French Indochinese piastre
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The piastre was the currency of French Indo-China between 1885 and 1952. It was subdivided into 100 cents and was introduced to increase monetary stability in the colonies. It was initially equivalent to the Mexican peso which circulated widely in region at that time. In Cambodia it replaced the franc, whilst in Laos it replaced Thai currency and in Vietnam, the đồng.
[edit] Coins and Banknotes
Coins were issued in denominations ranging from the sapeque worth one fifth of a cent up to the piastre. Banknotes were issued by the "Bank of Indochina" in denominations from 10 cents up to 500 piastres. The government of Indochina issued 10, 20 and 50 cents notes during the Second World War. In 1951, the "Institute of Emissions for the States of Cambodia, Laos and Vietnam" took over note issuing from the Bank of Indochina but continued to issue the Bank's notes alongside its own until 1954.
[edit] Relationship to the French Franc
The piastre remained on a silver standard until 1920, when it was pegged to the French franc at a varying rate due to the high price of silver. The silver standard was restored in 1921 and maintained until 1930, when the piastre was fixed at a value of 10 francs. This was raised to 17 francs in 1946, then reduced back to 10 francs in 1953.[1]
[edit] Replacement
In 1946, North Vietnam replaced the piastre, at par, with its own currency, the đồng. In 1952, the remaining parts of French Indo-China (Cambodia, Laos, and South Vietnam) began to issue their own currencies, the Cambodian riel, Lao kip and South Vietnamese đồng. These initially circulated alongside the piastre and the first banknotes of the new currencies were denominated in piastres as well as the new currencies' names. The last piastre coins were issued in 1947 in the name of the "Indochinese Federation". The last piastre banknotes were issued in 1954.
