150) Financial Institution for issuing uniform currency/coinage for French Overseas Territories in the Pacific & French Southern Territories of Antarctica: The Institut d’emission d’outre-Mer (IEOM) for French Polynesia (Tahiti), New Caledonia, Wallis-et-Futuna and the erstwhile New Hebrides (present day Vanuatu):

150) Financial Institution for issuing uniform currency/coinage for French Overseas Territories in the Pacific & French Southern Territories of Antarctica: The Institut d’emission d’outre-Mer (IEOM) for French Polynesia (Tahiti), New Caledonia, Wallis-et-Futuna and the erstwhile New Hebrides (present day Vanuatu):

The Institute d’emission d’outre-Mer:

The Institute d’emission d’Outre-Mer (IEOM) is a Paris based National Public Institution, founded and chartered by France in December 1966, which is tasked with issuing a uniform currency in the French territories of the Pacific.

French Pacific Territories include New Caledonia, French Polynesia (Tahiti), Wallis-et-Fortuna and the erstwhile New Hebrides (present day Vanuatu).

In addition to its headquarters in mainland France, IEOM’s presence is there in New Caledonia, French Polynesia (Tahiti) and Wallis–et–Futuna. Its mandate also covers French Southern Territories of Antarctica.

 Since 1967, the IEOM has been issuing the CFP Franc currency and FCFP coinage. IEOM issues the Franc CFP which is legal tender in the French Overseas collectivities (or Collectivities d’outre-Mer or COM) of French Polynesia, New Caledonia and Wallis-et-Futuna. The Central Bank controls the volume and quality of Banknotes and coins in circulation in these territories.

The initials CFP originally stood for “Colonies Francaises du Pacifique” (meaning “French Colonies of the Pacific”), but it was later changed to “Communaute Financiere du Pacifique” (or “Pacific Financial Community”).

The currency was initially used in 3 distinct forms for French Polynesia, New Caledonia and the New Hebrides. The New Caledonia Franc also circulates in Wallis-et-Futuna. The Banknotes of the New Hebrides (present day Vanuatu) bore the name of the territory, but the Banknotes of French Polynesia and New Caledonia are distinguished by the names of the capitals of these colonies – PAPEETE and NOUMEA respectively being overprinted on the Back of the Banknotes in the initial phase. Common design Banknotes designated in Franc CFP are currently in use.

One side of the Banknotes shows landscapes or historical figures of French Polynesia, while the other side shows landscapes or historical figures of Ne Caledonia.

The Banknotes have a face value of 500, 1000, 5000, and 10000 Franc CFP. The coins have a face value of 1, 2, 5, 10, 20, 50 and 100 Franc CFP.

The “Franc CFP” or the “CFP Franc” is denoted by the International Code “XFP” and the convertibility of the Franc CFP is guaranteed by the French Republic.  The convertibility of the Franc CFP is based upon a fixed parity with the EURO and is placed at 1000 Franc CFP to 8.38 EUROS or 1 Franc CFP at 0.00838 EURO.

In 1969, the New Hebrides Franc was separated from the CFP Franc and in 1982, it was replaced by the Vanuatu "vatu".

On 01.10.1986, the 10000 CFP Franc was not overprinted with a city name for the first time.

In 1992, the 500 CFP Franc Banknote was printed after omitting the overprinting of the city name.

The Front of a CFP 500 Franc Banknote. On the top centre is the name of the issuing Bank “Institut d’emission d’Outre-Mer”. The denomination of the Banknote is mentioned in numerals “500” and the denominational value in words “CINQ CENTS FRANCS”. This face shows a Polynesian Fisherman at Marquesas Islands.

The Back of the 500 CFP Banknote. This Face shows Rocks at Hienghene, New Caledonia.On this face of the  Banknote is mentioned “LA CONTREFACON OU LA FALSIFICATION DES BILLETS DE BANQUE ET LA MISE EN CIRCULATION DES BILLETS CONTREFAITS OU FALSIFIES SONT PUNIES PAR LES ARTICLES 442-1 ET 442-2 DU CODE PENAL”, (which specifies the counterfeiting or falsification of  the Banknotes in any way is punishable by Law). 

