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Saint Pierre and Miquelon franc

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Saint Pierre and Miquelon franc

The Saint Pierre and Miquelon franc was the currency of Saint Pierre and Miquelon during a short time.

Contents

Map of Saint Pierre and Miquelon

History

Before 1890, the French franc and Canadian dollar both circulated on the islands. These were supplemented with local banknotes from 1890. The exchange rate of 5.4 francs = 1 dollar was used on the island, although the exchange rate from the two gold standards was 5.1826 francs = 1 dollar. After the franc left the gold standard, only the franc circulated.

During the Second World War, a full set of banknotes was introduced for the islands. In 1945, Saint Pierre and Miquelon adopted a franc tied to the CFA franc, thus avoiding some of the devaluation imposed on the metropolitan currency (c.f. RĂ©union franc). Coins were issued for the islands in 1948.

In 1960, Saint Pierre and Miquelon adopted the new franc, with 50 old francs = 1 new franc. Local banknotes were used until 1965, when the islands began using French currency along with Canadian currency. The islands continue to use both French and Canadian currencies, with the euro replacing the franc in 2002.

Coins

Saint Pierre and Miquelon's only coins were aluminium 1 and 2 francs coins struck in 1948.

References

Saint Pierre and Miquelon franc Wikipedia


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