Rente 3.5%
1958
Artist
Marie-Claire Lefort
Artist
Marie-Francine Oppeneau
DIMENSIONS
30 3/4 x 22 in. (78.1 x 55.9 cm)
OBJECT NUMBER
PH.7916
COUNTRY OF ORIGIN
France
CREDIT LINE
Poster House Permanent Collection
KEYWORDS
Bonds, Money, Political, Woman

On June 3, 1958, Charles de Gaulle was given a six-month period of investiture by the National Assembly, during which time he was expected to bring stability to France. In order to fund his ambitious plans, he needed a large influx of capital; however, the Bank of France was in a precarious position, with a deeply devalued currency. De Gaulle appointed Antoine Pinay as his minister of finance, a role Pinay had also held while he was prime minister between March and December 1952. During Pinay’s original term in office, which was also marked by financial instability and inflation, he had spearheaded what would later become known as the Pinay Loan, a bond tied to the fixed price of gold that would yield a 3.5 percent annual return. Profits were exempt from both income and inheritance taxes, and anyone who brought in money from outside the country to invest in this bond was offered a tax amnesty (many wealthy Europeans kept their money in offshore accounts to avoid taxes and because they lacked confidence in the stability of the French banking system). The bond was overwhelmingly successful, bringing in 428 billion francs to the state and helping to temporarily stabilize the economy. De Gaulle asked Pinay to try the same idea again in 1958, and went on national television to endorse the bond program, speaking of its past success and the country’s current need for public support. Pinay himself chose Lefor-Openo’s design to announce the bond, one that features a serene Marianne knitting a sock out of gold thread—a physical representation of a “bas de laine” (woolen stocking, a French expression for “nest egg” or the treasure one keeps at home). The poster was pasted in a variety of sizes all over the country between June 17 and July 12, and ultimately raised 324 billion francs. Mentioned in numerous press articles, it became the symbol of a new political stability and a breakout moment for the two designers—who were now part of the face of a new France.

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