French livre

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French 1793 24-livre gold coin, 7.64 g France 1793-A 24 Livres.jpg
French 1793 24-livre gold coin, 7.64 g

The livre (French for "pound") was the currency of Kingdom of France and its predecessor state of West Francia from 781 to 1794. Several different livres existed, some concurrently. The livre was the name of both units of account and coins.

Contents

History

Origin and etymology

The livre was established by Charlemagne as a unit of account equal to one pound of silver.[ citation needed ] It was subdivided into 20 sous (also sols), each of 12 deniers .[ citation needed ] The word livre came from the Latin word libra , a Roman unit of weight, and the denier comes from the Roman denarius. This system and the denier itself served as the model for many of Europe's currencies, including the British pound, Italian lira, Spanish dinero and the Portuguese dinheiro.

This first livre is known as the livre carolingienne. Only deniers were initially minted, but debasement led to larger denominations being issued. Different mints in different regions used different weights for the denier, leading to several distinct livres of different values.

"Livre" is a homonym of the French word for "book" (from the Latin word liber ), the distinction being that the two have a different gender. The monetary unit is feminine, la/une livre, while "book" is masculine, le/un livre.

Late medieval and early modern period

For much of the Middle Ages, different duchies of France were semi-autonomous if not practically independent from the weak Capetian kings, and thus each minted their own currency. Charters would need to specify which region or mint was being used: "money of Paris" or "money of Troyes". The first steps towards standardization came under the first strong Capetian monarch, Philip II Augustus (1165–1223). Philip II conquered much of the continental Angevin Empire from King John of England, including Normandy, Anjou, and Touraine.

The currency minted at the city of Tours in Touraine was considered very stable, and Philip II decided to adopt the livre tournois as the standard currency of his lands, gradually replacing even the livre of Paris, and ultimately the currencies of all French-speaking areas he controlled. This was a slow process lasting many decades and not completed within Philip II's lifetime.

The result was that from 1200 onwards, following the beginning of King Philip II's campaigns against King John, the currency used within French speaking lands was in a state of flux, as the livre tournois was gradually introduced into other areas.

Until the thirteenth century and onwards, only deniers were actually minted as coin money. Both livres and sous did not actually exist as coins but were used only for accounting purposes.

Upon his return from the crusades in the 1250s, Louis IX instigated a royal monopoly on the minting of coinage in France and minted the first gold écu d'or and silver gros d'argent , whose weights (and thus monetary divisions) were roughly equivalent to the livre tournois and the denier.

Between 1360 and 1641, coins worth 1 livre tournois were minted known as francs. This name persisted in common parlance for 1 livre tournois but was not used on coins or paper money.

The official use of the livre tournois accounting unit in all contracts in France was legislated in 1549. However, in 1577, the livre tournois accounting unit was officially abolished and replaced by the écu, which was at that time the major French gold coin in actual circulation. In 1602, the livre tournois accounting unit was brought back.

Seventeenth century

Louis XIII of France stopped minting the franc in 1641, replacing it with coins based on the silver écu and gold Louis d'or. The écu and louis d'or fluctuated in value, with the écu varying between three and six livres tournois until 1726 when it was fixed at six livres. The louis was initially (1640) worth ten livres, and fluctuated too, until its value was fixed at twenty-four livres in 1726.

In 1667, the livre parisis was officially abolished. However, the sole remaining livre was still frequently referred to as the livre tournois until its demise.

Eighteenth century

10 livres tournois note issued by La Banque Royale (1720) FRA-A20a-La Banque Royale-10 livres Tournois (1720).jpg
10 livres tournois note issued by La Banque Royale (1720)

The first French paper money was issued in 1701 and was denominated in livres tournois. However, the notes did not hold their value relative to silver due to massive over–production. The Banque Royale (the last issuer of these early notes) crashed in 1720, rendering the banknotes worthless (see John Law for more on this system).

