Philip V. was for many years prevented b_The History of Currency, 1252 to 1896

caused by the revolt of Don Carlos from reform of this system, which he

ultimately undertook and carried out. In 1707 he reduced the standard of

silver to 10 dineros, of a tale of 75 reals to the mark, creating the

money which is distinguished thenceforward by the name of _Plata

provincial_.

By the regulation of 9th June 1728 the series of _Plata nacional_ was

lowered to 11 dineros fine (= .917) and a tale of 68 reals.

Of more importance was the Mint regulation of 16th July 1730, by which--

Reales de Plata

Provincial.

Mark of gold of 22 quilates fine

was coined into 1360

Delivered to the importer 1280

----

Seigniorage 80 = 5.88 per cent.

Mark of silver of 11 dineros fine

coined into 85

Delivered to the importer 80

----

Seigniorage 5 = 5.88 per cent.

This ideal system could not be retained, as the billon money fell within

a short time a matter of 5-1/2 per cent. in relation to it. The latter

change was incorporated by the proclamation of 16th May 1737, which

fixed the silver _escudo_ of 10 reals (the old piece of 8 reals) at 170

cuartos, equivalent to the 20 reals of billon at which it continued to

be valued. By the subsequent Mint order of 22nd June 1742 the attempt

was made to bring the billon money into exact relationship with the gold

by the coining of gold pieces equal to 20 reals billon (_veintenes_)

struck at a tale of 128 per mark, and fineness of 21-3/4 quilates, in

place of the previously existing standard of 22 quilates.

These veintenes correspond to the escudos of 21-1/4 reals still to be

found in circulation.

No change of any importance was effected under the short reign of

Ferdinand VI. (1746-59), under whom the custom inaugurated by Philip V.

of expressing values in reals of billon rather than of silver (_plata

provincial_) still continued.

His successor, however, Charles III. (1759-88) effected profound

reforms. By the ordinance of 29th May 1772 he accomplished a complete

recoinage of the Spanish money. The standards he established were--

Quilates. Granos.

Of gold Escudos (oro nacional) 21 2-1/2

" Veintenes (oro provincial) 21 1-1/2

Dineros. Granos.

Of silver (plata nacional or gruesa) 10 20

" (plata provincial or menuda) 9 18

being a lowering per cent, of standard as follows:--

Oro nacional 1.31

" provincial 2.84

Plata nacional 1.59

" provincial 2.49

The bearing of this change on the question of the ratio at large in

Europe has been already referred to. It was again and still further for

the protection of gold that the seigniorage was increased to 7.48 per

cent. by the law of 17th July 1779. The later system established in 1786

(see Tables _postea_) has a similar bearing.

His son, Charles IV. (1789-1808), made no alteration in this latter

system of Charles III.

Under Ferdinand VII. (1808-32) currency was given (1813-1823) to French

gold and silver monies on a certain footing, and the seigniorage on the

coins was reduced. Both under Ferdinand, however, and under his

successor, Isabella II. (1832-61), this latter regulation proved

ineffectual in attracting merchants to bring the metals to the Mint to

be coined; and under the circumstances the circulation of French

Napoleons was considered a benefit. A profound alteration was projected

by the two laws of 1834; the first of which proposed to lower the

equivalence of the _real_ to 32 from 34 maravedis, and the standard of

silver to 10 dineros 12 granos (=.875), and the second, to prevent the

circulation of French money. This scheme was intentionally bimetallic.

It failed, however, of accomplishment, and the monetary system remained

as before up to 1847.

By the decree of 31st May 1847--(1) the decimal division of the real was

adopted; (2) the weight of the real was established at 25 granos and

standard at .900; (3) a new gold coin of 100 reals of the weight of

161-1/2 granos of the same alloy was introduced.

This system was of course a reproduction of that of France; but in the

following year it underwent slight alteration, as already related. By

the law of 1st January 1859 the French metrical system was adopted in

its entirety by Spain, and since 1st January 1876 Spain reckons in

pesetas (representing the French franc) and centesimos (representing the

French centime)--100 centesimos = 1 peseta. The new gold coins are

pieces of 5, 10, 20, and other multiples of the peseta. The peseta (5

grms. silver, .835 fine) is token money, but the 5-peseta pieces (25

grms. silver, .900 fine) are legal tender.

5 pesetas = 1 duro ("hard dollar," "Spanish dollar," or piastre).

1 duro = 2 escudos.

1 escudo = 10 reals.

1 real = 34 maravedis.

TABLE OF THE GOLD COINS OF SPAIN FROM THE REFORMATION OF THE COINAGE IN

1476.

(From _Breve Resena Historica Critica de la Moneda Espanola_, p. 93.)

