Francs give state €526m windfall

LAZY or forgetful citizens have given the French state a €526 million windfall after the deadline for exchanging old franc notes into euros passed with 55 million of the notes still in circulation.

The value of the unexchanged notes will be credited to the state as revenue.

In the past five months, up to the deadline date of February 17, the Banque de France received a total of 1.5 million notes worth FF378 million and exchanged them for €57.6 million.

This comes despite the bank issuing despite repeated reminders to the holders of francs in recent months and the creation of a dedicated website at www.jechangemesfrancs.com.

The Banque de France said that the rush intensified as the deadline approached. "Just fewer than 200,000 notes were exchanged in December 2011, with nearly 367,000 exchanged in January 2012 and 733,000 notes in the first 17 days of February," it said. The final day alone saw 91,000 notes exchanged.

They will be recycled and turned into paper briquettes for fuel.

Remaining notes could be hidden under mattress, forgotten in old bags or kept as souvenirs by nostalgic collectors.

However, unless they are in unused condition the francs are worthless and even then it is only those notes with flaws that will be sought-after by specialist collectors.

The end of the franc means an end to 650 years of history as it was first introduced in 1360.