{"id":3378,"date":"2025-05-21T08:30:00","date_gmt":"2025-05-21T06:30:00","guid":{"rendered":"https:\/\/www.aucoffre.com\/academie\/?p=3378"},"modified":"2025-05-21T12:10:48","modified_gmt":"2025-05-21T10:10:48","slug":"revolution-francaise-hyperinflation","status":"publish","type":"post","link":"https:\/\/www.aucoffre.com\/academie\/revolution-francaise-hyperinflation\/","title":{"rendered":"La R\u00e9volution fran\u00e7aise, les assignats et l\u2019hyperinflation"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Bien avant le XXe si\u00e8cle, la France a connu plusieurs exp\u00e9riences de papier-monnaie.\u00a0 La plus c\u00e9l\u00e8bre est sans doute celle du <a href=\"https:\/\/www.aucoffre.com\/academie\/histoire-de-la-monnaie-france\/\">Syst\u00e8me de John Law<\/a>. C\u2019est pourtant l\u2019\u00e9pisode mon\u00e9taire des assignats, dans le contexte de la R\u00e9volution fran\u00e7aise, qui pouss\u00e9 le plus loin les fronti\u00e8res de la planche \u00e0 billets. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Ce qu\u2019il faut retenir&nbsp;:&nbsp;<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Pendant plus de 50 ans, les cons\u00e9quences du Syst\u00e8me de Law ont vaccin\u00e9 la France contre tout syst\u00e8me de papier-monnaie&nbsp;;<\/li>\n\n\n\n<li>Louis XVI aurait probablement sauv\u00e9 sa t\u00eate s\u2019il avait \u00e9t\u00e9 un peu plus <em>\u00ab&nbsp;keyn\u00e9sien&nbsp;\u00bb<\/em>&nbsp;;<\/li>\n\n\n\n<li><em>\u00ab&nbsp;Le vrai drame de la R\u00e9volution n\u2019est pas \u00e0 l\u2019\u00e9chafaud ; il est dans le vertige de l\u2019assignat&nbsp;\u00bb<\/em>, pour reprendre la formule de Ren\u00e9 S\u00e9dillot.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">\u00c0 quand remonte l\u2019introduction du papier-monnaie en France\u00a0?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Dans son <em>Histoire du franc<\/em> (Sirey, 1979), l\u2019historien Ren\u00e9 S\u00e9dillot recense 6 exp\u00e9riences fran\u00e7aises de papier-monnaie&nbsp;:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>La monnaie de cartes, en Nouvelle-France, c\u2019est-\u00e0-dire au Canada (1685-1763)&nbsp;;<\/li>\n\n\n\n<li>Les billets de Monnaie (1701-1712)&nbsp;;<\/li>\n\n\n\n<li>Le Syst\u00e8me de Law (1716-1720)&nbsp;;<\/li>\n\n\n\n<li>La Caisse d\u2019escompte (1776-1793)&nbsp;;<\/li>\n\n\n\n<li>Les assignats (1789-1796)&nbsp;;<\/li>\n\n\n\n<li>Les mandats territoriaux (1796-1797).<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Je vais consacrer ce billet aux exp\u00e9riences de papier-monnaie \u00e9tant intervenues entre 1776 et f\u00e9vrier 1796.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">La Caisse d\u2019escompte (1776-1793)<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Le syst\u00e8me de Law (1716-1720), appliqu\u00e9e par l&rsquo;\u00e9conomiste \u00e9cossais John Law, avait pour objectif d&rsquo;am\u00e9liorer la sant\u00e9 financi\u00e8re de l&rsquo;\u00c9tat. Mais cette politique a surtout eu pour cons\u00e9quence une forte inflation et une perte totale de confiance dans le papier-monnaie.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Apr\u00e8s la d\u00e9confiture du <strong>Syst\u00e8me de Law<\/strong> en <strong>1720<\/strong>, la France conna\u00eet un demi-si\u00e8cle de relative stabilit\u00e9 mon\u00e9taire. <\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><img fetchpriority=\"high\" decoding=\"async\" width=\"800\" height=\"1007\" src=\"https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2025\/01\/1-law.jpg\" alt=\"\" class=\"wp-image-3380\" style=\"width:216px;height:auto\" srcset=\"https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2025\/01\/1-law.jpg 800w, https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2025\/01\/1-law-238x300.jpg 238w, https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2025\/01\/1-law-768x967.jpg 768w, https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2025\/01\/1-law-750x944.jpg 750w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><figcaption class=\"wp-element-caption\">John Law. <\/figcaption><\/figure>\n<\/div>\n\n\n<p class=\"wp-block-paragraph\">Les ennuis reprennent dans les ann\u00e9es 1770. En 1776, l\u2019\u00c9tat cr\u00e9\u00e9 un \u00e9tablissement destin\u00e9 \u00e0 recevoir des d\u00e9p\u00f4ts, \u00e0 escompter les effets de commerce et \u00e0 n\u00e9gocier <a href=\"https:\/\/www.loretlargent.info\/numismatique\/le-louis-dor-successeur-a-lecu-dor-et-au-franc-dor\/20937\/\">l\u2019or<\/a> et l\u2019argent. Cet \u00e9tablissement, dont les pouvoirs se limitent \u00e0 l\u2019\u00e9mission de billets de caisse, c\u2019est la <strong>Caisse d\u2019escompte<\/strong>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u00c0 deux reprises (1783 et 1788), l\u2019\u00c9tat, alors imp\u00e9cunieux, sollicite des avances de la Caisse au travers de Necker.