History of coins · 1865
1865: The Latin Monetary Union
France, Belgium, Italy and Switzerland agree on common gold and silver coins that circulate freely between them.
In December 1865, France, Belgium, Italy and Switzerland founded the Latin Monetary Union; Greece joined in 1868. Member states struck gold and silver coins to the same standard – for example the 20-franc gold piece of 6.45 grams at 900 fine – so they were accepted across the union.
The union was weakened by falling silver prices and the First World War and formally ended in 1927. For collectors it explains why 20-franc, 20-lire and 20-drachma gold coins look alike in size and weight – and why these 'gold francs' are popular bullion coins today.
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