The franc is the official currency of Comoros. It is nominally subdivided into 100 centimes, although no centime denominations have been issued; the French franc became the currency of Comoros after the islands became a French protectorate in 1886. In 1891, Sultan Said Ali bin Said Omar of Grande Comore, Ngazidja issued coins denominated in centimes and francs which circulated alongside French currency. In 1912, the Comoros became a province of Madagascar, a French possession. French banknotes and coins circulated in the colony. Apart from an emergency issue of small change notes in 1920, the French currency circulated alone until 1925. On 1 July 1925, the French government formed an agreement with the Banque de Paris et des Pays-Bas to create the Banque de Madagascar, headquartered in Paris, granted it a private monopoly to issue currency for the colony of Madagascar; the Malagasy franc was equivalent to the French franc and French coins continued to circulate as Madagascar had no coins of its own until 1943.
When the Comoros became a separate French territory in 1945, the name of the issuing bank was changed to the Banque de Madagascar et des Comores. A branch office opened in Comoros in 1953. While the banknotes were changed to reflect the new status of Comoros, the coins were not changed and bore only the name Madagascar. On 26 December 1945, the Madagascar-Comores CFA franc was established and its value was fixed at 1.7 French francs. Old Madagascar coins and banknotes continued to circulate as this new currency. On 17 October 1948, the CFA franc was revalued to 2 French francs. In 1950, the French government took over majority ownership of the Banque de Madagascar et des Comores. On 1 January 1960, the French franc was revalued, with 100 old francs becoming 1 new franc; the new exchange rate was 1 Madagascar-Comores CFA franc = 0.02 French francs. On 26 June 1960, Madagascar gained independence from France, the Institut d'Émission Malgache was created to issue currency only for Madagascar. Madagascar left the CFA zone effective 1 July 1973.
On 23 November 1979, the government of Comoros signed the Accord de coopération monétaire entre la République Française et la République fédérale islamique des Comores, a monetary cooperation agreement with France, making Comoros part of the franc zone. This agreement provided for the establishment of a system of fixed parity between the French franc and the Comorian franc and free convertibility between the two currencies, guaranteed by the Comorian central bank's opening of an operations account at the French Treasury to handle all exchange transactions. Sixty-five percent of the foreign exchange reserves of Comoros are held in euros in this account; this account is similar to overnight deposits with the French Treasury: it may bear interest and may, in special circumstances, post a negative balance. However, to prevent this account from showing a lasting overdraft, a number of preventative measures have been set up; the stability of the Comorian franc is founded on tight monetary and credit discipline, underpinned by two specific safeguard measures: the central bank is required to maintain 20% foreign-exchange cover of its sight liabilities, the government is not allowed to draw more than 20% of the previous year's budget receipts from their central bank funds.
The ministers of finance of the franc area meet biannually. The agreement between France and the Comoros is the same as the agreement France has with the CFA Zone, it is a continuation of a relationship of monetary cooperation between the two countries that has existed for more than a century. Until 1994, the Comorian franc was pegged to the French franc at the rate of 50 Comorian francs to 1 French franc; this was changed on January 12, 1994, when the currency was devalued in concert with the CFA franc devaluation. However, the Comorian franc was devalued 33⅓% to a new rate of 75 Comorian francs for 1 French franc, while the CFA franc's new rate was 100 CFA francs to 1 French franc. With the creation of the euro in January 1999, the Comorian franc was pegged, at its prevailing rate, to the new currency; the exchange rate is now 491.96775 Comorian francs to 1 euro. In 1998 in anticipation of European Monetary Union, the Council of the European Union addressed the monetary agreements France has with the CFA Zone and Comoros and ruled that: the agreements are unlikely to have any material effect on the monetary and exchange rate policy of the Euro zone in their present forms and states of implementation, the agreements are unlikely to present any obstacle to a smooth functioning of economic and monetary union nothing in the agreements can be construed as implying an obligation for the European Central Bank or any national central bank to support the convertibility of the CFA and Comorian francs modifications to the existing agreements will not lead to any obligations for the European Central or any national central bank the French Treasury will guarantee the free convertibility at a fixed parity between the euro and the CFA and Comorian francs the competent French authorities shall keep the European Commission, the European Central Bank and the Economic and Financial Committee informed about the implementation of the agreements and inform the Committee prior to changes of the parity between the euro and the CFA and Comorian francs any change to the nature or scope of the agreements would require Council approval on the basis of a Commission recommendation and ECB consultation The stat