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><img decoding=\"async\" width=\"496\" height=\"573\" src=\"https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2025\/01\/2-necker.jpg\" alt=\"\" class=\"wp-image-3381\" style=\"width:212px;height:auto\" srcset=\"https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2025\/01\/2-necker.jpg 496w, https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2025\/01\/2-necker-260x300.jpg 260w\" sizes=\"(max-width: 496px) 100vw, 496px\" \/><figcaption class=\"wp-element-caption\">Jacques Necker. <\/figcaption><\/figure>\n<\/div>\n\n\n<p class=\"wp-block-paragraph\">Ces imprudences sont cependant contenues&nbsp;: les \u00e9missions restent couvertes au plus du tiers par une encaisse m\u00e9tallique.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u00c0 vrai dire, pour S\u00e9dillot, \u00e0 qui l\u2019on ne peut pas reprocher d\u2019\u00eatre keyn\u00e9sien, <strong>la Caisse<\/strong> <strong>serait<\/strong> m\u00eame <strong>rest\u00e9e trop timor\u00e9e, \u00e0 l\u2019image du roi lui-m\u00eame<\/strong>&nbsp;: <em>\u00ab&nbsp;Tous les probl\u00e8mes financiers qui se posent en 1789 pourraient \u00eatre r\u00e9solus par une mutation mon\u00e9taire hardie, voire par une bonne inflation. Soixante ans de stabilit\u00e9 des esp\u00e8ces dissuadent de toute manipulation, et le Syst\u00e8me est encore trop proche pour qu\u2019on se risque \u00e0 le renouveler. Au prix d\u2019une crise mon\u00e9taire, Louis XVI ne fera pas l\u2019\u00e9conomie de la R\u00e9volution&nbsp;\u00bb<\/em>, raconte l\u2019historien.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">C\u2019est ainsi que l\u2019Histoire mon\u00e9taire de France voit s\u2019ouvrir son prochain chapitre\u2026<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">R\u00e9volution fran\u00e7aise\u00a0: l\u2019histoire des assignats (1789-1796)\u00a0<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">Quand a eu lieu l\u2019exp\u00e9rience des assignats lors de la R\u00e9volution fran\u00e7aise\u00a0? <\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Pr\u00e8s de 70 ans apr\u00e8s l\u2019exil de John Law, les Fran\u00e7ais n\u2019ont plus la hantise du papier-monnaie.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">La France est cependant de nouveau sujette \u00e0 des troubles politiques extr\u00eames.\u00a0<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Qui gouverne la France apr\u00e8s la R\u00e9volution du 1789&nbsp;?<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Le 20 juin 1789, c\u2019est le <strong>serment du jeu de Paume<\/strong>&nbsp;: les \u00c9tats deviennent <strong>Assembl\u00e9e nationale<\/strong>, et les d\u00e9put\u00e9s jurent de ne pas se s\u00e9parer avant d&rsquo;avoir donn\u00e9 \u00e0 la France une Constitution.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"676\" src=\"https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2025\/01\/3-serment-1024x676.jpg\" alt=\"\" class=\"wp-image-3382\" style=\"width:510px;height:auto\" srcset=\"https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2025\/01\/3-serment-1024x676.jpg 1024w, https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2025\/01\/3-serment-300x198.jpg 300w, https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2025\/01\/3-serment-768x507.jpg 768w, https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2025\/01\/3-serment-1536x1014.jpg 1536w, https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2025\/01\/3-serment-750x495.jpg 750w, https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2025\/01\/3-serment-1140x752.jpg 1140w, https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2025\/01\/3-serment.jpg 1920w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\"><em>Le <\/em><a href=\"https:\/\/fr.wikipedia.org\/wiki\/Serment_du_Jeu_de_paume\"><em>Serment<\/em><\/a><em> du Jeu de paume par Jacques-Louis David.