In 1995, the 1000 and 5000 CFP Franc Banknotes were printed without the overprinting of the city name for all French Pacific Territories. Nevertheless, the overall designs of the 500, 1000 and 5000 Franc Banknotes were not changed since 1969. Presently, all CFP Franc Banknotes are identical in every way for every colony from New Caledonia to French Polynesia.

In January 2014, the IEOM has brought out a new Series of Banknotes replacing the earlier issues which were being demonetized after September 2014, but could be exchanged indefinitely at the Institut d’Emission d’Outre-Mer offices.

The coinage, however, is minted in two separate sets:

In 1949, New Caledonia and French Oceania (previous name of French Polynesia) began to issue coins with identical obverses while the reverses carried different inscriptions. All three types circulated in the three French territories.

The above practice is still continued and the obverse of the coins is identical, while the reverse carries the inscription “Nouvelle-Caledonie” for circulating coins minted for New Caledonia and Wallis-et-Futuna and are inscribed with the name “Polynesie Francaise” for coins meant for circulation in French Polynesia. Interestingly, both varieties of coins can still be used in all French territories much like the Euros which circulate all over the Euro zone. These coins are issued in the denominations of 100, 50, 20, 5 2 and 1.

The 1, 2 and 5 CFP Franc coins issued are made of Aluminium and Magnesium, while the 10, 20 and 50 Franc coins are made of nickel. The 100 CFP Francs is minted in Nickel, Copper and Aluminium.

The obverse on each coin depicts Minerva, the Roman goddess of wisdom, or Marianne or Goddess of Liberty or Lady Liberty, which is a national emblem of the French Republic who symbolizes the “Triumph of the Republic”, the initials of the Bank issuing the coins, “IEOM”, the year of issue and the words “French Republic”.

The reverses depict landscapes, birds, fruits, animals or a sculpture or architectural depiction typical of the colony.

Thus, on the obverse the 1, 2 and 5 CFP Franc coins depict Minerva and on the reverse of these coins, there is a depiction of the Coast of French Polynesia and the Kagu or Cagou Bird (– Rhynochetos jubatus). The Kagu Bird is an almost flightless bird, bluish-grey in colour and is endemic to the dense mountain forests of New Caledonia. The Kagu is also the National Bird of New Caledonia.

On the 10 CFP Francs coin depicts Marianne and on the reverse there is Tiki (the first man created by Tumatauenga or Tane in Maori mythology, usually depicted as a large wooden carving in humanoid form. Similar carvings are found in most Polynesian cultures) and a Seascape.

On the obverse the 20 CFP Franc coin depicts Marianne and on the reverse, it depicts the Breadfruit (Artocarpus altilis) and Zebu (Bos primigenius indicus -which is also known as Brahman or humped cattle and is a variety of domestic cattle originating in South Asia. They are used as draught oxen, dairy cattle and as beef cattle).

On the obverse the 50 and 100 CFP Franc coins depicts Marianne and on the reverse is depicted a Coastal Scenery with a house and a hut with Pine.

In 1982, the New Hebrides Franc was replaced by the Vanuatu vatu.

Before the French currency in Tahiti and French Polynesia, the dollar was the circulating currency and called the “tara” or “tala” (Interestingly, the currency in circulation in Samoa is also called “tala”, on which I have written a separate article on this blog).

About French Polynesia:

French Polynesia (or Polynesie francaise in French) or Porinetia Farani in the local language is an overseas collectivity of the French Republic (collectivite d’outre-Mer de la Republique francaise in French). It is composed of 118 geographically dispersed islands and atolls stretching over an expanse of more than 2000 sq. kms or 1245 miles in the South Pacific Ocean, of which, the 118 islands and 67 atolls are inhabited.

It is divided into 5 groups of islands – the Society Islands Archipelago composed of the Windward Islands, the Tuamotu Archipelago, the Gambier Islands, the Marquesas Islands and the Austral Islands. The most famous island Tahiti is the most populated and the seat of the capital of the collectivity – Papeete. The main source of revenue is tourism and the cultivation of noni fruit for the pharmaceutical industry.

