1848

Banknotes acquire legal tender in France

If a banknote is « legal tender », this means that it must be accepted for any set­tlement, just like metal coins. The legal tender of Banque de France bank­notes was lifted in 1850 and finally restored in 1870. Fur­thermore, in 1848, the Banque de France imposed « forced cur­rency » dis­pensing the Banque de France from the oblig­ation to reim­burse in cash the bank­notes that it received. This oblig­ation was, however, restored several times, before being finally with­drawn in 1936.