France Banknotes: History, Notable Notes & Collecting Guide
From the assignats of the Revolution to Roger Pfund's final franc series, French paper money spans a spectacular monetary failure, two centuries of Banque de France artistry, and the birth of the euro.
Last updated: July 2026
France uses the euro today, and before it the French franc, issued by the Banque de France, which was founded in 1800. Euro cash entered circulation on 1 January 2002, the franc lost legal tender status on 17 February 2002, and the fixed conversion rate was 6.55957 francs to one euro (European Commission). For collectors, France offers one of the deepest paper money stories anywhere: revolutionary assignats, ornate allegorical francs, and the celebrated artist and scientist portrait notes of the late twentieth century.
What currency does France use, and what came before it?
France has used the euro as book money since 1 January 1999 and as physical cash since 1 January 2002. The dual circulation period ended on 17 February 2002, when the franc ceased to be legal tender (European Commission). That makes French francs a closed chapter: no new notes will ever be printed, and the exchange windows at the Banque de France closed on 17 February 2005 for coins and 17 February 2012 for banknotes (European Commission). Every franc note that survives today is a collectible, not spendable money.
Before the euro, the franc served France for over two centuries in two forms: the old franc through 1959, and the nouveau franc from 1960. And before the franc's paper era stands one of the most instructive failures in monetary history, the assignat.
What were the assignats, and why did they collapse?
Assignats began in December 1789, when the National Assembly issued interest-bearing paper backed by church lands confiscated during the Revolution. By 1790 they were circulating as money, and once war broke out in 1792, the presses ran far faster than confidence could bear. The result was the world's first verified hyperinflation. The Hanke-Krus World Hyperinflation Table (Cato Institute) dates the French episode from May 1795 to November 1796, with a peak monthly inflation rate of 304 percent in mid-August 1796.
The end was theatrical. In February 1796 the government publicly destroyed the assignat printing plates, presses, and paper stocks on the Place Vendôme in Paris. The replacement notes, the mandats territoriaux, depreciated even faster and were demonetized by February 1797 (Wikipedia, "Mandats territoriaux"). Assignats survive in large numbers and make a fascinating collecting specialty of their own. To see how the episode compares with later collapses, read our guide to every hyperinflation, ranked.
How did the Banque de France shape the paper franc?
The Banque de France was founded on 18 January 1800 by a group of bankers at the instigation of Napoleon Bonaparte, then First Consul, precisely to restore confidence after the revolutionary paper collapse (Banque de France). It received the exclusive privilege of issuing notes in Paris in 1803, gained a monopoly on banknote issuance across France in 1848, was nationalized in 1945, and joined the Eurosystem when the euro was created in 1999 (Banque de France). Nearly every French note a collector handles today, from nineteenth-century classics to the final 1990s series, carries its name. The franc itself endured two world wars and decades of chronic inflation, which set the stage for a dramatic reset.
What was the 1960 nouveau franc redenomination?
On 1 January 1960, France redenominated its currency at 100 to 1: one hundred old francs became one nouveau franc, or new franc. The reform was part of a monetary restructuring launched in 1958 under Charles de Gaulle's government to restore prestige to a currency worn down by inflation, and banknotes of the 1958 designs carried the abbreviation NF until 1963 (Wikipedia, "French franc"). For collectors, the NF marking is a clean dividing line between old franc and new franc issues, and many French people famously kept quoting large prices in old francs for decades afterward.
Which French banknotes do collectors look for?
Twentieth-century French note design became a national art form. The Banque de France honored painters, writers, scientists, and engineers: the 500 franc Blaise Pascal issued from 1968, the 100 franc Eugène Delacroix from 1978, and the 20 franc Claude Debussy of the 1980s (Leftover Currency; frenchbanknotes.com). The final family, designed by Roger Pfund, ran from 1993 to the euro changeover (frenchbanknotes.com). The table below maps the main eras. Scarcity and value vary widely by issue and condition, so treat it as an orientation, not a price list.
| Era / issue | Period | What collectors look for |
|---|---|---|
| Revolutionary paper (assignats, mandats territoriaux) | 1789 to 1797 | Land-backed revolutionary issues from the first verified hyperinflation, collected as historical documents |
| Early Banque de France francs | 1800 to 1914 | Classic engraved notes from the bank's first century, scarce in high grade |
| Old franc, war and interwar era | 1914 to 1959 | Large allegorical designs issued through two world wars and chronic inflation |
| Nouveau franc personality notes | 1960 to early 1990s | Portrait notes honoring French artists and thinkers, including the 500 franc Pascal (from 1968) and 100 franc Delacroix (from 1978) |
| Final series by Roger Pfund | 1993 to 2002 | 50 franc Saint-Exupéry (1993), 500 franc Pierre and Marie Curie (1994), 200 franc Eiffel (1996), 100 franc Cézanne (1997) |
| Euro | 2002 to present | Shared euro designs; the franc has been withdrawn from circulation |
How do I start collecting French banknotes?
France rewards a focused approach:
- Pick a lane. Revolutionary assignats, old franc allegorical designs, or the personality notes of the nouveau franc era each form a coherent collection on their own.
- Prioritize condition. Since francs can no longer be spent, grade drives value, and crisp uncirculated examples command a premium. Our banknote grading guide explains the scale.
- Consider certified notes for scarce issues. Third-party grading adds an independent opinion on authenticity and condition. Browse our graded banknotes.
- Learn to authenticate. Popular high-value notes attract fakes, so study our guide on how to spot counterfeit banknotes, and keep the banknote glossary handy for terms like watermark and series.
Where can I buy French banknotes?
Our inventory rotates by country, so the best starting point is the full banknotes by country directory, where every listing is described by era and condition. For a broader roadmap, see our guide to collecting world banknotes.
Frequently asked questions
What currency does France use today?
France has used the euro since euro banknotes and coins entered circulation on 1 January 2002. The French franc lost legal tender status on 17 February 2002, at a fixed conversion rate of 6.55957 francs to one euro.
Can I still exchange old French franc banknotes?
No. The Banque de France exchanged franc coins until 17 February 2005 and franc banknotes until 17 February 2012. Both deadlines have passed, so franc notes now carry collector value only.
What were the assignats?
Assignats were paper obligations first issued by France's National Assembly in December 1789, backed by church lands confiscated during the Revolution. Massive over-issue destroyed their value, and the government publicly destroyed the assignat printing plates in February 1796.
Why did France introduce a new franc in 1960?
Decades of wartime and postwar inflation had worn down the franc, so a reform launched in 1958 under Charles de Gaulle's government redenominated the currency. On 1 January 1960, 100 old francs became 1 nouveau franc, and banknotes carried the abbreviation NF until 1963.
Are old French franc banknotes valuable?
Franc notes are collected for design and history rather than face value. Condition drives price, and popular targets include the personality notes of the 1960s to 1990s, such as the 100 franc Delacroix, and the final Roger Pfund series. For scarce issues, third-party grading adds confidence.
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