffrancsincirculationinFrance
Stopcirculationperiod
Stopcirculationperiod:2012.02.17,thedeadlineforcommercialbankstostopredemption:June30,2002,theperiodforthecentralbanktostopredemption:10yearsforbanknotes,3yearsforsmallcurrencies
Atthattime,therewillbeonlyafewfrancsincirculationinFrance(AvailableuntilFebruary17,2012),whichare:
500francs"Curiecouple"(PierreetMarieCurie,issuedinMarch1995),
200francs"GustaveEiffel"(issuedinOctober1996)
The100franc"Cezanne"(issuedbyPaulCezanne,December1997),
50francs"Saint-Exupery"(issuedinOctober1993)
20francs"AchileClaudeDebussy"(Debussy,IssuedinOctober1981).
Thefollowingoldbanknotescanbeuseduntil2009
500francs"Pascal"(issuedinJanuary1969),
200francs"Meng"Delacroix"(Montesquieu,issuedinJuly1982),
Delacroixfor100francs(Delacroix,issuedinAugust1979)
50francs"QuentindeLaTour"(QuentindeLaTour,issuedinApril1977)
InadditiontobeingusedinFrance,theFrenchfrancwasalsothecurrencyofMonacoandAndorra.Bothcountrieshavealsoswitchedtotheeuro.
Withdrawfromcirculation
Francebidfarewelltoabout600-year-oldfranc
FrenchfrancFebruary17,2012Japanofficiallywithdrewfromthestageofhistory.
IntheearlymorningofFebruary18,Beijingtime,theAssociatedPressreportedonFridaythatfromtheforgingofthefirstfrancsixcenturiesago,thefrancwaswithdrawnfromcirculationin2002.Today,thefranchasofficiallyceasedacceptance,andthelastconnectionbetweenFranceandthefranchascometoanend:thefranchasofficiallybecomeahistoricalcurrencywhenitssuccessor,theeuro,sufferedthebiggestcrisissinceitsbirth.
ThearticlepointedoutthattheBankofFrancesetthisFridayasthedeadlinefortheexchangeoffrancs.Aftertoday’sbusinesshours,whetherhiddeninadrawerorunderamattress,allthoseareusedassouvenirsorItissimplythattheforgottenfrancsnolongerhaveamonetaryvalue.
BeginninginJanuary2002,theeuroreplacedthefrancintoeveryone’swallets,buttheBankofFrancehasbeenacceptingandacceptingfrancsuntilthisFriday.Itisgenerallybelievedthattenyearsisenoughtimeforeventhemostprocrastinatingpeopletogotothebanktoexchangefrancsforeuros.ButwhatissurprisingisthatthereisstillalonglineatthedooroftheBankofFrancethisweekuntilthelastmomentoftoday.Atthelastplacewherethefranccanbeused,theexchangeratebetweenthefrancandtheeuroisdeterminedat6.55957francsto1euro-thisisalsotheinterestratethathasbeenlockedsincetheexchangebetweenthefrancandtheeuroin1999.
TheFrenchmediaisfullofnostalgiaforthissaddeadline:Afterthat,thebluebanknotesthatusedtobeworth50francsanddecoratedwithcartoonlinesonthelittleprincestandingaloneonhisplanetwillnolongerbeHasanyvalueotherthannostalgia.
Therearestillmanypeoplewhoreallyjustknowthisdeadline.ReneHuot,whowasstandinginfrontoftheParisLeftBankbranchoftheBankofFrancewaitingfortheexchange,said,"Theyhavebeeninthedrawer.Ionlyfoundoutafewdaysago.Iheardinthemorningthattodayisthelastdaythattheexchangeispossible,soearlyinthemorning.Itcame.”AccordingtotheestimationoftheBankofFrance,aftertoday’sdeadline,therewillbeabout500millioneurosworthoffrancbanknotesthathavenotbeencollectedandbecomeworthless.
Theeuroiscurrentlyusedbymorethan330millionpeoplein17Europeancountries.FranceisthesecondEurozonecountrytocompletelyphaseouttheoldcurrency:ItalystoppedacceptingthelirainDecember2011.FinlandwillenditssupportfortheFinnishMarkattheendofFebruary,andtheNetherlandswillcontinuetorecognizeitsDutchGuilderuntil2032.Abouthalfoftheeuroareacountrieshavenotsetadeadlinefortheoldcurrencyexchangeatall.
Atthemoment,theexistenceoftheeuroisalsosuspectedbytheoutsideworldbecauseoftheinabilityofgovernmentstopreventthespreadofthesovereigndebtcrisisfromGreecetoItaly,andevenposeathreattoFrance.FrenchandGermanleadersadmittedinNovember2011thatGreecemightbeforcedtoleavetheeurozone,andtheirshockingstatementsaddedtothisunease.
AsforGreece,thelastexchangeperiodforthecountry’sformercurrency,theGreekDrachma,isMarch1,2012-ifGreecehasnotyetbeguntoturnaroundandusethiscurrencyagain.TheEurozoneFinanceMinisters'MeetingwilldecidenextMondaywhethertoissueasecondroundofaidloansof130billionEurostoGreece,hopingtopreventGreecefrombecomingthefirstmemberoftheEurozonetodefaultonitsnationaldebtandthenbeingexpelledfromtheCommonCurrencyUnion..
AlthoughonlyafewEuropeansarewillingtogiveuptheeuro,partofthereasonisthatthechaosinthissituationmaybemoreunacceptablethanthecurrentdifficulties-somepeoplestillmissthesituationbeforethearrivaloftheeuroverymuch..MichelineLeblanc,aretiredfemaleworkerwhoexchangedherlastfrancattheBankofFrance,said:"Thesituationisverybadafterusingtheeuro,especiallysincethesalaryisalreadyverylowandthepensionisnothighforus.Look.ForGod’ssake,wereallyhavetospendmoneycarefully."
AfterFrancebecamethethirdEuropeancountrytousetheeuroasitssolecurrency,theFrenchMinistryofFinanceconductedalow-keycommemorationoftheendofthefranc.ceremony.The12countriesintheEurozonebegantousetheEuroonJanuary1,2002.Amongthem,theNetherlandsandIrelandstoppedusingthetraditionalcurrenciesoftheirrespectivecountriesbeforeFrance.Theremaining9countriesstoppedusingtheirtraditionalcurrenciesonFebruary28,2002.