+-----------+--------------------+-------+---------+------------------+-------+-----------+----------+

+-----------+--------------------+-------+---------+--------+---------+-------+-----------+----------+

|and |Feb. 22, 1476, | | | | | | | (Vellon)|

| | Excellentes | 25 }| | | | | 28 28 | 121.91 |

| | majores | }| | | | | | |

| | | }| | | | | | |

| | Medios excellenes }| }| | | | | | |

| | }| }| | | | | | |

| | Doblas }| 50 }| | | | | 14 14 | 60.95 |

| | }| }| | | | | | |

| | Castellanos }| }| | | | | | |

| | | }| | | | | | |

| | Excellentes de la }| }| | | | | | |

| | Granada }|65-1/3}| 22 3 | 716.98| 720.22 | 4.185 | 7 7 | 46.67 |

| | }| }| | | | | | |

| | Ducados }| }| (= .989)| | | | | |

| | | }| | | | | | |

| | Aguilas }| 67 }| | | | | 10 25 | 45.48 |

| | Florines }| }| | | | | | |

| | | }| | | | | | |

| | Escudos }| }| | | | | | |

| | }| 68 }| | | | | 10 29 | 41.82 |

| | Coronas }| }| | | | | | |

+-----------+--------------------+-------+---------+--------+---------+-------+-----------+----------+

|Charles V. |1537-- | | | | | | | |

| | New coining of | 68 | 22 0 | 696.85| 700.0 | 3.991 | 10 10 | 41.09 |

| | escudos | | (= .917)| | | | | |

+-----------+--------------------+-------+---------+--------+---------+-------+-----------+----------+

|Philip II. |Nov. 23, 1586-- | | | | | | | |

| | maravedis. | 68 | 22 0 | 766.40| 800.0 | 3.493 | 11 26 | 41.09 |

| | | | (=.917) | | | | | |

+-----------+--------------------+-------+---------+--------+---------+-------+-----------+----------+

|Philip III.|1609-- }| | | | | | | |

| | The escudo }| | | | | | | |

| | increased to }| | | | | | | |

| | 440 maravedis }| | | | | | | |

| | }| 68 | 22 0 | 847.09| 880.0 | 3.175 | 12 32 | 41.09 |

| |Dec. 13, 1612-- }| | (=.917) | | | | | |

| | Castellanos of 22 }| | | | | | | |

| | quilates at 576 }| | | | | | | |

| | maravedis }| | | | | | | |

+-----------+--------------------+-------+---------+--------+---------+-------+-----------+----------+

|Philip IV. |Dec. 23, 1642-- | | | | | | | |

| | to 550 maravedis | 68 | 22 0 | 1058.86| 1100.0 | 2.540 | 22 17 | 41.09 |

| | | | (=.917) | | | | | |

| |Jan. 12, 1643-- | | | | | | | |

| | to 612 maravedis | 68 | 22 0 | 1178.23| 1224.0 | 2.283 | 22 17 | 41.09 |

| | | | (=.917) | | | | | |

+-----------+--------------------+-------+---------+--------+---------+-------+-----------+----------+

| | 26, 1686-- | | | | | | | |

| | the new silver | 68 | 22 0 | 1250.0 | 1292.0 | 2.163 | 38 17 | 41.09 |

| | | | (=.917) | | | | | |

+-----------+--------------------+-------+---------+--------+---------+-------+-----------+----------+

| | maravedis | 68 | 22 0 | 1050.0 | 1088.0 | 2.567 | 20 04 | 41.09 |

| | | | (=.917) | | | | | |

| | | | | | | | | |

| | Feb. 8, 1726-- | | | | | | | |

| | maravedis | 68 | 22 0 | 1181.25| 1224.0 | 2.282 | 33 10 | 41.09 |

| | | | (=.917) | | | | | |

| | | | | | | | | |

| | to 680 maravedis | 68 | 22 0 | 1312.0 | 1360.0 | 2.054 | 37 22 | 41.09 |

| | | | (=.917) | | | | | |

| | | | | | | | | |

| | New monetary scheme| 68 | 22 0 | 1280.0 | 1360.0 | 2.054 | 31 22 | 41.09 |

| | | | (=.917) | | | | | |

| | 1742-- | | | | | | | |

| | Veintenes de oro |130- | 21 3 | 2409.42| 2611.33| 1.069 | 20 0 | 21.38 |

| | | 56/100| (=.906) | | | | | |

+-----------+--------------------+-------+---------+--------+---------+-------+-----------+----------+

| VI. | 16, 1755-- | | | | | | | |

| | | | | | | | | |

| | (oro nacional) | 68 | 22 O | 2538.68| 2560.0 | 1.091 | 37 22 | 41.09 |

| | | | (=.917) | | | | | |

| | (oro provincial) |130- | 21 3 | 2538.21| 2611.33| 1.069 | 20 0 | 21.38 |

| | | 56/100| (=.906) | | | | | |

+-----------+--------------------+-------+---------+--------+---------+-------+-----------+----------+

