Latin Monetary Union

ラテン通貨同盟　—　Institutions

A French-led attempt by several countries to share the franc standard. There was no common central bank.

Belgian five-franc silver coin — A photograph of the real thing this term names.

Two-peseta silver coin (provisional government) — A photograph of the real thing this term names.

In 1865, a monetary union led by France, joined by Belgium, Italy, Switzerland, and others. They shared the franc standard (equivalent to 5 grams of silver) but did not have a common central bank. There were also 'sympathizers outside the circle', like Spain, who only adopted the standard.

⚠ Sharing a standard alone cannot protect a currency—a lesson from an experiment a century before the euro.