1922.] 



CURRENCY OF GUERNSEY, ETC. l07 



coinage was accepted by the Banks never to be re-issued, 

 Bank Pass Books were re-reckoned in British sterling, and 

 Guernsey 8 double pieces were made equal to one penny Bri- 

 tish (to the advantage of the holders of these coins who pro- 

 fited to the extent of 5 per cent.). The disturbance to the 

 general public was practically nil, in spite of the gloomy 

 prognostications of those who fought for the old currency. 

 It was unfortunate that it had to come after lasting so many 

 years, but the position of the franc as regards the shilling in 

 exchange had become intolerable. As long as the exchange 

 of Paris and London remained stationary at about frs. 25.20 

 to the £ sterling, the old currency was endurable, but the 

 value of the £ rose to such an extent in comparison to the 

 franc, that for months together 6q francs or sometimes more 

 could be obtained for one English sovereign. 



This was a direct incentive to smuggling. The proxi- 

 mity of the French coast, especially to Alderney, made it a 

 lucrative traffic for speculators to go to France, purchase 

 francs at 65 or more to the sovereign and put them in circula- 

 tion in Guernsey and Alderney at a little over 25. Orders 

 were given that no French money above £10 could be im- 

 ported by any single person, a law which it was obviously 

 impossible to enforce without a large staff and great incon- 

 venience to the travelling public, as it would mean personally 

 searching every arrival in Guernsey or Alderney to effectively 

 carry out. 



The time chosen to change from the dual currency was 

 thus opportune and when the British Government at the be- 

 ginning of 1 92 1 proposed to exchange French francs for Bri- 

 tish shillings, on an agreed scale, the States showed a wise 

 resolve in accepting the offer. 



The closing scene of the Guernsey currency appears in 

 the Billet d'Etat of 13th September, 1922, in which the 

 figures connected with the conversion are set out as 

 follows : — - 

 Silver received from British Government in 



exchange for French coins was £81,052 2 8 



The value of the coins exported, i.e., francs... £73,853 17 10 



Export charges, presumably freight and insur- 

 ance 18 15 1 



Commission to Banks, for the collection of the 

 old coinage and the putting in circulation 

 of the new I ,5 00 O o 



Balance, i.e., profit on the conversion 5,679 9 9 



£81,052. 2 8 



