Saint Pierre & Miquelon are 2 islands just off the coast of Canada and are a French overseas territory. They are basically the last remnant of what was once New France in North America. Their currency was always the French Franc, until the French decided that the cost of the 50% devaluation after WW2 should not be paid by the citizens of the overseas territories. This basically created a new overseas Franc (including CFA in Africa) which was worth 1.7 FRF in 1945 and 2 FRF in 1948. This is why a lot of French overseas territories have their own 1948 coin series, including Saint-Pierre & Miquelon.
See also: France
Numista referee for coins of this issuer is Shadoko.
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