20 Francs – Belgium

In 1934, Belgium was in the grip of the Great Depression, and its currency situation was defined by a critical loss of confidence and a forced devaluation. The Belgian franc, which had been painstakingly stabilized and pegged to gold at its pre-war parity in 1926 under the "Poincaré franc" model, was widely considered overvalued. This overvaluation crippled Belgian exports just as global trade collapsed, leading to a severe drain on the country's gold reserves as investors and citizens alike lost faith in the currency's ability to maintain its peg.

Facing unsustainable pressure, the government of Prime Minister Charles de Broqueville was compelled to act. On March 29, 1934, Belgium officially suspended the gold standard and devalued the franc by 28%. This decisive break from the gold peg was not taken lightly, as it represented a significant political and financial rupture from the hard-won stability of the late 1920s. The devaluation was a strategic move to make Belgian industry more competitive on the world market and to halt the hemorrhaging of gold reserves.

The 1934 devaluation provided necessary economic relief, but it came at a social cost and did not fully resolve the crisis. While it improved the trade balance, the preceding years of deflation and the subsequent adjustment contributed to widespread unemployment and social unrest. The currency's new, lower value remained unstable for a period, requiring further management. Ultimately, this episode marked the end of Belgium's commitment to the classical gold standard and reflected a broader European trend where nations were forced to prioritize domestic economic recovery over strict monetary orthodoxy.