assignat

noun

1. (historical)A banknote used during the French Revolution, on the security of state land.

   “If the landed man wishes to mortgage, he falls the value of his land, and raises the value of assignats.”

   “[O]n her request for money, I took out a parcel of assignats I had in my pocket.”

   “He was in favour of a national bank; he was strongly opposed to the reckless issue of assignats and spoke against it in the Assembly.”

   “The continuing depreciation of the assignat was worsening problems: in November and December, the currency's cash return dipped below 1 per cent of its face value, bringing a comic aspect to many exchanges and inducing street beggars to decline alms in paper form.”