French Indochinese piastre

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The piastre was the currency of French Indochina between 1885 and 1952. It was subdivided into 100 cent, each of 5 sapeque.

Contents 1 History 2 Coins 3 Banknotes 4 See also 5 References 6 External links

[edit] History

The piastre was introduced to increase monetary stability in the colonies and was initially equivalent to the Mexican peso, which circulated widely in region at that time. In Cambodia it replaced the franc, whilst in Laos it replaced Thai currency and in Vietnam, the đồng. It was initially on a silver standard of 1 piastre = 24.4935 grams pure silver. This was reduced to 24.3 grams in 1895.

The piastre remained on a silver standard until 1920, when it was pegged to the French franc at a varying rate due to the high price of silver. The silver standard was restored in 1921 and maintained until 1930, when the piastre was pegged to the franc at a rate of 1 piastre = 10 francs. During the World War II Japanese occupation, an exchange rate of 0.976 piastre = 1 Japanese yen operated, with the pre-war peg to the franc restored after the war. However, in December 1945, to avoid the French francs devaluation, the peg was changed to 1 piastre = 17 francs.

In 1946, the North Vietnamese đồng was introduced, which replaced the piastre at par. In 1952/1953, the Lao kip (1952), Cambodian riel (1953), and South Vietnamese đồng (1953) were introduced at par with the piastre. Initially, the paper money bearing denominations both in the local currency and the piastre, but coins were denominated in the national units since the beginning. These initially circulated alongside the old piastre currency. The peg of 1 piastre = 10 francs was restored in 1953. The dual denominated notes circulated until 1955 in South Vietnam and Cambodia, and 1957 in Laos.

[edit] Coins

In 1885, bronze 1 cent and silver 10, 20 and 50 cent and 1 piastre coins were introduced. These were followed in 1887 by holed, bronze 1 sapeque. In 1895, the weights of the silver coins were reduced, due to the reduction in the silver peg of the currency. From 1896, the 1 cent was also a holed coin. In 1923, holed, cupro-nickel 5 cent were introduced, followed by holed, bronze ½ cent in 1935.

In 1939, zinc ½ cent and both nickel and cupro-nickel 10 and 20 cent coins were introduced. Coins in the name of the Etat Française were issued between 1942 and 1944 in denominations of ¼, 1 and 5 cent. All three were holed, with the ¼ cent in zinc and the other two in aluminium. In 1945, aluminium 10 and 20 cent were introduced, followed by unholed aluminium 5 cent and cupro-nickel 1 piastre coins. The last piastre coins were issued in the name of the "Indochinese Federation".

The first Lao kip coins were dated 1952, while the first South Vietnamese đồng and Cambodian riel were dated 1953.

[edit] Banknotes

In 1892, the Banque de l'Indochine introduced 1 piastre notes, followed the next year by 5, 20 and 100 piastres. Between 1920 and 1922, 10, 20 and 50 cents notes were also issued. In 1939, 500 piastres notes were introduced. In 1939, the Gouvernement General de l'Indochine introduced 10, 20 and 50 cents notes, followed by 5 cents in 1942. In 1945, the Banque de l'Indochine introduced 50 piastres, followed by 10 piastres in 1947.

In 1953, the Institut d'Emission des Etats du Cambodge, du Laos et du Vietnam took over the issuance of paper money. A 1 piastre note was issued that year in the name of all three states. In addition, between 1952 and 1954, notes were introduced denominated in piastre and one of three new currencies, the Cambodian riel, Lao kip and South Vietnamese đồng. For Cambodia, notes in denominations of 1, 5, 10, 100 and 200 piastres/riel were introduced. For Laos, 1, 5, 10 and 100 piastres/kip were introduced. For South Vietnam, 1, 5, 10, 100 and 200 piastre/đồng were introduced.

[edit] See also

• Cochinchina Piastre
• Piastres Affair
• French Indochina
• First Indochina War

[edit] References

[edit] External links

• Coins and Banknotes of Vietnam and French Indochina

• Don's World Coin Gallery - French Indochina
• Ron Wise's World Paper Money - French Indochina ^{Mirror site}
• Tables of Modern Monetary Systems by Kurt Schuler - Asia ^{Mirror site}
• The Global History of Currencies - Cambodia
• The Global History of Currencies - Laos
• The Global History of Currencies - Viet Nam
• Global Financial Data data series - Cambodia Riel
• Global Financial Data data series - Laos Kip
• Global Financial Data data series - Viet Nam Dong
• Global Financial Data currency histories table ( Microsoft Excel format)

Preceded by: Cochinchina Piastre Reason: formation of French Indochina administration, 1885 Ratio: at par	Currency of French Indochina (Vietnam, Laos, Cambodia) 1885 – 1945 for North Vietnam, 1949 for the others Note: The Japanese occupied but did not issue occupation currency	Currency of North Vietnam September 2, 1945 – November 3, 1946	Succeeded by: North Vietnamese đồng Reason: independence Ratio: at par, or 1 đồng = 17 French francs Note: starting 1946
		Currency of South Vietnam 1949 – 1955 Note: transitional notes dual denominated in piastre and đồng used between 1953 and 1955	Succeeded by: South Vietnamese đồng Reason: independence Ratio: at par, or 1 đồng = 10 French francs
		Currency of Laos 1949 – 1957 Note: transitional notes dual denominated in piastre and kip were used between 1953 and 1957	Succeeded by: Lao kip Reason: independence Ratio: at par, or 1 kip = 10 French francs
		Currency of Cambodia 1949 – 1955 Note: transitional notes dual denominated in piastre and riel were used between 1953 and 1955	Succeeded by: Cambodian riel Reason: independence Ratio: at par, or 1 riel = 10 French francs