8 min readFrom blocks of salt to satoshis, humanity has never ceased inventing new forms of money. In Paris, one institution embodies this continuity: the Monnaie de Paris. It is the world’s oldest mint still in operation. Twelve centuries on, it continues to strike coins and medals, while also questioning the place of crypto-assets in the long history of exchange.
In the very heart of Paris, on the Left Bank across from the Louvre Museum, stands the Monnaie de Paris. Located on the Quai de Conti, facing the Seine, the institution defies the passage of time. Founded in 864 by Charles the Bald and later established in its current building in the 18th century, its purpose was to set up a minting workshop closer to central power than those already scattered across the kingdom’s countryside.
More than a thousand years later, the Monnaie de Paris continues to produce medals — such as those for the 2024 Olympic Games — along with official decorations, art castings, and collectible coins. Its factory in Pessac, near Bordeaux, manufactures circulating coins for France and other countries, complementing the Paris workshop. The institution has survived every political regime, from the Carolingian Empire to the Napoleonic Empire, through the monarchy, the Revolution, and Vichy, sometimes thanks to employees who resisted orders: for example, it never issued the currency bearing Marshal Pétain’s portrait.
Today, it employs more than 450 people and holds the status of an EPIC (Établissement Public à caractère Industriel et Commercial, or State-Owned Industrial and Commercial Institution). It is the only body authorized to mint coins, setting it apart from the Banque de France, founded much later in 1800, which is responsible for issuing banknotes. In 2024, the French state ordered €45 million worth of coins, while foreign orders amounted to over €41 million.
The universal need to exchange
“Throughout history, humanity has always found ways to exchange,” says Dominique Antérion, historian and curator of the Monnaie de Paris collections. His role is to archive and preserve coins from across the world and from all eras. Displaying a thirty-centimeter metal scepter marked with a crescent moon, he explains: “This, for example, is money — simply because at one point, in a certain part of Africa, everyone agreed it would be.” For him, the essence of money is simple: “It is, above all, a convention — an agreement between people that allows us to measure value against a common reference. That agreement can be tacit, or it can be imposed legally.”
Barter, often romanticized, is not enough “on the scale of a society,” he adds. “You would always need to find someone who has exactly what you are looking for, and vice versa. The probability is practically zero.”
Over the centuries, money has taken many forms: scepters, glass beads, ostrich feathers, bamboo tubes filled with oil. Gradually, metal coins prevailed thanks to their practicality and portability: vital qualities for long maritime voyages. “It is no coincidence,” notes Antérion, “that in all regions where coins were introduced, earlier forms of money never returned.”
Trust at its core
But money has not always brought stability. Rome learned this the hard way, with currency debasement during the Punic wars and later the weakening of the denarius. In 9th-century China, the Tang dynasty suffered currency collapse when paper money was issued without metal backing. In 16th-century Europe, inflation soared with the influx of gold and silver from the New World. And in 20th-century Germany, hyperinflation devastated the currency.
“Fides means trust,” stresses Antérion, pointing to a Latin inscription in the mint’s courtyard central building. “It is through trust that we accept money, because we know that with it, we will be able to obtain something else.” Monetary history is marked by crises of confidence, especially since the abandonment of the gold standard. Yet money remains central to societies, even serving as a vehicle for protest: at Cambridge’s Fitzwilliam Museum, the exhibition Defaced! highlighted coins and banknotes turned into political slogans. “Money carries messages that are not always official ones. To deface it is illegal, which shows just how powerful an object it is.”
A digital transition that is not fatal
Money also plays a personal role. “People gift coins for birthdays or weddings, or engrave them,” Antérion notes. “Money is more than monetary value: it can also be given freely, as a symbolic gesture.” That symbolic attachment, he says, may fade with the rise of digital payments, cards, transfers, apps. Yet he does not foresee cash disappearing. “Digital money is gaining ground, just as paper money once did. We will reach a balance. Physical money also has an educational role: it is easier to teach children with coins than with a bank card. And of course, unlike a mobile phone, you don’t need to charge a coin’s battery.”