Captain Cook visited Tahiti in 1769, naming the Archipelago the Society Islands and Captain Bligh of the Bounty spent some time there in 1788 gathering breadfruit plants which were taken to the West Indies to provide food for plantation slave labour.

In 1842, the French took over the islands and established a French protectorate called “Etablissements des francais en Oceanie (EFO), meaning “French Establishments/Settlements in Oceania”. In 1957, the EFOs were renamed French Polynesia.

Since 28.03.2003, French Polynesia has been an overseas collectivity of the French Republic.

French Polynesian Franc coins:

The CFP Franc is the currency of French Polynesia subdivided into 100 centimes.

Until 1914, the French Franc circulated in French Polynesia.

In 1945, the CFP Franc was introduced.

In 1949, coins in the denominations of 50 centimes, 1 and 2 Francs (both Aluminium) were circulated were issued for French Oceania (Etablisements Francais de l’Oceanie as the colony was known then).

In 1952, 5 Franc aluminium coins were introduced.

From 1965, the name French Polynesia (Polynesie francaise) has been used.

In 1967, 10, 20 and 50 Franc nickel coins were circulated.

In 1976, 100 Francs nickel-bronze coins were introduced.

The overall design of the coins has remained the same since introduction and the obverse has always been identical to that of the coins of the New Caledonia Franc. The only notable changes were the removal of the text “Union Francaise” and  the change of name from “Etablisements Francaise de I’Oceanie” to “Polynesie Francaise” after 1952 and the addition of the initials “IEOM” (Institut d’emission d”Outre-Mer) to the obverse in 1972.

Banknotes of the French Polynesian Franc:

In 1914, the Banque de l’Indochine in Papeete (the Capital of French Polynesia on Tahiti) introduced Banknotes for 5, 20 and 100 French francs.

In 1919, the Chamber of Commerce introduced Banknotes for 25 and 50 centimes, 1 and 2 Francs.

In 1920, the Banque Andre Krajewski also issued Banknotes for these denominations.

In 1923, the Banque de l’Indochine circulated 500 Franc Banknotes in French Polynesia.

In 1940, the Banque de l’Indochine introduced 1000 Franc Banknotes in Polynesia.

In 1969, the Institut d’Emission d’Outre-Mer, Papeete took over the issuance of CFP Franc Banknotes in the denominations of 100, 500, 1000 and 5000 Francs.

In 1976, the 100 Franc Banknotes were replaced with coins.

In 1985, 10000 Franc Banknotes common to all French Pacific Territories were introduced.

Between 1992 and 1996, 500, 1000 and 5000 Franc Banknotes common to all the French Pacific Territories were introduced.

The overall design has not changed since 1969.

About New Caledonia (or Nouvelle-Caledonie in French):

New Caledonia (or Nouvelle-Caledonie) is a special collectivity of France located in Southwest Pacific Ocean, about 1210 kms or 750 miles East of Australia. The total land area is about 18576 sq kms

The Archipelago is a part of the Melanesia sub region, and includes the main island of Grande Terre (or “Le Caillou”), the Loyalty Islands, the Chesterfield Islands, the Belep Archipelago, the Isle of Pines and some remote islets. The capital of the Territory is Noumea.

Captain Cook visited the Archipelago in 1774 who gave the Archipelago its English name drawing from a name used by Scottish poets.

 The Archipelago is divided into three provinces – South Province or “Province Sud” (Province capital – Noumea), North Province or “Province Nod” (Province capital Kone) and Loyalty Islands Province or “Province des iles Loyaute” The population of New Caledonia is about 260000 and consists of the Kanak people (original inhabitants of New Caledonia), descendants of Europeans (Caldoches and Metropolitan French), Polynesians (mostly Wallisians) and descendants of Southeast Asia and Algeria.

On 24.09.1853, this Area became a French Dependency when under orders from Napoleon III, the French took possession of New Caledonia and Port-de-France or Noumea was made its capital. New Caledonia became a French penal colony from the 1860s to 1897.

