25 Francs Mandat Territorial

The Mandats Territoriaux were France's second attempt at paper currency after the catastrophic collapse of the Assignats. Introduced in March 1796 and pegged directly to land values from the nationalized biens nationaux, they failed within weeks — hyperinflation had already gutted public confidence, and the new notes traded at a fraction of face value almost immediately after issue. By February 1797 the Directory had formally abandoned the experiment.

Because the Mandat system lasted less than a year, surviving notes were never redeemed through any orderly withdrawal process. Most were simply abandoned in circulation and deteriorated accordingly. Intact examples are genuinely uncommon.