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St. Pierre & Miquelon

Located in the Atlantic Ocean, Saint Pierre and Miquelon is a self-governing overseas collectivity of France. It is near Newfoundland and Labrador, Canada, and is comprised of eight islands. The residents are French citizens who elect their own deputy to the National Assembly and participate in senatorial and presidential elections. Covering an area of 242 km2, it had a population of 6,008 as of March 2016. Situated in the Gulf of St. Lawrence near Fortune Bay, Saint Pierre is approximately 19 km from Point May on the Burin Peninsula of Newfoundland. 

The inhabitants of Saint Pierre and Miquelon have traditionally relied on fishing and servicing fishing fleets for their livelihoods. However, the climate and limited available land have made farming and livestock raising impractical, with severe weather conditions and infertile soil. Since 1992, the economy has experienced a sharp decline due to overfishing, fishing area limitations, and a ban on cod fishing imposed by the Canadian Government, leading to depleted fish stocks. Unemployment has been addressed through state financial aid for business retraining and individuals.  

Efforts to diversify the local economy include fish farming, crab fishing, and agriculture. The future of Saint Pierre and Miquelon hinges on tourism, fisheries, and aquaculture. Explorations are underway to tap into oil and gas deposits, while the proximity to tourist areas in Canada benefits the tourism sector. Distribution, public services, healthcare, minor wholesale and retail, and crafts also contribute to the local business sector. 

The Saint Pierre and Miquelon franc served as the currency in the islands for a brief period. Prior to 1890, both the French franc and Canadian dollar were in circulation, supplemented by local banknotes from 1890. During World War II, banknotes specific to the islands were introduced. Saint Pierre and Miquelon adopted a franc linked to the CFA franc in 1945 and transitioned to the new franc in 1960. Local banknotes were used until 1965. Currently, the islands use French and Canadian currencies, and the euro replaced the franc in 2002. Various banknote denominations were issued, including unique ones like 27 and 54 francs, equivalent to 5 and 10 Canadian dollars.

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