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 18th century, the Cornishman Samuel Wallis visited the Island, which is named after him.
In the late 18th 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
18th 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)
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)