In 1946, New Caledonia became an Overseas Territory.

By 1953, French citizenship was granted to all New Caledonians, regardless of ethnicity.

New Caledonian Franc:

The Franc is the currency of New Caledonia and Wallis-et-Futuna subdivided into 100 centimes.

Since 1945, it has been part of the CFP franc.

Until 1873, the French Franc circulated in New Caledonia. Banknotes were issued specifically for use in the Island which circulated alongside French coins.

In 1945, the CFP Franc was issued for the first time.

In 1949, CFP Franc coins were issued for New Caledonia in the denominations of 50 centimes, 1 and 2 Francs coins (metal composition for these denominations: Aluminium). The 50 centimes was only issued in this year.

 The CFP Franc is also issued in French Polynesia and was used in the New Hebrides until 1983.

From 1985, Banknotes have been issued common to both New Caledonia and French Polynesia, although separate coinages continue.

Coinage of the New Caledonia Franc:

 In 1952, 5 Francs Aluminium coins were circulated.

After 1952, the inscription “Union Francaise” was removed.

In 1967, 10, 20 and 50 Franc coins (metal composition for these denominations: nickel) were introduced.

In 1972, the initials “I.E.O.M.” (abbreviation for “Institut d’emission d’Outre-Mer”) were introduced to the obverses of the coinage.

In 1976, 100 Francs coins minted in Nickel-bronze were circulated.

The basic designs of all denominations of coins have remained the same ab-initio, and the obverse has always been identical to the coins of French Polynesian Franc.

With the 50 centime coins not being in circulation, the denominations in circulation are – 1, 2, 5, 10, 20, 50 and 100 francs.

The 1, 2 and 5 Francs feature the National Bird of New Caledonia, the Kagu. The 10 franc coin depicts a Melanesian sailing pirogue or flat hulled canoe which is a boat of the indigenous tribes. The 20 Franc coin features the heads of three cattle facing left. The 50 and 100 Francs feature the same design. They have a hut of the indigenous people, with a palm tree behind it and Norfolk Island pines surrounding it.

Banknotes of the New Caledonia Franc:

Between 1873 and 1878, the “Compagnie de la Caledonie” issued 5 and 20 Franc Banknotes.

In 1875, the “Banque de la Nouvelle Caledonie” issued Banknotes in the denominations of 5, 20, 100 and 500 Francs.

From 1890s, the “Banque de l’Indochine” issued banknotes from Noumea in the denominations of 5, 20, 100 and 500 Francs.

Between 1914 and 1923, postage stamps were used to make currency.  The first issues were pieces of cardboard to which stamps were affixed in denominations of 25 and 50 centimes, 1 and 2 Francs.

Between 1918 and 1919, the Noumea Treasury issued 50 centime, 1 and 2 Franc Banknotes.

In 1942, the Treasury again issued 50 centime, 1 and 2 Franc Banknotes in the name of Free French.

In 1943, 5 and 20 franc Banknotes were issued.

In 1969, the Institut d’Emission d’Outre-Mer, Noumea started printing CFA Franc Banknotes in the denominations of 100, 500, 1000 and 5000 Francs.

In 1976, the 100 Franc Banknotes were replaced by coins.

In 1985, 10000 Franc Banknotes common to all French Pacific Territories were introduced.

Between 1992 and 1996, 500, 1000 and 5000 Franc Banknotes for all French Pacific territories were issued.

The overall design has not changed since 1969.

Wallis and Futuna (or Wallis-et-Futuna or Territoire des iles Wallis-et-Futuna in French):

This is a French Island collectivity in the South Pacific between Tuvalu to the Northwest, Rotuma of Fiji to the West, the main part of Fiji to the Southwest, Tonga to the Southeast, Samoa to the East, Tokelau to the Northeast and the Phoenix Islands or “Kiribati” to a most distant North. The land area is about 143 sq. kms or 55 sq miles and it has a population of about 12000. The capital of the Territory is Mata-Utu.