A currency, in the most specific sense is money in any form when in use or circulation as a medium of exchange circulating banknotes and coins. A more general definition is that a currency is a system of money in common use for people in a nation. Under this definition, US dollars, pounds sterling, Australian dollars, European euros, Russian rubles and Indian Rupees are examples of currency; these various currencies are recognized as stores of value and are traded between nations in foreign exchange markets, which determine the relative values of the different currencies. Currencies in this sense are defined by governments, each type has limited boundaries of acceptance. Other definitions of the term "currency" are discussed in their respective synonymous articles banknote and money; the latter definition, pertaining to the currency systems of nations, is the topic of this article. Currencies can be classified into two monetary systems: fiat money and commodity money, depending on what guarantees the currency's value.
Some currencies are legal tender in certain political jurisdictions. Others are traded for their economic value. Digital currency has arisen with the popularity of the Internet. Money was a form of receipt, representing grain stored in temple granaries in Sumer in ancient Mesopotamia and in Ancient Egypt. In this first stage of currency, metals were used as symbols to represent value stored in the form of commodities; this formed the basis of trade in the Fertile Crescent for over 1500 years. However, the collapse of the Near Eastern trading system pointed to a flaw: in an era where there was no place, safe to store value, the value of a circulating medium could only be as sound as the forces that defended that store. A trade could only reach as far as the credibility of that military. By the late Bronze Age, however, a series of treaties had established safe passage for merchants around the Eastern Mediterranean, spreading from Minoan Crete and Mycenae in the northwest to Elam and Bahrain in the southeast.
It is not known what was used as a currency for these exchanges, but it is thought that ox-hide shaped ingots of copper, produced in Cyprus, may have functioned as a currency. It is thought that the increase in piracy and raiding associated with the Bronze Age collapse produced by the Peoples of the Sea, brought the trading system of oxhide ingots to an end, it was only the recovery of Phoenician trade in the 10th and 9th centuries BC that led to a return to prosperity, the appearance of real coinage first in Anatolia with Croesus of Lydia and subsequently with the Greeks and Persians. In Africa, many forms of value store have been used, including beads, ivory, various forms of weapons, the manilla currency, ochre and other earth oxides; the manilla rings of West Africa were one of the currencies used from the 15th century onwards to sell slaves. African currency is still notable for its variety, in many places, various forms of barter still apply; these factors led to the metal itself being the store of value: first silver both silver and gold, at one point bronze.
Now we have other non-precious metals as coins. Metals were mined and stamped into coins; this was to assure the individual accepting the coin that he was getting a certain known weight of precious metal. Coins could be counterfeited, but the existence of standard coins created a new unit of account, which helped lead to banking. Archimedes' principle provided the next link: coins could now be tested for their fine weight of metal, thus the value of a coin could be determined if it had been shaved, debased or otherwise tampered with. Most major economies using coinage had several tiers of coins of different values, made of copper and gold. Gold coins were the most valuable and were used for large purchases, payment of the military and backing of state activities. Units of account were defined as the value of a particular type of gold coin. Silver coins were used for midsized transactions, sometimes defined a unit of account, while coins of copper or silver, or some mixture of them, might be used for everyday transactions.