| III. | 1772-- | | | | | | | |

| | | | | | | | | |

| | (oro nacional) | 68 | 21 2-1/2| 2495.18| 2520.0 | 1.076 | 37 17 | 40.38 |

| | | | (=.901) | | | | | |

| | (oro provincial) |130- | 21 1-1/2| 2476.15| 2611.33| 1.039 | 20 0 | 20.78 |

| | | 56/100| (=.891) | | | | | |

| | Aug. 24, 1779-- | | | | | | | |

| | The doblon of 8 | 68 | 21 2-1/2| 2516.55| 2720.0 | 1.009 | 40 0 | 40.38 |

| | escudos reduced | | (=.901) | | | | | |

| | | | | | | | | |

| | 8 escudos reduced|130- | | | | | | |

| | to 320 reals | 56/100| 21 1-1/2| 2486.25| | | | |

| | (oro provincial) | | (=.891) | | 2611.33| 1.039 | 20 0 | 20.78 |

| | | | | | | | | |

| | increased to | 68 | 21 2-1/2| 2642.2 | 2720.0 | 1.009 | 40 0 | 40.38 |

| | 336 reals | | (=.901) | | | | | |

| | | | | | | | | |

| | 1786-- | 68 | 21 0 | 2565.81| 2720.0 | 0.980 | 40 0 | 39.20 |

| | Lowering of | | (=.875) | | | | | |

| | | | | | | | | |

| | | | | | | | | |

| | Oro provincial |131- | 20 1-1/2| 2606.53| 2633.14| 0.982 | 20 0 | 19.65 |

| | | 23/35 | (=.849) | | | | | |

+-----------+--------------------+-------+---------+--------+---------+-------+-----------+----------+

|Fernando |Oct. 19, 1821-- | | | | | | | |

| VII. | Reform of the | | | | | | | |

| | | | | | | | | |

| | Oro nacional | 68 | 21 0 | 2686.26| 2720.0 | 0.980 | 40 0 | 39.20 |

| | | | (=.875) | | | | | |

| | Oro provincial |131- | 20 1-1/2| 2606.53| 2633.14| 0.982 | 20 0 | 19.65 |

| | | 23/35 | (=.849) | | | | | |

| |Aug. 20, 1824-- | | | | | | | |

| | | | | | | | | |

| | Oro nacional | 68 | 21 0 | 2660.16| 2720.0 | 0.980 | 40 0 | 39.20 |

| | | | (=.875) | | | | | |

| | Oro provincial |131- | 20 1-1/2| 2581.1 | 2633.14| 0.982 | 20 0 | 19.65 |

| | | 23/35 | (=.849) | | | | | |

+-----------+--------------------+-------+---------+--------+---------+-------+-----------+----------+

| | | | | | | | | |

| | Centenes |27-6/10| 21 2-3/5| 2736.0 | 2760.0 | 0.993 | 100 0 | 99.30 |

| | | | (=.900) | | | | | |

| |May 17, 1850-- | | | | | | | |

| | the tale | 28 | 21 2-3/5| 2736.0 | 2800.0 | 0.979 | 100 0 | 97.90 |

| | | | (=.900) | | | | | |

| |Feb. 3, 1854-- | | | | | | | |

| | monetary system |27- | 21 2-3/5| 2716.20| 2743.0 | 1.0 | 100 0 | 100.0 |

| | | 43/100| (=.900) | | | | | |

| |Jan. 18, 1861-- | | | | | | | |

| | tariff |27- | 21 2-3/5| 2729.18| 2743.0 | 1.0 | 100 0 | 100.0 |

| | | 43/100| (=.900) | | | | | |

+-----------+--------------------+-------+---------+--------+---------+-------+-----------+----------+

TABLE OF THE SILVER COINS OF SPAIN FROM THE REFORMATION OF THE COINAGE

IN 1497.

+---------+------------------+------+---------+--------+--------+------------+-----------+

+---------+------------------+------+---------+--------+--------+------------+-----------+

| | | | | | | | |

|and | General reform of| 67.0 | 11 4 | 66.0 | 67.0 | 1 0 | 2.734 |

| | | | | | | | |

+---------+------------------+------+---------+--------+--------+------------+-----------+

|Philip |December 23, }| | | | | | |

| IV. | 1642-- }| | | | | | |

| |January 12, }| | | | | | |

| | 1643-- }| 83.75| 11 4 | 81.0 | 83.75 | 3 0 | 2.186 |

| | Recoinage | | (= .930)| | | | |

+---------+------------------+------+---------+--------+--------+------------+-----------+

|Charles |October 14, 1686--| 84.0 | 11 4 | 82.0 | 84.0 | 1 30 | 2.179 |

| II. | Recoinage | | (=.930) | | | | |

+---------+------------------+------+---------+--------+--------+------------+-----------+

