French Gold 20 Francs Marianne / Rooster Coin (1899-1914).

French 20 Franc Roosters in choice Brilliant Uncirculated condition are a top choice for bulk gold buyers. Inexpensive and beautiful, they offer all the benefits of gold bullion plus extra benefits like limited supply, collector demand, complete financial privacy, and extra premium potential because of scarcity.

Minted from 1899 to 1914, these traditional coins feature the national symbol of Marianne, just as Lady Liberty is a symbol to the people of America, and the Gallic Rooster, or Coq Gaulois, one of the national symbols of France since the Middle Ages, on the reverse. The Napoleon to the French is what the Sovereign is to the British, their most revered coin and this “national” coin would be normally be each countries prime choice for investment. Both coins share the same principal of good design, quality minting and 22 carat gold — not to be confused with 24k gold coins.

The French 20 Franc Rooster is one of the most affordable, and therefore popular, of all our classic European gold coins.

Key Benefits

• • Better than bullion. All the benefits of gold bullion plus extra benefits like limited supply, collector demand, complete financial privacy, and extra premium potential because of scarcity.
• • True scarcity. Their true scarcity can mean higher premiums during periods of peak demand.
• • Private, liquid, secure. Unlike most forms of gold bullion, they are exempt from broker reporting requirements.

20 Francs French Rooster Coin.

Year	type	Volume
1899 20 francs gold coin.	(Rooster 1st type)	1 500 000 *
1900 20 francs gold coin.	(Rooster 1st type)	615 425 **
1901 20 francs gold coin.	(Rooster 1st type)	2 643 350
1902 20 francs gold coin.	(Rooster 1st type)	2 393 707
1903 20 francs gold coin.	(Rooster 1st type)	4 405 175
1904 20 francs gold coin.	(Rooster 1st type)	7 705 674
1905 20 francs gold coin.	(Rooster 1st type)	9 158 132
1906 20 francs gold coin.	(Rooster 1st type)	14 613 010
1907 20 francs gold coin.	(Rooster 2nd type)	17 715 935
1908 20 francs gold coin.	(Rooster 2nd type)	6 721 325
1909 20 francs gold coin.	(Rooster 2nd type)	9 636 955
1910 20 francs gold coin.	(Rooster 2nd type)	5 779 072
1911 20 francs gold coin.	(Rooster 2nd type)	5 346 044
1912 20 francs gold coin.	(Rooster 2nd type)	10 331 805
1913 20 francs gold coin.	(Rooster 2nd type)	12 163 138
1914 20 francs gold coin.	(Rooster 2nd type)	6 720 141

Low prices, great value.

Roosters are among the least expensive world gold coins, trading at a modest premium over modern bullion coins. We recommend them over bullion because of their low prices, relative scarcity, added security. Their true scarcity can mean higher premiums during periods of peak demand.

Minted from 1901 until the outbreak of World War I in 1914, French Roosters were genuine legal tender gold coins of France and guaranteed by the French government. However, the original mintage of these coins was fairly limited because of the melting of millions of golds 20 Francs during the 1930s after private ownership of gold was outlawed in the United States. Unlike most forms of gold bullion, they are exempt from broker reporting requirements. In our opinion, they’re better than bullion for bulk gold buyers.

The original production run of French 20 Franc Rooster gold coins occurred between 1898 and 1914, with surviving coins from the initial year considered especially rare. Coins with dates from 1907-1914 were officially re-struck at the Paris Mint from 1951-1960.

The front of the French 20 Franc Rooster features the head of the Third Republic surrounded by the words REPUBLIQUE FRANCAISE. The reverse depicts a proud, fully plumed rooster along with the denomination (20 Fcs), the date, and the words LIBERTE EGALITE FRATERNITE. This phrase, which translates to Freedom, Equality, Fraternity, was popularized during the French Revolution against Louis XVI.

Should I go for the 10 Franc rooster or the 20 Franc rooster?

The 10 Franc coins almost always have higher premiums than their 20 Franc equivalents. If the premiums are the same, the 20 Franc is likely overpriced. If you can afford it, go for the 20F, but do yourself a favor and compare prices first. The 10 Franc has a much higher premium compared to the 20 Franc, so I would choose the 20F. You get more gold for your money, especially since many 10 Franc coins were likely melted. Most (80%) were minted between 1850 and 1870, a period when the silver-to-gold ratio rose so much that gold would have almost entirely disappeared from circulation. The 10 Franc coins also show much more wear than the 20 Francs. Half the metal, but 90% of the diameter, meaning a lot of surface area subject to wear. Heavily worn coins were pulled from circulation, and some were likely exported and/or melted.

This coin is 90% gold, between 20 and 22 carat, with a weight of.1867oz.

