Paris Is Working at a New Currency

Economy Jamie Simon
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The Paris City Hall is “seriously working a draft” of local currencies, which could be launched next autumn, writes Le Figaro.

“An impact study is underway and we expect the new findings to specify the form of coins, how it will operate, taxation of such coins,” explains Antoinette Guhl, responsible for the social economy within the French city hall.

“This could serve as payment in canteens for example, to pay municipal services,” added Guhl.

“Creating local complementary currencies would enable the generation of new economic relations between the local actors,” says Lucas Rochette-Berloni, president of “Une pour Monnaie Paris”. This might be called “La Seine” (Sena), the name will be chosen by voting collectively in November next year.

The Complementary local currencies are usually launched in smaller territories, stresses Jerome Blanc, economist specialist in local currencies. Thus, in France there are about 40 such coins in circulation.

Several complementary currencies experienced a resounding success. Thus, “WIR” Switzerland is today used by over 60,000 enterprises and the British currency circulating in the Brixton district has contributed to boosting the local commerce.

However, such initiatives are limited to smaller territories. “There is no complementary local currency scale of capital,” says Jerome Blanc. The Paris one would thus constitute a world first.

The French Euro is currently the currency in Paris, where the coins have on their face three different designs for each of the three sets of values. The coins of 1, 2 and 5 cent coins were designed by Fabienne Courtiade while those of 10, 20 and 50 cent is conducted by Laurent Jorio and the one for the 1 and 2 euro coins was made by Joaquin Jimenez. All designs feature the 12 stars of the EU and the year of issue and the letters “RF” for République Française.