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French franc



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

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ThecultureofFrancbanknotesissuedin1968

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tr>

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LouisHectorBerlioz(LouisHectorBerliozconductedhis"Requiem"(Requiem)attheChapelledesInvalidesinParisonDecember5,1812.

LuisHectorBerliozholdingPaganiTheguitarNigavehim

ClaudeDebussy,opera"Ocean"

Debussy,lakeview

MauriceQuentindeLatour,PalaceofVersailles

MauriceQuentinTower,SaintQuentinCityHall

FerdinandVictorEugeneDelacroix

"FreeguidePeople"

FerdinandVictorEugeneDelacroix

Montesquieu

Montesquieu

BrycePascal,Saint-JacquesTower(Paris)

BrycePascal,Champs-Elysees,PortRoyal(Versailles)

1993firsteditionfranc

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1993firsteditionofFrancbanknoteculture

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AntoineMarieRogerdeSaint-Exupéry,thelittleprince,map,"Latécoère28"airplane

"Breguet14"biplane

100Frenchfrancs

PaulCezanne

PaulCezanne’swork"ApplesandCookies"

200Frenchfrancs

GustaveEiffel,Gallabiviaduct

EiffelTowerbase

500Frenchfrancs

MarieCurie,PierreCurie

ExperimentalutensilsoftheCuries

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1Shengding

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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.

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