What was the assignat in France?

The assignat was a paper bill issued by France between 1789 and 1796, during the French Revolution (1789-1799). First issued in the form of bonds, assignats soon devolved into a paper currency, the mass production of which led to inflation and depreciation.

How much was an assignat worth?

The original assignats were released in denominations of 1,000 livres, at an interest rate of 5 percent. However, these bonds soon became paper currency, with smaller denominations issued. As inflation rose, an assignat that was supposedly worth 1,000 livres had the purchasing power of only 80 livres in silver by 1795.

Assignat

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Definition

The assignat was a paper bill issued by France between 1789 and 1796, during the French Revolution (1789-1799). First issued in the form of bonds, the assignat was meant to stimulate France's economy as a quick means to pay off national debt. Yet, assignats soon devolved into a paper currency, the mass production of which led to inflation and depreciation.

More about: Assignat

Timeline

1789 - 1796
Assignats are issued in France.
19 Feb 1796
The assignat currency is discontinued in Revolutionary France; replaced with the mandat.