During the reign of Louis XVI, France used a monetary system inherited from the Ancien Régime, based on the livre tournois. This system persisted until the French Revolution, before being replaced by the franc in 1795. It was based on an essential distinction between a unit of account, used to express values, and actual coins, in gold, silver, or copper, which circulated in exchanges.
The Unit of Account: The Livre Tournois
The livre tournois (symbol £) was the main unit of account in the kingdom. It was used to express prices, salaries, debts, and sums of money in contracts and state accounting.
However, it should be noted that it did not correspond to a single coin: it was primarily a calculation reference, found through the value of the different coins in circulation.
High-Value Coins
The Louis d'or
The louis d'or was a high-value gold coin. It was mainly used for significant payments: commercial transactions, large expenses, settlements between merchants or wealthy individuals. Its use was therefore limited to a small segment of the population.
The Écu
The écu was a silver coin commonly used in exchanges. More accessible than the louis d'or, it circulated more widely and played a central role in everyday transactions of medium value.
Everyday Small Coins
The Sol
The sol was a small monetary unit, used for daily expenses: purchasing bread, basic foodstuffs, small services.
The Liard
The liard, of even lower value, completed the range of low-value coins. Along with the sol, it allowed modest households to pay for their everyday purchases.
This system reflected the society of the time: each social category primarily used the type of currency suited to their income level and needs.
The French Revolution overturned all institutions, including the monetary system. In 1795, the franc officially replaced the livre tournois, marking the transition to a more rational and uniform system.
Under Louis XVI, the French currency system was based on a balance between a unit of account (the livre tournois) and coins of various values, from the louis d'or to the liard. This system, characteristic of the Ancien Régime, disappeared with the upheavals of the Revolution, giving way to the franc, which would structure French currency for nearly two centuries.
