The Rise and Fall of Assignats: France's Paper Money Experiment

Assignat was a type of paper money issued by the French government during the 18th century. It was introduced in 1716 as a temporary measure to help finance the War of the Spanish Succession, but it became a permanent fixture of the French economy and was used extensively until the French Revolution.

The assignats were backed by the French state and were intended to be equivalent to gold or silver coins. However, because the government issued more assignats than it had gold or silver to back them, the value of the assignats declined over time, leading to inflation and economic instability. The assignat system was eventually abolished in 1796, when the French government introduced a new currency, the franc.

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