|Philip V.|1706-- | | | | | | |

| | Reales sencillos | 84.0 | 11 4 | 68.0 | 84.0 | 1 30 | 2.179 |

| | of 4, 2, and 1 | | (=.930) | | | | |

| | | | | | | | |

| |1707-- | | | | | | |

| | (and parts and | 75.0 | 10 0 | 60.82 | 75.0 | 1 30 | 2.187 |

| | multiples) | | (=.834) | | | | |

| | | | | | | | |

| |July 15, 1709-- | 68.0 | 11 0 | 65.0 | 68.0 | 1 30 | 2.654 |

| | Reals of 8 and 4 | | (=.917) | | | | |

| | | | | | | | |

| | reals of 8 to | 80.75| 11 0 | 77.18 | 80.75 | 1 30 | 2.234 |

| | 9-1/2 | | (=.917) | | | | |

| | | | | | | | |

| | plata | 77.0 | 10 0 | 63.69 | 77.0 | 1 30 | 2.130 |

| | provincial | | (=.834) | | | | |

| | | | | | | | |

| | 1728-- | | | | | | |

| | Decrease of the | 85.0 | 11 0 | 81.23 | 85.0 | 1 30 | 2.123 |

| | real of 8 to 10| | (=.917) | | | | |

| | | | | | | | |

| | (plata | 85.0 | 11 0 | 80.0 | 85.0 | 1 30 | 2.123 |

| | nacional) | | (=.917) | | | | |

| | | | | | | | |

| |May 10, 1737-- |Reals | | | | | |

| | Decrease of the | of | | | | | |

| | maravedis of |85.170| 11 0 | 160.0 | 170.0 | 2 0 | 1.061 |

| | billon) | | (=.917) | | | | |

+---------+------------------+------+---------+--------+--------+------------+-----------+

| | reals (plata |77.154| 10 0 | 145.45 | 154.0 | 2 0 | 1.065 |

| | provincial) | | (=.834) | | | | |

+---------+------------------+------+---------+--------+--------+------------+-----------+

|Charles |May 21, 1772-- | | | | | | |

| III. | General reduction| | | | | | |

| | of the standard|170.0 | 10 20 | 157.59 | 170.0 | 1 0 | 1.045 |

| | (plata | | (=.903) | | | | |

| | | | | | | | |

| | (plata |154.0 | 9 18 | 141.81 | 154.0 | 1 0 | 1.038 |

| | provincial) | | (=.812) | | | | |

+---------+------------------+------+---------+--------+--------+------------+-----------+

| VII. | Reform (plata |170.0 | 10 20 | 164.67 | 170.0 | 1 0 | 1.045 |

| | nacional) | | (=.903) | | | | |

| | | | | | | | |

| | provincial) |154.0 | 9 18 | 150.30 | 154.0 | 1 0 | 1.038 |

| | | | (=.812) | | | | |

| | Reform (plata |170.0 | 10 20 | 163.47 | 170.0 | 1 0 | 1.045 |

| | nacional) | | (=.903) | | | | |

| | | | | | | | |

| | Reform (plata |154.0 | 9 18 | 147.07 | 154.0 | 1 0 | 1.038 |

| | provincial) | | (=.812) | | | | |

+---------+------------------+------+---------+--------+--------+------------+-----------+

| II. | General reform | | | | | | |

| | of the monetary|175.0 | 10 19 | 172.80 | 175.0 | 100 cents. | 1.012 |

| | system | | (=.900) | | | | |

| | | | | | | | |

| | of the tale of |176.25| 10 19 | 172.80 | 176.25 | 100 0 | 1.005 |

| | silver | | (=.900) | | | | |

| | | | | | | | |

| | of the monetary|177.20| 10 19 | 174.60 | 177.20 | 100 0 | 1.0 |

| | system | | (=.900) | | | | |

| | | | | | | | |

| | Reform of the |177.20| 10 19 | 175.77 | 177.20 | 100 0 | 1.0 |

| | tariff | | (=.900) | | | | |

+---------+------------------+------+---------+--------+--------+------------+-----------+

TABLE OF THE BILLON MONEY OF SPAIN FROM THE REFORMATION OF THE COINAGE

IN 1497.

+-----------+---------------------+-----------------------------+------+-----------+----------------+------------+-------------+

+-----------+---------------------+-----------------------------+------+-----------+----------------+------------+-------------+

|and | Coining of blancas |Half maravedi | 192 | 24.0 | 0 7 | 2 28 | 2 3 |

|Isabella. | | | | | (=.024) | | |

+-----------+---------------------+-----------------------------+------+-----------+----------------+------------+-------------+

|Charles V. |May 23, 1552-- | | | | | | |

| | standard of billon|Half maravedi | 192 | 24.0 | 0 5-1/2 | 2 28 | 1 24-5/8 |

| | | | | | (=.019) | | |

+-----------+---------------------+-----------------------------+------+-----------+----------------+------------+-------------+

| | {|Cuartillos of 8-1/2 maravedis| 80 | 57.6 |} | | |

| | Vellon rico {|Cuartos of 4 maravedis | 170 | 27.10588 |} 2 14 | 20 0 | 17 8 |

| | {|Medios of 2 maravedis | 340 | 13.55294 |} (=.216) | | |

| | Blancos |Medio maravedi | 220 | 20.94545 | 0 4 | 3 8 | 1 31-1/2 |

| | | | | | (=.014) | | |

| |1599-- | | | | | | |

| | (Pure copper) |Cuartos of 4 maravedis | 34 |135.52941 |} | | |

| | |Ochavas of 2 maravedis | 68 | 67.76470 |} pure copper | 4 0 | 1 0 |

+-----------+---------------------+-----------------------------+------+-----------+----------------+------------+-------------+

| | {|Cuartillos of 8-1/2 maravedis| 80 | 57.6 |} | | |

| | Vellon rico {|Cuartos of 4 maravedis | 170 | 27.10588 |} 2 14-1/2 | 20 0 | 12 5 |

| | {|Medios of 2 maravedis | 340 | 13.55294 |} (=.217) | | |

| | | (8, 4 and 2 in proportion) | 51 | 90.35294 | 1 8 | 24 0 | 6 3 |

| | | | | | (=.069) | | |

+-----------+---------------------+-----------------------------+------+-----------+----------------+------------+-------------+

|Charles II.|May 22, 1680-- | | | | | | |

+-----------+---------------------+-----------------------------+------+-----------+----------------+------------+-------------+

APPENDIX IV

THE MONETARY SYSTEM OF THE NETHERLANDS

In its earliest known form the Netherlands monetary system reproduces

those features of the Carlovingian system which reappear alike in Italy,

France, and England.

