France - Assignats

During the French Revolution (1789-1799), France's revolutionary government was in desperate need of money to continue operating. It issued these assignats in huge quantities, not redeemable in gold or silver, but backed by the the reclaimed land of the church. The hope was to provide a stimulus to the country's economy and to sell off the properties to the middle class, supporting the fundamental motivations of the Revolution. This was the beginning of a huge monetary failure, which resulted in a cycle of inflation and further issues of assignats, finally bringing the ultimate collapse of the French financial system in 1796. Paper money is a source of tyranny, corruption, and delusions;
a veritable orgy of delirious authority - Mirabeau

La Banque Royale

In 1716, John Law created the Banque Générale (Banque Générale Privée), a private bank which was quickly nationalized and renamed Banque Royale. Along with Louis XV providing government funding, Law funded the bank and applied his own untried economic theories to this first French central bank. This was the first French Bank issuing paper money that was only partially backed by silver. After some initial success, the Banque Royale failed in 1720, just two years after its creation, having created an environment of hyper-inflation and public mistrust of a banking system.

1720 Second Issue

Laf.93 face
Laf.93 (
  • P-A20a
) 10 Livres
  • 7/1/1720
  • Typo
  • "NQU" along left margin is a portion of "BANQUE ROYALE" used as a Counterfoil

Assemblée Nationale

In December of 1789, the National Assembly of the revolutionary government authorized the issuance of bonds, called Assignats, backed by sized royal and church properties ("Domaines Nationaux"). These were not initially intended to be used as currency, but as a way for the state to pay its debts, and for a time were successful. Within a year, with the country's economy in need of support, the Assignat was converted to legal tender. The Assignat was used through the rest of the revolution until its complete collapse in February of 1797.

National Assembly Jun 19 1791 Issue

Laf.138 (
  • Ass.12a
  • P-A42
) 5 Livres
  • 5/6/1791
  • Typo

Nov 1 1791 Issue

Laf.145 face
Laf.145 (
  • Ass.20a
  • P-A50
) 5 Livres 'Corset'
  • 11/1/1791
  • Typo

  • Embossing: Bust of Louis XVI Roi des François
  • Watermark: 5L in Geometric Pattern

  • Gatteaux FEC
    • (F+B)

Dec 16 1791 Issue

Laf.146 face
Laf.146 (
  • Ass.21a
  • P-A51
) 10 Livres
  • 12/16/1791
  • Typo

  • Embossing: Left: Libery, Right: Peace
  • Watermark: 10L, Fleurs de Lys, and Pattern
  • Gatteaux FEC
    • (F+B)
Laf.147 (
  • Ass.22a
  • P-A52
) 25 Livres
  • 12/16/1791
  • Typo

Jan 4 1792 Issue

Laf.148 (
  • Ass.23a
  • P-A53
) 10 Sous
  • 1/4/1792
  • Typo
Laf.149 face
Laf.149 (
  • Ass.24a
  • P-A54
) 15 Sols
  • 1/4/1792
  • Typo

  • Embossing: Left: Genius Regne de la Loi, Right: Bust of Louis XVI Roi des François
  • Watermark: Fleur de Lys above 15s, NLR and LA NATION
  • Gatteaux FEC
  • Gerard FEC
    • (F+B)
Laf.150 face
Laf.150 (
  • Ass.25a
  • P-A55
) 25 Sols
  • 1/4/1792
  • Typo

  • Embossing: Bust of Genie of Liberty
  • Watermark: LA NATION above 25. sols.
  • Le Droz FEC
    • (F+B)
Laf.151 (
  • Ass.26a
  • P-A56
) 50 Sols
  • 1/4/1792
  • Typo

Apr 30 1792 1792 Issue

Laf.152 (
  • Ass.27a
  • P-A57
) 5 Livres 'Corset'
  • 4/30/1792
  • Typo

Laf.153 (
  • Ass.28a
  • P-A58
) 50 Livres
  • 4/30/1792
  • Typo
Laf.154 (
  • Ass.29a
  • P-A59
) 200 Livres
  • 4/30/1792
  • Typo

Jun 27 1792 Issue

Laf.155 (
  • Ass.30a
  • P-A60
) 5 Livres 'Corset'
  • 6/27/1792
  • Typo

Jul 31 1792 Issue

Laf.156 face
Laf.156 (
  • Ass.31a
  • P-A61
) 5 Livres 'Corset'
  • 7/31/1792
  • Typo

  • Embossing: Bust of Louis XVI Roi des François
  • Watermark: 5L in Geometric Pattern

  • Gatteaux FEC
    • (F+B)

