The French Revolution (1789-1799), also known as The Revolution of 1789, is the initial period of rapid social and political change in French history, the catalyst for which was dissatisfaction with the government's handling, under King Louis XVI (1774-1792) of issues surrounding the country's financial problems and systemic social inequality. Over the decade that followed, revolutionaries overthrew the monarchy and in 1792 established the First French Republic. However, this new government soon found itself engaged in a series of conflicts with neighboring European powers, collectively known as the French Revolutionary Wars (1792-1802), as well as increased violence at home, including the Reign of Terror (1793-1794) which saw between 20,000-40,000 people killed including many of leaders of The Revolution of 1789. The period of The French Revolution is considered to formally conclude with the fall of the First French Republic to Napolean Bonaparte (1769-1821) in 1799, later establishing the First French Empire in 1804.

Assignats were the longest lasting of the paper bills issued during The French Revolution in attempts to address the country's financial problems. Based on a monetary system where 1 livre = 20 sols, the assignats were first issued as bonds and initially meant as a way to quickly pay off the national debt. However, on April 17, 1790 the assignats were declared legal tender and the mass production of this now paper currency led to inflation and decrease in value. By 1797, the assignats were removed from circulation and replaced with the franc.