2 Centimes – France
France
Obverse
Description:
Right-facing bust of Republic in Phrygian cap, with olive branch through cap's ribbon; below, DANIEL DUPUIS incised.
Inscription:
REPUBLIQUE FRANÇAISE
Translation:
FRENCH REPUBLIC
Script: Latin
Language: French
Engraver: Jean-Baptiste-Daniel Dupuis
Reverse
Description:
Olive branches flank the denomination above the date, with the French motto encircling the rim.
Inscription:
LIBERTE EGALITE FRATERNITE
2
CENTIMES
1901
2
CENTIMES
1901
Translation:
LIBERTY EQUALITY FRATERNITY
2
CENTIMES
1901
2
CENTIMES
1901
Script: Latin
Language: French
Engraver: Jean-Baptiste-Daniel Dupuis
Edge
Plain
Categories
| Symbol> Allegory |
| Symbol> Phrygian cap |
Mints
| Name | Mark |
|---|---|
| Monnaie de Paris | — |
Mintings
| Year | Mint Mark | Mintage | Quality | Collection |
|---|---|---|---|---|
| 1898 | — | 125,000 | ||
| 1898 | — | — | Matte | |
| 1899 | — | 750,000 | ||
| 1900 | — | — | Matte | |
| 1900 | — | 100,802 | ||
| 1901 | — | 1,000,000 | ||
| 1902 | — | 750,000 | ||
| 1903 | — | 750,000 | ||
| 1904 | — | 500,000 | ||
| 1907 | — | 250,000 | ||
| 1908 | — | 3,500,000 | ||
| 1909 | — | 1,750,000 | ||
| 1910 | — | 1,750,000 | ||
| 1911 | — | 5,000,000 | ||
| 1912 | — | 1,500,000 | ||
| 1913 | — | 1,750,000 | ||
| 1914 | — | 2,000,000 | ||
| 1916 | — | 500,000 | ||
| 1919 | — | 901,726 | ||
| 1920 | — | 598,274 |
Historical background
In 1898, France operated under the Latin Monetary Union (LMU), a multinational bimetallic system it had spearheaded in 1865. The franc was defined by a fixed ratio of gold to silver (1:15.5), meaning both metals could be minted into legal tender coins. However, this system was under severe strain. A global surge in silver production following major discoveries had depressed its market value, causing the fixed LMU ratio to become misaligned with reality. Consequently, cheaper silver flooded the Union, while gold coins were increasingly hoarded or exported (Gresham's Law in action), threatening the gold reserves seen as the bedrock of financial stability.
Domestically, France was on a de facto gold standard. To protect its gold stock, the Bank of France had, since 1878, suspended the free minting of silver for private individuals—a policy known as "limping bimetallism." While existing silver coins remained legal tender, new ones were minted only for government account. This created a complex circulation: gold coins (20 and 100 franc pieces), full-bodied silver francs, and fractional subsidiary coins. The situation was a political and economic tightrope, with debtors and silver interests advocating for the full restoration of bimetallism to create inflationary relief, while creditors, financiers, and the Bank of France staunchly defended the gold standard as essential for France's prestige and stability.
Internationally, the currency question was intertwined with geopolitical rivalry. The prospect of Germany demonetizing silver and the United States' debate over "free silver" influenced French policy. By 1898, the Third Republic was firmly, if unofficially, committed to maintaining the gold standard, viewing it as crucial for its position as a global financial center and a leading creditor nation. The year thus represented a tense equilibrium within a failing multinational system, setting the stage for France's eventual formal adoption of the gold standard in the years following the turn of the century.
Domestically, France was on a de facto gold standard. To protect its gold stock, the Bank of France had, since 1878, suspended the free minting of silver for private individuals—a policy known as "limping bimetallism." While existing silver coins remained legal tender, new ones were minted only for government account. This created a complex circulation: gold coins (20 and 100 franc pieces), full-bodied silver francs, and fractional subsidiary coins. The situation was a political and economic tightrope, with debtors and silver interests advocating for the full restoration of bimetallism to create inflationary relief, while creditors, financiers, and the Bank of France staunchly defended the gold standard as essential for France's prestige and stability.
Internationally, the currency question was intertwined with geopolitical rivalry. The prospect of Germany demonetizing silver and the United States' debate over "free silver" influenced French policy. By 1898, the Third Republic was firmly, if unofficially, committed to maintaining the gold standard, viewing it as crucial for its position as a global financial center and a leading creditor nation. The year thus represented a tense equilibrium within a failing multinational system, setting the stage for France's eventual formal adoption of the gold standard in the years following the turn of the century.
Series: 1898 France circulation coins
🌱 Very Common