In addition, a limit of 6 francs per inhabitant was set on the value of smaller coins issued by each country, “because of their substantial seigniorage.” 8 The LMU fixed exchange rates within a bimetallic international system.
Kindleberger notes that in setting up the Union, the Swiss, Belgians, and Italians were in favor of moving to the gold standard, but that “French resistance dominated” (p. 68).