Caisse d’Escompte Currency & Banknote Values

The Caisse d’Escompte series of France in the World Currency contains 41 distinct entries.

In 1767, the first Caisse d’Escompte was founded to perform some of the functions of a central bank, including purchasing commercial paper and government securities, paying 4 percent interest (5 percent during war), and charging a 2 percent commission. The Caisse d’Escompte also held a monopoly on the issuance of coinage.

The first Caisse d’Escompte failed in 1769 without ever having issued any notes, but another Caisse d’Escompte (Discount Fund, ESC) was established in Paris by royal decree of 24 March 1776. This institution was empowered to discount bills of exchange and commercial paper at 4 percent, buy and sell gold and silver, and act as the government’s bank. It could accept deposits from the public, but could not borrow funds at interest, or accept any debt that was not payable on demand. This second Caisse d’Escompte could issue banknotes because they paid no interest and were payable on demand.