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All de facto present currencies in Europe, and an incomplete list of the preceding currency, are listed here. In Europe, the most commonly used currency is the euro (used by 26 countries); any country entering the European Union (EU) is expected to join the eurozone [ 1 ] when they meet the five convergence criteria. [ 2 ]
The franc (/ f r æ ŋ k /; French: franc français, [fʁɑ̃ fʁɑ̃sɛ]; sign: F or Fr), [n 2] also commonly distinguished as the French franc (FF), was a currency of France.Between 1360 and 1641, it was the name of coins worth 1 livre tournois and it remained in common parlance as a term for this amount of money.
The Revolutionary government depended on printing new paper money to fund its operation, which encouraged inflation. The mandats territoriaux was the second paper currency put into circulation by Revolutionary France, it followed the assignats. The cost of basic goods rose out of reach for the urban poor causing severe poverty.
Assignats were paper money (fiat currency) authorized by the Constituent Assembly in France from 1789 to 1796, during the French Revolution, to address imminent bankruptcy. They were originally backed by the value of properties now held by the nation; those of the crown taken over on 7 October, and those of the Catholic Church, which were ...
In 1865, France, Belgium, Switzerland and Italy created the Latin Monetary Union (to be joined by Spain and Greece in 1868): each would possess a national currency unit (franc, lira, peseta, drachma) worth 4.5 g of silver or 0.290 322 g of gold (fine), all freely exchangeable at a rate of 1:1. In the 1870s the gold value was made the fixed ...
The term cash is often used to indicate both currency, which is usually represented by paper money or coins in industrialized countries, [11] and sums deposited and payable almost immediately on order. Apart from cash, legal tender issued on the fiat of a sovereign government, [12] [13] examples of assets used as potential stores of value are:
In 1960, Saint Pierre and Miquelon adopted the new franc, with 50 old francs = 1 new franc. Local banknotes were used until 1965, when the islands began using French currency along with Canadian currency. The islands continue to use both French and Canadian currencies, with the euro replacing the franc in 2002.
The use of money, as a relatively stable unit of measure, can tend to drive market economies toward efficiency. [ citation needed ] Historically, prices were often given in a dominant currency used as a unit of account, but transactions actually settled by using a variety of coins that were available, and often goods, all converted into their ...