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| 正面铭文 | ASSIGNAT DE 5tt CREE LE 27 JUIN 1792. DOMAINES NATIONAUX. ASSIGNAT DE CINQ livres payable au Porteur par la Caisse de l'Extraordinaire. Cinq Liv. GATTEAUX 5 CINQ LIVRES. (Translation: Assignat of 5 livres created on 27 June 1792. National Domains. Assignat of Five livres payable to the Bearer by the Caisse de l'Extraordinaire.) |
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| 防伪类型 | Watermark |
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The Caisse de l'Extraordinaire was not a bank but a revolutionary fiscal instrument — established in 1789 to manage the proceeds from the forced sale of nationalized Church properties. Assignats began as interest-bearing bonds backed by that confiscated land, but by the time this 5 Livres note was issued, the connection to real assets was already eroding. The government had printed far more paper than land it could sell.
Gatteaux was a medal engraver by training, which shows in the precision of the typographic work. The watermark was among the few meaningful anti-counterfeiting measures available; forgery of small-denomination assignats was nonetheless rampant by 1792.