The French franc was reintroduced and became decimal in 1795, after the French revolution. As the value of the franc diminished over the centuries, it was replaced by the ‘new’ franc in 1960, with 100 old francs being worth one new Franc. … Forty years later, many older French still convert prices into ‘old francs’.
What happened to the French franc?
The value of the French franc was locked to the euro at 1 euro = 6.55957 FRF on 31 December, 1998, and after the introduction of the euro notes and coins, ceased to be legal tender after 28 February, 2002, although they were still exchangeable at banks until 19 February, 2012.
Why did France devalue the franc?
The high exchange rate encouraged smuggling through non-franc countries and prompted capital flight. The IMF urged France to support devaluation as a means for its former colonies to recover from a decade-long economic slump — largely brought on by a drop in commodities prices.
When did France change from franc to euro?
The euro banknotes and coins were introduced in France on 1 January 2002, after a transitional period of three years when the euro was the official currency but only existed as ‘book money’. The dual circulation period – when both the French franc and the euro had legal tender status – ended on 17 February 2002.
Does France still use franc?
The French Franc was the currency of France from 1795 until 2002, when it was replaced by the Euro. The franc was first struck as a gold coin under Jean le Bon in the 14th century, and later adopted as a basic denomination in the French Republic and its colonies. … French Francs are now obsolete.
When did France adopt the franc?
The franc was formally established as the monetary unit of France in 1799 and made divisible into 10 decimos and 100 centimes. The Swiss franc was adopted by France’s client state, the Helvetic Republic (made up of cantons of Switzerland), in 1799. The Belgian franc was adopted by Belgium in 1832, after independence.