The gold franc was the unit of account for the Bank for International Settlements from 1930 until April 1, 2003. It was replaced with the special drawing right. It was originally based on the Franc Germinal, and remained at the value the franc was pegged (0.290g fine gold) after the countries of the Latin Monetary Union came off the gold standard.
The gold franc was used in the Anglo-French Condominium of the New Hebrides (now Vanuatu) as the currency in which the joint administration's postal service denominated its stamps. This added to the already confused situation in which the Australian dollar and the New Hebrides franc were used in normal trade (and in which even the pound sterling turned up the columns of earlier joint administration budgetary documents).
Read more about Gold Franc: Swiss Gold Franc Initiative
Famous quotes containing the word gold:
“I am opposed to writing about the private lives of living authors and psychoanalyzing them while they are alive. Criticism is getting all mixed up with a combination of the Junior F.B.I.- men, discards from Freud and Jung and a sort of Columnist peep- hole and missing laundry list school.... Every young English professor sees gold in them dirty sheets now. Imagine what they can do with the soiled sheets of four legal beds by the same writer and you can see why their tongues are slavering.”
—Ernest Hemingway (1899–1961)