This system had been used in ancient India since the time of the Mahajanapadas. The exact ratios between the values of the three metals varied between different eras and places. However, the rarity of gold made it more valuable than silver, silver was worth more than copper. In premodern China, the need for credit and for a medium of exchange, less physically cumbersome than large numbers of copper coins led to the introduction of paper money, i.e. banknotes. Their introduction was a gradual process which lasted from the late Tang dynasty into the Song dynasty, it began as a means for merchants to exchange heavy coinage for receipts of deposit issued as promissory notes by wholesalers' shops. These notes were valid for temporary use in a small regional territory. In the 10th century, the Song dynasty government began to circulate these notes amongst the traders in its monopolized salt industry; the Song government granted several shops the right to issue banknotes, in the early 12th century the government took over these shops to produce state-issued currency.
Yet the banknotes issued w
Monaco the Principality of Monaco, is a sovereign city-state and microstate on the French Riviera in Western Europe. France borders the country on three sides. Monaco has an area of 2.020 km2, making it the second-smallest country in the world after the Vatican. Its population was about 38,400 based on the last census of 2016. With 19,009 inhabitants per km², it is the most densely-populated sovereign state in the world. Monaco has a land border of 5.47 km, a coastline of 3.83 km, a width that varies between 1,700 and 349 m. The highest point in the country is a narrow pathway named Chemin des Révoires on the slopes of Mont Agel, in the Les Révoires Ward, 161 metres above sea level. Monaco's most populous Quartier is Monte Carlo and the most populous Ward is Larvotto/Bas Moulins. Through land reclamation, Monaco's land mass has expanded by 20 percent. Monaco is known as a playground for the famous, due to its tax laws. In 2014, it was noted. Monaco is a principality governed under a form of constitutional monarchy, with Prince Albert II as head of state.
Although Prince Albert II is a constitutional monarch, he wields immense political power. The House of Grimaldi has ruled Monaco, with brief interruptions, since 1297; the official language is French, but Monégasque and English are spoken and understood. The state's sovereignty was recognized by the Franco-Monegasque Treaty of 1861, with Monaco becoming a full United Nations voting member in 1993. Despite Monaco's independence and separate foreign policy, its defense is the responsibility of France. However, Monaco does maintain two small military units. Economic development was spurred in the late 19th century with the opening of the country's first casino, Monte Carlo, a railway connection to Paris. Since Monaco's mild climate and gambling facilities have contributed to the principality's status as a tourist destination and recreation centre for the rich. In more recent years, Monaco has become a major banking centre and has sought to diversify its economy into the services sector and small, high-value-added, non-polluting industries.
The state has no income tax, low business taxes, is well known for being a tax haven. It is the host of the annual street circuit motor race Monaco Grand Prix, one of the original Grands Prix of Formula One; the principality has a club football team. Monaco is not formally a part of the European Union, but it participates in certain EU policies, including customs and border controls. Through its relationship with France, Monaco uses the euro as its sole currency. Monaco joined the Council of Europe in 2004, it is a member of the Organisation Internationale de la Francophonie. Monaco's name comes from the nearby 6th-century BC Phocaean Greek colony. Referred to by the Ligurians as Monoikos, from the Greek "μόνοικος", "single house", from "μόνος" "alone, single" + "οἶκος" "house", which bears the sense of a people either settled in a "single habitation" or of "living apart" from others. According to an ancient myth, Hercules passed through the Monaco area and turned away the previous gods; as a result, a temple was constructed there, the temple of Hercules Monoikos.
Because the only temple of this area was the "House" of Hercules, the city was called Monoikos. It ended up in the hands of the Holy Roman Empire. An ousted branch of a Genoese family, the Grimaldi, contested it for a hundred years before gaining control. Though the Republic of Genoa would last until the 19th century, they allowed the Grimaldi family to keep Monaco, both France and Spain left it alone for hundreds of years. France did not annex it until the French Revolution, but after the defeat of Napoleon it was put under the care of the Kingdom of Sardinia. In the 19th century, when Sardinia became a part of Italy, the region came under French influence again but France allowed it to remain independent. Like France, Monaco was overrun by the Axis powers during the Second World War and for a short time was administered by Italy the Third Reich, before being liberated. Although the occupation lasted for just a short time, it meant the deportation of the Jewish population and execution of several resistance members from Monaco.
