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France bids final farewell to the franc

The French franc was no longer legal tender after midnight last night, with the euro taking over as the sole official currency.

The euro entered general circulation as cash in France and 11 other European countries on January 1. But to ease the transition, national currencies were allowed to continue to circulate until February 28 at the latest. France has become the third country to abandon its old currency for good, following the Netherlands and Ireland.

After February 17, francs can still be exchanged for euros in commercial banks until June 30. The French central bank will continue to change franc coins for euros for another three years and bills for 10 years.

Old franc notes will head for shredders or furnaces, and coins will either be destroyed or recycled, with some destined to become euros.