The ideal Flemish pound was divided into 20 schellingen, the schelling

into 12 grooten.

This was entirely an ideal system; the actual coins being, at first, the

silver denarius, divided into obols. This ideal system of pounds,

schellings, and groots survived in Flanders and the Southern Netherlands

(now the kingdom of Belgium) long after it had been superseded in the

Northern Provinces (the United Netherlands) by another equally ideal

system, that of the gulden and stiver.

According to this latter system the Flemish pound was divided into 6

gulden, the gulden into 20 stivers. As between the two systems,

therefore, the Northern gulden was equal to 3-1/3 Southern schellings,

and the Northern stiver to 2 Southern groots.

The earliest mention of the stivers occurs in 1355, but it was a

considerable time before the new system displaced the old one in the

Northern Provinces, and the reckoning by schellings and groots as well

as, or alongside of, that by gulden and stivers occurs in Holland even

as late as the sixteenth and seventeenth centuries.

The weight system employed for the precious metals was as follows:--

1 pound troy = 2 marks.

1 mark = 8 oz.

1 oz. = 20 engels.

1 engel = 32 azen.

So that 160 engels or 5120 azen made up the mark.

In reckoning the standard or alloy, the weight system was--

For silver--1 mark = 12 pfennige or deniers.

" = 288 grs. (12 x 24).

For gold--1 mark = 24 carats.

" = 288 grs. (24 x 12).

Although forming part of the Holy Roman Empire (being included in the

Burgundian Circle), the Mint system of the Empire has apparently never

obtained in the Netherlands. The Counts of Holland, from the days of

Floris II. and Jan I. (i.e. from 1256 onwards) have minted on their own

account, as have also the Counts of Flanders from a much more remote

date. The silver _deniers_ of the Counts of Flanders date from at least

the days of Count Arnold II. (964-989). The introduction of "la grosse

monnaie" (whence gros and groots), in imitation of the French money,

dates from the reign of Marguerite, Countess of Flanders (1244-1280), or

possibly earlier; and the gold coinage (_royaux_, in imitation of those

of Philip the Long of France, and _florins_, in imitation of those of

Florence) dates from Count Louis de Crecy (1322-1346).

The interest, however, attaching to the monies of the Counts of Flanders

and Holland up to the close of the fifteenth century is prevailingly

numismatic, as, in the absence of a continuous series of Mint

indentures, it is a matter of almost insuperable difficulty to construct

tables of the coins. The chief indications are contained in the tariffs

already referred to (_supra_, text, pp. 79-83), but their testimony

bears more expressly on exchange rates rather than upon Mint rate and

standard.

The table of the groot, according to this source, is as follows:--

Engel. Azen.

1336. 9-pfennige weight, 1 9

1376. 4.16 " 2 4

1388. 5 " 1 23

1393. 5 " 1 20

1422. 4 " 2 16

1489. 5 " 1 5

The foundations of a national Mint, or monetary system for the

Netherlands, were first laid by the ordinance issued by the Emperor

Maximilian at Breda on the 14th December 1489.

According to this ordinance the gold _double florin_ was to be struck at

a tale of 44-3/4 to the mark Troy, of a fineness of 23-7/8 carats, and

issued at an equivalence of 80 gros.

The remaining gold coins were to comprise the _St. Andries florin_ = 40

groschen (and its half); while the silver coins were to comprise--

Gros = 1 gros.

Pattart = 2 "

Double pattart = 4 "

Grand double = 8 "

In great part this is to be regarded as an ideal or unrealised system.

The first effectual regulation of the silver coinage was made in the

ordinance of Charles V. of 22nd February 1542.

This ordinance prescribed the minting of the silver _carolus_, in

imitation of the Dutch thaler.

Weight to be 14 engels, 30 azen.

Standard to be 10 pfennige (= .853 fine).

Equivalence to be 20 stivers.

The practical effect of this measure, therefore, was to introduce a coin

equal to, and therefore representative of, the hitherto fictitious or

merely ideal _gulden_.

The remaining tariffs of the succeeding hundred years or so, together

with the bimetallic experience of the Netherlands, have been already

briefly described in the text (_supra_, pp. 71, 77). On the declaration

of independence by the Northern Provinces, and the separation of the

United Netherlands from the Southern or Spanish Netherlands, which

succeeded, the monetary history of these two portions of the Low

Countries bifurcates.