Since Monaco has been independent. It has taken some steps towards integration with the European Union. Following a land grant from Emperor Henry VI in 1191, Monaco was refounded in 1215 as a colony of Genoa. Monaco was first ruled by a member of the House of Grimaldi in 1297, when Francesco Grimaldi, known as "Il Malizia", his men captured the fortress protecting the Rock of Monaco while dressed as Franciscan monks—a monaco in Italian, although this is a coincidence as the area was known by this name. Francesco, was evicted only a few years afterwards by the Genoese forces, the struggle over "the Rock" continued for another century; the Grimaldi family was Genoese and the struggle was something of a family feud. However, the Genoese became engaged in other conflicts, in the late 1300s Genoa became involved in a conflict with the Crown of Aragon over Corsica; the Crown of Aragon became a part of Spain through marriage and other parts drifted into various pieces of other
The euro is the official currency of 19 of the 28 member states of the European Union. This group of states is known as the eurozone or euro area, counts about 343 million citizens as of 2019; the euro is the second largest and second most traded currency in the foreign exchange market after the United States dollar. The euro is subdivided into 100 cents; the currency is used by the institutions of the European Union, by four European microstates that are not EU members, as well as unilaterally by Montenegro and Kosovo. Outside Europe, a number of special territories of EU members use the euro as their currency. Additionally, 240 million people worldwide as of 2018 use currencies pegged to the euro; the euro is the second largest reserve currency as well as the second most traded currency in the world after the United States dollar. As of August 2018, with more than €1.2 trillion in circulation, the euro has one of the highest combined values of banknotes and coins in circulation in the world, having surpassed the U.
S. dollar. The name euro was adopted on 16 December 1995 in Madrid; the euro was introduced to world financial markets as an accounting currency on 1 January 1999, replacing the former European Currency Unit at a ratio of 1:1. Physical euro coins and banknotes entered into circulation on 1 January 2002, making it the day-to-day operating currency of its original members, by March 2002 it had replaced the former currencies. While the euro dropped subsequently to US$0.83 within two years, it has traded above the U. S. dollar since the end of 2002, peaking at US$1.60 on 18 July 2008. In late 2009, the euro became immersed in the European sovereign-debt crisis, which led to the creation of the European Financial Stability Facility as well as other reforms aimed at stabilising and strengthening the currency; the euro is managed and administered by the Frankfurt-based European Central Bank and the Eurosystem. As an independent central bank, the ECB has sole authority to set monetary policy; the Eurosystem participates in the printing and distribution of notes and coins in all member states, the operation of the eurozone payment systems.
The 1992 Maastricht Treaty obliges most EU member states to adopt the euro upon meeting certain monetary and budgetary convergence criteria, although not all states have done so. The United Kingdom and Denmark negotiated exemptions, while Sweden turned down the euro in a 2003 referendum, has circumvented the obligation to adopt the euro by not meeting the monetary and budgetary requirements. All nations that have joined the EU since 1993 have pledged to adopt the euro in due course. Since 1 January 2002, the national central banks and the ECB have issued euro banknotes on a joint basis. Euro banknotes do not show. Eurosystem NCBs are required to accept euro banknotes put into circulation by other Eurosystem members and these banknotes are not repatriated; the ECB issues 8% of the total value of banknotes issued by the Eurosystem. In practice, the ECB's banknotes are put into circulation by the NCBs, thereby incurring matching liabilities vis-à-vis the ECB; these liabilities carry interest at the main refinancing rate of the ECB.
The other 92% of euro banknotes are issued by the NCBs in proportion to their respective shares of the ECB capital key, calculated using national share of European Union population and national share of EU GDP weighted. The euro is divided into 100 cents. In Community legislative acts the plural forms of euro and cent are spelled without the s, notwithstanding normal English usage. Otherwise, normal English plurals are sometimes used, with many local variations such as centime in France. All circulating coins have a common side showing the denomination or value, a map in the background. Due to the linguistic plurality in the European Union, the Latin alphabet version of euro is used and Arabic numerals. For the denominations except the 1-, 2- and 5-cent coins, the map only showed the 15 member states which were members when the euro was introduced. Beginning in 2007 or 2008 the old map is being replaced by a map of Europe showing countries outside the Union like Norway, Belarus, Russia or Turkey.
