About this collection
The outbreak of war in 1914 placed huge strain on the financial system in France. Banknotes could no longer be exchanged for gold as the authorities urgently needed all supplies to fund the war effort. Then, as inflation grew, coins started to be hoarded for their gold and silver content. The situation was eased when local Chambers of Commerce began to issue paper money, known as ‘necessity currency’ or ‘emergency notes’. The sums involved were usually quite small, and guaranteed by the reserves of the Banque de France. Similar arrangements were in place in neighboring countries during the conflict. These examples from our HSBC Continental Europe collection reflect a moment of crisis in twentieth century history.
