100 Francs – Comoro Islands

In 1977, the currency situation in the newly independent Comoros was one of inherited dependency and transitional instability. Having gained independence from France in 1975, the island nation initially remained within the Franc Zone, continuing to use the CFA franc (specifically the CFA franc issued by the Banque Centrale des États de l'Afrique de l'Ouest). This arrangement provided monetary stability and a fixed peg to the French franc, but it also symbolized a continued economic reliance on the former colonial power. The immediate post-independence period was politically chaotic, marked by the secession of Mayotte (which chose to remain a French territory) and a series of coups, leaving little bandwidth for immediate monetary sovereignty.

Recognizing the need for a national symbol of economic identity, the Comorian government, under President Ali Soilih, took a decisive step in 1977 by introducing a national currency. The Comorian franc (KMF) was established, replacing the CFA franc at par (1 KMF = 1 CFA franc). It maintained the same crucial peg to the French franc, guaranteeing its stability and facilitating ongoing trade and financial support from France. This move was less a radical economic shift and more a political assertion of sovereignty, creating a tangible instrument of the nascent state.

Thus, the 1977 currency reform was a pragmatic compromise. It successfully launched a national currency while preserving the financial security of the Franc Zone. The fixed peg to the French franc (and later the euro) has remained a cornerstone of Comorian monetary policy ever since, ensuring low inflation and convertibility but also tethering the country's monetary policy to external decisions. The situation in 1977, therefore, set a lasting precedent: a Comorian currency managed within a framework of deep financial dependency on France.