The modern Swiss franc was introduced in 1850, two years after the formation of Switzerland as a federal state. The federal law establishing the new currency was passed on 7 May 1850. For practical reasons, the Swiss franc was initially created as having parity with the French franc of the day (introduced 1795), with 1 franc equivalent to 5 grams of silver at 90% purity. The official exchange rate with the cantonal concordate currency was seven Batzen to one franc. The first coins of the Swiss franc were minted in Paris, Brussels and Strasbourg, until the former cantonal mint of Bern was made ready to begin production as federal mint. The batch of coins produced in 1850 and 1851 was insufficient, and the Federal Council had to resort to authorising the circulation of French, Belgian and Italian coins. The first coins minted in Berne were issued in 1857. There was no federal paper money prior to 1907, with the establishment of the Swiss National Bank, although the cantons had the right to issue banknotes. The design of the original 1850 coins was due to Alexander Hutter for the copper coins (realised by Jean-Jaques Barre of Paris), to Karl Friedrich Voigt of Munich (1800–1874) for the billon coins, and to Friedrich Fisch of Aarau for the silver coins (the "seated Helvetia" motif). Voigt's design for the reverse side, consisting of the coin value in wreaths of grapes, oak leaves and gentian, remains in use in the current coins, while his design of the federal coat of arms on the obverse was replaced in the 1870s. The designs of the coins in current use, other than the 5 francs coin, are due Albert Walch (1816–1882). The original plates for the , 1 and 2 francs coins were cut by Geneva medalist Antoine Bovy (1795–1877) in 1874. The "head of Liberty" used on the 5, 10 and 20 centimes coins was realised by Württemberg medalist Karl Schwenzer (1843–1904) in 1879. The 5 francs coins of 1888–1918 were also realised by Schwenzer, based on a design by Christian Bühler of Bern, but the 5 francs coin as the only Swiss coin in current use was given a complete redesign in the 20th century, first used in the 1922 batch, based on a design of an "alpine herdsman" by Paul Burkhard of Richterswil (1888–1964). Switzerland joined the Latin Monetary Union in 1865. The 5-franc coin