Because the coin is considered scarce and a collectible, it is exempt from confiscation. Most modern gold bullion coins must be reported, but the French Rooster is completely private. On the face side of the coin is the Republic Lady with the words “Republique Franaise” encircling her head. The Gallic Rooster is on the reverse side with the words “Liberty, Equality, and Brotherhood” in French.

In France, any serious coin collector seeks out the Rooster early in the coin collecting process. Many start with this gold coin because of its “affordability” as a rare piece. International coin collectors generally use the Rooster as the cornerstone of their purchases. A favorite collectible in all parts of the world, the French Rooster 20 franc gold coin is quite easy to find. It is low priced enough for most collectors and those in brilliant uncirculated (BU) condition can be collected for their beauty or the bullion value. They trade for near their gold value, which makes them keepers.Other French coins are sought by collectors, some of which are much rarer than the Rooster. French coins are valued for their great artwork, which is unsurpassed by coins from any other part of the world.

As of November 2010, prices for the French Rooster start at under $ 200 for circulated coins to over $ 500 for the brilliant uncirculated. In 2024, price went up to $440 on Apmex. There does not seem to be any shortage in supply of the coin at this time or in the near future. As more collectors take the opportunity to put them into collections, the value may increase, but not dramatically in the eyes of coin specialists. For the long term collector, the French Rooster is a good investment because it will not lose value any more than the fluctuation in the price of precious metals. “national” coin would be normally be each countries prime choice for investment. Both coins share the same principal of good design, quality minting and 22 carat gold — not to be confused with 24k gold coins.

Collecting The French Rooster Gold Coin

A favorite collectible in all parts of the world, the French Rooster 20 franc gold coin is quite easy to find. It is low priced enough for most collectors and those in brilliant uncirculated (BU) condition can be collected for their beauty or the bullion value.

The French Rooster gold coin was historically first minted in 1901, but some were released as early as 1899. The coins were minted every year after 1901 up to the First World War in 1914. The traditional coins feature the Gallic Rooster, which has been symbolic of France since at least the Middle Ages. During the French Revolution, the rooster was the symbol of the revolutionary army. For a short time, the rooster was the national emblem of France, beginning in the 1830′s, but Napoleon III changed that rather quickly. Even today, the rooster stands for independence and liberty, and it is often used for sports teams and other insignias.

The Pre-Series Without “ESSAI” of the 20 Francs Marianne/Rooster 1898

The “Marianne/Rooster” series sparks debate over its starting date: some sources claim it began in 1898, while others suggest 1899. A closer examination reveals the absence of the small clump of grass and flowers present on the final version, indicating that this is a pre-series coin without the word “ESSAI” (trial).

When carefully inspecting this example, it becomes clear that the coin’s polish is rather coarse, irregular, and multi-directional, unlike the standard type where the polish is aligned. This might have been an attempt to mask small production defects.

The absence of the grass clump could explain Mazard’s enigmatic commentary on this particular year, which had remained puzzling due to the lack of comparison with the definitive 1898 version. It is likely that Mazard saw this specific coin or one very similar to it.

As for its rarity, its value is estimated between €10,000 and €15,000, but in reality, its price is determined by collectors.

The 1921 Re-strike of the 20 Francs Marianne/Rooster Coins.

The 1921 Re-strike: In 1921, a major re-strike campaign was initiated, coinciding with the reinstatement of gold coin sales in France. The primary goal was to rebuild the country’s depleted gold reserves following World War I, while also providing investors with new monetary options.

This re-strike program included 1,281 coins of 100 Francs, 202,359 coins of 20 Francs, and 6,428 coins of 10 Francs.

Unfortunately, detailed information about this re-strike episode is scarce. However, the records of the Paris Mint reveal that 202,359 20 Francs “Rooster” coins were re-struck, all dated 1914. Given the limited number of these re-strikes, it is likely that the Paris Mint reused the original dies and presses that were still available. These coins, produced after only a 7-year interruption, are nearly indistinguishable from the original strikes, as they were minted using the same techniques. At that time, 20 Franc gold coins were still legally accepted for circulation.

It is fascinating to see how historical events impacted specific aspects of coin production. Resuming the minting program that had been planned for 1914 but was interrupted by the war underscores the importance of economic and monetary stability during the reconstruction period. It reflects an attempt to return to normalcy after the disruptions caused by the war.

The Pinay Re-strikes of the 20 Francs “Marianne Rooster” Coins

In 1948, in an effort to revive the use of gold coins, the French government decided to reopen the gold market. New gold coins were issued by the Bank of France. These were genuine coins, but the dates stamped on them were from years prior to their actual minting. These “Liberty, Equality, Fraternity” Napoleon coins hold no numismatic value. However, they are highly sought after because their premium is generally low or even negative, and their condition is excellent. A mass spectrometer analysis reveals that the original re-strikes of the 20 Francs Rooster coins contain 900.39 parts per thousand gold and 0.348 parts per thousand silver, while the older coins typically contained 902.63 parts per thousand gold with a copper alloy.