<\/em><\/figcaption><\/figure>\n<\/div>\n\n\n<p class=\"wp-block-paragraph\">Les imp\u00f4ts ne rentrant plus, il est \u00e0 nouveau fait appel \u00e0 la Caisse d\u2019escompte, mais cela n\u2019est pas suffisant. Le <strong>risque de banqueroute<\/strong> est grand et il faut, de toute urgence, trouver de l\u2019argent.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Quelles sont les \u00e9tapes de la R\u00e9volution fran\u00e7aise&nbsp;de 1789 ?<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Le 2 novembre 1789, sur proposition de Talleyrand, <strong>l\u2019Assembl\u00e9e nationalise les biens du clerg\u00e9<\/strong>, prenant en contrepartie l&rsquo;entretien des ministres du Culte \u00e0 sa charge.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"705\" height=\"1024\" src=\"https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2025\/01\/4-Talleyrand-705x1024.jpg\" alt=\"\" class=\"wp-image-3383\" style=\"width:266px;height:auto\" srcset=\"https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2025\/01\/4-Talleyrand-705x1024.jpg 705w, https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2025\/01\/4-Talleyrand-206x300.jpg 206w, https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2025\/01\/4-Talleyrand-768x1116.jpg 768w, https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2025\/01\/4-Talleyrand-1057x1536.jpg 1057w, https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2025\/01\/4-Talleyrand-1409x2048.jpg 1409w, https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2025\/01\/4-Talleyrand-750x1090.jpg 750w, https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2025\/01\/4-Talleyrand-1140x1657.jpg 1140w, https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2025\/01\/4-Talleyrand-scaled.jpg 1761w\" sizes=\"(max-width: 705px) 100vw, 705px\" \/><figcaption class=\"wp-element-caption\"><a href=\"https:\/\/fr.wikipedia.org\/wiki\/Assignat\"><em>Talleyrand<\/em><\/a><em>, initiateur de la confiscation des biens du clerg\u00e9.<\/em><\/figcaption><\/figure>\n<\/div>\n\n\n<p class=\"wp-block-paragraph\">Suite \u00e0 cette spoliation, c\u2019est <strong>P\u00e9tion<\/strong>, d\u00e9put\u00e9 de Chartes, qui dira tout haut ce que tous les d\u00e9put\u00e9s pensent tout bas&nbsp;: <em>\u00ab <\/em><strong><em>Ne pouvons-nous fabriquer nous-m\u00eames le num\u00e9raire fictif<\/em><\/strong><em> dont la n\u00e9cessit\u00e9 est reconnue ? <\/em><strong><em>Nous avons \u00e0 notre disposition les fonds eccl\u00e9siastiques et domaniaux<\/em><\/strong><em>. Cr\u00e9ons des obligations \u00e0 ordre. Faisons-leur porter un int\u00e9r\u00eat. <\/em><strong><em>Assignons<\/em><\/strong><em>-leur un paiement certain \u00bb.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Les biens du clerg\u00e9<strong> <\/strong>ne pouvant \u00eatre vendus sur le champ, <strong>il s\u2019agit de gager du papier sur les tr\u00e9sors fonciers nationalis\u00e9s<\/strong>, en divisant la valeur de ces biens, comme pour une soci\u00e9t\u00e9 par action.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ainsi naissent les <strong>assignats<\/strong>, en d\u00e9cembre 1789, qui seront \u00e9mis par la <strong>Caisse de l\u2019extraordinaire<\/strong>, cr\u00e9\u00e9e pour l\u2019occasion. Notez que l\u2019Assembl\u00e9e a soigneusement \u00e9vit\u00e9 de cr\u00e9er un nouveau <em>\u00ab\u00a0billet\u00a0\u00bb<\/em> ou une nouvelle <em>\u00ab\u00a0Banque\u00a0\u00bb<\/em>. Il s\u2019agit de ne pas rappeler \u00e0 la m\u00e9moire collective les souvenirs du funeste <a href=\"https:\/\/www.aucoffre.com\/academie\/histoire-de-la-monnaie-france\/\">Syst\u00e8me de Law<\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">En avril 1790, les 400 millions d\u2019<strong>assignats<\/strong> de 1 000 livres \u00e9mis, qui n\u2019\u00e9taient alors que des bons, <strong>deviennent monnaie<\/strong>, c\u2019est-\u00e0-dire qu\u2019ils ont cours l\u00e9gal dans tout le Royaume.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Mais les r\u00e9volutionnaires ne vont pas en rester l\u00e0\u2026<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Des premiers assignats \u00e0 l\u2019inflation r\u00e9volutionnaire<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Le probl\u00e8me est le suivant&nbsp;: la nuit du 4 ao\u00fbt 1789, avec l&rsquo;<strong>abolition des privil\u00e8ges<\/strong>, l\u2019Assembl\u00e9e nationale a <strong>supprim\u00e9<\/strong> les <strong>imp\u00f4ts indirects<\/strong>.