10 livres tournois banknote, issued by the Banque Royale, France, 1720. In 1716, Scottish economist John Law established a bank in France. It was bought by the French government in 1718 and renamed the Banque Royale. Law also founded the Mississippi Company. However, he overvalued its assets, creating a bubble, as more and more people bought shares. shareholders demanded cash payment, leading to a run on the bank and financial chaos in France.
10 livres tournois banknote, issued by the Banque Royale, France, 1720. In 1716, Scottish economist John Law established a bank in France. It was bought by the French government in 1718 and renamed the Banque Royale. Law also founded the Mississippi Company. However, he overvalued its assets, creating a bubble, as more and more people bought shares. shareholders demanded cash payment, leading to a run on the bank and financial chaos in France.
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Photo credit: © World History Archive / Alamy / Afripics
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Keywords: 10, archival, archive, banknote, banque, currency, economist, france, french, historical, history, issued, john, law, livres, money, royale, scottish, tournois