We are here concerned only with that of the Northern or United or Dutch

Provinces, as being of more commercial interest in European history of

the seventeenth and eighteenth centuries.

By Article 12 of the Union, each of the seven United Provinces was bound

to conformity in the course or tariffing of its money, while left free

to determine the species and mere numismatic detail of the coins.

The various tariffs therefore, already described, contain the Mint law

as applied to the United Provinces; but it was not until 1606 that a

serious attempt at systematisation was made. By the great plakkaat of

21st March 1606, completed by that of 6th July 1610, a new and very full

tariff was imposed; an important regulation was made, declaring all

coins which lacked more than 1-1/2 engels over and above the remedy, to

be taken as bullion and not current as coin, and the indenture details

of the gold coins were fixed, as it proved, throughout the life of the

Republic.

The gold rijder and the gold ducat were prescribed as follows:--

GOLD RIJDER.

Weight (gross), 207.2 azen (= 9.95 grs.).

" (of fine gold), 187.77 azen (= 9.11 grs.).

Standard, 22 carat (= .9167).

(Equivalence = 10 fl. 2 st.).

GOLD DUCAT.

Weight (gross), 72-1/2 azen (= 3.494 grs.).

" (of fine gold), 71.43 azen (=3.432 grs.).

Standard = 23 carat 8 grs. (= .9826).

(Equivalence = 3 fl. 16 st.).

By Article 23 of this same ordinance of 1606, the further minting of

billon money was forbidden, and at the same time it was enacted, with

regard to the lower denominations of silver coins (schillings and

smaller pieces), that not more than one-tenth of any total settlement

should be tenderable in them, in case of sums exceeding 100 guldens.

The succeeding experience of the effect of these tariffs, involving, as

they did, the almost total disappearance of the great silver coins, even

already by the year 1638, led in 1659 to the institution of two new

silver coins--(1) the silver ducat, .868 fine, and containing 507 azen

fine silver; and (2) the silver rijder, .937 fine; and containing 634.75

azen fine silver.

By the plakkaat of 25th December 1681, the states of Holland and West

Friezland prescribed the minting of the gulden piece, thus at last

making the gulden, so long simply an ideal money or money of account, a

real coin, and laying the basis of a truer national currency system.

By subsequent proclamations and resolutions of the States-General of the

17th March 1694, and 31st December 1699, this was adopted for all the

United Provinces.

The single gulden piece was to be of the standard of 10 pf. 22-1/2 grs.,

and to contain 200 azen fine silver.

This coin remained the mint coin of the Dutch system, without any

further alteration of tariff, or any need of it till 1806.

With regard to the development of a specific law of tender, the

legislation of the United Provinces was peculiarly involved. The first

declaration of a wide nature was that of the 26th September 1686, which

reduced certain coins,--the silver ducat and two others--to the position

of trade money merely. This was repeated in the declaration of the

States-General of the 7th August 1691. The declaration of the 1st August

1749 ascribed a similarly restricted character, of trade money merely,

to all gold coins except the gold rijder and its half. These latter were

fixed at an equivalence of 14 and 7-florin respectively. The gold ducats

were not fixed, their course as trade money might fluctuate daily. They

might be taken freely by weight, and at values determined by the course

of trade.

The meaning of this provision can only be read in the light of the

experience of the preceding half century. Up to this date (1749) there

had existed, in theory, a silver standard with gold rated to it by each

succeeding tariff. The fall of silver throughout the seventeenth century

had acted adversely on gold, and for long the currency had consisted

almost entirely of silver. This fall received some slight check in the

earlier part of the eighteenth century, and the result was a reverse

tendency. Gold came back into circulation, and the full weighted silver

coins began to flow out and away. A bitter cry was accordingly raised in

1720 by the commercial community, and already in 1720 the Mint

authorities had proposed the adoption of the gold rijder as standard, in

order to stop the drain.

In 1749, however, the Mint officials felicitated themselves on the

non-adoption of this proposal, and prayed that the ducat should be

merely declared trade money (26th March 1749); and it was on this advice

that the plakkaat of 31st March 1749 passed. It proved insufficient to

prevent the export of silver, and on the 1st August following, the

States-General issued an order creating the gold rijder provisionally

the standard. The right of coining it was reserved to the State, so that

there was no standard in the modern sense.

The influence of this measure proved to be very slight, and 172

merchants of Amsterdam petitioned the States-General to declare the

tenderableness of the ducat again. The result of a further communication

from the Mint officials was the proclamation and ordinance of 1st May

1750, according to which only the gold rijder and half-rijder were

declared standard, and all other gold species only trade money.

Gradually, however, what the Government had been unable to effect by

legislation was accomplished by the mere force of a rise in gold or fall

in silver. The gold rijders began to disappear, the complaints as to the

disappearance of silver ceased, and the regulations of 1749 and 1750

were superseded. At the time of the French Revolution, therefore, the

silver standard was actually in force. Nominally the gold rijder was

still legal tender at 14 florins, but actually few specimens of it were

in circulation.

In 1798 the establishment of the Batavian Republic necessitated the

creation of a Batavian Mint, and on the 12th February 1800 the First

Chamber was called upon to consider the coins.

