France owns Pacific Islands Territories' collectivity, namely New Caledonia, French Polynesia, and Wallis and Futuna. The CFP franc (XPF) is used in French Polynesia, New Caledonia, and Wallis and Futuna's French overseas collectivities. The initials CFP was originally Colonies Françaises du Pacifique (‘French colonies of the Pacific'), but was later changed to Communauté Financière du Pacifique ('Pacific Financial Community'). Its present term is Change Franc Pacifique ("Pacific Franc Exchange").
Since 1967, the CFP franc has been issued by the Institut d'émission d'outre-mer, 'Overseas Issuing Institute' or (IEOM). The IEOM's headquarters are in Paris. The CFP franc was initially issued in three distinct forms for New Caledonia, French Polynesia, and the New Hebrides, while Wallis and Futuna used the New Caledonian franc. The banknotes of New Hebrides carry the name of the territory while the notes of New Caledonia and French Polynesia could only be distinguished on the reverse of the notes by the name of their capitals Papeete and Nouméa, respectively. The New Hebrides franc was separated from the CFP franc in 1969 and was replaced in 1982 by the Vanuatu vatu. Today, all banknotes issued are strictly identical from French Polynesia to New Caledonia. One side of the banknotes shows landscapes or historical figures of French Polynesia, while the other side shows landscapes or historical figures of New Caledonia. Banknotes that are common to both French Polynesia and New Caledonia have been issued since 1985, although separate coinages continue.