What are francs? France, in its 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 nearby (and not only) territories. But what kind of currency did such a powerful nation have? It is believed that it is a franc. He replaced the livre as the main currency back 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 the francs of other countries? In addition to France, Belgium, Luxembourg and Switzerland had their own francs. However, after the abandonment of this currency by France, almost all of them switched to the euro. Only Switzerland still continues to pay with the currency called the Swiss franc. It has its own designation CHF, and today the exchange rate of the Swiss franc to the ruble 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, and many islands at the feet of the French. With the beginning of the period of decolonization, many territories left 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 commonwe alths built on this foundation: the Economic Community of Central African Nations (currency symbol - XAF) and the West African Economic and Monetary Union (currency symbol - XOF).
Franks in the Middle Ages
What are francs? A definition by history would be most appropriate. And what are the medieval Franks? Despite its greatness, the period of the Dark Ages proved 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 territory of the French state. Despite its Roman heritage, France fell into decline. 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 withtask.
However, the first common 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. The coin depicted the French king and the inscription FRANCORUM REX, which in translation into Russian can be deciphered as "the king of the Franks". These coins were made of gold.
The Franks in the Renaissance and Modern Times
During the Renaissance, francs began to be minted from silver and gold. Approximate price ratio was 1:15. The official currency was 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 bimetallic equivalent remained on the market. During the time of Napoleon, the use of the franc was actively promoted in Europe, and an alliance was even 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 the francs of the 20th century? 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.