&nbsp;<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"771\" src=\"https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2025\/01\/6-nuit-1024x771.jpg\" alt=\"\" class=\"wp-image-3385\" style=\"width:413px;height:auto\" srcset=\"https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2025\/01\/6-nuit-1024x771.jpg 1024w, https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2025\/01\/6-nuit-300x226.jpg 300w, https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2025\/01\/6-nuit-768x578.jpg 768w, https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2025\/01\/6-nuit-750x565.jpg 750w, https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2025\/01\/6-nuit-1140x859.jpg 1140w, https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2025\/01\/6-nuit.jpg 1280w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\"><a href=\"https:\/\/fr.wikipedia.org\/wiki\/Nuit_du_4_ao%C3%BBt_1789\"><em>Estampe de la s\u00e9ance du 4 ao\u00fbt<\/em><\/a><em> par Charles Monnet<\/em>. <\/figcaption><\/figure>\n<\/div>\n\n\n<p class=\"wp-block-paragraph\">L\u2019\u00c9tat n\u2019est donc plus en mesure d\u2019emprunter. Comment alors financer l\u2019action publique&nbsp;?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">La r\u00e9ponse est toute trouv\u00e9e\u00a0: pour parer au d\u00e9ficit grandissant du Tr\u00e9sor, <strong>il suffit de cr\u00e9er de nouveaux assignats\u00a0!<\/strong> C&rsquo;est-\u00e0-dire de faire tourner la planche \u00e0 billets. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Les arguments de Talleyrand, Lavoisier et Condorcet ne r\u00e9sistent pas \u00e0 ceux de Barnave, P\u00e9tion, Mirabeau et Gouget des Landes&nbsp;: en septembre 1790, l\u2019Assembl\u00e9e vote une <strong>nouvelle cr\u00e9ation d\u2019assignats<\/strong>, avant que les <strong>coupures<\/strong> ne tombent \u00e0 5 livres (6 mai 1791), puis \u00e0 <strong>10 sous<\/strong> (23 d\u00e9cembre 1791).&nbsp;<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"714\" src=\"https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2025\/01\/7-assignat-de-5-livres-1024x714.jpg\" alt=\"\" class=\"wp-image-3386\" style=\"width:541px;height:auto\" srcset=\"https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2025\/01\/7-assignat-de-5-livres-1024x714.jpg 1024w, https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2025\/01\/7-assignat-de-5-livres-300x209.jpg 300w, https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2025\/01\/7-assignat-de-5-livres-768x535.jpg 768w, https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2025\/01\/7-assignat-de-5-livres-1536x1071.jpg 1536w, https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2025\/01\/7-assignat-de-5-livres-2048x1427.jpg 2048w, https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2025\/01\/7-assignat-de-5-livres-750x523.jpg 750w, https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2025\/01\/7-assignat-de-5-livres-1140x795.jpg 1140w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\"><a href=\"https:\/\/fr.wikipedia.org\/wiki\/Assignat\"><em>Assignat<\/em><\/a><em> de 5 livres (1791).<\/em><\/figcaption><\/figure>\n<\/div>\n\n\n<p class=\"wp-block-paragraph\">La <strong>d\u00e9mesure<\/strong> succ\u00e8de alors \u00e0 la raison : <em>\u00ab&nbsp;Pour acc\u00e9l\u00e9rer les \u00e9missions, on agrandit les s\u00e9cheries de papier et les ateliers d\u2019imprimerie, on multiplie les presses en activit\u00e9, on embauche du personnel pour num\u00e9roter et signer les billets, puis, pour gagner du temps, on renonce \u00e0 toute mention manuscrite : les presses s\u2019en chargeront&nbsp;\u00bb<\/em>, raconte S\u00e9dillot.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Entre-temps, non seulement <strong>la France est entr\u00e9e en guerre<\/strong> contre la <strong>Premi\u00e8re Coalition<\/strong> (1792), mais la <strong>Chouannerie<\/strong> (1792\u20131800) et la <strong>guerre de Vend\u00e9e<\/strong> (1793\u20131796) opposent r\u00e9publicains et royalistes.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">En mai-juin 1793, nous en sommes \u00e0 <strong>5 800 millions d\u2019assignats<\/strong>. C\u2019est <em>\u00ab&nbsp;d\u00e9j\u00e0 plus de deux fois plus que n\u2019a fait Law&nbsp;\u00bb<\/em>, commente S\u00e9dillot.