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The French lose the currency battle of Waterloo

Wednesday, 10 June, 2015

The great question of 19th century Europe was as follows: Would the continent become a union of states ruled by French laws and language, or would it be an association of states existing in a sphere of security guaranteed by the naval and economic power of Britain? The Battle of Waterloo provided the answer and the 19th century became the British Century. Not surprisingly, the French have not forgotten.

In March, France stopped Belgium from issuing a €2 coin to commemorate the battle. “The circulation of these coins carrying a negative symbol for a section of the European population seems detrimental at a time when eurozone governments are trying to build unity and co-operation under the single currency,” the French government stated in a letter that attempted to disguise chauvinism as concern for market stability. The Belgians retreated then, but they’re back and their Royal Mint has outflanked Paris with a €2.50 brass coin that commemorates the bicentenary of Waterloo. The canny Belgians have made 100,000 and plan to flog them for €6 each. Even better is their trove of 10,000 commemorative €10 silver coins, which can be had for €42 each. To entice French collectors, it has a silhouette of Napoleon on one side, and for British and German investors the other side features a key Waterloo moment: Lieutenant Colonel John Freemantle of the Coldstream Guards telling the Duke of Wellington that the Prussians had arrived on the battlefield.

Waterloo pound Talking of Prussians and Brits, the Royal Mint is issuing a commemorative £5 coin featuring the famous post-battle handshake between Wellington and Field Marshall Blücher, the Prussian commander.

Notes the Mint: “Your purchase is supplied with an absorbing booklet that explores the battle, its great leaders, its legacy on the world — and its impact on Britain’s coinage.” This remains the pound, not the euro, as the French, “trying to build unity and co-operation under the single currency,” have noted, to their chagrin.


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