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FEDERAL RESERVE BANK OF DALLAS F IS C A L A G E N T O F T H E U N IT E D S T A T E S Dallas, T exas, June 12, 1945 To A ll Banking Institutions, and Others Concerned, in the Eleventh Federal Reserve D istric t: The Treasury Department has advised that under date of June 8, 1945, it received the following announcement from the French Embassy in Washington: “ EXCHANGE OF FRENCH PAPER CURRENCY “ The paper currency issued prior to June 4, 1945, by the .Bank of France in denomi nations of 50, 100, 500, 1,000 and 5,000 francs ceased to be legal tender as of June 4, 1945. Such currency held by persons or institutions in the United States will be ex changed, under certain conditions, for franc accounts in banks in France, except that holders of a total of 1,000 francs or less will be given new notes in exchange. “Tricolor currency in the same denominations issued for the use of the Allied Expeditionary Forces in France will also be exchanged. However, currency issued by central banks in French territory outside continental France, such as the Bank of Morocco, the Bank of Algeria, etc., will continue to retain its legal-tender status. “ In the United States, the exchange will be made through the French consular offices in accordance with the following procedure: “Deposit of the old currency must be made with the appropriate consular offices not later than June 24. “ Each deposit must be enclosed in a container indicating the amount of currency being deposited and bearing the name and address of the person or institution making the deposit, and the name and address, of the owner when the deposit is made by some other person or institution. “ In the case of banking institutions holding large amounts of such currency, the consular officers are authorized to waive the deposit of the currency, and such holders should communicate with the appropriate consular office as to the procedure which they may follow. “ The above procedures do not apply to franc currency held by Federal Reserve banks, which have received instructions direct from the Bank of France; or to the military services, which have made special arrangements with the French authorities for the conversion of franc currency acquired as pay and allowances prior to the con version period. “ Further information to the depositors of this currency will be announced through the French consular offices at a later date. “ The location of the French consular offices and the areas served by them are as follows: “ Chancery of French Embassy, Washington, D. C., 2129 Wyoming Avenue, N. W .: District of Columbia, Maryland, Puerto Rico. “ French Consulate General, 610 Fifth Avenue, New York, New York: Connecticut, New Jersey, New York, Vermont, Maine, Massachusetts, New Hampshire, Rhode Island, Pennsylvania, Virginia, West Virginia, Delaware. (over) This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org) “French Consulate General, 919 North Michigan Avenue, Chicago, Illinois: North and South Dakota, Illinois, Indiana, Iowa, Kansas, Michigan, Missouri, Minnesota, Ne braska, Wisconsin, Ohio, Kentucky. “ French Consulate General, Maison Blanche Building, Canal Street, New Orleans, Louisiana: Alabama, Arkansas, Florida, Georgia, Louisiana, Mississippi, Tennessee, Oklahoma, Texas, North and South Carolina. “ French Consulate General, 690 Market Street, San Francisco, California: Cali fornia, Nevada, Utah, Colorado, Wyoming, Oregon, Idaho, Montana, Washington, Ari zona, New Mexico, Alaska, Hawaii.” 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 author izing 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 Govern ment 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. With respect to the exchange of the short term French Government securities referred to herein the following short term (5-year or less) obligations of the French Treasury will be exchanged or redeemed in accordance with a procedure similar to the exchange of currency: “ Bons du Tresor” 75-105 days, 6-months, 1-year, 2-year; “ Bons du Tresor” 1-year, issued for the “ Caisse des Pensions de Guerre” ; “ Bons d’Armement” ; “ Bons de la Defense Nationale” ; “ Bons d’Epargne” ; “ Bons de la Liberation” ; “ Bons de la Caisse Nationale de Credit Agricole” 5-year. Deposit of certificates must be made not later than June 24 with appropriate con sular officer who will give ail necessary information. Certificates not presented for exchange will be subject to annulment. Banking institutions holding large amounts of bonds may procure a waiver of the deposit requirement from the French Consul. Y ou rs v ery truly, R. R. GILBERT President
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