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pour conserver la confiance du peuple, <strong>l\u2019Assembl\u00e9e majore la valeur du gage foncier<\/strong> en r\u00e9\u00e9valuant les domaines nationaux de 2 600 millions\u2026 \u00e0 3 100 millions\u2026 puis \u00e0 4 600 millions. Entre temps, l\u2019Assembl\u00e9e a <strong>nationalis\u00e9<\/strong> les <strong>biens<\/strong> des <strong>\u00e9migr\u00e9s<\/strong> et des <strong>condamn\u00e9s<\/strong>.\u00a0<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>\u00ab&nbsp;La guillotine bat monnaie. Paris chante les exploits financiers du bourreau : \u201cGrand tr\u00e9sorier de France &#8211; O sublime Samson &#8211; Combien dans la finance &#8211; Tu surpasses Cambon&#8230;<\/em> <em>\u201d.&nbsp;\u00bb<\/em>, raconte S\u00e9dillot.Pour ne rien arranger, les <strong>faux-monnayeurs<\/strong> et les <strong>sp\u00e9culateurs<\/strong> de France et de Navarre s\u2019en donnent \u00e0 c\u0153ur joie. Mais cela n\u2019est rien en comparaison de l\u2019action des presses officielles.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"818\" height=\"480\" src=\"https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2025\/01\/9-vrai.jpg\" alt=\"\" class=\"wp-image-3387\" style=\"width:556px;height:auto\" srcset=\"https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2025\/01\/9-vrai.jpg 818w, https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2025\/01\/9-vrai-300x176.jpg 300w, https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2025\/01\/9-vrai-768x451.jpg 768w, https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2025\/01\/9-vrai-750x440.jpg 750w\" sizes=\"(max-width: 818px) 100vw, 818px\" \/><figcaption class=\"wp-element-caption\"><em>Le <\/em><a href=\"https:\/\/fr.wikipedia.org\/wiki\/Assignat\"><em>v\u00e9ritable assignat<\/em><\/a><em> de 300 livres \u00ab \u00e0 face royale \u00bb ayant servi de mod\u00e8le.<\/em><\/figcaption><\/figure>\n<\/div>\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"767\" height=\"433\" src=\"https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2025\/01\/10-faux.jpg\" alt=\"\" class=\"wp-image-3388\" style=\"width:503px;height:auto\" srcset=\"https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2025\/01\/10-faux.jpg 767w, https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2025\/01\/10-faux-300x169.jpg 300w, https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2025\/01\/10-faux-750x423.jpg 750w\" sizes=\"(max-width: 767px) 100vw, 767px\" \/><figcaption class=\"wp-element-caption\"><a href=\"https:\/\/fr.wikipedia.org\/wiki\/Assignat\"><em>Faux assignat<\/em><\/a><em> de 300 livres portant au dos le cachet \u00ab Assignat certifi\u00e9 faux &#8211; Deperey &#8211; V\u00e9rificateur en chef \u00bb.<\/em><\/figcaption><\/figure>\n<\/div>\n\n\n<p class=\"wp-block-paragraph\">\u00c0 quelle allure les assignats ont-ils perdu de leur valeur&nbsp;?<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">De l\u2019inflation r\u00e9volutionnaire \u00e0 la Terreur mon\u00e9taire<\/h3>\n\n\n\n<h4 class=\"wp-block-heading\">Quand l\u2019inflation a-t-elle commenc\u00e9 durant la R\u00e9volution fran\u00e7aise&nbsp;?<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Jusqu\u2019au milieu de 1790, l\u2019assignat conserve sa valeur. Mais un an plus tard, il en a perdu 15 % et, en juillet 1793, 64 %.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u00ab <em>A Paris m\u00eame, le procureur g\u00e9n\u00e9ral doit requ\u00e9rir la force <\/em><strong><em>arm\u00e9e<\/em><\/strong><em> pour <\/em><strong><em>prot\u00e9ger la fabrique d\u2019assignats<\/em><\/strong><em>, dont on menace de d\u00e9truire les presses&nbsp;\u00bb<\/em>. Dans un contexte de guerre, <em>\u00ab&nbsp;la d\u00e9pr\u00e9ciation varie selon les circonstances : les victoires soutiennent le cours de l\u2019assignat, les d\u00e9faites et les insurrections lui sont fatales&nbsp;\u00bb<\/em>, commente S\u00e9dillot.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Mais globalement, les prix montent, et c\u2019est la famine.