It was not, however, until the year 1806, after the Republic had been

superseded by the imposition of Louis Napoleon as King of Holland, that

an effectual system was enunciated. By the resolution of 15th December

1806, a double standard was adopted.

GOLD STANDARD COINS.

_Gold Penning_ of 20 francs, 18 to the mark.

Alloy, 22 carats gold, 16 grs. silver.

Weight, 8 engels 28-4/9 azen.

Content of fine gold, 260-3/4 azen.

STANDARD SILVER COINS.

_Fifty-stuiver piece_--9-5953/17543 to the mark.

Weight, 17 engels 4-7/32 azens.

Standard, 10 pen. 22-3/4 grs.

_Gulden_--23-6111/17543 to the mark.

Weight, 6 engels 27-23/80 azens.

With the annihilation of the Napoleonic structure this scheme perished,

and the law of 28th September 1816 erected a system in which elements of

both those previously existing were combined.

The coinage was prescribed to consist of gold and silver standard

pieces, and gold and silver trade pieces.

The standard coins were--

1. _The Silver Gulden_--

Weight = 7 engels (= 10.766 grms.).

Content of fine silver = 200 azen (= 9.613 grms.).

Standard = .893.

This was to be the unit, and divided decimally.

2. The gold piece of 10 _Gulden_ .900 fine.

Weight 140 azen (6.729 grms.).

TRADE COINS.

1. _Silver Dukaat_--

Weight 18 engels 8-2209/11200 azen (28.78 grs.).

Standard, 10 pen. 10 grs. (= .868).

2. _Silver Rijder_--

Weight, 21 engels 5-59/80 azen (= 52.574 grs.).

Standard, 11 pen. 5-3/4 grs. (= .937).

3. _Gold Dukaat_--

Weight, 2 engels 8-24/55 azen (= 3.494 grs.).

Standard, 23 kr. 7 grs. (= .983).

The trade money was only minted for private accompt. The unit gulden and

the 3-gulden piece were also minted for private accompt, but the

divisional silver money, the copper money, and the gold standard

10-gulden piece were only to be minted on Government account.

By Article 15 of this law the franc was adopted in the Southern

provinces on a footing of

1 franc = 47-1/4 carats.

1 gulden = 2 francs 11-61/100 centimes.

Finally, by Article 18, the tender of copper was limited to 1 gulden,

and that of the smaller silver denomination to one-fifth of the amount

of settlement.

By the succeeding law of 22nd March 1839, the silver Netherland gulden

was prescribed to be of the weight of 10 wigtje's or grms., and .945

fine.

This prescription was retained as to the gulden in the more important

Act of 26th November 1847.

This Act definitely established the silver standard. The standard coins

were declared to be the gulden (and its half) and the rijksdaalder (=

2-1/2 guldens). The gold _William_ and the gold _dukaat_ were declared

to be trade money, and the minor or divisional silver coins (25 cents

and under) were fixed at a fineness of .645. The gold William was to

weigh 6.729 grms., .900 fine (content of pure gold, therefore, to be

6.056 grms.). The gold dukaat was to weigh 3.494 grms., .983 fine

(therefore to contain 3.4345 grms. fine gold).

The coinage of standard silver coins, and of gold trade coins, was left

free to individuals (Article 18). The trade money was expressly declared

to be no legal tender (_geen wettig betaalmiddel_, Article 20).

The tender of silver divisional coins was limited to 10 guldens, and

that of copper coins to 1 gulden.

This silver standard continued in force until 1872. In that year,

however, in consequence of the fall of silver, a Bill was passed to

suspend the coining of silver for private accompt. The Mint was closed

to its coinage, and for a time Holland had no metallic standard at all,

as gold was only merchandise or trade money. This state of things led

to the enactment of the law of 6th June 1875, which introduced the gold

standard, but under peculiar arrangements.

The standard coins were declared to be--_beside_, or in addition to, the

silver standard coins minted previously to the new law--the gold

10-gulden piece, .900 fine, containing 6.048 grs. fine gold (weight,

therefore, 6.720 grms.).

The minting of these latter was declared free to the individual, and the

minting of the gold Williams ordered to cease (Articles 5 and 6).

No further declaration was made as to tender, so that the standard is to

be regarded as a limping rather than a gold standard proper.

TABLE OF THE SILVER COINS OF THE NETHERLANDS.

From Mees, '_Geschiedenis van het bankwezen in Nederland,'_ with

additions from 1690.

