Chronological summary of the history of the Belgian franc

  • 1832 Law defining the Belgian franc; bimetallism
  • 1848 Compulsory legal tender status for notes issued by the Société générale and by the Bank of Belgium
  • 1850 Foundation of the National Bank
  • 1865 Creation of the Latin Union
  • 1873 Legal tender status granted to notes issued by the National Bank
  • 1914 Suspension of banknote convertibility: notes are no longer regarded as a substitute for precious metals
  • 1921 Treaty on economic union between Belgium and Luxembourg
  • 1925 Latin Union denounced by Belgium
  • 1926 Stabilisation of the franc at 1/7 of its pre-war value; creation of a new unit of account, the belga; restoration of banknote convertibility
  • 1935 Franc devalued by 28%; notes issued by the National Bank granted legal tender status in Luxembourg
  • 1940 Suspension of banknote convertibility
  • 1944 Creation of the Bretton Woods system, based on the gold exchange standard; Gutt operation
  • 1971 Suspension of the convertibility of the US dollar into gold
  • 1972 Creation of the European Monetary Snake
  • 1979 Creation of the European Monetary System (EMS)
  • 1982 Belgian franc devalued by 8.5 % in the EMS
  • 1988 Redefinition of the franc’s legal status
  • 1990 The franc is pegged to the German mark
  • 1999 Stage 3 of Economic and Monetary Union; adoption of the euro
  • 2002 Introduction of euro notes and coins; disappearance of the franc
  • 2004 on 31 December, end of the convertibility of the Belgian franc coins