PARIS, Feb 17: The French on Sunday bid farewell to their franc, one of Europe’s oldest currencies, as the new single European currency replaces the old currency for good.

They had until midnight Sunday to pay with franc notes and coins in bars and restaurant or in shops.

However, it was already clear before the weekend that the transfer to the euro had been more or less completed.

More than 95 per cent of cash payments had been carried out in euros in the past few days. Opinion polls showed that 39 per cent of the French were nostalgic that the old national currency had ceased to exist.

The transition to the new currency had been no problem, 92 per cent of those questioned said. However, 88 per cent complained that there had been price hikes at the start of this year.

“I am happy that the introduction of the euro went smoothly, well very smoothly, indeed,” Economics and Finance Minister Laurent Fabius said. “In France it took place in a nice way and a friendly atmosphere and without any incidents.”

Prime Minister Lionel Jospin will be among the guests at a cocktail party which Fabius is due to throw at his ministry on Sunday evening to celebrate the changeover to the euro.

The French word franc — which means “free” — was the name given to a gold coin minted in 1360 during the Hundred Years’ War (1337-1453) as ransom money for the release of French King John the Good from English captivity.

The first modern-day franc coins date back to 1803 when Napoleon had a series of gold and silver coins minted.

“Take your Handkerchieves out,” the Paris Le Monde newspaper called on the nation, urging the French not to enter the new era without grieving for the lost past.

Among the names of French celebrities that will disappear from the notes with the old era are architect Gustave Eiffel who was displayed on the 200-franc notes, 19th century painter Paul Cezanne on the 100- franc note and composer Claude Debussy on the 20-franc note.—dpa