This symbolic connection is not unlike the attachment some feel toward Bitcoin. Since its creation in 2008, it has spread through small gifts, online “faucets,” and demonstrations, and in just 15 years has been considered by its supporters as both a medium of exchange and a store of value. But what does the world’s oldest mint make of this cryptocurrency?
“For me, crypto-assets are not money,” says Antérion bluntly. “They may have value, but they lack the essential characteristic of state-backed currency, which is tied to debt and reflects actual wealth. Cryptocurrencies are too artificial; they do not correspond to real economic value.”
A firm judgment, which does not prevent the Monnaie de Paris from addressing the subject. It has already experimented with blockchain certificates to authenticate coins featuring Gustave Eiffel or commemorating the reopening of Notre-Dame de Paris, and has also commissioned NFT works from the artist Robert Alice, one of which is included in the art collection of the Swiss bank Arab Bank Switzerland, and another in the collections of the Monnaie de Paris museum. “Through this initiative, we leave it up to the visitor to judge the relevance of these assets. The Monnaie takes a critical view, whether positive or negative, but we choose to highlight the artistic aspect when presenting them. Time will tell whether state currency or crypto currency will prevail […] But most likely, there will be coexistence, as is often the case.”
It is undoubtedly this ability to question, adapt, and integrate new developments that explains the longevity of the Monnaie de Paris, and suggests that it will continue its story for a long time to come.
Identity card
Monnaie de Paris- Founded in 864 by Charles the Bald, the Monnaie de Paris is the oldest monetary institution still in operation, with more than 1,150 years of history.
- It is split between two sites: Paris, for commemorative coins and medals, and Pessac, near Bordeaux, for circulating coins.
- It mints not only euros for France but also coins for over forty foreign currencies.
The Economist’s Perspective: Clémentine Cazalets
On the sidelines of our visit, we met with economist Clémentine Cazalets of the Monnaie de Paris. A regular media contributor, she is known for her critical view of crypto-assets, seeing Bitcoin and similar tokens as speculative, and stablecoins as potentially dangerous for financial stability. She explained her perspective in this interview (edited for clarity):
The Node: How do you define money?
Clémentine Cazalets: Money fulfills three essential functions. It is a unit of account, allowing us to measure and express value. It is a medium of exchange, universally accepted for transactions. And it is a store of value, preserving purchasing power over time. Together, these three dimensions form the foundation of money.
Why doesn’t Bitcoin fulfill these functions of money?
Bitcoin, despite its initial ambition, does not meet these criteria. Its extreme volatility prevents it from serving as a reliable store of value. It is barely used as a medium of exchange, since very few goods or services are priced or paid in Bitcoin. And as a unit of account, it is virtually never used — no one sets salaries or rents in Bitcoin. In practice, it is treated above all as a speculative asset, not a stable, universal form of money.
Aren’t traditional currencies also volatile, as with the euro and the dollar?
Yes, fiat currencies can fluctuate, but not on the same scale as crypto. A 7% swing between the euro and the dollar is nowhere near the wild volatility of digital assets. What matters most for citizens is the purchasing power in their own currency, not daily exchange rates. In strong economies, independent central banks safeguard stability by containing inflation. Short-term movements are real, but they do not undermine the fundamental role of money.
What about stablecoins?
Stablecoins are a major innovation, reducing costs and speeding up transactions, especially as a bridge between traditional finance and crypto. Yet they carry systemic risks: most are issued by private entities, sometimes without solid backing or full transparency. Over-reliance on them could threaten financial stability without strong regulation. This is why authorities — particularly the ECB — are pursuing the digital euro, a public, regulated, sovereign solution offering the benefits of digital money without relying solely on private issuers.
How do you see the future of payments and the role of cash?
Electronic payments are spreading thanks to speed and convenience. But cash still has unique advantages: it guarantees privacy, works during outages or cyberattacks, and retains symbolic value in daily life (gifts, celebrations, budgeting). It also embodies monetary sovereignty, unlike digital payments dominated by Visa and Mastercard. While everyday use is declining, cash will remain a long-term pillar of trust and resilience.
