💶 Wartime Money: French Currency Used by WWI Soldiers in France (1916-1918)
📌 Explore French banknotes used by soldiers in WWI and how the French franc lost value due to war inflation. Learn how wartime currency affected soldiers' daily lives and why many kept these notes as souvenirs. Perfect for historians, genealogists, students, and educators.
💰 French Currency in World War I: The Money of Soldiers in France 🇫🇷
📜 A Unique Glimpse into the Economics of War
During World War I, soldiers stationed in France used French francs and emergency notes issued by the Chambre de Commerce. This article examines two key denominations from 1916—the 50 centimes and 1 franc banknotes—which offer insight into the economic challenges faced by soldiers, the devaluation of currency, and the long-term financial effects of the war.
This historical artifact is invaluable for historians, students, teachers, and genealogists, providing a tangible connection to how soldiers managed their daily expenses and the financial realities of wartime France. The devaluation of the French franc due to wartime inflation, post-war economic instability, and currency pegs make this a fascinating study in wartime economics.
🔹 This page provides a detailed look at the role of money in the daily lives of WWI soldiers and the financial impact of war on national economies.
💶 The Role of French Currency for Soldiers in WWI
🪖 Why Did Soldiers Use French Francs?
✔ American, British, and other Allied soldiers stationed in France had to use local currency to purchase goods.
✔ The war led to severe economic instability in France, causing the government to issue emergency notes in place of metal coins.
✔ Many soldiers kept these notes as souvenirs, preserving them as relics of their service.
🔹 Understanding wartime currency gives us a deeper appreciation of how everyday life continued even in the midst of global conflict.
Front Side of a Cinquante Centimes 0.50 French Bank Note Currency, 1916. GGA Image ID # 207d5edd64. Gjenvick-Gjønvik Family Archives. Click to View Larger Image.
Back Side, Cinquante Centimes 0.50 French Bank Note Currency, 1916. GGA Image ID # 207d657064. Gjenvick-Gjønvik Family Archives. 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. Gjenvick-Gjønvik Family Archives. Click to View Larger Image.
Back Side, 1 Franc French Currency Bank Note Issued in 1916. GGA Image ID # 207dbec5b0. Gjenvick-Gjønvik Family Archives. 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.
📉 Wartime Inflation and the Devaluation of the Franc
✔ France experienced severe inflation during and after World War I.
✔ The French franc lost significant value, meaning a soldier’s wages in francs were worth much less over time.
✔ In 1918, 1 franc was roughly worth $0.20 in U.S. dollars, but by 1926, the franc was devalued even further.
🔹 This economic turmoil meant that soldiers had to stretch their wages further, and many saved their currency as a reminder of wartime struggles.
📸 Noteworthy Images from This Page
📷 50 Centimes French Banknote (1916)
A small denomination note, used for basic purchases, reflecting the need for emergency currency during WWI.
📷 1 Franc French Banknote (1916)
A larger denomination, essential for purchasing food, lodging, and other necessities.
📷 World War I Soldier’s Handwritten Currency Values
An American soldier, Ludvig Kristian Gjenvik, annotated the real-world value of these notes based on his experience in France.
📊 How Much Was a Franc Worth in 1918?
🔹 This table shows how the real purchasing power of WWI French currency changed over time.
📜 The Economic Impact of WWI on France
✔ The French economy struggled immensely due to war expenses, food shortages, and infrastructure destruction.
✔ Unlike Britain and the U.S., France did not restore its currency to pre-war values after WWI.
✔ By 1926, the franc was officially pegged to the U.S. dollar, solidifying its devaluation.
🔹 The impact of inflation and economic instability affected both soldiers and civilians, demonstrating the long-term financial scars of World War I.
📌 Final Thoughts: Why This Story Matters
This rare collection of wartime currency helps us understand the day-to-day realities of WWI soldiers—not just in battle, but in their economic lives as well.
🔹 For Historians & Educators – A valuable artifact that showcases wartime inflation, financial struggles, and the daily experiences of soldiers in France.
🔹 For Genealogists – If your ancestor served in WWI, they likely handled similar currency, and understanding its value gives context to what they could afford with their wages.
🔹 For Students – This article offers a practical way to understand economic history, connecting money, war, and everyday life in a meaningful way.
🔹 For Military Scholars – Financial aspects of war are often overlooked, but they played a major role in how soldiers managed their survival and service abroad.
💰 War is not just about battles and strategies—it’s also about economic survival and financial adaptation.
