A Look Into the History of Coinage in France

From Charlemagne to the end of the House of Valois Kings

As I meticulously planned my subjects for my winter writing endeavors, I had a serendipitous moment; they say, “Life is what happens when you’re planning.” My birthday rolled around shortly after kicking off the new year. Much to my surprise, I received an unexpected gift: a coin, but not just any coin, a “denier” de Charlemagne, issued between 1290 and 1317, during the period of Charles de Valois and his brother Philippe IV’s reign as King of France; both grandsons of Louis IX. With its rich history and connection to the Valois Kings, this denier has become one of the most cherished gifts I have ever received.

Follow me here as I summarize some background information about Charles de Valois’s importance in French history, including one significant contribution and how the Kings related to him influenced the evolution of coinage, and economic growth and stability within the French Kingdom. It gets a little crazy with all the Philippes, Charles, and Louis, so I have included a genealogy tree below to give you a visual trail.

Genealogy tree illustrating the entire House of Valois Kings of the Capetian Dynasty.

Charles de Valois

Denier coin from period of Charles de Valois Charles de Valois never served as King since upon the death of his older brother, Philippe IV, his brother’s three sons rose to power one after the other (Louis X, Philippe V, Charles IV), and the youngest, Charles IV, outlived Charles de Valois. However, Charles de Valois significantly contributed to French history by founding the House of Valois, a line of French kings from the Capetian Dynasty. As the first family member of the Valois branch of the Capetian Dynasty, Charles de Valois’ oldest son, Philippe, became the next eligible direct heir to the French throne when Charles de Valois died 3 years before his youngest nephew, Charles IV. When Philippe was coronated in 1328 as Philippe VI, he became the first King of the Valois branch to reign over France. The Valois branch would remain in power until the assassination of Henri III in 1589.

With my deep passion for French history and all the crazy and quirky things that took place during the reign of the Valois Kings, I grew curious and dove deep into researching the history of my denier. The more I thought about how, during my Loire Valley tours, I share so much about salacious affairs, fashion, racy gossip, daily life, and the effect of opulence on society and quality of life. I’m so intrigued by the “wealth” of information, pun intended, about coinage in historical France and the evolution of access to and being able to spend money. The increasing minting of coins during the 13th to 17th centuries profoundly influenced the development of French society. Join me for a closer look at the introduction and evolution of currency in France.

The Birth of Money: From Barter to Currency

Since Merovingian times, early forms of economic trade existed through bartering and using the weight of various metals to pay for goods and services. The discovery in the 12th and 13th centuries of new silver deposits and improvements in mining technology opened the doors for the French crown to officially mint coins of increasing value and introduce widespread circulation of official currencies within the French kingdom and abroad as trade routes developed. As a result, the economy during the Middle Ages became increasingly monetized from the 13th century onward, and this evolution materialized through the appearance of the silver denarius introduced by the Romans (later dubbed the denier) and the resumption of minting gold coins. Money, and especially the use of money, became increasingly widespread in society.

Denier issued during reign of Charlemagne

Charlemagne (reigned 768-814) introduced the first standardized coinage: the “denier.” He recognized that a uniform currency would facilitate trade and strengthen his empire. The silver denier was stamped with his image and symbols like crosses and Latin inscriptions, symbolizing his sovereignty and the currency’s trustworthiness. By stamping his image on the denier, Charlemagne aimed to unify his empire under a single currency that would enforce the divine right of kings and his role as a protector of Christianity. The denier’s value was based on its weight and the purity of its silver content. It became a standard unit of account in medieval France, playing a crucial role in the empire’s unification.

Who Had Access to Money?

Initially, access to money was primarily restricted to the aristocracy and clergy, who controlled land and resources. Monasteries often accumulated wealth through donations and land ownership, allowing them to engage in trade and wield significant influence in local economies.

However, as towns grew and the merchant class emerged, access to money expanded. By the late Middle Ages, merchants in cities like Paris, Lyon, and Rouen actively participated in the economy, utilizing coins for transactions. This shift marked the beginning of a more diverse economic landscape, where wealth was no longer solely concentrated in the hands of a few.

The Evolution of Money Under French Kings

Philippe II Augustus (reigned 1180-1223)

The issuance of coins became a critical tool for kings to manage the economy and assert their authority. Philip II Augustus, the first French Monarch, was instrumental in this evolution. He introduced the “livre tournois,” a silver coin worth 240 deniers. Coins minted during Philip II’s reign displayed his image and various symbols of power, such as the royal coat of arms. His image represented the consolidation of power and the expansion of the French kingdom. Its value was also based on weight and silver content and became a standard medium of exchange, specifically in the Tours region, hence its name.

