The livre (abbreviation:
£ or
₶.,
French
French (french: français(e), link=no) may refer to:
* Something of, from, or related to France
** French language, which originated in France, and its various dialects and accents
** French people, a nation and ethnic group identified with Franc ...
for (pound)) was the currency of
Kingdom of France
The Kingdom of France ( fro, Reaume de France; frm, Royaulme de France; french: link=yes, Royaume de France) is the historiographical name or umbrella term given to various political entities of France in the medieval and early modern period ...
and its predecessor state of
West Francia
In medieval history, West Francia (Medieval Latin: ) or the Kingdom of the West Franks () refers to the western part of the Frankish Empire established by Charlemagne. It represents the earliest stage of the Kingdom of France, lasting from about ...
from 781 to 1794. Several different livres existed, some concurrently. The livre was the name of coins and of units of account.
History
Origin and etymology
The livre was established by
Charlemagne
Charlemagne ( , ) or Charles the Great ( la, Carolus Magnus; german: Karl der Große; 2 April 747 – 28 January 814), a member of the Carolingian dynasty, was King of the Franks from 768, King of the Lombards from 774, and the first Em ...
as a unit of account equal to one
pound
Pound or Pounds may refer to:
Units
* Pound (currency), a unit of currency
* Pound sterling, the official currency of the United Kingdom
* Pound (mass), a unit of mass
* Pound (force), a unit of force
* Rail pound, in rail profile
Symbols
* Po ...
of
silver
Silver is a chemical element with the Symbol (chemistry), symbol Ag (from the Latin ', derived from the Proto-Indo-European wikt:Reconstruction:Proto-Indo-European/h₂erǵ-, ''h₂erǵ'': "shiny" or "white") and atomic number 47. A soft, whi ...
. 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 and still the name of a
pound
Pound or Pounds may refer to:
Units
* Pound (currency), a unit of currency
* Pound sterling, the official currency of the United Kingdom
* Pound (mass), a unit of mass
* Pound (force), a unit of force
* Rail pound, in rail profile
Symbols
* Po ...
in
modern French, and the denier comes from the Roman
denarius
The denarius (, dēnāriī ) was the standard Roman silver coin from its introduction in the Second Punic War to the reign of Gordian III (AD 238–244), when it was gradually replaced by the antoninianus. It continued to be minted in very ...
. This system and the denier itself served as the model for many of Europe's currencies, including the
British pound,
Italian lira
The lira (; plural lire) was the currency of Italy between 1861 and 2002. It was first introduced by the Napoleonic Kingdom of Italy in 1807 at par with the French franc, and was subsequently adopted by the different states that would eventually ...
,
Spanish dinero and the
Portuguese dinheiro.
This first livre is known as the . 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.
"Livre" is a homonym of the French word for "book" (from the Latin word ''
liber
In ancient Roman religion and mythology, Liber ( , ; "the free one"), also known as Liber Pater ("the free Father"), was a god of viticulture and wine, male fertility and freedom. He was a patron deity of Rome's plebeians and was part of the ...
''), the distinction being that the two have different genders. The monetary and weight unit is feminine, la/une livre, while "book" is masculine, le/un livre.
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 its own currency. Charters would need to specify which region or mint was being used: "money of Paris" or "money of
Troyes
Troyes () is a commune and the capital of the department of Aube in the Grand Est region of north-central France. It is located on the Seine river about south-east of Paris. Troyes is situated within the Champagne wine region and is near ...
". 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 Empire
The Angevin Empire (; french: Empire Plantagenêt) describes the possessions of the House of Plantagenet during the 12th and 13th centuries, when they ruled over an area covering roughly half of France, all of England, and parts of Ireland and ...
from
King John King John may refer to:
Rulers
* John, King of England (1166–1216)
* John I of Jerusalem (c. 1170–1237)
* John Balliol, King of Scotland (c. 1249–1314)
* John I of France (15–20 November 1316)
* John II of France (1319–1364)
* John I o ...
of
England
England is a country that is part of the United Kingdom. It shares land borders with Wales to its west and Scotland to its north. The Irish Sea lies northwest and the Celtic Sea to the southwest. It is separated from continental Europe ...
, including
Normandy
Normandy (; french: link=no, Normandie ; nrf, Normaundie, Nouormandie ; from Old French , plural of ''Normant'', originally from the word for "northman" in several Scandinavian languages) is a geographical and cultural region in Northwestern ...
,
Anjou, and
Touraine
Touraine (; ) is one of the traditional provinces of France. Its capital was Tours. During the political reorganization of French territory in 1790, Touraine was divided between the departments of Indre-et-Loire, :Loir-et-Cher, Indre and V ...
.
The currency minted at the city of
Tours
Tours ( , ) is one of the largest cities in the region of Centre-Val de Loire, France. It is the prefecture of the department of Indre-et-Loire. The commune of Tours had 136,463 inhabitants as of 2018 while the population of the whole metr ...
in
Touraine
Touraine (; ) is one of the traditional provinces of France. Its capital was Tours. During the political reorganization of French territory in 1790, Touraine was divided between the departments of Indre-et-Loire, :Loir-et-Cher, Indre and V ...
was considered very stable, and Philip II decided to adopt the ''
livre tournois
The (; ; abbreviation: ₶.) was one of numerous currencies used in medieval France, and a unit of account (i.e., a monetary unit used in accounting) used in Early Modern France.
