French franc fades away as new euro takes over

PARIS -- The first French francs bought freedom for King Jean le Bon, held hostage by the English in 1360. But by midnight Sunday the franc won't even buy a cup of coffee.

Without fanfare or tears, France is preparing to say "adieu" to its old currency, to be fully replaced by the euro on Monday.

"The franc is history," said Jean-Claude Caldagues, owner of a cafe on Paris' Left Bank.

The French franc has been circulating side-by-side with the euro since the new currency was introduced Jan. 1 in 12 European countries. But on Monday, the franc will cease to be legal tender for purchases.

Those left in the backs of drawers can be cashed in at banks for euros until June 30. Procrastinators can change coins at the Bank of France for another three years, and notes for another 10 years.

More than 95 percent of cash payments are already being made in euros, Finance Minister Laurent Fabius said this past week.

So quickly have the French adapted to the new money that when franc coins roll across the zinc countertop at the Veronese Cafe, "We say, 'Hey, I've seen that somewhere before,"' Caldagues said. "We're just not used to it anymore."

The first franc, a gold coin, was created in December 1360 to pay off ransom to the English to free King Jean Le Bon, held for four years during the 100 Years War.

The franc was later eclipsed by the ecu and other currencies, to be permanently revived in 1795.

Along with France, the other countries adopting the euro are: Austria, Belgium, Finland, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal and Spain. European Union states Britain, Sweden and Denmark have opted out.

Most of the other euro countries will give up their local currency on Feb. 28. The Netherlands and Ireland have already done so.

C'est la vie

In France, alas, there was little grieving for the old currency.

Two-thirds of franc notes have already been collected and destroyed -- punched with holes, then ground to shreds or carted deep into the mountains of central France to be burned up in incinerators owned by the Bank of France.

Two polls published Sunday show that up to half of French had no regrets about losing the national currency -- 61 percent of those polled by the IFOP firm and 51 percent of those polled by H20/DraftWorldwide.

There is clear agreement the euro will simplify life for travelers and, hopefully, create a strong bloc to counter the dollar. But some see a more fundamental change.

"France no longer exists," said Caldagues, the cafe owner. "It's Europe now."