Assignat

Assignat

Assignats were paper money issued by the National Constituent Assembly in France during the French Revolution. The assignats were issued after the confiscation of church properties in 1790 because the government was bankrupt. The government thought that the financial problems could be solved by printing certificates representing the value of church properties. These church lands became known as "biens nationaux". Assignats were used to successfully retire a significant portion of the national debt as they were accepted as legitimate payment by domestic and international creditors. Certain precautions not taken concerning their excessive reissue and comingling with general currency in circulation caused hyperinflation.

Originally meant as bonds, they evolved into a currency used as legal tender. As there was no control over the amount to be printed, the value of the assignats exceeded that of the confiscated properties. This caused massive hyperinflation. In the beginning of 1792, they had lost most of their nominal value.

This hyperinflation was stirred up by repeated food shortages. Instead of solving the financial problems, the assignats became a catalyst for (food) riots. Instability continued after the abolition of the monarchy, exacerbated by the wars France faced. This situation impeded the implementation of good financial policies that would reduce debts. Bills such as the "Maximum Price Act" of 1793 aimed to regulate inflation.

When the Directoire came into power in 1795 the "Maximum Price Act" was lifted. Hyperinflation reemerged and in the next four years Paris was the stage of yet more riots.

The inflation was finally solved by Napoleon in 1803 by introducing the franc as the new currency. By this time, the assignats were basically worthless.


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  • Assignat — de 15 sols L assignat était une monnaie sous la Révolution française. À l origine il s agissait d un titre d emprunt émis par le Trésor en 1789, dont la valeur est assignée sur les biens nationaux. Les assignats deviennent une monnaie en 1791,… …   Wikipédia en Français

  • assignat — [ asiɲa ] n. m. • 1522; assinat v. 1395; de assigner ♦ (1789) Hist. Papier monnaie émis sous la Révolution qui était en principe assigné (gagé) sur les biens nationaux. La dépréciation des assignats. ● assignat nom masculin (de assigner) Billet… …   Encyclopédie Universelle

  • Assignat — über 15 Sols von 1792, mit monarchischen Symbolen …   Deutsch Wikipedia

  • Assignat — As si gnat (?; 277), n. [F. assignat, fr. L. assignatus, p. p. of assignare.] One of the notes, bills, or bonds, issued as currency by the revolutionary government of France (1790 1796), and based on the security of the lands of the church and of …   The Collaborative International Dictionary of English

  • assignat — [as′ig nat΄; ] Fr [ ȧ sē nyȧ′] n. [Fr < L assignatus, pp. of assignare, ASSIGN] a piece of paper currency issued during the French Revolution with confiscated lands as the security …   English World dictionary

  • assignat — /as ig nat /; Fr. /ann see nyann /, n., pl. assignats /as ig nats /; Fr. /ann see nyann /. Fr. Hist. one of the notes issued as paper currency from 1789 to 1796 by the revolutionary government on the security of confiscated lands. [1780 90; < F …   Universalium

  • ASSIGNAT — s. m. T. de Jurispr. Constitution ou assignation d une rente sur un héritage qui demeure nommément affecté au payement annuel de cette rente. Il est vieux : on dit maintenant, Constitution de rente. ASSIGNAT, s est dit, à une certaine époque, d… …   Dictionnaire de l'Academie Francaise, 7eme edition (1835)

  • assignat — I. ASSIGNAT. s. m. Constitution ou assignation d une rente sur un héritage, qui demeure nommément destiné et affecté pour le paiement annuel de la rente. II. ASSIGNAT. s. mas. Billet d État dont le payement étoit assigné sur la vente des biens… …   Dictionnaire de l'Académie Française 1798

  • ASSIGNAT — n. m. T. d’ancienne Jurisprudence Constitution ou assignation d’une rente sur un héritage qui demeure nommément affecté au paiement annuel de cette rente. On dit maintenant Constitution de rente. Il s’est dit, pendant la Révolution, d’un Papier… …   Dictionnaire de l'Academie Francaise, 8eme edition (1935)

  • assignat — (a si gna ; le t ne se lie pas ; au pluriel l s se lie : les assignats et.... dites : les a si gna z et.... Assignats rime avec cas, trépas) s. m. 1°   Terme de jurisprudence. Action d asseoir une rente sur un immeuble. Vieux en ce sens, on dit… …   Dictionnaire de la Langue Française d'Émile Littré

  • assignat — noun Etymology: French, from Latin assignatus, past participle of assignare Date: 1790 a bill issued as currency by the French Revolutionary government (1789 96) on the security of expropriated lands …   New Collegiate Dictionary

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