The 1-, 2- and 5-cent coins, keep their old design, showing a geographical map of Europe with the 15 member states of 2002 raised somewhat above the rest of the map. All common sides were designed by Luc Luycx; the coins have a national side showing an image chosen by the country that issued the coin. Euro coins from any member state may be used in any nation that has adopted the euro; the coins are issued in denominations of €2, €1, 50c, 20c, 10c, 5c, 2c, 1c. To avoid the use of the two smallest coins, some cash transactions are rounded to the nearest five cents in the Netherlands and Ireland and in Finland; this practice is discouraged by the Commission, as is the practice of certain shops of refusing to accept high-value euro notes. Commemorative coins with €2 face value have been issued with changes to the design of the national side of the coin; these include both issued coins, such as the €2 commemorative coin for the fiftieth anniversary of the signing of the Treaty of Rome, nationally i
Numismatics is the study or collection of currency, including coins, paper money and related objects. While numismatists are characterised as students or collectors of coins, the discipline includes the broader study of money and other payment media used to resolve debts and the exchange of goods. Early money used by people is referred to as "Odd and Curious", but the use of other goods in barter exchange is excluded where used as a circulating currency; the Kyrgyz people gave small change in lambskins. Many objects have been used for centuries, such as cowry shells, precious metals, cocoa beans, large stones and gems. Today, most transactions take place by a form of payment with either inherent, standardized, or credit value. Numismatic value is the value in excess of the monetary value conferred by law, known as the collector value. Economic and historical studies of money's use and development are an integral part of the numismatists' study of money's physical embodiment. First attested in English 1829, the word numismatics comes from the adjective numismatic, meaning "of coins".
It was borrowed in 1792 from French numismatiques, itself a derivation from Late Latin numismatis, genitive of numisma, a variant of nomisma meaning "coin". Nomisma is a latinisation of the Greek νόμισμα which means "current coin/custom", which derives from νομίζω, "to hold or own as a custom or usage, to use customarily", in turn from νόμος, "usage, custom" from νέμω, "I dispense, assign, hold". Throughout its history, money itself has been made to be a scarce good, although it does not have to be. Many materials have been used to form money, from scarce precious metals and cowry shells through cigarettes to artificial money, called fiat money, such as banknotes. Many complementary currencies use time as a unit of measure, using mutual credit accounting that keeps the balance of money intact. Modern money is a token – an abstraction. Paper currency is the most common type of physical money today. However, goods such as gold or silver retain many of the essential properties of money, such as volatility and limited supply.
However, these goods are not controlled by one single authority. Coin collecting may have existed in ancient times. Caesar Augustus gave "coins of every device, including old pieces of the kings and foreign money" as Saturnalia gifts. Petrarch, who wrote in a letter that he was approached by vinediggers with old coins asking him to buy or to identify the ruler, is credited as the first Renaissance collector. Petrarch presented a collection of Roman coins to Emperor Charles IV in 1355; the first book on coins was De Asse et Partibus by Guillaume Budé. During the early Renaissance ancient coins were collected by European nobility. Collectors of coins were Pope Boniface VIII, Emperor Maximilian of the Holy Roman Empire, Louis XIV of France, Ferdinand I, Elector Joachim II of Brandenburg who started the Berlin coin cabinet and Henry IV of France to name a few. Numismatics is called the "Hobby of Kings", due to its most esteemed founders. Professional societies organised in the 19th century; the Royal Numismatic Society was founded in 1836 and began publishing the journal that became the Numismatic Chronicle.
