French livre
Encyclopedia
The livre was the currency of France
until 1795. Several different livres existed, some concurrently. The livre was the name of both units of account and coins.
as a unit of account equal to one pound of silver. It was subdivided into 20 sous
(also sols), each of 12 deniers
. The word livre came from the Latin word libra, a Roman unit of weight. 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 carolienne. 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.
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 tournais 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 tournais was gradually introduced into other areas.
Up to the thirteenth century and onwards, only deniers were actually minted as coin money. Both livres and sous did not actually physically exist, but were used for accounting purposes (i.e. just as there is no United States ten thousand Dollar bill, or one million Euro coin, regional governments that needed to work in such large units of money would record their transactions in livres.)
Upon his return from the crusades in the 1250's, 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.
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 five and six livres tournois until 1726 when it was fixed at six livres.
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.
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 sols; 8 ounces of silver was worth 51 livres, 2 sols, 3 deniers. This led to a strict conversion rate between gold and silver (14.487 to 1) and established the values of the coins in circulation in France at:
A coin of value 1 livre was not, however, minted.
Paper money was reintroduced by the Caisse d'Escompte in 1776, 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 the Year II of the Republic (1794). In 1795, the franc
was introduced, worth 1 livre 3 deniers.
. 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, the Basque language
calls the French franc the libera.
France
The French Republic , The French Republic , The French Republic , (commonly known as France , is a unitary semi-presidential republic in Western Europe with several overseas territories and islands located on other continents and in the Indian, Pacific, and Atlantic oceans. Metropolitan France...
until 1795. Several different livres existed, some concurrently. The livre was the name of both units of account and coins.
Etymology
"Livre" is a homonym with the French word for "book". The difference is that the monetary unit has a feminine gender, while "book" is masculine. Thus the monetary unit uses the feminine article, "la livre", while a book would use the masculine article, "le livre".Origin
The livre was established by CharlemagneCharlemagne
Charlemagne was King of the Franks from 768 and Emperor of the Romans from 800 to his death in 814. He expanded the Frankish kingdom into an empire that incorporated much of Western and Central Europe. During his reign, he conquered Italy and was crowned by Pope Leo III on 25 December 800...
as a unit of account equal to one pound of silver. It was subdivided into 20 sous
Solidus (coin)
The solidus was originally a gold coin issued by the Romans, and a weight measure for gold more generally, corresponding to 4.5 grams.-Roman and Byzantine coinage:...
(also sols), each of 12 deniers
French denier
The denier was a Frankish coin created by Charlemagne in the Early Middle Ages. It was introduced together with an accounting system in which twelve deniers equaled one sou and twenty sous equalled one livre...
. The word livre came from the Latin word libra, a Roman unit of weight. 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 carolienne. 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.
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, i.e. "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 EmpireAngevin Empire
The term Angevin Empire is a modern term describing the collection of states once ruled by the Angevin Plantagenet dynasty.The Plantagenets ruled over an area stretching from the Pyrenees to Ireland during the 12th and early 13th centuries, located north of Moorish Iberia. This "empire" extended...
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 tournais 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 tournais was gradually introduced into other areas.
Up to the thirteenth century and onwards, only deniers were actually minted as coin money. Both livres and sous did not actually physically exist, but were used for accounting purposes (i.e. just as there is no United States ten thousand Dollar bill, or one million Euro coin, regional governments that needed to work in such large units of money would record their transactions in livres.)
Upon his return from the crusades in the 1250's, Louis IX
Louis IX of France
Louis IX , commonly Saint Louis, was King of France from 1226 until his death. He was also styled Louis II, Count of Artois from 1226 to 1237. Born at Poissy, near Paris, he was an eighth-generation descendant of Hugh Capet, and thus a member of the House of Capet, and the son of Louis VIII and...
instigated a royal monopoly on the minting of coinage in France and minted the first gold écu d'or
Écu (coin)
The term écu 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. Ecu means shield, and the coin was so called because its design included a shield bearing a coat of arms. The word is related to scudo and escudo...
and silver gros d'argent, whose weights (and thus monetary divisions) were roughly equivalent to the livre tournois
Livre tournois
The livre tournois |pound]]) was:#one of numerous currencies used in France in the Middle Ages; and#a unit of account used in France in the Middle Ages and the early modern period.-Circulating currency:...
and the denier
French denier
The denier was a Frankish coin created by Charlemagne in the Early Middle Ages. It was introduced together with an accounting system in which twelve deniers equaled one sou and twenty sous equalled one livre...
.