<\/p>\n\n\n\n<h4 class=\"wp-block-heading has-text-align-center\">L\u2019inflation, symbole de la R\u00e9volution fran\u00e7aise<\/h4>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"698\" src=\"https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2025\/01\/11-valeur-1024x698.png\" alt=\"\" class=\"wp-image-3389\" style=\"width:399px;height:auto\" srcset=\"https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2025\/01\/11-valeur-1024x698.png 1024w, https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2025\/01\/11-valeur-300x205.png 300w, https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2025\/01\/11-valeur-768x524.png 768w, https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2025\/01\/11-valeur-750x512.png 750w, https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2025\/01\/11-valeur-1140x778.png 1140w, https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2025\/01\/11-valeur.png 1299w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\"><a href=\"https:\/\/en.wikipedia.org\/wiki\/Assignat\"><em>Valeur<\/em><\/a><em> des Assignats (1789-1796)<\/em>. <\/figcaption><\/figure>\n<\/div>\n\n\n<p class=\"wp-block-paragraph\">Puis arrive ce moment o\u00f9 <strong>la mauvaise monnaie<\/strong> se met \u00e0 <strong>chasser la bonne<\/strong>&nbsp;: rapidement, <strong>tout ce qui a de la valeur <\/strong>est <strong>th\u00e9sauris\u00e9<\/strong>. Le commerce s\u2019effondre, puisqu\u2019en d\u00e9pit du cours l\u00e9gal, plus grand monde n\u2019accepte les assignats.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">En r\u00e9action, l\u2019Assembl\u00e9e d\u00e9cide que toutes les r\u00e9serves doivent \u00eatre d\u00e9clar\u00e9es&nbsp;: grains, farines, graisses, l\u00e9gumes, rien n\u2019y \u00e9chappe. Particuliers comme marchands, tous doivent <strong>d\u00e9clarer<\/strong> et <strong>mettre en vente<\/strong> leurs <strong>stocks<\/strong>, sous <strong>peine de mort<\/strong>.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>\u00ab&nbsp;Caves, greniers et entrep\u00f4ts re\u00e7oivent la visite des commissaires, de jour et de nuit. La perquisition vient au secours de la r\u00e9quisition&nbsp;\u00bb<\/em>, raconte S\u00e9dillot.La <strong>Terreur<\/strong> mon\u00e9taire se met en place.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">L\u2019\u00e9tape suivante est \u00e9crite d\u2019avance&nbsp;: la <strong>Convention nationale<\/strong> (c\u2019est-\u00e0-dire l\u2019assembl\u00e9e constituante \u00e9lue en septembre 1792), <strong>fixe un maximum<\/strong> pour le prix des grains, puis de <strong>tous les prix et les salaires<\/strong> (septembre 1793). Les contrevenants risquent la <strong>mort<\/strong>, tout comme ceux qui refusent les assignats (septembre 1793 \u00e9galement).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">En d\u00e9pit de ce risque, le <strong>march\u00e9 noir<\/strong> se d\u00e9veloppe, et chaque marchandise a deux prix&nbsp;: l\u2019un en papier, l\u2019autre en nature.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Il faut attendre mars 1794 pour que la <strong>Convention lib\u00e8re les prix, les changes, la Bourse et les m\u00e9taux<\/strong>&#8230; pour mieux relancer l\u2019<strong>inflation<\/strong>&nbsp;! Pour <strong>Cambon<\/strong>, la saisie de biens fonciers en Belgique est l\u2019occasion de r\u00e9\u00e9valuer le montant des domaines nationaux, et de fabriquer <strong>3 200 millions de nouveaux assignats<\/strong>.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"700\" height=\"795\" src=\"https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2025\/01\/13-cambon.jpg\" alt=\"\" class=\"wp-image-3390\" style=\"width:215px;height:auto\" srcset=\"https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2025\/01\/13-cambon.jpg 700w, https:\/\/www.aucoffre.com\/academie\/wp-content\/uploads\/sites\/9\/2025\/01\/13-cambon-264x300.jpg 264w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><figcaption class=\"wp-element-caption\">Pierre-Joseph Cambon. <\/figcaption><\/figure>\n<\/div>\n\n\n<p class=\"wp-block-paragraph\">Sous le Directoire, le <strong>Conseil des Cinq-Cents<\/strong> (la chambre basse du parlement) semble sonner la <strong>fin de cette grande exp\u00e9rience mon\u00e9taire<\/strong>. Le 23 d\u00e9cembre 1795, il est d\u00e9cid\u00e9 une <strong>derni\u00e8re impression d\u2019assignats<\/strong>, apr\u00e8s quoi <strong><em>\u00ab&nbsp;les planches seront bris\u00e9es&nbsp;\u00bb<\/em><\/strong>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Les assignats, du d\u00e9but \u00e0 la fin de la R\u00e9volution fran\u00e7aise\u00a0: quelles cons\u00e9quences\u00a0?