The American Numismatic Society was founded in 1858 and began publishing the American Journal of Numismatics in 1866. In 1931 the British Academy launched the Sylloge Nummorum Graecorum publishing collections of Ancient Greek coinage; the first volume of Sylloge of Coins of the British Isles was published in 1958. In the 20th century coins gained recognition as archaeological objects, scholars such as Guido Bruck of the Kunsthistorisches Museum in Vienna realised their value in providing a temporal context and the difficulty that curators faced when identifying worn coins using classical literature. After World War II in Germany a project, Fundmünzen der Antike was launched, to register every coin found within Germany; this idea found successors in many countries. In the United States, the US mint established a coin Cabinet in 1838 when chief coiner Adam Eckfeldt donated his personal collection. William E. Du Bois’ Pledges of History... describes the cabinet. C. Wyllys Betts' American colonial history illustrated by contemporary medals set the groundwork for the study of American historical medals.
Helen Wang's "A short history of Chinese numismatics in European languages" gives an outline history of Western countries' understanding of Chinese numismatics. Lyce Jankowski's Les amis des monnaies is an in-depth study of Chinese numismatics in China in the 19th century. Modern numismatics is the study of the coins of the mid-17th century onward, the period of machine-struck coins, their study serves more the need of collectors than historians and it is more successfully pursued by amateur aficionados than by professional scholars. The focus of modern numismatics lies in the research of production and use of money in historical contexts using mint or other records in order to determine the relative rarity of the coins they study. Varieties, mint-made errors, the results of progressive die wear, mintage figures and the sociopolitical context of coin mintings are matters of interest. Exonumia is the study of coin-like objects such as token coins and medals, other items used in place of legal currency or for commemoration.
This includes elongated coins, encased coins, souvenir medallions, badges, counterstamped coins
The franc is the name of several currency units. The French franc was the currency of France until the euro was adopted in 1999; 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 used on early French coins and until the 18th century, or from the French franc, meaning "frank"; the countries that use francs include Switzerland and most of Francophone Africa. Before the introduction of the euro, francs were used in France and Luxembourg, while Andorra and Monaco accepted the French franc as legal tender; the franc was used within the French Empire's colonies, including Algeria and Cambodia. The franc is sometimes Hispanicised as the franco, for instance in Luccan franco. One franc is divided into 100 centimes; the French franc symbol was an F with a line through it or, more 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, the Luxembourgish franc, et cetera.
In the Luxembourgish language, the word for franc is plural form Frangen. The franc was a French gold coin of 3.87 g minted in 1360 on the occasion of the release of King John II, held by the English since his capture at the Battle of Poitiers four years earlier. It was equivalent to one livre tournois; the French franc was the name of a gold coin issued in France from 1360 until 1380 a silver coin issued between 1575 and 1641. The franc became the national currency from 1795 until 1999. Though abolished as a legal coin by Louis XIII in 1641 in favor of the gold louis and silver écu, the term franc continued to be used in common parlance for the livre tournois; the franc was minted for many of the former French colonies, such as Morocco, French West Africa, others. Today, after independence, many of these countries continue to use the franc as their standard denomination; the value of the French franc was locked to the euro at 1 euro = 6.55957 FRF on 31 December 1998, after the introduction of the euro notes and coins, ceased to be legal tender after 28 February 2002, although they were still exchangeable at banks until 19 February 2012.
Fourteen African countries use the franc CFA worth 1.7 French francs and from 1948, 2 francs but after January 1994 worth only 0.01 French franc. Therefore, from January 1999, 1 CFA franc is equivalent to €0.00152449. A separate circulates in France's Pacific territories, worth €0.0084. In 1981, The Comoros established an arrangement with the French government similar to that of the CFA franc. 50 Comorian francs were worth 1 French franc. In January 1994, the rate was changed to 75 Comorian francs to the French franc. Since 1999, the currency has been pegged to the euro; the conquest of most of western Europe by Revolutionary and Napoleonic France led to the franc's wide circulation. Following independence from the Kingdom of the Netherlands, the new Kingdom of Belgium in 1832 adopted its own Belgian franc, equivalent to the French one, followed by Luxembourg adopting the Luxembourgish franc in 1848 and Switzerland in 1850. Newly unified Italy adopted the lira on a similar basis in 1862. In 1865, Belgium and Italy created the Latin Monetary Union: each would possess a national currency unit worth 4.5 g of silver or 0.290322 g of gold, all exchangeable at a rate of 1:1.
