French franc

The franc was introduced in 1360 by King John II of France to pay his ransom after his capture at the Battle of Poitiers during the Hundred Years' War. The first coins, the franc à cheval, bore the inscription Francorum rex and were struck in gold. Subsequent kings issued their own versions, but the franc remained a coin of account rather than a unified currency until the French Revolution. In 1795, the franc became the official monetary unit of the First Republic, replacing the livre tournois. The decimal system was adopted, with 1 franc equal to 100 centimes, and the franc germinal of 1803, under Napoleon, fixed the gold and silver content, creating a stable bimetallic standard that influenced other currencies.

The germinal franc remained stable until World War I, when the gold standard was suspended and inflation eroded its value. The franc was devalued several times, notably in 1928 when the Poincaré franc was introduced, and again after World War II. In 1960, President Charles de Gaulle introduced the nouveau franc (new franc), worth 100 old francs, to restore confidence. The new franc was later renamed simply the franc. Throughout the 20th century, the franc was a key currency in the Latin Monetary Union and later in the European Monetary System. It was also used in many French colonies, and the CFA franc, created in 1945, remains pegged to the euro.

France was a founding member of the eurozone, and the franc was replaced by the euro on 1 January 1999 for electronic transactions, with physical notes and coins introduced on 1 January 2002. The fixed conversion rate was set at 6.55957 francs per euro. The transition period lasted until 17 February 2002, after which the franc ceased to be legal tender. The Banque de France continued to exchange franc notes and coins for euros for several years, and some commemorative coins were issued. The franc's legacy persists in the currencies of many former colonies, such as the West African CFA franc and the Comorian franc, which are pegged to the euro.

Beyond its monetary role, the franc has notable cultural and historical quirks. The 1360 franc à cheval was one of the first European gold coins to bear a realistic portrait of a king. The franc germinal's bimetallic standard was so influential that it was adopted by the Latin Monetary Union in 1865, which included Belgium, Italy, and Switzerland. During the French Revolution, the franc was briefly called the franc républicain. The 1960 new franc was initially unpopular, and many people continued to quote prices in old francs for years. The 500-franc note featured Pierre and Marie Curie, and the 200-franc note featured Gustave Eiffel. The franc also inspired the name of the Swiss franc and the Congolese franc, among others.

Centime

A subdivision of the franc, equal to one-hundredth of a franc.

Germinal franc

The franc established in 1803, with fixed gold and silver content, named after the month of Germinal in the French Republican calendar.

Livre tournois

The currency of France before the franc, based on the livre of Tours.

Latin Monetary Union

A 19th-century union of European countries that adopted a common bimetallic monetary standard.

CFA franc

A currency used in several African countries, pegged to the euro, created in 1945.