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Quelques chiffres, tout d\u2019abord\u00a0: combien d\u2019assignats ont \u00e9t\u00e9 imprim\u00e9s ? <em>\u00ab\u00a0Au total, quand prendra fin officiellement l\u2019aventure, il circulera plus de <\/em><strong><em>39 milliards d\u2019assignats<\/em><\/strong><em>. II en aura \u00e9t\u00e9 fabriqu\u00e9 pour plus de <\/em><strong><em>45 milliards<\/em><\/strong><em> ; soit <\/em><strong><em>quinze fois plus que durant le Syst\u00e8me de Law<\/em><\/strong><em>. La <\/em><strong><em>R\u00e9volution<\/em><\/strong><em> aura <\/em><strong><em>multipli\u00e9 par 20<\/em><\/strong><em>, en sept ann\u00e9es, le <\/em><strong><em>volume des moyens de paiement<\/em><\/strong><em>\u00a0\u00bb<\/em>, compte S\u00e9dillot.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Le retour du troc<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Ce papier ne vaut plus rien, mais il reste accept\u00e9 \u00e0 sa valeur nominale par l\u2019\u00c9tat et pour le r\u00e8glement des dettes priv\u00e9es. Les cr\u00e9anciers s\u2019en trouvent donc ruin\u00e9s, et les d\u00e9biteurs lib\u00e9r\u00e9s.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">L\u2019exp\u00e9rience des assignats est ainsi l\u2019occasion d\u2019un <strong>vaste transfert de richesse au sein de la soci\u00e9t\u00e9<\/strong>. Voici comment S\u00e9dillot raconte ce ph\u00e9nom\u00e8ne&nbsp;: <em>\u00ab&nbsp;les biens nationaux trouvent preneurs. Par la gr\u00e2ce de l\u2019assignat, un vaste transfert de propri\u00e9t\u00e9s est r\u00e9alis\u00e9 <\/em><strong><em>au profit des fermiers<\/em><\/strong><em>, des <\/em><strong><em>m\u00e9tayers<\/em><\/strong><em>, de la <\/em><strong><em>petite bourgeoisie de province<\/em><\/strong><em>, des <\/em><strong><em>artisans<\/em><\/strong><em>, parfois m\u00eame des <\/em><strong><em>man\u0153uvres<\/em><\/strong><em> et des <\/em><strong><em>journaliers<\/em><\/strong><em>. Du Berry \u00e0 la Savoie, de la Provence \u00e0 la Gironde, c\u2019est une immense rafle de grands et de petits domaines, de clos, de jardins, de pr\u00e9s, de m\u00e9tairies. Les terres d\u2019une abbaye du Poitou sont c\u00e9d\u00e9es au cinqui\u00e8me de leur valeur. Tel paysan vend une livre de beurre au march\u00e9 et avec ce qu\u2019il en touche, ach\u00e8te s\u00e9ance tenante vingt-deux arpents de terre. Les salles d\u2019ench\u00e8res sont envahies. \u00c0 d\u00e9faut de biens immeubles, on ach\u00e8te n\u2019importe quoi : bijoux, or, argenterie, vaisselle plate. \u201c\u00c9trange \u00e9poque o\u00f9 l\u2019on trouve \u00e0 se procurer du savon chez son cordonnier, du drap d\u2019Elbeuf au restaurant, de la dentelle chez le pharmacien, des haricots chez le coiffeur\u201d (Pierre Bessand-Massenet, \u201cde Robespierre \u00e0 Bonaparte\u201d).&nbsp;\u00bb<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Puis, le <strong>troc<\/strong> rempla\u00e7ant peu \u00e0 peu le commerce en d\u00e9pit du risque de mort, <strong>l\u2019\u00c9tat<\/strong> lui-m\u00eame finit par <strong>ne plus accepter les assignats<\/strong>.Il ne reste qu\u2019\u00e0 consacrer la <strong>faillite<\/strong>. Ce sera chose faite&nbsp;le 19 f\u00e9vrier 1796. \u00c0 9 heures, place Vend\u00f4me, des tombereaux d\u2019<strong>assignats<\/strong> sont <strong>br\u00fbl\u00e9s<\/strong> avec les <strong>planches \u00e0 billets<\/strong>. L\u2019assignat est mort.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Le d\u00e9veloppement de monnaies de confiance<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">L&rsquo;inflation de l&rsquo;assignat, la perte de confiance ainsi que la p\u00e9nurie de num\u00e9raire m\u00e9tallique ont une autre cons\u00e9quence. Sous l&rsquo;impulsion de villes, de d\u00e9partements ou m\u00eame d&rsquo;organisations priv\u00e9es, des \u00ab\u00a0billets de confiance\u00a0\u00bb ou \u00ab\u00a0monnaies de confiance\u00a0\u00bb voient le jour. Ces monnaies papier, \u00e9mises localement, circulent notamment entre 1790 et 1793 pour faciliter les transactions du quotidien. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Parmi les initiatives notables, les fr\u00e8res Monneron ont obtenu en 1791 le droit de frapper leur propre monnaie de cuivre (et bronze), appel\u00e9e \u201cmonneron\u201d. Ces pi\u00e8ces, destin\u00e9es \u00e0 pallier la p\u00e9nurie de petite monnaie, ont circul\u00e9 jusqu\u2019\u00e0 la fin de 1793. <\/p>\n\n\n\n<pre class=\"wp-block-preformatted\">La <a href=\"https:\/\/www.aucoffre.com\/recherche\/metal-3\/marketing_list-4\/stype-171\/produit\">Vera Silver Monneron d'une once d'argent<\/a> a \u00e9t\u00e9 con\u00e7ue comme un hommage aux monnaies de confiance de l'\u00e9poque, qui servaient de refuge face \u00e0 l'instabilit\u00e9 mon\u00e9taire.