In the 1870s the gold value was made the fixed standard, a situation, to continue until 1914. In 1926 Belgium as well as France experienced depreciation and an abrupt collapse of confidence, leading to the introduction of a new gold currency for international transactions, the belga of 5 francs, the country's withdrawal from the monetary union, which ceased to exist at the end of the year; the 1921 monetary union of Belgium and Luxembourg survived, forming the basis for full economic union in 1932. Like the French franc, the Belgo-Luxemburgish franc ceased to exist on 1 January 1999, when it became fixed at 1 EUR = 40.3399 BEF/LUF, thus a franc was worth €0.024789. Old franc coins and notes lost their legal tender status on 28 February 2002. 1 Luxembourgish franc was equal to 1 Belgian franc. Belgian francs were legal tender inside Luxembourg, Luxembourgish francs were legal tender in the whole of Belgium; the equivalent name of the Belgian franc in Dutch, Belgium's other official language, was Belgische Frank.
As mentioned before, in Luxembourg the franc was called Frang. The Swiss franc, which appreciated against the new European currency from April to September 2000, remains one of the world's strongest currencies, worth today around five-sixths of a euro; the Swiss franc is used in Liechtenstein. Liechtenstein retains the ability to mint its own currency, the Liechtenstein franc, which it does from time to time for commemorative or emergency purposes; the name of the c
The franc is the currency of Burundi. It is nominally subdivided into 100 centimes, although coins have never been issued in centimes since Burundi began issuing its own currency. Only during the period when Burundi used the Belgian Congo franc were centime coins issued; the franc became the currency of Burundi in 1916, when Belgium occupied the former German colony and replaced the German East African rupie with the Belgian Congo franc. Burundi used the currency of Belgian Congo until 1960, when the Rwanda and Burundi franc was introduced. Burundi began issuing its own francs in 1964. There were plans to introduce a common currency, a new East African shilling, for the five member states of the East African Community by the end of 2015; as of November 2017, these plans have not yet materialized. In 1965, the Bank of the Kingdom of Burundi issued brass 1 franc coins. In 1968, Bank of the Republic of Burundi took over the issuance of coins and introduced aluminum 1 and 5 francs and cupro-nickel 10 francs.
The 5 and 10 francs have continuous milled edges. Second types of the 1 and 5 franc coins were introduced in 1976, featuring the coat of arms. In 2011 new 10 and 50 franc coins were introduced. In 2015 a 100 franc coin was introduced to replace the 100 franc banknote. From February 1964 until 31 December 1965, notes of the Banque d’Emission du Rwanda et du Burundi, in denominations of 5, 10, 20, 50, 100, 500 and 1,000 francs, were overprinted with a diagonal hollow "BURUNDI" for use in the country; these were followed in 1964 and 1965 by regular issues in the same denominations by the Banque du Royaume du Burundi. In 1966, notes for 20 francs and above were overprinted by the Bank of the Republic of Burundi, replacing the word "Kingdom" with "Republic". Regular issues of this bank began in denominations of 20, 50, 100, 500, 1,000 and 5,000 francs. 10 francs were replaced by coins in 1968. 2,000 franc notes were introduced in 2001, followed by 10,000 francs in 2004. Photographer Kelly Fajack's image of school kids in Burundi was used on the back of the Burundian 10,000 franc note.
In 2015 Burundi launched a new series of banknotes. The 10, 20, 50 franc banknotes have lost their legal tender status and the 100 franc banknote has been replaced by a coin during the launch of the new series. On 3 January 2006, the franc was valued at 925 per $1. On January 1, 2008, the franc was valued at 1,129.40 per US dollar. On January 1, 2009, the franc was valued at 1,234.33 per U. S. dollar. On 10 July, the franc was valued at 1,587.60 per US dollar Economy of Burundi