What are francs? France, at one time, was the greatest state in the whole world. Having at its disposal a strong army and a powerful economy, this country subjugated and spread its influence not to nearby (and not only) territories. But what was the currency of such a powerful power? It is believed that it is the franc. He changed livre as the main currency in the distant Middle Ages. One franc was equal to 100 centimes. It was replaced by the euro in 2002. Has its own symbol, denoted as ₣.
Franks in other countries
What are francs of other states? In addition to France, Belgium, Luxembourg and Switzerland had their francs. However, after the rejection of this currency by France, almost all of them switched to the euro. Only Switzerland still continues to pay with a currency called the Swiss franc. It has its own designation CHF, and today the Swiss franc to ruble rate is 1 = 70.87.
Colonial Franc
But the influence of France was extended not only to European territories. Civilization missions, the creation of colonies and the war with wild tribes threw vast territories of Africa, Asia, North and South America, many islands at the feet of the French. With the beginning of the period of decolonization, many territories withdrew from the French Empire under the flags of other states. However, the monetary unit of many former colonies has not changed. Many countries in Africa, such as Madagascar, the Democratic Republic of the Congo, Rwanda, Guinea, Djibouti and the Comoros continue to use the franc, it is called African. Moreover, there are two commonwealths built on this basis: the Central African Economic Community (currency designation - XAF) and the West African Economic and Monetary Union (currency designation - XOF).
Franks in the Middle Ages
What are francs? A definition by history would be most appropriate. And what are medieval francs? Despite its greatness, the period of gloomy centuries turned out to be almost fatal for France. The strengthening of the feudal system, the weakness of the crown and the uneven distribution of resources created decentralization in the French state. Despite its Roman heritage, France fell into decay. Roman coins fell into disrepair, and therefore powerful feudal lords began to mint their own currency. Money was minted from silver and gold. The Royal Mint, despite all efforts to centralize the currency, could not cope with the task.
However, the first generally accepted French coin appeared thanks to the British. During the Hundred Years War, when the French began to perceive themselves as something integral, in 1360 a single franc was created. On the coin was the French king and the inscription FRANCORUM REX, which in Russian can be deciphered as "king of the francs." These coins were made of gold.
Franks in the Renaissance and the New Age
During the Renaissance, the Franks began to mint from silver and gold. The approximate price ratio was 1:15. The currency was officially adopted during the First French Republic in 1795. In addition to silver and gold, attempts were made to issue paper money, but they failed, and therefore only the bimetal equivalent remained on the market. In the time of Napoleon, the use of the franc was actively implanted in Europe; even a union was created that united the financial systems of six countries at once. However, due to illiterate policies and external circumstances, the union broke up.
Franks in the 20th Century
What are 20th century francs? After World War II, the franc again became the main currency in France. However, now it had a paper credit basis. The Franc was regulated by the Central Bank of France. But already in 2002, it was withdrawn from use and replaced by the euro.