During the 1980s, the premium for these coins exceeded 100%. On October 1, 2008 (just two days after the Wall Street crash), one of these coins cost €170, while the value of its gold content was €115, resulting in a 48% premium. Professionals refer to these coins as “Pinay” coins. The 20 Francs gold “Marianne Rooster” coins from 1907-1914 are extremely common and in near-perfect condition, as they were never circulated. Between 1951 and 1960, 37 million “Marianne Rooster” coins dated from 1907 to 1914 were produced following the reopening of the gold market in 1948, with the Bank of France melting down its stock of worn Napoleon coins for this purpose.

These coins are official re-strikes and are not counterfeits.

Under the principle of “Bon Plaisir” (a practice quietly revived from France’s last monarchs), the French Republic officially organized a remelting and re-striking operation for Napoleon coins held by the Bank of France starting in the 1950s. Had a private individual undertaken such an operation, they would have been imprisoned for counterfeiting. The Bank of France held large stocks of gold coins that were either damaged, worn, or counterfeit, making them unfit for the now highly demanding market. These coins also posed accounting challenges due to their wear.

Thus, millions of coins were remelted and re-struck, all in the 1907-1914 Rooster design, with the inscription “LIBERTY, EQUALITY, FRATERNITY” around the edge—keeping a republican message even in a deceptive act—unlike the earlier 1898-1906 version, which bore the phrase “GOD PROTECTS FRANCE.” The public was not allowed to exchange their worn Napoleons for new coins, even with a “minting premium.” This situation enabled holders of the re-strikes to make extraordinary profits when the premium soared. For example, when a worn Napoleon weighed at face value was worth 400 francs, a new re-strike was worth 900-950 francs.

It’s important to note that these re-strikes are nearly impossible to distinguish from the original coins. They are considered the pinnacle of “investment coins” since they remain uncirculated and don’t need sorting.

Explanation: Reuse of Old Coin Dies

The reuse of the same “Marianne Rooster” dies in the 1950s dates back to a 1919 decision by the French government, which banned the remelting of monetary gold to mint new coins or make jewelry. This was intended to prevent gold from leaving the country. As a result, gold coins were melted down and transformed into jewelry, making them “legal” for export. Gold jewelry became extremely popular in France in the late 1910s and early 1920s. In response, the government banned this practice to preserve the country’s gold reserves.

This led to the reuse of old coin dies. The Bretton Woods agreements, established for similar reasons, also played a role. In the 1950s, under the initiative of Prime Minister Pinay, the 20 Francs “Marianne Rooster” coins were re-struck using old dies to stimulate savings and lending. Millions of these coins were minted as part of a program to encourage savings and loans, with the premium over their gold value serving as profit. The public could buy and sell gold coins directly through the government, with prices tied to the gold rate on the Paris stock exchange.

54 kg of Gold Saved Across All Re-strikes

While all Pinay re-strikes contain 90% gold, it’s claimed that 54 kg of gold were saved in total across all these coins. The re-strikes are composed of 90% gold and 10% other metals (mainly copper and silver), supposedly matching the originals. However, some coins seem to contain slightly less than 90% gold.

Another issue is determining how many re-strikes exist. Some sources claim almost all 1907-1914 coins (about 74 million) are re-strikes, while others, which I agree with, estimate around 37.5 million. If the latter is accurate, this represents a 1.44 milligram difference in gold per coin, though not all coins contain the same amount of gold, adding to the confusion. It’s unclear how many contain less, more, or exactly 90% gold.

If we divide 54 kg by 37.5 million coins, the discrepancy is so small that even modern machines cannot measure it at this scale. This raises the question of how many other coins might contain a slightly reduced amount of gold without anyone noticing. Standard gold verification machines likely wouldn’t detect such small differences. You’d need an extremely precise balance and to submerge a few hundred coins to measure their specific density accurately.

Explanation: Pinay Coins Are Exactly 90% Gold

A friend conducted XRF analysis on several French 20 Franc coins. The older coins sometimes had gold content as high as 91%, while the re-strikes are more consistently 90% and often have a slightly redder hue. However, since the re-strikes show no significant wear, their gold content is likely about the same. According to the Latin Monetary Union (LMU) treaty, the tolerance for gold fineness was 0.002, meaning a 20 Franc coin could contain between 89.8% and 90.2% gold. However, when the re-strikes were made, the LMU was long gone, and 20 Franc gold coins ceased to be legal tender in 1928. Thus, Pinay had some leeway (and incentive) to slightly reduce the gold content.

Pinay re-strikes are consistently 90% gold and tend to have a reddish or pinkish color.