In 1726, under Louis XV's minister Cardinal Fleury, a system of monetary stability was put in place. Eight ounces (a mark) of gold was worth 740 livres, 9 sous (so, one ounce of gold was worth approximately 4 Louis or 93 livres); 8 ounces of silver was worth 51 livres, 2 sous, 3 deniers. This led to a strict conversion rate between gold and silver (14.4867 to 1) and established the values of the coins in circulation in France at:

A coin of value 1 livre was not, however, minted. Yet in 1720 a special coin minted in pure silver was produced and assigned an over-value of 1 livre. Additionally, France took Navarrese 20-sou coins minted in 1719 and 1720, re-struck them as 16 écu (between the years of 1720 and 1723) essentially creating a coin worth 1 livre. These re-struck coins, however, eventually were assigned the value of 18 sous. [1]

Assignat for 125 livres (1793) FRA-A74-Republique Francaise-125 livres (1793).jpg
Assignat for 125 livres (1793)

A kind of paper money was reintroduced by the Caisse d'Escompte in 1776 as actions au porteur , denominated in livres. These were issued until 1793, alongside assignats from 1789. Assignats were backed (in theory) by government-held land. Like the issues of the Banque Royale, their value plummeted.

The last coins and notes of the livre currency system were issued in Year II of the Republic (1794). In 1795, the franc was introduced, worth 1 livre 3 deniers (1+180 livres), and the first one-franc coin was struck in 1803. Still the word livre survived; until the middle of the 19th century it was indifferently used alongside the word franc, especially to express large amounts and transactions linked with property (real estate, property incomes or "rentes", cattle, etc...).

Later history

The livre had also been used as the legal currency of the Channel Islands. The Jersey livre remained legal currency in Jersey until 1834 when dwindling supplies of no-longer minted coins obliged the adoption of the pound as legal tender.

Today, France uses the euro as its currency.

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Louis dor

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Écu Type of French coin

The term écu or crown may refer to one of several French coins. The first écu was a gold coin minted during the reign of Louis IX of France, in 1266. Écu means shield, and the coin was so called because its design included the coat of arms of France. The word is related to Catalan escut, Portuguese scudo or Castilian escudo. The value of the écu varied considerably over time, and silver coins were also introduced.

Pistole

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Kronenthaler

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The Geneva thaler was a coin equivalent to the French silver écu, containing 26.67 g fine silver and valued at 1234florins, which was issued by Geneva until 1798 and between 1813 and 1839.

The livre was the currency of Guadeloupe until 1816. It was subdivided into 20 sous, each of 12 deniers, with the escalin worth 15 sous. The Guadeloupe livre was a French colonial currency, distinguished by the use, in part, of Spanish coins.

Jersey livre

The livre was currency of Jersey until 1834. It consisted entirely of French coins.

French sol Name used for different coins since antiquity

The sol, later called a sou, is the name of a number of different coins, for accounting or payment, dating from Antiquity to today. The name is derived from the solidus. Its longevity of use anchored it in many expressions of the French language.

Coinage of Philip IV of France

The coinage of Philip IV of France marks the first mass diffusion of gold coinage in the Kingdom of France. Philip however had to resort extensively to monetary devaluations and reevaluations in order to finance his royal budget as well as his war efforts.

Gros (coinage)

A gros was a type of silver coinage of France from the time of Saint Louis. There were gros tournois and gros parisis. The gros was sub-divided in half gros and quarter gros. The original gros created by St Louis weighed about 4.52 g of nearly pure silver, and was valued at one sou, that is 12 deniers or 1/20 of a livre tournois. Unlike the gold écu that was minted in small numbers, mostly for prestige reasons, the gros was a very common coin, and very widely copied by non royal mints.

References

  1. W.K. Cross, ed. (2012). CANADIAN COINS: A Charlton Standard Catalogue (66th ed.). Toronto, Ontario / Palm Harbor, Florida: The Charlton Press. p. 6. ISBN   978-0-88968-348-8.