20 Centimes - Napoleon III

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.