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| 正面描述 | The face bears a central text block with the heading 'Domaines-nationaux' and the denomination 'Assignat de vingt-cinq livres, payable au porteur' in letterpress. At upper centre, the date 'Loi du 24 Octobre 1792' and 'L'An Premier de la République' flank the value numeral XXV. To the left, an oval vignette shows an allegorical figure of the Law or Liberty with the Constitution, while to the right a bust portrait of Louis XVI appears within an oval frame; decorative column borders with small allegorical figures run down each side. At the foot, a lozenge-shaped numeral panel displays '25' flanked by the anti-counterfeiting warnings, with a manuscript signature above it. |
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| 正面铭文 | LOI DU 24 OCTOBRE 1792. XXV. L'AN PREMIER DE LA RÉPUBLIQUE. Domaines nationaux Assignat de vingt-cinq livres, payable au porteur. N° SÉRIE REGNE DE LA LOI L'AN IV DE LA LIBERTÉ LOUIS XVI ROI DES FRANÇAIS 1792 25₶ GATTEAUX La loi punit de mort le contrefacteur. La Nation récompense le dénonciateur. |
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The Caisse de l'Extraordinaire was not a central bank but a revolutionary administrative body, created to manage the proceeds from the forced sale of confiscated Church and émigré properties. Assignats were, at root, land warrants — notionally backed by those biens nationaux — which meant their value tracked public confidence in the sales programme as much as anything else. By late 1792 that confidence was eroding fast, and successive over-issues had already begun the inflationary spiral that would collapse the system entirely by 1796.
Gatteaux was among the most accomplished medallists of the period, and the engraving quality on this series reflects that pedigree — one of the few genuinely distinguished things about a currency that was already failing the people forced to use it.