1 Franc – French West Africa
Context
Years: 1948–1955
Issuer: French West Africa
Period:
(1946—1958)
Currency:
(1944—1958)
Demonetized: Yes
Total mintage: 35,310,000
Material
References
KM: #Click to copy to clipboard3
Numista: #3030
Value
Exchange value: 1 FCFA
Obverse
Description:
Marianne in a winged Phrygian cap, facing left, with ships behind. Date and privy mark below.
Inscription:
REPUBLIQUE FRANÇAISE UNION FRANÇAISE
L.BAZOR GB
1948
L.BAZOR GB
1948
Translation:
FRENCH REPUBLIC FRENCH UNION
L.BAZOR GB
1948
L.BAZOR GB
1948
Script: Latin
Language: French
Engraver: Lucien Georges Bazor
Reverse
Description:
Gazelle head divides crops and denomination.
Inscription:
1 F.
AFRIQUE OCCIDENTALE FRANÇAISE
AFRIQUE OCCIDENTALE FRANÇAISE
Translation:
French West Africa
Script: Latin
Language: French
Engraver: Lucien Georges Bazor
Edge
Plain
Mints
| Name | Mark |
|---|---|
| Monnaie de Paris | — |
Mintings
| Year | Mint Mark | Mintage | Quality | Collection |
|---|---|---|---|---|
| 1948 | — | 30,110,000 | ||
| 1955 | — | 5,200,000 |
Historical background
In 1948, the currency situation in French West Africa (Afrique Occidentale Française, or AOF) was defined by its integration into the Franc Zone and the use of the Colonial Franc of the French African Colonies (CFA Franc), created in 1945. This currency was pegged to the French Franc (FF) at a fixed exchange rate, but its value was not tied to gold or the Franc itself; instead, it was pegged to a new and stronger currency, the French Franc of the Metropolitan Free Financial Market (FF-MFFM). This complex arrangement, established by the French government, effectively overvalued the metropolitan Franc in the colonies, ensuring a captive market for French exports and facilitating the transfer of colonial resources to aid in France's own post-war reconstruction.
Economically, this system created significant distortions within the AOF. The fixed and advantageous exchange rate for France made imports from the metropolis artificially cheap, stifling local industrialization and handicraft production, while making the region's agricultural exports (like peanuts, cocoa, and coffee) more expensive and less competitive on world markets. This reinforced the colonial economic structure of exporting raw materials and importing manufactured goods. Furthermore, the CFA Franc was not freely convertible outside the Franc Zone, tightly binding the AOF's financial fortunes to Paris and limiting its economic autonomy.
Politically, the currency regime was a clear instrument of continued colonial control, coming at a time of rising nationalist sentiment and labour unrest in the region. The system guaranteed monetary stability and low inflation, but it was primarily designed to serve French interests. The Caisse Centrale de la France d'Outre-Mer in Paris held the foreign exchange reserves of the AOF, centralizing financial power. While the arrangement provided administrative cohesion across the eight territories of the AOF, it also became a focal point for emerging critiques of colonial exploitation, setting the stage for future debates about monetary sovereignty that would extend well beyond independence.
Economically, this system created significant distortions within the AOF. The fixed and advantageous exchange rate for France made imports from the metropolis artificially cheap, stifling local industrialization and handicraft production, while making the region's agricultural exports (like peanuts, cocoa, and coffee) more expensive and less competitive on world markets. This reinforced the colonial economic structure of exporting raw materials and importing manufactured goods. Furthermore, the CFA Franc was not freely convertible outside the Franc Zone, tightly binding the AOF's financial fortunes to Paris and limiting its economic autonomy.
Politically, the currency regime was a clear instrument of continued colonial control, coming at a time of rising nationalist sentiment and labour unrest in the region. The system guaranteed monetary stability and low inflation, but it was primarily designed to serve French interests. The Caisse Centrale de la France d'Outre-Mer in Paris held the foreign exchange reserves of the AOF, centralizing financial power. While the arrangement provided administrative cohesion across the eight territories of the AOF, it also became a focal point for emerging critiques of colonial exploitation, setting the stage for future debates about monetary sovereignty that would extend well beyond independence.
🌱 Very Common