Louis IX (reigned 1226-1270)

Ecu coin issued during reign of French King Louis IX Louis IX, known as “Saint Louis,” grandfather of Charles de Valois, furthered this trend by minting the “écu,” a gold coin that symbolized wealth and stability. The term “écu” comes from the Latin word “scutum,” meaning shield, which reflected the coin’s protective value in trade. Louis IX’s coins featured his profile, frequently depicted with a crown or scepter. As a king known for his piety and justice, his image on coins conveyed his divine right to rule and his role as a moral leader. While initially issued as a gold coin, it later became silver and was used from the 13th century onwards. Its value also fluctuated depending on the amount of metal it contained. The écu, with its unique design and Louis IX’s image, became a symbol of wealth and a trusted medium of exchange. The design emphasized the King’s commitment to the church and his subjects’ welfare. Its introduction was a powerful tool for Louis IX to reinforce his authority as a ruler committed to economic growth.

Franc à pied issued by Charles V, King of France.

Jean II – the Good (reigned 1350-1364) and Charles V (reigned 1364-1380)

Jean II, grandson of Charles de Valois, instituted monetary policies during the tumultuous economic conditions of the Hundred Years’ War and shaped the financial landscape by creating the “franc à cheval,” the horseback franc representing the King charging into battle and symbolizing freedom, to pay his ransom of 3 million écus, following his release from English captivity in 1360. While the “franc à cheval” remained in circulation, Jean II’s son Charles V would later officially introduce the “franc à pied” (the standing franc), a coin that would become synonymous with French currency. The name “franc” is derived from “Francorum Rex,” meaning “King of the Franks,” highlighting the connection between currency and royal power. Charles V’s coins featured his profile alongside inscriptions that emphasized his authority. His image aimed to project strength and stability during challenging times, particularly in the context of the Hundred Years War. The franc initially represented a specific weight of gold or silver. The coins were a reminder of royal legitimacy and continuity.

Franc à cheval issued by Charles VII, King of France.

Charles VII (reigned 1422-1466) and Henry III (reigned 1574-1589)

Another unique twist to the evolution of the franc would occur in 1422 during the reign of Charles VII, great-great-great grandson of Charles de Valois when he briefly re-introduced the “franc à cheval,” and the last gold coin to be called the ‘franc’ ever minted. A little over 150 years later, Henri III, son of Henri II and Catherine de Medicis and the last of the Valois Kings would implement an ordonnance on May 31, 1575, to further transform the franc by introducing the “franc d’argent” (silver franc). When the Valois family of kings ended their reign, and the crown passed onto their Bourbon cousins, Henri IV, former King of Navarre (modern-day southwest France), introduced the quarter francs and half francs with his image on them, in line with the practice instituted by Jean II Le Bon.

Francois I (reigned 1515-1547)

During the Renaissance, François I introduced the “Dizain Franciscus.” He recognized the importance of money in cultivating culture and power. By investing in the arts and sciences, he attracted renowned figures such as Leonardo da Vinci to his court, showcasing France’s wealth and influence. The thriving economy allowed Francis to fund military endeavors and expand territorial claims, solidifying France’s status as a leading European power.

The images chosen by French kings for their coins were not merely decorative; they were deeply symbolic, communicating power, identity, and a connection to the divine and the people they ruled. Control over money was paramount for French kings. They established laws to regulate currency and maintain its value. They also set guidelines for minting and managing coinage, ensuring consistency and preventing fraud. Kings designated specific mints to produce coins, thus controlling the quality and integrity of the currency.

Coinage and Precious Metals

Introducing new coins was often driven by economic needs or royal ambitions. The choice of precious metals for minting coins depended on availability and economic context. Silver was frequently used for coins like the denier and tournois due to its stability, while gold coins like the écu were introduced to signify wealth and prestige.

French kings sourced precious metals through various means, including mining operations within their territories and trade with neighboring regions. The precious metals used to mint coins were sourced from multiple locations, including Languedoc, Savoy, Lorraine, and the Saint-Étienne region, which was notably rich in silver during the medieval period. Gold was less commonly mined within France.

Precious metals acquired from outside the French Kingdom came through trade. France was strategically located along key trade routes connecting Europe to the Mediterranean and beyond, facilitating the import of metals from various regions, such as Spain, Germany, Italy, Hungary, and the Czech Republic.

The Legacy of Money in France

The history of money in France illustrates a thrilling past of power, trade, and cultural evolution. From the early deniers of Charlemagne to the elegant écus of Saint Louis and the symbolic Franc, the evolution of currency reflects the aspirations and challenges of a nation in flux. A stable and widely accepted currency facilitated trade, paving the way for France to become a significant economic player. The ability to conduct commerce efficiently enabled the French to establish trade routes that connected them to distant lands, enhancing their power and skillfully managing the economy by creating and regulating money, leaving a legacy that would shape the country for centuries.

As you explore France’s regions, consider how the rich history of money has influenced the landscapes and culture you encounter when visiting modern-day France. Visit our website for more information about each of our small group tours and discover more about these hidden gems and their exceptionalism. Join us for an unforgettable small group tour and see the country through a unique lens.