Gold franc

The gold franc (currency code: XFO) was the unit of account for the Bank for International Settlements from 1930 until April 1, 2003.[1] It was replaced with the special drawing right.[2] It was originally based on the Franc Germinal, and remained at the value the franc was pegged (0.290322 g fine gold) after the countries of the Latin Monetary Union came off the gold standard.[3]

Zog frang ar coin front
"Gold Franc" of King Zog of the Albanians (not made of gold)
Gold franc
ISO 4217
CodeXFO
Demographics
Date of introduction1930
User(s)Bank for International Settlements
Valuation
Pegged with1 XFO = 0.290322 g fine gold
This infobox shows the latest status before this currency was rendered obsolete.

Use in New Hebrides

The gold franc was used in the Anglo-French Condominium of the New Hebrides (now Vanuatu) as the currency in which the joint administration's postal service denominated its stamps, a natural choice as the Universal Postal Union Treaty (beginning in 1874 when the first treaty was agreed and reaffirmed at subsequent Congresses until at least that of 1939--see the various "Actes du Congress[4]...") denominated the agreed international postal rates in gold franc and gold centime leaving each member country and its dependencies to translate the amounts into their own currencies. This added to the already confused situation in which the Australian dollar and the New Hebrides franc were used in normal trade (and in which even the pound sterling turned up the columns of earlier joint administration budgetary documents).

Swiss Gold Franc Initiative

On March 9, 2011, a parliamentary initiative was introduced in the National Council of Switzerland to institute a gold franc as additional currency for Switzerland:

The Confederation institutes an official gold franc with a set of coins of different denominations, each having a fixed gold content. It regulates the concessions granted to the licensees authorized to mint coins; minting coins is not taxable.[5]

This initiative was examined by the Committee for Economic Affairs and Taxation, which rejected it at the June meeting.

This gold franc would have been defined as 0.1 gram of fine gold.[6] The initiative would not have removed, replaced or pegged the existing Swiss franc, therefore both the gold franc and the Swiss franc would have coexisted side-by-side. Due to the fixed metallic content of the gold franc, its exchange rate with the Swiss franc would have gone up and down according to market supply and demand, like any other free-floating currency.

The gold franc was intended to become a safe-haven currency, to divert international capital flows in times of financial crises away from the Swiss franc.[7]

The gold franc would have been completely independent from the gold reserves of the Swiss National Bank. It would have been minted only by Swiss commercial banks, under the supervision of the Swiss Confederation. The backers of the gold franc hoped that its institution would have made it easier for small savers to invest in gold by reducing the minimum investment and trading unit.[5]

References

  1. ^ Bank for International Settlements, 2000-2009 Chronology.
  2. ^ Bank for International Settlements,"SDR to replace gold franc at the BIS", 10 March 2003.
  3. ^ Bank for International Settlements, 66th Annual General Meeting.
  4. ^ Documents du Congres Postal International. Universal Postal Union, Berne.
  5. ^ a b Swiss Parliament Initiative 11.407 (in French).
  6. ^ Wall Street Journal MarketWatch, Swiss Parliament to discuss gold franc.
  7. ^ Bilan, Parliamentary initiative to launch the "gold franc" Archived 2011-08-03 at the Wayback Machine (in French).

External links

  • Gold Franc Association - coordinating the efforts to introduce the gold franc as additional currency in Switzerland.
Albanian lek

The lek (Albanian: Leku Shqiptar; plural lekë) (sign: L; code: ALL) is the official currency of Albania. It was formerly subdivided into 100 qindarka (singular qindarkë), but qindarka are no longer issued.

Algerian franc

The franc was the currency of Algeria between 1848 and 1964. It was subdivided into 100 centimes.

Bank for International Settlements

The Bank for International Settlements (BIS) is an international financial institution owned by central banks which "fosters international monetary and financial cooperation and serves as a bank for central banks".

The BIS carries out its work through its meetings, programmes and through the Basel Process – hosting international groups pursuing global financial stability and facilitating their interaction. It also provides banking services, but only to central banks and other international organizations. It is based in Basel, Switzerland, with representative offices in Hong Kong and Mexico City.

Basel frank

The Basel frank (German Franken, French franc) was the currency of the Swiss canton of Basel between 1798 and 1850.

Cambodian franc

The franc was the currency of Cambodia between 1875 and 1885. It was equal to the French franc and was similarly subdivided into 100 centimes. It circulated alongside the piastre (equal to the Mexican peso) with 1 piastre = 5.37 francs. It replaced the tical and was replaced by the piastre. No paper money was issued.

