Piastre Coin: History of Colonial & Trade Currency

Illustrated Specimen Details: Indochinese Federation 1 Piastre

Example Specimen: 1 Piastre, 1947 — Indochinese Federation

Design & Inscriptions: This coin represents the INDOCHINOISE FÉDÉRATION (Indochinese Federation, also known as French Indochina, which was the Indochinese Union until 1947). The obverse displays the denomination 1 PIASTRE positioned above an image of grain sprigs. It features the "cornucopia" mint mark of the Paris Mint and the "wing" privy mark of Lucien Georges Bazor, the Chief Engraver from 1930 to 1958.

The reverse inscription reads UNION FRANÇAISE, referring to the French Union — the political entity created by the French Fourth Republic to replace the old French colonial empire system. It showcases a portrait of Marianne, the national personification of the French Republic symbolizing liberty, equality, fraternity, and reason, holding a laurel branch. The initials of engraver Pierre Turin are included in microtype as P. TURIN. The coin features a reeded edge, distinguishing it from the rarer security edge variant.

1. FRENCH INDOCHINA (from 1885 to 1947): piastre = 100 centimes = 500 sapeques
2. BRITISH CYPRUS (from 1879 to 1949): piastre = one-ninth of a shilling = one-hundred and eightieth of a pound
3. EGYPT (BRITISH PROTECTORATE and ARAB REPUBLIC OF EGYPT, from 1916 to present): piastre = 10 milliemes = one-hundredth of a pound (in modern Western numismatics, Egyptian qirsh since 1916 are sometimes considered piastres — mainly referring to those coins where the denomination is indicated in Latin characters)
4. HASHEMITE KINGDOM OF JORDAN (from 1992 to present): piastre (qirsh) = 10 fils = one-tenth of a dirham = one-hundredth of a dinar (interestingly, coins are issued in both qirsh and piastres in parallel: half and 1 qirsh, but two and a half, 5, and 10 piastres; where qirsh equals piastre)
5. LEBANON (FRENCH MANDATE and REPUBLIC OF LEBANON, from 1924 to present): piastre = one-hundredth livre (pound)
6. SYRIA (FRENCH MANDATE and SYRIAN ARAB REPUBLIC, from 1921 to present): piastre = one-hundredth pound
7. UNITED KINGDOM OF LIBYA (1952): piastre = 10 milliemes = one-hundredth pound
8. REPUBLIC OF THE SUDAN (from 2006 to present): piastre = 10 millims = one-hundredth pound (Sudanese coins of 2006 are known with the denomination "piastre" in Latin letters, although many sources call these and earlier coins of Sudan "qirsh")
9. REPUBLIC OF SOUTH SUDAN (from 2015 to present): piastre = one-hundredth pound
10. FRENCH PROTECTORATE OF TONKIN (1905): piastre

It is noteworthy that in several countries of the Arab world (for example: Egypt, Jordan, Sudan), the exact same coins often bore a double denomination name — piastre and qirsh.

Etymology and History of the Piastre

About the name of the coin piastre: The name derives from the Italian word "piastra" — meaning a tile or plate. Several centuries ago in the territory of modern Italy, this term was used to describe silver plates brought from abroad, predominantly from the Spanish colonies in America, earning the name "Piastra d'Argento" (Silver plate). Gradually, this name spread across Europe to describe the heavy silver Spanish or Mexican dollars and pesos (equivalent to 8 reals), which were the global standard at the time — acting as the direct prototypes for US dollars.

A Mediterranean and Colonial Denomination

The piastre became a major historical currency denomination widely utilized throughout the Middle East, the Mediterranean, the French colonial world, and Indochina. Initially referring to large silver crown-sized coins, the denomination became intrinsically connected with Ottoman monetary systems, Levantine commerce, and colonial trade currencies.

Ottoman and Middle Eastern Usage

In many Arabic-speaking regions, "piastre" emerged as the European-language rendering of the native qirsh or gurush. Consequently, piastre and qirsh often refer to the exact same denomination in Western numismatic terminology, creating considerable historical spelling and naming confusion.

• Egypt: The denomination evolved from the Ottoman qirsh. Later, Egyptian fractional currency became internationally recognized as piastres.
• Jordan and the Levant: In Jordan, Syria, and Lebanon, Western sources frequently alternated between using qirsh or piastre for what was fundamentally the same monetary unit.

The French Indochinese Piastre

One of the most famous and widely recognized usages was the French Indochinese piastre, circulated in French Indochina — encompassing the territories of Vietnam, Cambodia, and Laos.

Functioning as a paramount colonial trade currency, it served as silver-based commercial money and the foundation of regional colonial finance. Its value and specifications were heavily influenced by the contemporary circulation of Mexican pesos, Spanish dollars, and established Asian silver trade standards.

Cyprus, Malta, and Numismatic Significance

Piastre-related denominations also appeared historically in Cyprus and Malta under overlapping Ottoman and British-influenced systems.

Historically struck in fine silver, billon, copper-nickel, and modern base-metal alloys, piastre designs commonly feature Ottoman tughra calligraphy, colonial coats of arms, monarch portraits, and bilingual Arabic and French inscriptions. Large silver piastres often functioned as crown-sized trade coins.

For collectors, Ottoman piastres remain pivotal in Islamic numismatics, while French Indochinese piastres are highly sought-after trade dollars. The rich linguistic blending of Italian commercial terminology, Ottoman systems, and colonial European finance makes the piastre a truly fascinating global denomination.

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