franc

Franc is a monetary unit that has been used in several countries since the medieval period. The name comes from Old French franc, meaning free or frank, reflecting historical legal concepts. The franc became a widely used decimal currency in France after the French Revolution, when the franc was established as the principal unit in 1795, dividing into 100 centimes. It remained France’s currency until 2002, when the euro was adopted at a rate of 1 euro = 6.55957 francs.

Many other countries also used a currency named the franc, notably the Belgian franc and Luxembourgish franc, which were replaced by the euro in 2002. The Swiss franc (CHF) is still in active use as the currency of Switzerland and Liechtenstein and is issued by the Swiss National Bank; it is subdivided into 100 centimes, with rappen used in some cantons.

In Africa, the CFA franc exists in two currency unions: the West African CFA franc (XOF) and the Central African CFA franc (XAF). These currencies have been pegged to the euro since the early 2000s, and are used by multiple member states in their respective monetary zones, with subdivisions of 100 centimes.

Today the term franc survives as the name of several currencies. The French franc no longer circulates, having been replaced by the euro, while the Swiss franc and the CFA franc variants remain in everyday use in their regions.