Assignat of 5 livres (national lands)

The revolutionary government, with no cash to repay, made the church property confiscated in November 1789 into national lands and issued paper against them. The first assignats were interest-bearing bonds at 5% a year, land bonds to be redeemed out of the proceeds of selling the national lands. The words Domaines nationaux, national lands, are printed on the note. The design was beautiful — the more land sold, the less paper, and the value would hold — but the interest was abolished and it became paper money in name and in fact, and the fatal flaw appeared after that. Its starting point differs from the Dajōkan notes, which were waste paper from the beginning.