10 Francs – France

In 1899, France operated under the bimetallic "franc germinal," established by Napoleon in 1803. This system fixed the value of the franc to both gold and silver at a ratio of 15.5 to 1, making both metals legal tender for unlimited amounts. While this system had provided remarkable stability for much of the 19th century, by the 1890s it was an anachronism. The international movement towards a pure gold standard, led by Britain, had created significant pressure. The discovery of vast silver deposits in the Americas had caused the market value of silver to fall dramatically, disrupting the fixed mint ratio and leading to the effective demonetization of silver in many nations.

Consequently, France found itself in a paradoxical position as the linchpin of the "Latin Monetary Union" (LMU), a treaty it formed with Belgium, Italy, and Switzerland in 1865 to maintain bimetallism. By 1899, the Union was under severe strain. Gresham's law was in effect: cheaper, overvalued silver coinage from member states flooded circulation, while gold was hoarded or exported. France, as the strongest economy, was forced to absorb these silver inflows to support the system, effectively acting as the union's banker and bearing the financial burden. Domestically, this led to a concerning accumulation of silver in the Bank of France's reserves and public anxiety about the currency's solidity.

The year 1899 itself was a point of decision. The international monetary conference of 1897 had failed to secure a global agreement to rehabilitate silver, leaving France isolated. While the franc remained strong due to France's substantial gold reserves and economic might, the government and the Bank of France were engaged in a quiet, managed retreat from bimetallism. Policy was increasingly geared towards a de facto gold standard, limiting silver coinage and preparing for the eventual suspension of silver convertibility within the LMU. Thus, the currency situation was one of formal bimetallism crumbling under the weight of global economic forces, with France navigating a cautious transition toward the gold-based system that would formally prevail in the following decade.