History of Gold in France

A monetary reform of 1803 (year XI of the Republican calendar) created the germinal franc, with both gold and silver coins legal tender at a ratio of about 15.5 to 1. The franc stayed stable until 1914.

The 20-franc gold coin, holding about 5.80 g of fine gold, was created under First Consul Napoleon Bonaparte. All French 20-franc gold pieces came to be called 'Napoleons', and they circulated until 1914.

Belgium, Italy and later Greece adopted the French coin system, forming the Latin Monetary Union. Coins of the same standard circulated across member countries.

At the start of the First World War banknotes were made inconvertible into gold, and the state could borrow without limit from the Banque de France.

25 June 1928. The Poincare government stabilised the franc by redefining it at 65.5 mg of gold of 900 fineness, a devaluation that ended the germinal franc.

1 October 1936. A devaluation law cut the franc's gold content to 44.1 mg of fine gold, reduced further in 1937.

France had kept part of its gold at the Federal Reserve Bank of New York since the late 1920s. In the 1960s it began bringing gold back, before the US ended dollar-gold convertibility in 1971.

December 2004. Between December 2004 and September 2009 France sold 589 tonnes of gold, about a fifth of its stock. The Court of Audit later estimated the gold would have been worth EUR 19.4 billion more by the end of 2010.

Helped by rising gold prices and the New York sales, the Banque de France reported a capital gain of about EUR 13 billion for 2025 and a net profit of EUR 8.1 billion, after a EUR 7.7 billion loss in 2024.

July 2025. From July 2025 to January 2026 the Banque de France sold about 129 tonnes of older bars held in New York and bought standard bars in Europe, so its 2,437 tonnes are now all in Paris. About 134 tonnes still need upgrading to modern standards by 2028.

King Philippe III ordered silver items to carry a mark of the local goldsmiths' guild, the start of French fineness marks. Rules for goldsmiths had already been written down around 1260.

Philippe IV extended the hallmark requirement from silver to gold.

Jean II required every goldsmith to stamp work with a crowned fleur-de-lis and a personal symbol, so the maker could be identified.

9 November 1797. After the Revolution abolished the guilds, the law of 19 Brumaire year VI created official state hallmarks. It is the basis of today's French system.

Van Cleef & Arpels opened its first boutique at 22 Place Vendome in Paris, soon expanding to number 24. The square became the heart of Parisian high jewellery.

4 January 1994. A law kept the 916 (22 carat) and 750 (18 carat) gold standards and added 585 (14 carat) and 375 (9 carat).

30 December 2004. The distinction between 'gold' and 'gold alloy' was dropped, so 375 and 585 items may be sold to consumers as gold.