Assignats - paper bank notes of Great French revolution
In 1789 paper bank notes of Great French revolution under the name "assignats" have been let out. The first assignats have been let out in December, 1789 by face values from 200 to 1000 livres with coupons for the sum of 400 million livres as percentage papers. Originally they brought in the income from calculation of 5 % annual, and then - 3 %. As their maintenance the property of royal domains confiscated by revolution and churches should serve. The second release of assignats in 1790 for the sum of 800 million livres was interest-free and is let out by face values from 50 to 2000 livres.
Assignats have been declared by lawful means of payment and were subject to reception on a level with a metal coin. They did not possess a compulsory course, however the population has been obliged to accept them by calculations with the state. With the advent of an agio on a coin from the reference the small change began to disappear gradually both large silver, and. Assignats have turned to purely paper unchangeable money for a coin.
They began to be issued since 1791 under the constituent assembly decree in small face values (in 10, 15, 25 and 50 sous, in 5, 10 and 25 livres). Besides, because of shortage of small face values in the reference coupons of assignats of the first release have been admitted also.
In 1792 after monarchy overthrow the national Convent has established republic in France. Since December 1792 for 1794 assignats were issued by various face values in a sou and livres.
After an establishment as monetary unit franc assignats since 1795 began to be issued in francs (from 100 to 10000 francs). The sum of assignats has in circulation increased from 400 million livres In 1790 to 3775 million livres in 1793.
Thus their face-value from 90 % in 1791 has fallen to 17 % in 1794. By September, 1796 the sum of assignats of the reference has reached sizes of 45,6 billion livres, and purchasing capacity has fallen to 1/3 % of their face-value.
In 1796 assignats have been exchanged for new paper money - territorial mandates (Mapdat Territorial) in the ratio 30:1.
Then this parity has been lowered to 100:1. But also territorial mandates began to depreciate quickly, and in May, 1797 the law declaring all paper money (assignats and territorial mandates) has been passed by the void. The Bank of France formed in 1800 (Banque de Fгance) has begun release of banknotes by face values in francs. Besides, a number of the French private commercial banks was let out by bank notes in 19 century.
Also in second half 19 - the beginning of 20 centuries paper bank notes began to be issued in the French possession in Africa, Asia and Ocenia.
the Author: Denisov A.E.