Gold Franc


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Gold Franc

An accounting currency used by the Bank for International Settlements between 1930 and 2003. The gold franc was equal in value to 0.290 grams of fine gold, which was also the peg used by the Swiss franc for a time. The BIS replaced the gold franc with Special Drawing Rights.
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The Bank of Poland was created in 1924, together with the zloty, equal to a Freh gold franc. 1945 The Soviet ruble was extended to the new territories.
Before the ECU, ICF used something called the International Union of Railways franc; before that, it was the Swiss gold franc.
(5.)The BIS uses the gold franc (equivalent to 0.29 gram of fine gold) as a unit of account for balance-sheet purposes.
Giuseppe Verdi composed "Opera Aida" for 150,000 gold francs in 1870, while Khedive Ismail Pasha had the Khedivial Opera House built in only six months to host the Opening of the Suez Canal celebrations.
France imposed a debt of 150m gold francs on Haiti in return for recognition of the colony's independence, following a successful slave revolt in 1791.
Even though Goldline's disclosure materials do mention that its sales reps may call to "discuss other products which carry a higher spread such as the European gold francs" before an order is finalized, Quirindongo was caught off guard.
In 1825, France promised the Haitian government that it would not invade Haiti again if it paid $90 million in gold francs (approximately $22 billion in today's currency) for restitution to France and French slave owners for lost "property." (Yes, this included slaves.)
The amount for Haiti was later lowered to 90 million gold francs.
By the Treaty of Frankfurt on May 10th, 1871, France lost Alsace (except Belfort) and the German part of Lorraine--including the fortresses of Metz and Strasbourg--and had to pay an indemnity of five billion gold francs.
Such was the gravity of the situation, that the French government offered a reward of 300,000 gold francs, but the solution proved elusive, and divided opinion between the ' Sulphuristes' and the ' Americainistes'.
One of the Haitian president's pet projects was restitution from France of 90 million gold francs that France made Haiti pay for its independence.
In 1838, Haiti was forced to pay a ransom of 90 million gold francs to its French colonial masters to break the economic and diplomatic embargo that France had placed on the new republic after refusing to recognise its independence.