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20 Centimes - Napoleon III
| Issuer | Monnaie de Paris |
|---|---|
| Year | 1864-1866 |
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| Composition | Log in to see details |
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| Diameter | Log in to see details |
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| In circulation to | Log in to see details |
| Reference(s) | F#149, Gad#308, KM#805 |
| Obverse description | Log in to see details |
|---|---|
| Obverse script | Latin |
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| Reverse description | A large imperial crown dominates the center of the reverse field, rendered in fine detail with a jeweled circlet, arched bands, and a cross at the summit. The legend EMPIRE FRANÇAIS curves around the upper periphery, flanked by small decorative stops. Below the crown, the denomination 20 CENT. is inscribed in two lines, followed by the date and the mint mark beneath. A beaded border surrounds the entire composition. |
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| Additional information |
Napoleon III's silver coinage underwent a quiet but consequential reform in the early 1860s, when France reduced the fineness of subsidiary silver from .900 to .835 — a direct response to the Latin Monetary Union negotiations that would be formally concluded in 1865. The 20 centimes denomination had already been discontinued after 1860 and was briefly revived within this narrow three-year window, making the type inherently short-lived by policy rather than circumstance.
Gresham's Law worked against these pieces almost immediately. The marginal silver reduction, combined with rising bullion prices, encouraged hoarding of the older .900 coins while the new alloy circulated freely — and wore accordingly.