Aug 31 1792 Issue

Laf.157 (
  • Ass.32a
  • P-A62
) 50 Livres
  • 8/31/1792
  • Typo
Laf.158 (
  • Ass.33a
  • P-A63
) 200 Livres
  • 8/31/1792
  • Typo

Oct 24 1792 Issue

Laf.159 face
Laf.159 (
  • Ass.34a
  • P-A64a
) 10 Sous
  • 10/24/1792
  • Typo

  • Embossing: Left: Genius Regne de la Loi, Right: Bust of Louis XVI Roi des François
  • Watermark: 'LA NATION' in circle, '10s' at left, 'Xs' at right
  • Gatteaux FEC
    • (F+B)
Laf.160 face
Laf.160 (
  • Ass.35a
  • P-A65
) 15 Sols
  • 10/24/1792
  • Typo

  • Embossing: Left: Genius Regne de la Loi, Right: Bust of Louis XVI Roi des François
  • Watermark: Fleur de Lys above 15s, NLR and LA NATION
  • Gatteaux FEC
    • (F+B)
Laf.161a (
  • Ass.36a
  • P-A66a
) 10 Livres
  • 10/24/1792
  • Watermark: Royal, with Fleur de lis
Laf.161b face
Laf.161b (
  • Ass.36b
  • P-A66b
) 10 Livres
  • 10/24/1792
  • Typo

  • Embossing: Left: Libery, Right: Peace
  • Watermark: Républicain, 'RP / RF' and Fasces
  • Gatteaux FEC
    • (F+B)
Laf.162 face
Laf.162 (
  • Ass.37a
  • P-A67
) 25 Livres
  • 10/24/1792
  • Typo

  • Embossing: Left: Libery, Right: Peace
  • Watermark: 25L above Fleurs de Lys. Darker: LA NATION LA LOI LE ROI at right, surrounded by Pattern
  • Gatteaux FEC
    • (F+B)

French Republic Nov 21 1792 Issue

The National Convention was created on September 20, 1792 after the insurrection of August 10, 1792, and chartered to draw up a new constitution that elliminated the monarchy. The day after its creation, on September 21, the Convention proclaimed the French First Republic, abandoning the monarchy altogether. These assignats were the first French notes to contain the ubiquitous text "République Française".

Laf.163 (
  • Ass.38a
  • P-A73
) 400 Livres
  • 11/21/1792
  • Typo

Dec 14 1792 Issue

Laf.164 face
Laf.164 (
  • Ass.39a
  • P-A72
) 50 Livres
  • 12/14/1792
  • Typo

  • Embossing: Hercules fighting the Hydra, by Gatteaux
  • Watermark: LIBERTE EGALITE NATION FRANCAISE in border of Greek Key design
  • Gatteaux INV
  • Tardieu, A. SC
    • (F+B)

May 23 1793 Issue

Laf.165a (
  • Ass.40a
  • P-A68a
) 10 Sous
  • 5/23/1793
  • Watermark: Royal, 'LA NATION' in circle, '10s / Xs'
Laf.165b face
Laf.165b (
  • Ass.40b
  • P-A68b
) 10 Sous
  • 5/23/1793
  • Typo

  • Embossing: Left: Genius Regne de la Loi, Right: Force
  • Watermark: Républicain, 'RF / Xs' in Hexagon
  • Gatteaux FEC
    • (F+B)
Laf.166a (
  • Ass.41a
  • P-A69a
) 15 Sols
  • 5/23/1793
  • Watermark: Royal, 'LA NATION', '15s / Xs'
Laf.166b face
Laf.166b (
  • Ass.41b
  • P-A69b
) 15 Sols
  • 5/23/1793
  • Typo

  • Embossing: Left: Genius Regne de la Loi, Right: Abundance
  • Watermark: Républicain, 'RF / 15s' in Diamond
  • Gatteaux FEC
    • (F+B)
Laf.167a (
  • Ass.42a
  • P-A70a
) 50 Sols
  • 5/23/1793
  • Watermark: Royal, 'LA NATION' / '50 sols'
Laf.167b (
  • Ass.42b
  • P-A70b
) 50 Sols
  • 5/23/1793
  • Watermark: Républicain, 'RF / 50s' in Circle
Laf.167b face
Laf.167b (
  • Ass.42c
  • P-A70b
) 50 Sols
  • 5/23/1793
  • Typo

  • Embossing: Left: Genius Regne de la Loi, Right: Justice
  • Watermark: Républicain, 'RF / 50s' in Circle

  • Gatteaux FEC
    • (F+B)

Jun 6 1793 Issue

Laf.168 (
  • Ass.43a
  • P-A71
) 25 Livres
  • 6/6/1793
Laf.168 face
Laf.168 (
  • Ass.43b
  • P-A71
) 25 Livres
  • 6/6/1793
  • Typo

  • Embossing: Left: Libery, Right: Peace
  • Watermark: REP. FRANC.