Between 1360 and 1641, coins worth 1 livre tournois were minted known as francs
French franc
The franc was a currency of France. Along with the Spanish peseta, it was also a de facto currency used in Andorra . 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...
. 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
Écu (coin)
The term écu 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. Ecu means shield, and the coin was so called because its design included a shield bearing a coat of arms. The word is related to scudo and escudo...
, 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 FranceLouis XIII of France
Louis XIII was a Bourbon monarch who ruled as King of France and of Navarre from 1610 to 1643.Louis was only eight years old when he succeeded his father. His mother, Marie de Medici, acted as regent during Louis' minority...
stopped minting the franc in 1641, replacing it with coins based on the silver écu
Écu (coin)
The term écu 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. Ecu means shield, and the coin was so called because its design included a shield bearing a coat of arms. The word is related to scudo and escudo...
and gold Louis d'or. The écu and Louis d'or fluctuated in value, with the écu varying between five and six livres tournois until 1726 when it was fixed at six livres.
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
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 LawJohn Law (economist)
John Law was a Scottish economist who believed that money was only a means of exchange that did not constitute wealth in itself and that national wealth depended on trade...
for more on this system).
In 1726, under Louis XV
Louis XV of France
Louis XV was a Bourbon monarch who ruled as King of France and of Navarre from 1 September 1715 until his death. He succeeded his great-grandfather at the age of five, his first cousin Philippe II, Duke of Orléans, served as Regent of the kingdom until Louis's majority in 1723...
's minister Cardinal Fleury, a system of monetary stability was put in place. Eight ounces (a mark) of gold was worth 740 livres, 9 sols; 8 ounces of silver was worth 51 livres, 2 sols, 3 deniers. This led to a strict conversion rate between gold and silver (14.487 to 1) and established the values of the coins in circulation in France at:
- Louis d'or (gold coin) = 24 livres, along with a half-Louis coin (the demi-louis d'or) and a two-Louis coin (the double louis d'or) (12 and 48 livres).
- écuÉcu (coin)The term écu 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. Ecu means shield, and the coin was so called because its design included a shield bearing a coat of arms. The word is related to scudo and escudo...
(silver coin) = 6 livres, along with ½, ¼ and ⅛ écu denominations (60, 30 and 15 sols) - copper coins of 1 and 2 solsSolidus (coin)The solidus was originally a gold coin issued by the Romans, and a weight measure for gold more generally, corresponding to 4.5 grams.-Roman and Byzantine coinage:...
and 6 and 3 deniers (the latter also called a liard) were also issued.
A coin of value 1 livre was not, however, minted.
Paper money was reintroduced by the Caisse d'Escompte in 1776, 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 the Year II of the Republic (1794). In 1795, the franc
French franc
The franc was a currency of France. Along with the Spanish peseta, it was also a de facto currency used in Andorra . 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...
was introduced, worth 1 livre 3 deniers.
Later history
The livre had also been used as the legal currency of the Channel IslandsChannel Islands
The Channel Islands are an archipelago of British Crown Dependencies in the English Channel, off the French coast of Normandy. They include two separate bailiwicks: the Bailiwick of Guernsey and the Bailiwick of Jersey...
. The Jersey livre
Jersey livre
The livre was currency of Jersey until 1834. It consisted entirely of French coins.Until the 1720s, the currency used was the French livre, subdivided into 20 sous, each of 12 deniers. The commonest coin in circulation was the liard...
remained legal currency in Jersey
Jersey
Jersey, officially the Bailiwick of Jersey is a British Crown Dependency off the coast of Normandy, France. As well as the island of Jersey itself, the bailiwick includes two groups of small islands that are no longer permanently inhabited, the Minquiers and Écréhous, and the Pierres de Lecq and...
until 1834 when dwindling supplies of no-longer minted coins obliged the adoption of the pound
Jersey pound
The pound is the currency of Jersey. Jersey is in currency union with the United Kingdom, and the Jersey pound is not a separate currency but is an issue of banknotes and coins by the States of Jersey denominated in pound sterling, in a similar way to the banknotes issued in Scotland and Northern...
as legal tender
Legal tender
Legal tender is a medium of payment allowed by law or recognized by a legal system to be valid for meeting a financial obligation. Paper currency is a common form of legal tender in many countries....
.
Today, the Basque language
Basque language
Basque is the ancestral language of the Basque people, who inhabit the Basque Country, a region spanning an area in northeastern Spain and southwestern France. It is spoken by 25.7% of Basques in all territories...
calls the French franc the libera.