Types of Money in France
There are two main kinds of money in France: "money of account" and "money of exchange." Money of account does not have a physical identity but is more of theoretical money that is used to define the value of the actual French coins. There is no coinage corresponding to money of account. Money of exchange refers to the actual coins and the paper money that get exchanged during any business deal. The "money of exchange" is expressed in terms of "money of account."
Foundation
The Sire de Gouberville refers to 32 different kinds of money in his journal written during the 1550s. Such numerous kinds of money might give a feel that the French money system is highly complex, but on a further detailed perusal of the journal it is clear that the various money transactions can all be reduced to three basic denominations used as money of exchange. The denier, the sou and the livre are the basic pillars of the French money system and almost all money of exchange can be easily reduced to these.
Twelve deniers make one sou while 20 sous make one livre. This is the typical ratio found in the money systems of almost all the places where Romans lived. This ratio (12:20:1) allegedly reflects the relative values of copper: silver: gold.
Beginnings
French coins in early days did not have any fixed monetary value. The various kinds of coins were recognized by their visual characteristics and not by any fixed monetary value printed on them. These coins were the "money of exchange" that had values in terms of "money of account." Their values were not fixed and could fluctuate due to several factors including inflation. Money of account in itself did not have any coinage.
Stabilization
Ecu au soleil is the basic unit of coinage in France since 1484. It refers to a gold coin that is minted in France and whose value relative to the money of exchange fluctuated wildly during the first century of its existence. However, since 1574 the value of ecu au soleil has stabilized at three livres to the ecu. This stabilization was possible mainly due to the monetary policies of Henry III.
Assortment
There are several types of coins that are used for the daily transactions in France. The franc is an obsolete silver coin that was worth the same as a livre; however, none of these coins has been minted in the last century. One livre is still at times referred to as franc. Blanc or dixaine, which is a 10d coin, and grand blanc or douzane, which is a 12d coin, are most commonly used in France. These are made from a copper/silver mix. Silver teston, which is worth 120d, is another commonly used coin.
Complexity
The coinage in France is very complex due to the various kinds of coins. This complexity is further increased by the fact that coins were minted at three different kinds of mints. The Catholic league made coins in the name of Charles X, while there were other people minting Henry IV coins for the new royal mint. A third kind of mint used to mint coins in the name of Henry III. This diversity has made French money system one of the most complex in the world.
