100 Francs Mandat Territorial

The Mandats Territoriaux were France's second attempt at fiat paper currency after the assignats collapsed under hyperinflation. Issued from March 1796 as direct claims on nationalized church and émigré land, they were convertible at fixed rates into real property — a mechanism designed to backstop their value. It failed almost immediately. Within weeks of issue, mandats were trading at a fraction of face value; by year's end the government repudiated them entirely.

The complete series was demonetized by February 1797, meaning the window of actual circulation was under twelve months. Notes that survived were largely unspent — not because they were saved, but because no one wanted them.