French Currency Used by Soldiers Stationed in France During World War One

Front Side of a Cinquante Centimes 0.50 French Bank Note Currency, 1916. GGA Image ID # 207d5edd64. Click to View Larger Image.

Back Side, Cinquante Centimes 0.50 French Bank Note Currency, 1916. GGA Image ID # 207d657064. Click to View Larger Image.

The 50 centimes emergency notes were issued by the Chambre de Commerce from the Derpartment of Deux Sèvres on September 30, 1915 and July 10, 1916. Cinquante Centimes from 1916 was worth about 10 cents in 1918 USD.

Front Side, 1 Franc French Currency Bank Note Issued in 1916. GGA Image ID # 207d6f8ed9. Click to View Larger Image.

Back Side, 1 Franc French Currency Bank Note Issued in 1916. GGA Image ID # 207dbec5b0. Click to View Larger Image.

JP.93.3 1 Franc, Niort (79) Imp Richard, Paris 9/30/1915. 1 Franc Bank Note from 1916 was worth about 20 cents in 1918 USD.

Note from the Archivist

Many readers have questioned the value typed on the French currency over the years. During the Great War and the years following, the French franc lost much of its value -- the typed monetary value was placed there by my grandfather when he served in France during the war. France had severe currency issues during the war, and the franc was further devalued when it was pegged to the dollar in 1926.

This currency was brought back from France by Ludvig Kristian Gjenvick at the end of WWI, and the value is roughly correct for 1918.

The currency on the GG Archives website was emergency notes issued by the Chambre de Commerce from the Department of Deux Sevres. Unlike other allied currencies after World War I, France did not return the currency to pre-war value.

According to New World Economics, the franc lost a lot of value during WWI and soon afterward. View the chart showing U.S. cents per franc, 1913-1940 at https://newworldeconomics.com/foreign-exchange-rates-1913-1941-2-the-currency-upheavals-of-the-interwar-period/

The French franc took a nosedive from 1914 to 1918 and through 1926, so calculating the value based on the 1914-1918 period, taken as a whole, will not derive an actual value of a French franc at the end of the war.

Alternate views (perhaps correct) on the valuation of this specific currency can be found at https://www.greatwarforum.org/topic/226108-value-of-a-ww1-franc-francs-coins-or-billsnotes/. Unfortunately, the actual value to the soldier in France may take further research.

On one hand, a Corporal in WW1 stationed in France valued one Franc at $0.20. Pehaps that was the "unofficial exchange rate" -- the value was low enough that the soldier kept the money as a souvenir.

Measuring the Value of $0.10 from 1918 in 1922 Dollars

In 2022, the relative values of $0.10 from 1918 ranges from $1.30 to $33.60.

A simple Purchasing Power Calculator would say the relative value is $1.94. This answer is obtained by multiplying $0.1 by the percentage increase in the CPI from 1918 to 2022.

This may not be the best answer.

The best measure of the relative value over time depends on if you are interested in comparing the cost or value of a Commodity , Income or Wealth , or a Project.

If you want to compare the value of a $0.10 Commodity in 1918 there are four choices. In 2022 the relative:

• real price of that commodity is $1.94
• real value in consumption of that commodity is $4.38
• labor value of that commodity is $7.33 (using the unskilled wage) or $9.71 (using production worker compensation)
• income value of that commodity is $10.50
• economic share of that commodity is $33.60

If you want to compare the value of a $0.10 Income or Wealth , in 1918 there are five choices. In 2022 the relative:

• real wage or real wealth value of that income or wealth is $1.94
• household purchasing power value of that income or wealth is $4.38
• relative labor earnings of that commodity are $7.33 (using the unskilled wage) or $9.71 (using production worker compensation)
• relative income or wealth value of that income or wealth is $10.50
• relative output value of that income or wealth is $33.60

If you want to compare the value of a $0.10 Project in 1918 there are four choices. In 2022 the relative:

• real cost of that project is $1.30
• household cost of that project is $4.38
• labor cost of that project is $7.33 (using the unskilled wage) or $9.71 (using production worker compensation)
• relative cost of that project is $10.50
• economy cost of that project is $33.60

Samuel H. Williamson, "Seven Ways to Compute the Relative Value of a U.S. Dollar Amount, 1790 to present," MeasuringWorth, 2024.