400 Sols

The Caisse d'Échange des Monnaies was a short-lived regional institution established under the Directory to address the chronic shortage of small metallic currency that plagued France throughout the late 1790s. These exchange banks were authorized to issue low-denomination paper against deposits of coin — a stopgap measure, not a banking innovation. The Rouen caisses operated in an environment of deep public distrust toward paper money, a distrust earned through decades of assignat inflation and the catastrophic collapse of that currency by 1796.

Notes from this series rarely survived in quantity; most were redeemed quickly or simply discarded once the caisse closed. The 400 sols denomination — equivalent to 20 livres tournois — sits at an odd valuation that reflects the chaotic transitional period between the livre system and the franc, officially introduced in 1795 but not yet universally adopted in provincial commerce.