Algeria History
Algeria
went under Ottoman rule in 1536 after it appealed to the Ottoman Empire for protection
from Spanish intrusion. France invaded Algiers in 1830 to suppress piracy and
had subdued most of the country by 1847. By 1848 the Algerian Atlas Mountain region
was under French control, and France began to expand into the interior. Algeria's
borders were established in the context of the scramble for Africa in the 1890s.
A bitter guerilla war for independence began on November 1, 1954, and Algeria
gained its independence from France on July 3, 1962.
Under the Ottoman Empire,
the Algeria Gold Coind, the Asper was both the Unit of Account (DZA) and the primary
form of specie money (DZS), though Portuguese and Spanish gold coins also circulated.
The Asper was the lowest denomination coin. The Muzuna (29 Aspers), Saime/Double
(50 Aspers) and Pataca (232 Aspers) were used as units of account. The Kharub
(14 Aspers), Muzuna (29 Aspers), Pataca Gourda (696 Aspers), Sequin (1972 Aspers)
and Zecchino (2320 Aspers) were used for algeria gold coins. Before the French
annexed Algeria, the Budju (DZB) had been issued as a local coin and was divisible
into 24 Muzunas. No banknotes were issued before France occupied Algeria.
The
French Franc became legal tender in Algeria in 1830. The Banque de l’Algerie
was established on November 1, 1851 and had the monopoly right of issue of banknotes
in Algeria. The French introduced the French Franc Germinal, allowing both French
Francs (FRG) and banknotes issued by the Banque de l’Algerie (DZG) to circulate.
The Franc was divisible into 100 Centimes. Most coins were French, but a few coins
were struck for Algeria after the war.
Algeria went off the Gold Standard
on June 30, 1937 and introduced exchange controls on September 10, 1939. On July
2, 1959, French and Algerian Francs were made legal tender in both countries.
The Franc Nouveaux (FRF) replaced the Franc Germinal on January 1, 1960. The Banque
de l’Algerie became the Banque de l’Algerie et de la Tunisie on January
12, 1949, issuing banknotes for both Algeria and Tunisia. When Tunisia gained
its own central bank, the Banque de l’Algerie was reborn on November 3, 1958.
Initially, the Banque Centrale d’Algerie, established on January 1, 1963,
issued its own Algerian Franc (DZF), but this was replaced with the Algerian Dinar
(DZD) on April 1, 1964. The Dinar is divisible into 100 Centimes.
Banknotes
were issued by the Banque de l’Algerie beginning in 1852. The Banque de l’Algerie
was the bank of issue under the French, the Vichy government and the Allies. The
Banque de l’Algerie et de Tunisie took over the right to issue banknotes
between 1940 and 1958. The Banque de l’Algerie issued banknotes between 1946
and 1964, and the Banque Centrale d’Algerie has issued banknotes since Algeria
gained its independence.
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