The Territory comprises 3 main volcanic tropical islands along with a number of tiny islets and is split into two Island Groups – Wallis Islands (or Uvea) in the Northeast and Hoorn Islands or Futuna Islands in the Southwest (which include Futuna Island proper and the Alofi Island). 
In the late 18^th century, the Cornishman Samuel Wallis visited the Island, which is named after him.

On 05.04.1887, Wallis became a French Protectorate and the Islands of Futuna and Alofi became a French Protectorate on 16.02.1888. The Islands were put under the authority of the French colony of New Caledonia.

 Between 1961 and 2003, Wallis and Futuna had the status of a French Overseas collectivity (territoire d’outre-Mer or TOM).

Since 2003, Wallis and Futuna has been a French Overseas Collectivity (collectivite d’outre-Mer or COM).

The New Caledonia Franc also circulates in Wallis-et-Futuna.

New Hebrides (present day Vanuatu) Franc:

New Hebrides was a colonial name given by Captain Cook, in 1774, to an Island Group in the South Pacific that is now called Vanuatu. Cook named the Islands New Hebrides because the Islands reminded him of islands located off the West coast of Scotland. The Islands were colonized by both the British and French in the 18^th century shortly after Captain James Cook landed on these islands. Prior to Cook’s visit to the Island Group, the Portuguese maritime explorer Pedro de Queiros (1606) and French explorer Louis de Bougainville (1768) had visited the Islands.

Ultimately, with several sandalwood traders from Britain and France set up trading posts here. As a consequence, Britain and France came to a settlement among themselves which made the Islands an Anglo-French Condominium, which divided the New Hebrides into two separate communities, one British and the other French. This condominium held good from 1906 to 1980.

The language, political & cultural divide continued even after Vanuatu gained Independence in 1980.

Since 1982, (i.e. two years after gaining Independence) the Vatu became the currency of Vanuatu replacing the New Hebrides Franc at par. The Vatu has no sub-units.

Interestingly, many communities in Vanuatu carry out traditional business such as paying fines and bride-prices/dowry using traditional items of value, such as pigs, curved boar’s tusks and long dyed mats. Vatu is sometimes used as a substitute for traditional valuables on such occasions, although the National Council of Chiefs discourages such transactions.

New Hebrides franc:

The Franc, subdivided into 100 centimes, was the currency of the Anglo-French Condominium of New Hebrides which circulated alongside British and Australian currency.

In 1941, the Free French forces introduced paper money for circulation in New Hebrides.

Between 1945 and 1969 it was a part of the CFP Franc. New Hebrides had a combination of New Caledonian Franc coins & locally issued Banknotes.

From 1966, coins were minted bearing the name of the New Hebrides.

In 1969, the New Hebrides Franc delinked itself from the CFP Franc and linked itself to the Australian dollar until 1973.

In 1982, the Franc was replaced at par by the Vatu after Vanuatu became Independent.

Coinage of the New Hebrides Franc:

In 1966, silver 100 Franc coins were introduced.

In 1967, 10 and 20 franc coins minted in nickel were circulated.

In 1970, 1, 2 and 5 Franc coins were minted in nickel-brass.

In 1972, 50 Franc coins were minted in nickel.

Only the 10, 20 and 50 Franc coins were the same size, composition and obverse were identical to the French Polynesian and New Caledonian coins of the same denominations.

In 1973, the letters “I.E.O.M.” (denoting “Institut d’emission d’Outre-Mer) were added.

The overall designs did not change since the introduction of the New Hebrides Franc Coins till the coins were replaced by the Vanuatu vatu.

Banknotes of the New Hebrides Franc:

In 1921 the first New Hebrides Banknotes in the denomination of 25 franc Banknote were issued by the Comptoirs Francais des Nouvelles Hebrides (French Trading Posts of the New Hebrides).

In 1941, Banknotes for New Hebrides were issued again which were essentially overprints on New Caledonian Banknotes issued by Bank de l’Indochine in the denominations of 5, 20, 100, 500 and 1000 Francs.

In 1943, the same denominations were issued by the Free French Services Nationaux Francais des Nouvelles Hebrides.

