History of Currency in Martinique
Martinique’s currency history reflects its colonial ties and political status as an overseas department of France. Here’s a summary of how its currency evolved:
- Pre-Euro Era – French Franc (before 2002)
Colonial Period:
As a French colony, Martinique initially used French colonial currencies, particularly the French franc.
Local banknotes and coins were issued by various colonial authorities like the Banque de la Martinique and later the Institut d’Émission des Départements d’Outre-Mer (IEDOM) (established in 1962).
Although pegged to the French franc, these currencies often had unique designs and were specific to French overseas departments in the Caribbean (like Guadeloupe, French Guiana, etc.).
Franc Details:
Currency code: FRF
Subdivided into 100 centimes
Circulated in paper and coin form
Locally printed notes sometimes bore the name of Martinique alongside other French territories.
- Transition to the Euro – (1999–2002)
In 1999, France and other EU countries adopted the Euro as their official currency in non-cash (electronic) transactions.
In 2002, the Euro fully replaced the French franc for all transactions, including in Martinique.
The transition in Martinique was coordinated by the IEDOM, which ensured a smooth changeover in the Caribbean region.
- Current Currency – Euro (Since 2002)
Martinique now uses the Euro (€) like the rest of France and the Eurozone.
Managed locally by the IEDOM, under the oversight of the European Central Bank (ECB).
The Euro in Martinique is identical in form and value to that used in Paris or Berlin.
Summary Timeline:
Year Currency Used Notes
Pre-1800s Colonial barter and early coins French colonial rule
1800s–1960s French franc (various local forms) Issued by Banque de la Martinique and others
1962–2002 French franc (managed by IEDOM) Standardized with France
1999 Euro (non-cash) introduced Start of transition
2002–present Euro (€) fully in use Current currency