<\/pre>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<div class=\"jeg_video_container jeg_video_content\"><iframe title=\"Les pi\u00e8ces Vera Silver 1 once &quot;Jetons&quot; et &quot;Monneron&quot; : les coulisses de fabrication | AuCOFFRE\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/q_GybHFZi_0?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/div>\n<\/div><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">La r\u00e9forme du syst\u00e8me mon\u00e9taire<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">La perte de confiance dans la monnaie-papier ainsi que l&rsquo;h\u00e9ritage r\u00e9volutionnaire (et la fin du Louis d&rsquo;or) se traduisent aussi par une r\u00e9forme du syst\u00e8me mon\u00e9taire fran\u00e7ais. Ce qui donne lieu \u00e0 la frappe du <a href=\"https:\/\/www.aucoffre.com\/recherche\/metal-1\/marketing_list-5\/stype-1\/produit\">Napol\u00e9on<\/a>, une <a href=\"https:\/\/www.aucoffre.com\/academie\/napoleon-piece-or\/\">pi\u00e8ce d&rsquo;or rapidement devenue embl\u00e9matique<\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ceci dit, l\u2019histoire du papier-monnaie r\u00e9volutionnaire n\u2019est pas termin\u00e9e.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Des cendres des assignats vont na\u00eetre les <strong>mandats territoriaux<\/strong>.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Mais c\u2019est-l\u00e0 une autre histoire, que je vous conterai une prochaine fois.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bien avant le XXe si\u00e8cle, la France a connu plusieurs exp\u00e9riences de papier-monnaie.\u00a0 La plus c\u00e9l\u00e8bre est sans doute celle du Syst\u00e8me de John Law. C\u2019est pourtant l\u2019\u00e9pisode mon\u00e9taire des assignats, dans le contexte de la R\u00e9volution fran\u00e7aise, qui pouss\u00e9 le plus loin les fronti\u00e8res de la planche \u00e0 billets. Ce qu\u2019il faut retenir&nbsp;:&nbsp; \u00c0 [&hellip;]<\/p>\n","protected":false},"author":22,"featured_media":3379,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","jnews-multi-image_gallery":[],"jnews_single_post":{"subtitle":"","format":"standard","video":"","gallery":"","source_name":"","source_url":"","via_name":"","via_url":"","override_template":"0","override":[{"template":"8","single_blog_custom":"","parallax":"1","fullscreen":"0","layout":"no-sidebar-narrow","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"bottom","share_float_style":"share-monocrhome","show_share_counter":"1","show_view_counter":"1","show_featured":"1","show_post_meta":"1","show_post_author":"0","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"1","post_reading_time_wpm":"300","show_zoom_button":"0","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"1","show_prev_next_post":"1","show_popup_post":"1","number_popup_post":"2","show_author_box":"1","show_post_related":"1","show_inline_post_related":"0"}],"override_image_size":"0","image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post":"0","trending_post_position":"meta","trending_post_label":"Trending","sponsored_post":"0","sponsored_post_label":"Sponsored by","sponsored_post_name":"","sponsored_post_url":"","sponsored_post_logo_enable":"0","sponsored_post_logo":"","sponsored_post_desc":"","disable_ad":"0"},"jnews_primary_category":{"id":"","hide":""},"jnews_social_meta":{"fb_title":"","fb_description":"","fb_image":"","twitter_title":"","twitter_description":"","twitter_image":""},"jnews_override_counter":{"override_view_counter":"0","view_counter_number":"0","override_share_counter":"0","share_counter_number":"0","override_like_counter":"0","like_counter_number":"0","override_dislike_counter":"0","dislike_counter_number":"0"},"footnotes":""},"categories":[81],"tags":[87,97],"niveau":[131],"class_list":["post-3378","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economie","tag-economie","tag-histoire","niveau-intermediaire"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>La R\u00e9volution fran\u00e7aise, les assignats et l\u2019hyperinflation<\/title>\n<meta name=\"description\" content=\"Bien avant le XXe si\u00e8cle, la France a connu plusieurs exp\u00e9riences de papier-monnaie. 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