1⁄12 Ecu – Monaco

In 1665, Monaco's currency situation was intrinsically tied to its complex political and economic relationship with France. Though a sovereign principality under the Grimaldi family, Monaco existed within the French sphere of influence and lacked its own independent mint. Consequently, the Monégasque economy operated on a de facto basis using French currency, primarily the livre tournois, alongside various other foreign coins that circulated in the bustling Mediterranean port, including Spanish pistoles and Italian scudi. This created a practical but somewhat fragmented monetary environment.

The year 1665 fell within the reign of Prince Louis I, whose policies were heavily influenced by his close ties to the French court of Louis XIV. While Monaco had the theoretical right to mint its own coins under treaties, it had not exercised this privilege for centuries due to the cost and the overwhelming dominance of stable French currency. The French livre provided a reliable standard for trade, which was crucial for a state whose revenue depended significantly on customs duties, tolls, and the sale of its famous olive oil and citrus fruits.

However, this dependence was a double-edged sword, reflecting Monaco's vulnerable sovereignty. Monetary policy was effectively set in Paris, leaving the Principality exposed to any debasement or manipulation of French coinage. There were no recorded significant monetary reforms or crises in Monaco specifically in 1665; instead, its currency situation was one of passive integration. The stability of the French livre under Louis XIV's early reign provided a period of relative predictability, allowing Monaco's commerce to function smoothly under a foreign monetary system that it did not control.