French Assignat de Cinquante

This object is a French assignat, a currency printed by the National Assembly in the late 18th century during the French Revolution. One of the first acts of the revolutionary government was to abolish taxes. Yet, soon after, they pledged to pay all existing debts of the French government. Lacking financial reserves, the National Assembly seized church lands, and printed assignats from the (theoretical) proceeds of selling the land – most of which was never actually sold. The assignats were printed in impractically large denominations, which led to a small change crisis in which commoners were unable to purchase goods with the unwieldy bills. This led to the creation of billets de confiance, unsanctioned bills of smaller denominations which were created by local authorities or people of trust within a community. Massive varieties of unique billets were in circulation alongside the assignats, leading to a complex economic landscape that relied heavily on interpersonal trust for day-to-day transactions. More info