Around the World: France Introduces Bullion Coins
France enters the modern gold bullion market with new Marianne coins designed to attract investors at home and compete with established international issues.
France has entered the bullion markets with its new gold Marianne coins in four denominations.
The United States was a “Johnny Come Lately” to the gold bullion market, issuing Gold American Eagle coins for the first time in 1986. Now comes an even later entry into this lucrative market, the Monnaie de Paris.
When asked why France would enter this market in mid-2026 after gold had made a significant run-up in price, then adjusted downward, Mint Director Marc Schwartz said it was to “democratize the gold market in France.”
Investment-grade gold ingots and coins must meet the European Union’s requirements for purity and be legal tender coins minted after 1800 for them to be exempt from Value Added Tax in France. Precious metal coins sold in France are charged as precious metals tax; however, investors can opt for paying an 11.5% flat tax on the total sale or a standard capital gains tax, allowing for deductions based on how long the coins have been owned.
The pan-European stock exchange Euronext closed the organized Paris exchange for bullion. An over-the-counter market operates through specialized dealers and major European bullion platforms.
Schwartz told journalists at the unveiling that he acknowledges there is more intense domestic investor demand since gold prices have soared in recent years. The new coins are the 1-ounce, its 1/2, 1/25, and 1/10 Marianne. The face of Marianne on the obverse of each coin is meant to represent the French Republic, while the reverse features a map of France’s territories.
According to Schwartz, the 2026 0.999 fine gold Marianne coins are expected to compete with the 0.999 fine GAE, 0.9999 fine Canadian Maple Leaf, and 0.9167 fine South African Krugerrand on world markets. The 0.917 fine gold Louis d’or coin was introduced in 1640, with official restrikes following. The Louis d’or coins were issued in denominations of 8, 4, 2, 1, and 1/2 Louis d’or at different dates. The laurelled bust of King Louis XIII faces right on the obverse with crowns, fleur de lis, and other symbols on the reverse. Initially, a Louis d’or was valued at 10 livres. By the reign of Louis XV, the coin was valued at 24 livres.
During the early part of the French Revolution, a 0.917 fine gold Louis d’Or Constitutionnel coin on which the reverse was changed to feature a Gallic rooster or a lictor’s fasces topped with a Phrygian cap was issued, valued at 24 livres. A period in which paper money was issued exclusively followed.
France issued 0.900 fine gold Napoleon 20-franc coins between 1803 and 1914. The Napoleon has a weight of 6.45 grams and contains 0.1867 troy ounces of gold. Napoleons have been issued at various times in denominations of 5, 10, 20, 40, 50, and 100 francs as well.
This includes the well-known 0.900 fine gold 20-franc “Rooster” coin on which Marianne faces right on the obverse and a rooster stands left on the reverse, issued between 1906 and 1914.
In modern history, France has issued 0.920 fine gold commemorative coins since 1986. These are in 100-franc and higher denominations. The 1992 tri-metal Mont St. Michel 20-franc coin has a 0.720 fine gold center, 0.950 silver inner ring, and a 0.750 fine gold outer ring. Since France joined the European Union’s common currency union, French 500-franc coins have been valued simultaneously at 75 euros.
The purity of the gold in the new bullion Marianne coins is not necessarily competitive with other bullion-valued coins sold internationally. Monnaie de Paris offers buyers a digital e-Marianne coin that the mint will hold until the owner wants to sell.
Monnaie de Paris did not indicate the number of Marianne coins it anticipates selling. The mint’s revenues topped 197 million euros, or $230 million. This is an increase of 1.7% from a year earlier. The mint is known for its high-quality art medals and sculptures, in addition to circulation coinage and commemoratives.
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