Silver French medal -celebration of new type of deposit bank system in France, 1850; Weight: 34 g; Diameter: 46 mm, Year- 1850. Condition: about uncirculated with rainbow toning. HISTORY: Following the economic crisis of 1847, which saw 829 banking institutions fail between 1846 and 1848, and the revolutionary turmoil of February 1848, the money markets were paralyzed. Payments in cash replaced supplier credit and trade discounting. Faced with this situation, urgent measures were needed to revive trade. The provisional government, led by Louis-Antoine Garnier-Pagès, issued a decree to set up comptoirs d’escompte or local banks offering short-term credit to unblock bank lending and stem the recession of the years 1845-1848. The creation of the comptoirs d’escompte, established at French department level, brought together the State, the municipalities and the business community. 66 comptoirs were created, including Comptoir National d’Escompte de Paris (CNEP), created by decree on 10 March 1848. With a share capital of 20 million francs, CNEP was constituted in the amount of one third in cash by the subscribing partners, mainly those of the corporation of booksellers and publishers, in the amount of one third in bonds from the City of Paris, and in the amount of one third in Treasury bonds from the State. An antique French medal Comptoir National D Escompte de Paris, business and industry. Made of silver (Argent). The obverse of the coin depicts a relief of two women looking at each other. One woman holds a caduceus rod in her hand. The background around the women consists of an anchor, cargo, lighthouse, steam locomotive, and various black-smithing objects. Both women are standing barefoot on the line that marks the ground. Under the line are highlighted signature J. CAVELIER F. - L. MERLEY. S. The coin on the reverse consists of an inscription and images of a ship, black-smithing tools, a caduceus rod, and a lamp. Surrounded by an inscription: REPVBLIQVE FRANCAISE and COMPTOIR NATIONAL D ESCOMPTE DE PARIS. An inscription in the center: CREATION VII-VIII MARS MDCCCXLVIII, INSTITVTION IX-X MARS, CONSTITVTION XX-MARS, ORGANISATION XXVIII MARS, SOVS COMPTOIRS XXIV MARS, PROROGATION DV COMPTOIR, XX FEVRIER XXII MARS V AVRIL, MDCCCL. Until the middle of the 19th century, there were only private banks intended for large fortunes, like the Rothschilds. They then took the name of investment banks such as the Banque de Paris et des Pays Bas, the Union Generale, etc. The development of the activity, born of the Industrial Revolution, caused the creation of banks of a new type, for all, called deposit banks. The first was the Comptoir d'Escompte, founded in 1853. Condition Report: About uncirculated, amazing rainbow patina. On the rim engraved: ARGENT Provenance: private collection in New York, USA.