Charles X of France

Charles X (Charles Philippe; 9 October 1757 – 6 November 1836) was King of France from 16 September 1824 until 2 August 1830. For most of his life he was known as the Count of Artois (French: comte d'Artois). An uncle of the uncrowned Louis XVII and younger brother to reigning kings Louis XVI and Louis XVIII, he supported the latter in exile. After the Bourbon Restoration in 1814, Charles became the leader of the ultra-royalists, a radical monarchist faction within the French court that affirmed rule by divine right and opposed the concessions towards liberals and guarantees of civil liberties granted by the Charter of 1814. Charles gained influence within the French court after the assassination of his son Charles Ferdinand, Duke of Berry, in 1820 and eventually succeeded his brother in 1824.His reign of almost six years proved to be deeply unpopular from the moment of his coronation in 1825, in which he tried to revive the practice of the royal touch. The governments appointed under his reign reimbursed former landowners for the abolition of feudalism at the expense of bondholders, increased the power of the Catholic Church, and reimposed capital punishment for sacrilege, leading to conflict with the liberal-majority Chamber of Deputies. Charles also initiated the French conquest of Algeria as a way to distract his citizens from domestic problems. He eventually appointed a conservative government under the premiership of Prince Jules de Polignac, who was defeated in the 1830 French legislative election. He responded with the July Ordinances disbanding the Chamber of Deputies, limiting franchise, and reimposing press censorship. Within a week France faced urban riots which lead to the July Revolution of 1830, which resulted in his abdication and the election of Louis Philippe I as King of the French. Exiled once again, Charles died in 1836 in Gorizia, then part of the Austrian Empire. He was the last of the French rulers from the senior branch of the House of Bourbon.

Franc

The franc (₣) is the name of several currency units. The French franc was the currency of France until the euro was adopted in 1999 (by law, 2002 de facto). The Swiss franc is a major world currency today due to the prominence of Swiss financial institutions. The name is said to derive from the Latin inscription francorum rex (Style of the French sovereign: King of the Franks) used on early French coins and until the 18th century, or from the French franc, meaning "frank" (and "free" in certain contexts, such as coup franc, "free kick" ).

The countries that use francs include Switzerland, Liechtenstein, and most of Francophone Africa. Before the introduction of the euro, francs were also used in France, Belgium and Luxembourg, while Andorra and Monaco accepted the French franc as legal tender (Monegasque franc). The franc was also used within the French Empire's colonies, including Algeria and Cambodia. The franc is sometimes Italianised or Hispanicised as the franco, for instance in Luccan franco.

One franc is typically divided into 100 centimes. The French franc symbol was an F with a line through it (₣) or, more frequently, only an F. For practical reasons, the banks and the financial markets used the abbreviation FF for the French franc in order to distinguish it from the Belgian franc (FB), the Luxembourgish franc (FL or FLux), et cetera. In the Luxembourgish language, the word for franc is Frang, plural form Frangen.

French Camerounian franc

The franc was the currency of French Cameroun. It was subdivided into 100 centimes.

French franc

The franc (; French: [fʁɑ̃]; sign: F or Fr), 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. It was reintroduced (in decimal form) in 1795. After two centuries of inflation, it was revalued in 1960, with each new franc (NF) being worth 100 old francs. The NF designation was continued for a few years before the currency returned to being simply the franc; some mostly older French continued to reference and value items in terms of the old franc (equivalent to the new centime) until the introduction of the euro in 1999 (for accounting purposes) and 2002 (for coins and banknotes). The French franc was a commonly held international reserve currency of reference in the 19th and 20th centuries.

ISO 4217

ISO 4217 is a standard first published by International Organization for Standardization in 1978, which delineates currency designators, country codes (alpha and numeric), and references to minor units in three tables:

Table A.1 – Current currency & funds code list

Table A.2 – Current funds codes

Table A.3 – List of codes for historic denominations of currencies & fundsThe tables, history and ongoing discussion are maintained by SIX Interbank Clearing on behalf of ISO and the Swiss Association for Standardization.The ISO 4217 code list is used in banking and business globally. In many countries the ISO codes for the more common currencies are so well known publicly that exchange rates published in newspapers or posted in banks use only these to delineate the currencies, instead of translated currency names or ambiguous currency symbols. ISO 4217 codes are used on airline tickets and international train tickets to remove any ambiguity about the price.

