Small Denomination Banknotes from 1864 to 1878: A Menacing Innovation \ldots to Whom?

International audienceDuring the 19th century, the Bank of France adhered to a doctrine that made small denomination banknotes the source of many dangers: panic movements; risk of inflation; unwelcome reminder of the ``assignats''; counterfeiting. However, the rapid sequence of the 1870 war, the defeat, a record indemnity and a monetary crisis forced the Bank to issue millions of small 25, 20 and 5 francs denominations. But this innovation, the daughter of necessity, in no way inflected the Bank's orthodox doctrine. As soon as 1873, it undertook to withdraw these small bills for motives that were not all of general interest