Useful Notes: Old French Money
(This page needs Wiki Magic) You're reading The Three Musketeers, and learn that d'Artagnan arrived in Paris with only fifteen "écu" in his pocket, and that three of them are are apparently worth nine "livre". Later, he receives 40 whole "pistoles" as a reward. Is that a lot of money? How many écus are in a pistole? And then, when you set down the Three Musketeers and watch your disc of Les MisÚrables, suddenly there's not an écu to be seen and they're all about "Francs" and "sou". You look these up on a modern currency exchange, and see that the only "Franc" around anymore is used exclusively by Switzerland; France uses only the Euro. Now what? Unlike Old British Money and American Money, the French didn't stick with one currency system through their whole history. Not only did the buying power of these old currencies change over time, but they changed in value relative to one another depending on what century you found yourself in.
The livreThe first French monetary unit was the livre, introduced all the way back in 781 A.D. under King Charles the Great (Charlemagne). It was equal in value to 1 troy pound of silver. It was subdivided into 20 solidi (later nicknamed "sol" or "sou"), each of which was further subdivided into 12 denarii (deniers). If this system sounds familiar, that's because it was later used as the basis for Britain's system of pounds, shillings, and pence, right down to the letters "L", "s", and "d". Initially, each duchy in France minted its own livres, but eventually the livres minted in the city of Tours became the standard, and the livre tournois became the official unit of national accounting in 1200 A.D.. The livre remained the official currency unit up until 1577, when it was superseded by:
The écuThe first écu, (literally "shield", from the shield design on its reverse) called the écu d'or (gold écu), was ordained by King Louis IX around 1250, when he returned from the Crusades. It was a gold coin worth about the same as a livre tournois. He also started minting a silver coin called the gros d'argent, which was worth about the same as a denier. Over time, though, the écu slowly became devalued. The coins got smaller and smaller. Eventually, the écu d'argent (silver écu) came onto the scene, since it was no longer worth it to make these coins out of gold. The livre continued to be used, but its value declined along with the écu. Finally, King Louis XIII stepped in and replaced the écu with two coins:
- The Louis d'or (gold Louie), valued at 10 livres; and
- The Louis d'argent (silver Louie), valued at 3 livres.