Sep 28 1793 Issue

Laf.169 (
  • Ass.44a
  • P-A74
) 125 Livres
  • 9/28/1793
  • Typo
Laf.170 face
Laf.170 (
  • Ass.45a
  • P-A75
) 250 Livres
  • 9/28/1793
  • Typo

  • Embossing: Hercules fighting the Hydra, by Gatteaux (cracked die)
  • Watermark: Pattern around border, with dark horizonal lines and three white dots

Oct 31 1793 Issue

Laf.171 face
Laf.171 (
  • Ass.46a
  • P-A76
) 5 Livres
  • 10/31/1793
  • Typo

  • Embossing: Genie of the Consitution, seated
  • Watermark: 5L and RF, dark bars and circle

Feb 2 1794 Issue

Laf.172 face
Laf.172 (
  • Ass.47a
  • P-A77
) 500 Livres
  • 8/2/1794
  • Typo

  • Embossing: Liberty walking left, holding in her right hand a sign with tricolor surmounted by the phrygian cap, and the left hand brandishing a javelin. Circular legend FREEDOM OR DEATH (cracked die; oriented to back of note)
  • Watermark: 500 above, REPUBLIQUE FRANCAISE at Left and Right

Jan 7 1795 Issue

Laf.173 face
Laf.173 (
  • Ass.48a
  • P-A78
) 100 Francs
  • 1/7/1795
  • Typo

  • Embossing: The French people holding in their left hand an olive branch and in the right hand a club, accompanied by Liberty resting on a pike and holding in her right hand a phrygian cap. Circular legend REPUBLIQUE FRANÇAISE
  • Watermark: Phrygien Cap, Triangle, 100 Francs
Laf.174 (
  • Ass.49a
  • P-A79
) 750 Francs
  • 1/7/1795
  • Typo
Laf.175 face
Laf.175 (
  • Ass.50a
  • P-A80
) 1000 Francs
Red.
  • 1/7/1795
  • Typo
  • Sig Noel (printed)

  • Embossing: Left: Hercules with Liberty and Equality, Right: The Constitution
  • Watermark: Geometric figures, 1000 / RÉPUBLIQUE FRANÇAISE / liberté / ÉGALITÉ
Laf.176 (
  • Ass.51a
  • P-A81
) 2000 Francs
  • 1/7/1795
  • Typo
Laf.177 (
  • Ass.52a
  • P-A82
) 10,000 Francs
  • 1/7/1795
  • Typo

Promesses de Mandats Territoriaux

In a last-ditch effort to salvage the economic disaster of the Assignat, the French government, then called the Directory, issued a new currency, the Mandat. These supposedly had stronger backing in that they could be used to purchase public real estate. The Mandat was a failure before it was even released, continuing the inflationary cycle of the Assignats.

Laf.196 (
  • Ass.59a
  • P-A83a
) 25 Francs Black
  • 3/18/1796
  • Typo

  • Counterfoil
  • Embossing: Money, Garantie
Laf.200 face
Laf.200 (
  • Ass.59b
  • P-A83b
) 25 Francs Black
  • 3/18/1796
  • Typo
  • Series number added

  • Counterfoil
  • Embossing: Money, Garantie
Laf.197 (
  • Ass.60a
  • P-A84a
) 100 Francs Red
  • 3/18/1796
  • Typo

  • Counterfoil
  • Embossing: Money, Garantie
Laf.201 face
Laf.201 (
  • Ass.60b
  • P-A84b
) 100 Francs Red
  • 3/18/1796
  • Typo
  • Series number added

  • Counterfoil
  • Embossing: Money, Garantie
Laf.198 (
  • Ass.61a
  • P-A85a
) 250 Francs Olive and Black
  • 3/18/1796
  • Typo
Laf.202 (
  • Ass.61b
  • P-A85b
) 250 Francs Olive and Black
  • 3/18/1796
  • Typo
  • Series number added
Laf.203 (
  • Ass.62a
  • P-A86a
) 500 Francs Gray
  • 3/18/1796
  • Typo
Laf.203 (
  • Ass.62b
  • P-A86b
) 500 Francs Gray
  • 3/18/1796
  • Series number added

Mandats Territoriaux

1796 Issue"

Laf.208 face
Laf.208 (
  • Ass.63b
  • P-A87b
) 100 Francs
  • 3/18/1796
  • Typo
  • Black handstamp
  • Black handstamp Rep. Fra.

  • Embossing: Ceres, buying land with money
  • Watermark: 5.F.

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