New franc (1960, the Sower)

The new franc, brought in by the ordinance of 1958 and taking effect on 1 January 1960, set one new franc = 100 old francs and struck out two zeros. It was designed by the finance minister Pinay and the economist Rueff, and the aim was to recover a franc with the weight of prestige. The face carries the Sower (la Semeuse). Striking out two zeros left purchasing power exactly where 100 old francs had been, but the psychological anchor of a heavy franc contributed to the relative stability of the Fifth Republic. A currency stands on the belief that people hold it to be so. Redenomination was a device for remaking that belief.