Korçë frange

The frange (Albanian) or franc (French) was the currency of the Republic of Korçë (also written "Koritza" on the currency) between 1917 and 1921. It was subdivided into 100 centimes. The currency was introduced during the period of French occupation. It was only issued in paper money form, with notes issued in denominations of 50 centimes, 1 and 5 frange. After the end of the French occupation, the frange was replaced by the skender in 1921.

Latin Monetary Union

The Latin Monetary Union (LMU) was a 19th-century system that unified several European currencies into a single currency that could be used in all the member states, at a time when most national currencies were still made out of gold and silver. It was established in 1865 and disbanded in 1927. Many countries minted coins according to the LMU standard even though they did not formally accede to the LMU treaty.

Luccan franc

The franc was the currency of Lucca, issued between 1805 and 1808. It was equivalent to the French franc, alongside which it circulated, and was subdivided into 100 centesimi. In 1808, the French franc replaced local coins at par.

See also Luccan lira

Tunisian franc

The franc (French, Arabic: فرنك‎) was the currency of Tunisia between 1891 and 1958. It was divided into 100 centimes (صنتيم) and was equivalent to the French franc.

Vlorë frank

The frank was the currency of Vlorë, issued in 1924. It was subdivided into 100 qindtar. It was only issued in paper money form, with denominations of 10 and 25 qindtar, 1 and 2 frank. It was replaced by the Albanian franc in 1926.

West African CFA franc

The West African CFA franc (French: franc CFA; Portuguese: franco CFA or simply franc, ISO 4217 code: XOF) is the currency of eight independent states in West Africa: Benin, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal and Togo. These eight countries had a combined population of 105.7 million people in 2014, and a combined GDP of US$128.6 billion (as of 2018).The acronym CFA stands for Communauté Financière d'Afrique ("Financial Community of Africa") or Communauté Financière Africaine ("African Financial Community"). The currency is issued by the BCEAO (Banque Centrale des États de l'Afrique de l'Ouest, "Central Bank of the West African States"), located in Dakar, Senegal, for the members of the UEMOA (Union Économique et Monétaire Ouest Africaine, "West African Economic and Monetary Union"). The franc is nominally subdivided into 100 centimes but no centime denominations have been issued.

The Central African CFA franc is of equal value to the West African CFA franc, and is in circulation in several central African states. They are both called the CFA franc.

Yugoslavia at the 1987 Mediterranean Games

Yugoslavia competed at the 1987 Mediterranean Games held in Latakia, Syria.

Yugoslavia at the Paralympics

Yugoslavia made its Paralympic Games début at the 1972 Summer Paralympics in Heidelberg. It did not compete at the 1976 Summer Games, but did take part in the inaugural Winter Paralympics that year in Örnsköldsvik. In 1980, 1984 and 1988, it took part in both the Summer and Winter Games.Following the breakup of Yugoslavia, the proclamation of the Federal Republic of Yugoslavia as a successor state uniting Serbia and Montenegro was not immediately recognised by the International Paralympic Committee. In accordance with United Nations Security Council Resolution 757, Yugoslavia was barred from competing at the 1992 Summer Games as a national delegation. Yugoslav athletes competed, instead, as Independent Paralympic Participants. Yugoslavia was subsequently recognised once more, and returned to compete at the 1996 Summer Games. Absent from the 1998 Winter Games, it made its final appearance under the name "Yugoslavia" at the 2000 Summer Paralympics, before competing as Serbia and Montenegro at the 2004 Summer Games. The 2006 split in the union led to Serbia and Montenegro competing separately from then on.Although Yugoslavia never hosted the Paralympic Games, it did organise the first disabled skiing competition as an Olympic demonstration event when it hosted the 1984 Winter Olympics in Sarajevo.

Yugoslav athletes won a total of 76 medals at the Paralympics, of which 75 at the Summer Games. 21 of these were gold medals (all at the Summer Games).

Écu

The term écu (French pronunciation: ​[eky]) or crown may refer to one of several French coins. The first écu was a gold coin (the écu d'or) minted during the reign of Louis IX of France, in 1266. Écu (from Latin scutum) means shield, and the coin was so called because its design included the coat of arms of France. The word is related to scudo and escudo. The value of the écu varied considerably over time, and silver coins (known as écu d'argent) were also introduced.

Currencies named franc or similar
Circulating
Obsolete
Private
See also

This page is based on a Wikipedia article written by authors (here).
Text is available under the CC BY-SA 3.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.