May 23, 1793 Serie 3308 - Genuine FRENCH REVOLUTION ASSIGNAT 50 Sols Bank Notes

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May 23, 1793 Serie 3308 - Genuine FRENCH REVOLUTION ASSIGNAT 50 Sols Bank Notes:
$18.00

May 23, 1793 Serie 3308 - Genuine FRENCH REVOLUTION ASSIGNAT 50 Sols Bank NotesClick to EnlargeClick to Enlarge

1793 50 Sols French Assignat (France). This nice note has 2 embossed seals and a watermark.It states in french that counterfeiters will be punished by death. It will grade About Uncirculated.

French Revolution

Storming of the Bastille, 14 July 1789.

French Revolution Assignat

Assignat was the type of a monetary instrument used during the time of the French Revolution, and the French Revolutionary Wars.

Assignats were paper money issued by the National Assembly in France from 1789 to 1796, during the French Revolution. The assignats were issued after the confiscation of church properties in 1790 because the government was bankrupt. The government thought that the financial problems could be solved by printing certificates representing the value of church properties. These church lands became known as biens nationaux (“national goods”). Assignats were used to successfully retire a significant portion of the national debt as they were accepted as legitimate payment by domestic and international creditors. Certain precautions not taken concerning their excessive reissue and comingling with general currency in circulation caused hyperinflation.

Originally meant as bonds, they evolved into a currency used as legal tender. As there was no control over the amount to be printed, the value of the assignats exceeded that of the confiscated properties. This caused massive hyperinflation. In the beginning of 1792, they had lost most of their nominal value. In 1796, the Directoire issued Mandats, a currency in the form of land warrants to replace the assignats, although these too quickly failed.

This hyperinflation was stirred up by repeated food shortages. Instead of solving the financial problems, the assignats became a catalyst for (food) riots. Instability continued after the abolition of the monarchy, exacerbated by the wars France faced. This situation impeded the implementation of good financial policies that would reduce debts. Bills such as the Maximum Price Act of 1793 aimed to regulate inflation.

When the Directoire came into power in 1795 the Maximum Price Act was lifted. Hyperinflation reemerged and in the next four years Paris was the stage of yet more riots.

The inflation was finally solved by Napoleon in 1803 by introducing the franc as the new currency.

These assignats were issued after the confiscation of church properties in 1790 because the government was bankrupt. The government thought that the financial problems could be solved by printing certificates representing the value of church properties. Originally meant as bonds, they evolved into a currency used as legal tender. Although it wasn\'t, you can describe it as massal speculation with bonds. As there was no control over the amount to be printed, the value of the assignats exceeded that of the confiscated properties. This caused massive hyperinflation. In the beginning of 1792, they had lost most of their nominal value. This hyperinflation was stirred up by repeating food shortages. Instead of solving the financial problems, the assignats became a catalyst for (food) riots. Instability continued after the abolition of the monarchy, exacerbated by the wars France faced. This situation impeded the implementation of good financial policies that would reduce debts. Bills such as the Maximum Price Act of 1793 aimed to regulate inflation. When the Directoire came into power in 1795 the Maximum Price Act was lifted. Hyperinflation reemerged and in the next four years Paris was the stage of yet more riots. The inflation was finally solved by Napoleon in 1803 by introducing the franc as the new currency. Very difficult to find such pictorial note and in thiscondition such early banknote. (France now uses Euro) These earlyissue note will appreciate in value once these are all gone.

Economic policies

The French Revolution abolished many of the constraints on the economy that had slowed growth during the ancien regime. It abolished tithes owed to local churches as well as feudal dues owed to local landlords. The result hurt the tenants, who paid both higher rents and higher taxes. It nationalized all church lands, as well as lands belonging to royalist enemies who went into exile. It planned to use these seized lands to finance the government by issuing assignats. It abolished the guild system as a worthless remnant of feudalism. It also abolished the highly inefficient system of tax farming, whereby private individuals would collect taxes for a hefty fee. The government seized the foundations that had been set up (starting in the 13th century) to provide an annual stream of revenue for hospitals, poor relief, and education. The state sold the lands but typically local authorities did not replace the funding and so most of the nation\'s charitable and school systems were massively disrupted.
The economy did poorly in 1790-96 as industrial and agricultural output dropped, foreign trade plunged, and prices soared. The government decided not to repudiate the old debts. Instead it issued more and more paper money (called \"assignat\") that supposedly were grounded seized lands. The result was escalating inflation. The government imposed price controls and persecuted speculators and traders in the black market. People increasingly refused to pay taxes as the annual government deficit increased from 10% of gross national product in 1789 to 64% in 1793. By 1795, after the bad harvest of 1794 and the removal of price controls, inflation had reached a level of 3500%. The assignats were withdrawn in 1796 but the replacements also fueled inflation. The inflation was finally ended by Napoleon in 1803 with the franc as the new currency.
Napoleon after 1799 paid for his expensive wars by multiple means, starting with the modernization of the rickety financial system. He conscripted soldiers at low wages, raised taxes, placed large-scale loans, sold lands formerly owned by the Catholic Church, sold Louisiana to the United States, plundered conquered areas and seized food supplies, and levied requisitions on countries he controlled, such as Italy.

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