The “Fake” 20 Francs Marianne/Rooster Coins

The most common counterfeit Rooster coins are referred to as “Russian” fakes. The phrase “Si non e vero, e bene trovato” (If it’s not true, it’s well invented) might apply to this story, and perhaps one day, the Kremlin archives will shed light on the matter—if anyone ever consults them. These so-called Russian fakes have a slightly “green” gold hue, appearing very pale yellow, likely made from a mix of 900/1000 gold and 100/1000 silver/copper, rather than the standard 900/1000 gold and 100/1000 copper alloy. The counterfeited types are always the “Genius” design or the “Rooster” design, with many different dates. These fakes are often struck poorly, with weak impressions and poorly rendered mint marks.

It is said that these coins were produced during the Cold War in the Soviet Union, using gold extracted by prisoners from concentration camps. The coins were allegedly exported to the West to finance pro-communist activities such as propaganda, newspapers, and subsidized political parties and labor unions. The idea was clever—it allowed the Soviets to profit from a resource they had in abundance without using up scarce foreign currencies. These counterfeit coins held significant value in a compact form and could be traded anonymously in France. The poor quality of these fakes indicates a lack of concern from the counterfeiters, while the quantity and uniformity suggest an almost industrial production process.

The story seems plausible, though it remains unproven and awaits verification by researchers with access to Russian archives. These fake coins are typically found in lots purchased before 1955/1960. Although they generally have the correct weight and gold content, they are usually bought at the gold price, without any premium.

The 1915 Marianne/Rooster Coins from the 1980s

In the 1980s, premiums on “Napoleon” gold coins soared to nearly 100%. For example, if a Napoleon contained 1,000 francs worth of gold, its total value with the premium was 2,000 francs. This motivated counterfeiters to create fake Rooster coins using genuine gold to pocket the difference. As a result, the 1915 Marianne/Rooster coin was minted.

In 1980, counterfeit Marianne/Rooster coins were produced by Russian and Lebanese forgers. These coins were made entirely of gold, with the same specifications as the originals (5.81 grams of pure gold, 21.6 carats), aiming to take advantage of the resale premium. These coins were struck with the year 1915. However, the last official French gold Marianne coin bore the date 1914, making it obvious that any coin dated 1915 was a counterfeit.

If you own a microscope, you can differentiate between genuine and fake coins by examining the mint mark, which is the “masterpiece” of the official engraver Jules-Clément Chaplain (1839-1909), who put meticulous detail into the design. Although counterfeit, these coins are still of interest and may even sell for slightly more than a regular bullion coin.

Today, these 1915 counterfeit Marianne/Rooster coins are traded like other gold coins, but without any premium, of course.

Napoleon in Gold, the traditional investment in France.

The Marianne rooster illustrated here is a gold French coin emblematic of a time when golden Franks shone all over Europe. The original design was by Jean-Clement Chaplain and is used on both the obverse and reverse. Because of the quantity produced; they are traded as bullion coins and demand little premium except in times of crisis

There is a huge difference between the two countries in our attitudes towards gold and gold coins and this is historic. In short, the French are gold hoarders, the greatest in Europe by far and the British are not. French citizens hold approximately 10 times the amount of gold that is in the UK national reserve.

Due to the uncertainty and trauma of war and occupation over the last 100 years and numerous devaluations of the French Franc, the French transferred a proportion of their wealth into a tangible asset, mainly gold Napoleons. Conversely the British have never suffered in this way so had no need for gold insurance and in fact were actively discouraged by the government making it difficult for UK citizens to own gold coins.

Why is this of any interest to someone in the UK who may want to invest in gold coins? The French will always turn to gold as insurance to protect their wealth and this creates issues of supply and demand causing the premium on the Napoleon 20 FRF and the half Napoleon 10 FRF to rise in times of crisis. During October 2008 when financial panic was dominant in the world the premium differential (the difference between the normal premium and the highest sell price) on the half Napoleon rose to over 80% as the French sought refuge in gold.

There is a similar history with the Napoleon during the panic in the eighties the premium on the Napoleon ran to 100% and in October 2008 it rose to 48% for a short time; but in the table below we use the regular premium in that period. In the UK a premium rise on Sovereigns in time of crisis is far more conservative.

It follows that buying Napoleons at a time of normal premium and holding for a time when there is unrest be it political or financial would generate a very good ROI.

The table shows the premium that coins attracted at the height of the crisis in October 2008. Remarkably some coins can be bought at very little or even negative premium in certain times and there is then the potential of a premium rise. Coins that are in short supply, are difficult to mint and or are minted in small numbers generally attract a higher basic premium

A very attractive mechanisms is to buy the Napoleons and store them in secure third-party vaults in France or Switzerland where they are fully insured, you have an independent certificate of ownership and they are in your control. Even better is to belong to a community that allows you store your investment in a vault; but at the same time allowing you to buy and sell amongst that community, without moving the coins, thus simplifying the whole process and removing any dealer cuts.