History
After an initial period during which barter prevailed, the French livre began to circulate. In order to encourage coins into the colony, those circulating in New France were valued at a premium, creating a monnoye de pays (monnaie de pays in Modern French) worth less than the French currency (monnoye de France, monnaie de France in Modern French). The premium was set at one eighth in 1664, raised to one third in 1680. The New France currency was distinguished by the extensive use of paper money. However, early issues did not maintain their value. In 1717, the premium for coins was abolished, the card money was redeemed at half its face value and the New France livre was set equal to the French livre. Further paper money was issued. In the 1750s, the backing of paper money by coins was suspended, causing the hoarding of coins. Following the British conquest of New France, the paper money lost its value and the livre was replaced by the pound.
Read more about this topic: New France Livre
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