FRANCE 1 FRANC 1923 KM#876 COMMERCE INDUSTRIE XF #2

History of French Franc

The first coins were issued in denominations of 1 and 5 centimes, 1 and 2 decimes (in copper), quarter, half, 1, 2, and 5 francs (in silver), and 20 and 40 francs (in gold). Copper coins were not issued between 1801 and 1848, leaving the quarter-franc as the smallest coin being minted. During this period, copper coins from the previous currency system circulated, with a one-sou coin being valued at 5 centimes.

Bronze coinage was introduced from 1848, and coins worth 1, 2, 5 and 10 centimes were issued from 1853. The quarter-franc was discontinued, with silver 20-centime coins issued between 1849 and 1868. The gold coinage also changed at this time, with 40- franc coins no longer produced and 5-, 10-, 50- and 100-franc coins introduced. The last gold 5-franc pieces were minted in 1869, and silver 5-franc coins were last minted in 1878. Nickel 25-centime 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-centime, and 1- and 2-franc coins 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-franc denominations.

The Second World War also affected the coinage substantially. Zinc 10- and 20-centime pieces were introduced, along with aluminium coins of 50 centimes, and 1 and 2 francs. Following the war, rapid inflation caused denominations below 1 franc to be withdrawn and coin denominations up to 100 francs were introduced by 1954.

In 1960, the new franc was introduced, worth 100 of the old francs. Stainless steel 1- and 5-centime, aluminum-bronze 10-, 20- and 50-centime, nickel one-franc and silver 5-franc coins were introduced. Silver 10-franc pieces were introduced in 1965, followed by aluminum-bronze 5-centime and nickel half-franc coins in 1966.

Nickel clad cupro-nickel 5-franc and nickel-brass 10-franc coins replaced their silver counterparts 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-franc coin was composed of two rings and a centre plug.

A nickel 10-franc piece was issued in 1986, but was quickly withdrawn and demonetized due to confusion with the half-franc and an unpopular design. The aluminum-bronze pieces continued to circulate until the bimetallic pieces were developed and additional aluminum-bronze coins were minted to replace those initially withdrawn. Once the bi-metallic coins were circulating the aluminum-bronze pieces were withdrawn and demonetized. A silver 50-franc piece was issued from 1974-1980, but was withdrawn and demonetized after the price of silver spiked in 1980. A 100-franc piece, in silver, was issued, and circulated to a small extent, until the introduction of the euro. All French franc coins were demonetized in 2005 and are no longer redeemable at the Banque de France.

Coins were freely exchangeable until February 17, 2005 at Banque de France only (some commercial banks could still perform it but were not required to offer this service for free after the transition period in 2001), by converting their total value in francs to euros (rounded to the nearest eurocent) at the official fixed rate of 6.55957 francs for 1 euro. Banknotes are officially convertible up to 17 February 2012.

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