How to Identify the French Indochina Sarraut Piastre (1931)

What It Is

By 1931, a sharp rise in world silver prices meant the bullion value of the older, heavier Piastre de Commerce exceeded its face value, encouraging melting and threatening the colony's money supply. French Indochina responded with a new, smaller, lighter piastre authorized under decrees associated with Governor-General Albert Sarraut's colonial administration, commonly nicknamed the "Sarraut piastre" by collectors.

Obverse Design & Inscriptions

The obverse retains the same general seated allegorical figure representing the French Republic seen on the earlier large piastre, along with the French legend identifying the Republic, but rendered at a reduced size to match the coin's smaller diameter.

Reverse Design & Inscriptions

The reverse again shows "PIASTRE DE COMMERCE" (or the equivalent value designation) within a wreath, together with the 1931 date, following the visual language of the earlier issue but scaled down proportionally.

Size, Weight & Metal

This is the key identifying feature: the 1931 piastre is noticeably smaller and lighter than its predecessor, with a reduced diameter and weight brought down to align the coin's silver value with its face value under 1931 market conditions. The silver fineness remained high, but the overall bullion content per coin dropped substantially compared to the older large piastre.

Mint Marks & Where to Find Them

As with the earlier piastre, striking was carried out under French Indochina's colonial mint authority, with any mint or engraver initials appearing as small letters near the date rather than a large standalone mark. Because 1931 was effectively a one-year transitional issue before further monetary reforms, surviving specimens are tied closely to that single date.

Telling It Apart from Similar Coins

The most reliable way to distinguish the 1931 Sarraut piastre from the earlier Piastre de Commerce is simply to compare size and weight side by side, or against published reference measurements — the 1931 coin is visibly smaller in hand. Date is also decisive, since this reduced type is specifically associated with 1931, unlike the older design that spans several earlier decades.

Judging Condition at a Glance

Look for crisp definition in the seated figure's drapery and facial features and clear separation of the wreath leaves on the reverse for higher-grade examples. Circulated pieces show smoothing on the figure's raised areas and a flattened wreath, along with overall dulling of the surface luster consistent with handling.

Authenticity Red Flags

Verify diameter and weight against known reference figures for the 1931 issue, since a piece matching the older, larger piastre's dimensions but bearing a "1931" date would be inconsistent and worth close inspection. As with other silver trade-era coins, watch for grainy or pitted surfaces, soft detail, or an incorrect edge treatment that can indicate a cast counterfeit rather than a genuine struck coin.