In 1965, the Institut d’emission d”Outre-Mer took over issuing of paper money for the New Hebrides and introduced Banknotes in the denominations of 100, 500 and 1000 Francs between 1965 and 1972.

Unlike French Polynesia and New Caledonia, New Hebrides did not have a 5000 Franc Banknote at any point of time till the time the CFP Franc was replaced by the Vanuatu Vatu.

Other Banks set up by France for Overseas French territories/colonies at various point of times: for printing & supervising currency circulation in various French territories:

1)   In 1903, the Banque de l’Afrique Occidentale (BAO) was set up as a successor to the Banque du Senegal, to function as the Central Bank for French West Africa. In 1955, the BAO ceased to function as such when this role was taken over by the Institut de l’Afrique Occidentale F. et du Togo.

2)   In 1875, the Banque de l’Indochine (BI) was set up initially with branches in Paris, Saigon, French India, French Indo-China and French Somaliland. Over the years the Bank expanded over the years to include Tonkin, Haiphong, Phnom Penh and Cambodia, Tahiti, New Caledonia and Singapore. The Banknotes issued by the Bank were issued mostly in Francs and Piastres. The Bank later opened a branch in Djibouti. The Banque de l’Indochine finally closed in 1952.

3)   From 1941 to 1958, the Caisse Centrale de la France d’Outre – Mer (CCFOM) was responsible for issuing banknotes in CFA for French West Africa, French Equatorial Africa, Cameroon, Guadeloupe, Madagascar, Martinique the French Overseas Departments (DOM) and Saint Pierre-et-Miquelon.

In 1959, the Bank’s functions were transferred to the Institut d’Emission des Departments d’Outre-Mer and the role of the Caisse Centrale was changed into an Organization, overseeing the economic development for these Regions.

4)   In 1959, the Institut d’Emission des Departments d’Outre-Mer (IEDOM) was set up and replaced the Caisse Centrale de la France d’Outre-Mer (CCFOM).

From 1959 to 2002, the IEDOM was issuing currency for the French Overseas Departments (DOM) of Guadeloupe, Guiana (South America), Martinique, Mayotte, French Antilles, Reunion and Saint-Pierre-et-Miquelon which had a common design in French and CFA Francs. Since 2002, the Bank is issuing Euros for these territories.

5)   In 1962, the BANQUE Centrale des Etats de l’Afrique de l’Ouest (BCEAO)  was set up to provide a monetary policy and issuance of Banknotes in CFA for countries in West African States of Benin, Mali, Senegal, Burkina Faso, Ivory Coast, Togo, Niger and Guinea Bissau. The BCEAO presently issues Banknotes in CFA which are interchangeable with the EURO.

6)   In 1972, the Banque des Etats de l’Afrique Centrale (BEAC) was set up to regulate monetary policy and issue and supervision of a common Banknote series for countries of the Union Douaniere et Economique de l’Afrique Centrale (UDEAC)  which included Cameroon, Central African Republic, Chad, Congo, Gabon and Equatorial Guinea. In 1999, the UDEAC’s role of monetary policy regulation was taken over by Communaute Economique et Monetaire de l’Afrique Centrale (CEMAC). The BEAC still issues Banknotes in CFA which are convertible to EURO.

(The Banknote illustration given in this Post is from the collection of Jayant Biswas. Article researched & written by Rajeev Prasad) 


Links: 

1) a) Central Bank of West African States issues: the "Franc Financial Cooperation in Central Africa (FCFA) b) Bank of Central African Cooperation in Central Africa (FFCCA)

2) Coinage of the French Polynesian Island of New Caledonia ("Nouvelle Caledonie" in French) - the CFP Franc.

3)  Financial Institution for issuing uniform currency/coinage for French Overseas territories in the Pacific & French Southern Territories of Antarctica "The Institut d'emission d'Outre-mer" (IEOM) for French Polynesia (Tahiti), New caledonia, Wallis-et-Futuna, and the erstwhile New Hebrides (present day Vanuatu) 

4) 2014 Emission of Banknotes for French Polynesia (Tahiti), New Caledonia, Wallis-et futuna and the erstwhile New Hebrides (present day Vanuatu)