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FEDERAL RESERVE BANK
OF NEW YORK
Fiscal A g e n t of the United States
2
[Circular N o .19459 5 7 1J
June 9,

EXCHANGE

OF FRENCH

PAPER

CURRENCY

To all Banking Institutions, and Others Concerned,
in the Second Federal Reserve
District:

The Treasury Department has advised us under date of June 8 that on such date it received
the following announcement from the French Embassy in Washington:
EXCHANGE OF FRENCH PAPER CURRENCY
T h e paper currency issued prior t o June 4, 1945, b y the Bank of France in the denominations
of 50, 100, 500, 1,000, and 5,000 francs ceased to be legal tender as of June 4, 1945. Such currency
held b y persons or institutions in the United Slates will be exchanged, under certain conditions,
f o r franc a c c o u n t s in banks in F r a n c e , e x c e p t that holders of a total of 1,000 francs or less will b e
g i v e n n e w notes in exchange.
T r i c o l o r currency in the same d e n o m i n a t i o n s issued for the use of the allied expeditionary
f o r c e s in F r a n c e will also be e x c h a n g e d . H o w e v e r , currency issued b y central banks in F r e n c h
territory outside continental France, such as the Bank of M o r o c c o , the Bank of Algeria, etc., will
c o n t i n u e to retain its legal-tender status.
In the U n i t e d States, the e x c h a n g e will be made through the F r e n c h consular offices in
a c c o r d a n c e w i t h the f o l l o w i n g p r o c e d u r e :
D e p o s i t of the old c u r r e n c y must be made with the appropriate consular offices not later than
June 24.
E a c h deposit must be enclosed in a container indicating the a m o u n t of currency being deposited
and bearing the name and address of the p e r s o n or institution m a k i n g the deposit, and the name
and address of the o w n e r w h e n the deposit is m a d e b y s o m e other person or institution.
In the case of b a n k i n g institutions h o l d i n g large a m o u n t s of such currency, the consular
officers are authorized to w a i v e the deposit of the currency, and such holders should c o m m u n i c a t e
with the appropriate consular office as t o the p r o c e d u r e w h i c h they m a y f o l l o w .
T h e a b o v e procedures d o not apply t o franc currency held b y Federal R e s e r v e Banks, w h i c h
have received instructions direct f r o m the Bank of F r a n c e ; or to the military services, w h i c h have
made special arrangements with the F r e n c h authorities f o r the c o n v e r s i o n of franc currency
acquired as p a y and a l l o w a n c e s prior to the c o n v e r s i o n period.
Further information to the depositors of this c u r r e n c y will b e announced through the
F r e n c h consular offices at a later date.
T h e location of the F r e n c h consular offices and the areas served b y them are as f o l l o w s :
Chancery of F r e n c h E m b a s s y , W a s h i n g t o n , D . C., 2129 W y o m i n g A v e n u e , N . W . : D i s trict of Columbia, M a r y l a n d , P u e r t o R i c o .
F r e n c h Consulate General, 610 F i f t h A v e n u e , N e w Y o r k , N e w Y o r k : Connecticut, N e w
Jersey, N e w Y o r k , V e r m o n t , Maine, Massachusetts, N e w H a m p s h i r e , R h o d e Island, P e n n s y l vania, V i r g i n i a , W e s t V i r g i n i a , D e l a w a r e .
F r e n c h Consulate General, 919 N. M i c h i g a n A v e n u e , C h i c a g o , I l l i n o i s : N o r t h and S o u t h
D a k o t a , Illinois, Indiana, I o w a , K a n s a s , M i c h i g a n , Missouri, Minnesota, Nebraska, W i s c o n s i n ,
Ohio, Kentucky.
F r e n c h Consulate General, M a i s o n B l a n c h e Building, Canal Street, N e w O r l e a n s :
A l a b a m a , Arkansas, Florida, G e o r g i a , L o u i s i a n a , Mississippi, T e n n e s s e e , O k l a h o m a , T e x a s ,
N o r t h and South Carolina.
F r e n c h Consulate General, 690 M a r k e t
Nevada, Utah, Colorado, W y o m i n g , Oregon,
M e x i c o , Alaska, H a w a i i .

Street, San F r a n c i s c o , C a l i f o r n i a : California,
Idaho, M o n t a n a , W a s h i n g t o n , A r i z o n a , N e w

In order to facilitate the exchange of French franc currency in accordance with this program, the Treasury Department has issued a license to the French Embassy authorizing all
transactions incident to the exchange by such embassy or its agents of French franc currency.
This license also authorizes the exchange of short term French Government securities "which
are subject to a similar exchange arrangement. Such license also authorizes withdrawals from
blocked accounts for the purpose of complying with the procedure described above.
Additional copies of this circular will be furnished upon request.




ALLAN SPROUL,

President.


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102