Hostel de la Monoye Currency & Banknote Values

The Hostel de la Monoye series of France in the World Currency contains 3 distinct entries.

From 1688 to 1697, France was engaged in the Nine Years’ War (also known as the War of the Grand Alliance or War of the League of Augsburg) against the Grand Alliance (a coalition including the Holy Roman Empire, the Dutch Republic, England, Spain, and Savoy), Portugal, and Sweden. While concentrated in Europe, fighting spread to the Americas, India, and West Africa. The war ended with the 1697 Peace of Ryswick. At the end of the conflict, France’s treasury was empty. To replenish its coffers, France revalued its coinage, requiring the overstriking of each coin to increase the value of the Louis d’or gold coin from 12 livres and 10 sols to 14 livres. The transformation of the coins required time, leading to a shortage of new coins. Therefore, when old coins were deposited in l’Hostel de la Monoye (Mint, MON), two thirds were redeemed for new coins, and a third was paid in receipts issued pursuant to ordinance of 19 September 1701. These receipts, called billets de monoye (currency notes), consisted of a promise to pay at a fixed term with interest. Initially these currency notes were reliably redeemed for new coins as the latter were minted. As such, they circulated like banknotes in the general public, even though the mint unsuccessfully to limit the use of these currency notes to those who had originally deposited coins.