Home   »   General Studies   »   Official Currency of Switzerland

What is the Official Currency of Switzerland?

Switzerland is a beautiful and well-known country in Europe, famous for its snowy mountains, world-class watches, delicious chocolates, and strong banking system. Like every nation, it has its own official currency that people use for daily life, travel, and business. This currency plays an important role in the country’s stable economy and is trusted not only within Switzerland but also respected around the world.

Currency of Switzerland

The money used in Switzerland is called the Swiss Franc. Its short form is CHF, which comes from the Latin name “Confoederatio Helvetica,” meaning the Swiss Confederation. Unlike many European countries, Switzerland does not use the euro. The Swiss Franc is also used in a nearby small country called Liechtenstein.

The Subunits of the Swiss Franc

One Swiss Franc is divided into 100 smaller parts. These small units have different names based on the language spoken:

  • Rappen in German-speaking areas
  • Centime in French-speaking areas
  • Centesimo in Italian-speaking areas

Even though the names change, they all represent the same value.

A Short History of the Swiss Franc

Before the Swiss Franc was created, Switzerland had a very confusing money system. Many towns and regions used their own coins. This made buying and selling difficult.

Things changed in 1850, when the government introduced the Swiss Franc as the only official currency. Later, Switzerland also joined a group of countries to make trade easier. During tough times like the World Wars, the Swiss Franc stayed strong because Switzerland remained neutral. For many years, the currency was backed by gold, which increased people’s trust. This link to gold officially ended in 2000.

Coins Used in Switzerland

Swiss coins are made by Swissmint. There are seven coins in use:

  • 5, 10, and 20 centimes
  • ½ franc, 1 franc, 2 francs, and 5 francs

One interesting fact is that the 10-centime coin design has not changed since 1879, making it one of the oldest coin designs still used today.

Banknotes of the Swiss Franc

The colorful and beautifully designed banknotes are issued by the Swiss National Bank. There are six types of notes:

  • 10
  • 20
  • 50
  • 100
  • 200
  • 1000 francs

Each note has its own size, design, and color. Swiss banknotes are known for their advanced security features, which make them very difficult to copy.

prime_image
About the Author

My role as a content writer specializing in current affairs at Adda247 involves meticulously researching and crafting compelling articles aimed at guiding and informing candidates preparing for National and State Level Competitive Government Exams. With a dedication to educational excellence, I strive to keep our candidates abreast of the latest developments and trends in current affairs. By providing insightful and engaging content, I aim to ensure that aspiring candidates are well-prepared and informed for their examinations.