French Franc (F)

What is a French franc (f)’

French franc (F) is the official national currency of the Republic of France, before the adoption of Euro (EUR). The franc is divided into 100 centimes. The Bank of France managed and issued French franc banknotes are in denominations of 20, 50, 100, 200 and 500 francs, and coins in denominations of 1, 5 and 20 centimes, and 0.5, 1, 2, 5, 10 and 20 francs.

Breaking down the ‘French franc (f)’

First, common king John II, the French franc (f) received its name from the inscription “Johannes dei Gratia Francorum Rex”, which translates as “John, by the grace of God king of the Franks.” In 1795, when the revolutionary government of France standardized the franc, setting it equal to 4.5 grams of silver. Five years later, in 1800, Napoleon institutionalization of the management of the franc by creating the Bank of France. The Bank received funding mainly through private funds, including money invested Napoleon himself.

In 1803, the franc germinal, named in honor of the month in the French revolutionary calendar was established, creating a gold franc. The gold franc contains 290.034 mg of pure gold. After the revolution of 1848 and the establishment of the second French Republic, centralized management and issuance franc came under of the Bank of France in Paris.

As the French economy industrialized during the 19th century, Frank has grown to become a significant international currency. In 1865, France was one of the founders of the Latin monetary Union, an early attempt to unite the European countries under one currency. The Union was initially based on the bimetallic standard, but later switched to standard based solely on gold.

The French franc goes to Euro

The French franc remained an important international currency after the Second World war, but France was an early and ardent supporter of the Euro. The Maastricht Treaty, which serves as the basis for the European monetary Union, was adopted at the referendum the French public in 1992. This statement has put the country on the path of the Euro’s creation in 1999, with complete replacement of the franc with the Euro in 2002.

The introduction of Euro banknotes and coins on 1 January 2002. After a three-year transition period, when the Euro became the official currency but only existed in virtual form. During the period of dual circulation as the French franc and the Euro have the status of legal tender. The transition ended on 12 February 2002. The owners franc coins, you can exchange them for euros at the Bank of France until February 2005. Banknotes continued parallel treatment to the final exchange in February 2012.

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