The 1262 monetary reform established the as 20 , or 80.88 ...
'' 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 tournois'' was gradually introduced into other areas.
Until the thirteenth century and onwards, only deniers were actually minted as coin money. Both livres and sous did not actually exist as coins but were used only for accounting purposes.
Upon his return from the crusades in the 1250s,
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
The (; ; abbreviation: ₶.) was one of numerous currencies used in medieval France, and a unit of account (i.e., a monetary unit used in accounting) used in Early Modern France.
The 1262 monetary reform established the as 20 , or 80.88 ...
and the
denier.
Between 1360 and 1641, coins worth 1₶. were minted known as
francs
The franc is any of various units of currency. One franc is typically divided into 100 centimes. The name is said to derive from the Latin inscription ''francorum rex'' ( King of the Franks) used on early French coins and until the 18th cent ...
. This name persisted in common parlance for 1₶. 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.
Seventeenth century
Louis XIII of France
Louis XIII (; sometimes called the Just; 27 September 1601 – 14 May 1643) was King of France from 1610 until his death in 1643 and King of Navarre (as Louis II) from 1610 to 1620, when the crown of Navarre was merged with the French crown. ...
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 three and six livres tournois until 1726 when it was fixed at 6₶. The louis was initially (1640) worth 10₶., and fluctuated too, until its value was fixed at 24₶. in 1726.
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 Law for more on this system).
In 1726, under
Louis XV
Louis XV (15 February 1710 – 10 May 1774), known as Louis the Beloved (french: le Bien-Aimé), was King of France from 1 September 1715 until his death in 1774. He succeeded his great-grandfather Louis XIV at the age of five. Until he reached ...
's minister
Cardinal Fleury, a system of monetary stability was put in place. Eight ounces (a mark) of gold was worth 740₶.9s. (so, one ounce of gold was worth approximately 4 Louis or 93₶.); 8 ounces of silver was worth 51₶.2s.3d. This led to a strict conversion rate between gold and silver (14.4867 to 1) and established the values of the coins in circulation in France at:
* the ''double Louis d'or'' (gold coin) of 48₶.
* the
Louis d'or (gold coin) of 24₶.
* the ''demi-Louis d'or'' or half-Louis (gold coin) of 12₶.
* the
écu (silver coin) of 6₶. or 120 sous, along with , and écu denominations valued at 60, 30 and 15 sous
* the
sou (copper coin) denominated in 1 and 2 sou units valued at ₶. (or 12 deniers) per sou
* the
denier (copper coin) denominated in 3 and 6 denier units valued at and sou respectively (the three denier coin was also called a ''liard'').
However a coin of 1₶. was not minted. Yet in 1720 a special coin minted in pure silver was produced and assigned a token value of 1₶. Additionally, France took Navarrese 20-sou coins minted in 1719 and 1720, re-struck them as écu (between the years of 1720 and 1723) essentially creating a coin worth 1 livre. These re-struck coins, however, eventually were assigned the value of 18 sous.
A kind of paper money was reintroduced by the Caisse d'Escompte in 1776 as ''
actions au porteur'', 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
Year II of the Republic (1794). In 1795, the
franc was introduced, worth 1₶.3d. (₶), and the first one-
franc coin was struck in 1803. Still the word livre survived; until the middle of the 19th century it was indifferently used alongside the word franc, especially to express large amounts and transactions linked with property (real estate, property incomes or "rentes", cattle, etc...).
Later history
The livre had also been used as the legal currency of the
Channel Islands
The Channel Islands ( nrf, Îles d'la Manche; french: îles Anglo-Normandes or ''îles de la Manche'') are an archipelago in the English Channel, off the French coast of Normandy. They include two Crown Dependencies: the Bailiwick of Jersey ...
. The
Jersey livre remained legal currency in
Jersey
Jersey ( , ; nrf, Jèrri, label=Jèrriais ), officially the Bailiwick of Jersey (french: Bailliage de Jersey, links=no; Jèrriais: ), is an island country and self-governing Crown Dependencies, Crown Dependency near the coast of north-west F ...
until 1834 when dwindling supplies of no-longer minted coins obliged the adoption of the
pound
Pound or Pounds may refer to:
Units
* Pound (currency), a unit of currency
* Pound sterling, the official currency of the United Kingdom
* Pound (mass), a unit of mass
* Pound (force), a unit of force
* Rail pound, in rail profile
Symbols
* Po ...
as
legal tender.
Today and after two centuries of using the franc, France uses the
euro
The euro (symbol: €; code: EUR) is the official currency of 19 out of the member states of the European Union (EU). This group of states is known as the eurozone or, officially, the euro area, and includes about 340 million citizens . ...
as its currency.
References
{{DEFAULTSORT:French Livre
Medieval currencies
Modern obsolete currencies
Economic history of France
Economic history of the Ancien Régime
1795 disestablishments