The Swiss Franc is the official currency of both Switzerland and Lichtenstein and it is also used in some areas of Italy and Germany. The ISO currency code for it is CHF and whilst it has an official currency code you will often just simply see Fr. or SFr. when people refer to this particular currency.
As a country which is rich in different languages and cultures the currency breaks down differently depending who you are, although the values are of course the same. One single Swiss Franc is broken down into 100 Rappen (German-speaking), centime (French-speaking), centesimo (Italian-speaking) or rap (Romansch). With four different official languages a lot of thought had to go into the design of the coin text on Swiss franc coins is in Latin to avoid any conflict.
The History of the Swiss Franc
Prior to the Swiss Confederacy, Switzerland was known as the Helvetic Republic and prior even to that it was many different former states and in 1798 it was estimated that up to 75 different bodies in Switzerland’s regions were manufacturing coins. There were a wide range of currencies in circulations including the genevoise, the gulden and the thaler. With the formation of the Helvetic Republic they made the decision to use a version of the thaler as official currency and this worked out as one thaler being equal to ten batzen which was then broken further into 100 centimes. The Helvetic Republic was a short-lived entity and this meant the thaler didn’t last long either.
Almost unbelievably it was estimated that at least 8000 different coins and notes, of different currencies, were in use in Switzerland by 1850 and it was clear things had got out of hand. In 1848 a new law dictated that only the federal government would be allowed to issue money from then on and within two years the government had introduced their franc, issued on a parity value basis with their neighbours’ currency, the French franc.
For many years the Swiss franc was recognised as a solid, safe currency for investments as the country had a consistent zero inflation rate and also a legislative requirement that a minimum of 40% were backed by gold reserves. This link to gold was first established in the 1920s but it was phased out in the year 2000 after a referendum.
When francs were first introduced the coin values minted were 1, 2, 5, 10 and 20 centimes and ½, 1 and 5 francs. Now there are no longer one or two centime coins and the banknotes issued by the Swiss National Bank in 10, 20, 50, 100, 200 and 1000 franc denominations.
Swiss Franc Conversion Rates
One Swiss Franc is worth £0.70 or $1.01 and conversely £1 is worth 1.41 CHF and $1 is worth 0.98 CHF.
In Switzerland there are around 20 land-based casinos which is quite minimal compared with other countries. There are high taxes on gambling halls in the country which may explain why there aren’t more casinos in the country and online gambling is entirely prohibited. This doesn’t mean Swiss nationals can’t gamble online in other jurisdictions and you will find Swiss players at many online casinos.
The Swiss franc is readily accepted as a currency for different online casinos and it can be used to fund gambling accounts with ease at many different sites. Whilst players can fund their accounts in Swiss francs the gaming will usually take place in GBP, Euros and dollars.
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