+-------------+--------------------+------------+---------------+-----------+-------------+---------------+

| | | | | | | |

+-------------+--------------------+------------+---------------+-----------+-------------+---------------+

|Feb. 22, 1542|Karolus gulden | 14.30 | 9 23 | 396.674 | 1 0 | 396.674 |

| | Kruisdaalder | 19.1 | 10 16 | 541.333 | 1 12 | 338.333 |

|Feb. 10, 1577|Staten daalder | 20.0 | 8 22 | 475.555 | 1 12 | 297.222 |

|Apr. 19, 1583|Nederland | | | | | |

| | rijksdaalder | 18.28 | 10 15 | 534.792 | 2 2 | 254.663 |

|Aug. 4, 1586 |Nederland reaal | 22.13 | 9 23 | 595.01 | 2 10 | 238.004 |

|Mar. 21, 1606|Nederland | | | | | |

| | rijksdaalder | 18.28 | 10 12 | 528.5 | 2 7 | 224.894 |

| '' |Leeuwendaalder | 18.0 | 8 22 | 428.0 | 1 18 | 225.263 |

| '' |10-stuiver piece | 3.28 | 11 0 | 113.666 | 0 10 | 227.333 |

|Tolerantie,} | | | | | | |

| June 28, } |Nederland | | | | | |

| 1608 } | rijksdaalder | 18.28 | 10 12 | 528.5 | 2 8 | 220.208 |

| Tariff, } |Leeuwendaalder | 18.0 | 8 22 | 428.0 | 1 18 | 225.263 |

| July 6, } |10-stuiver piece | 3.28 | 11 0 | 113.666 | 0 10 | 227.333 |

| 1610 } | | | | | | |

|Sep. 26, 1615|Nederland | | | | | |

| | rijksdaalder | 18.28 | 10 12 | 528.5 | 2 8 | 220.208 |

| '' |Leeuwendaalder | 18.0 | 8 22 | 428.0 | 2 0 | 214.0 |

|Feb. 13, 1619|Leeuwendaalder | 18.0 | 8 22 | 428.0 | 2 0 | 214.0 |

| | rijksdaalder | 18.28 | 10 12 | 528.5 | 2 10 | 211.4 |

|Tolerantie, |Leeuwendaalder | 18.0 | 8 22 | 428.0 | 2 0 | 214.0 |

|Oct. 9, 1638 |Nederland | | | | | |

| | rijksdaalder | 18.28 | 10 12 | 528.5 | 2 10 | 211.4 |

|Mar. 6, 1645 |Dakaton of Brabant | 21.7 | 11 6-1/2 | 637.741 | 3 3 | 202.458 |

| " |Patacon (or | | | | | |

| | kruisrijksdaalder)| 18.12 | 10 11 | 512.458 | 2 10 | 204.983 |

|Aug. 11, 1659|Nederland silver | | | | | |

| | rijder | 21.5.72 | 11 6 | 635.362 | 3 3 | 201.702 |

| " |Nederland silver | | | | | |

| | dukaat | 18.8.2 | 10 10 | 507.118 | 2 10 | 202.847 |

|Sept. 25,} | | | | | | |

| 1681 } | | | | | | |

|Dec. 22, } | | | | | | |

| 1686 } |3-gulden piece |20.17-86/100| 11 0 | 603.038 | 3 0 | 201.013 |

|Aug. 7, } |Gulden | 6.27-46/100| 10 22-1/2 | 200.035 | 1 0 | 200.035 |

| 1691 } | | | | | | |

|March 17,} | | | | | | |

| 1694 } | | | | | | |

+-------------+--------------------+------------+---------------+-----------+-------------+---------------+

|1806 (Louis} |Gulden | 6.27-23/20 | 10.22-3/4 | ... | ... | ... |

| Napoleon) } |50-stuiver piece |17.4-7/32 | 10.22-3/4 | ... | ... | ... |

|Sep. 28, 1816|Gulden | 7.0 | 0.893 fine | 200 azen | ... | ... |

|Nov. 26, 1847|Gulden | 10 grms. | 0.945 fine |9.-450/1000| ... | ... |

+-------------+--------------------+------------+---------------+-----------+-------------+---------------+

TABLE OF THE GOLD COINS OF THE NETHERLANDS.

(From Mees, as above, with additions.)

+-------------+----------------+----------+-----------+---------+------------+-------------+

+-------------+----------------+----------+-----------+---------+------------+-------------+

|Dec. 14, 1489| Hungary dukaat |2.8-24/35 | 23 7 | 71.424 | 1 6 | 54.941 |

| | | | | | | |

|Feb. 4, 1520 | " " |2.8-24/35 | 23 7 | 71.424 | 1 18 | 37.591 |

| | | | | | | |

|July 11, 1548| " " |2.8-24/35 | 23 7 | 71.424 | 2 1 | 34.841 |

| | | | | | | |

|Feb. 7, 1573 | " " |2.8-24/35 | 23 7 | 71.424 | 2 15 | 25.972 |

| | | | | | | |

|Dec. 3, 1575 | " " |2.8-24/35 | 23 7 | 71.424 | 3 0 | 23.808 |

| | | | | | | |

| 20, 1583 | Holland dukaat |2.8-24/35 | 23 7 | 71.424 | 3 5 | 21.976 |

| | | | | | | |

|Aug. 4, 1586 |Nederland dukaat|2.8-24/35 | 23 7 | 71.424 | 3 8 | 21.007 |

| | | | | | | |

|April 2, 1603| " " |2.8-24/35 | 23 7 | 71.424 | 3 14 | 19.304 |

| | | | | | | |

|Mar. 21, 1606|Nederland rijder| 6.16 | 22 0 |190.666 | 10 2 | 18.878 |

| | " dukaat|2.8-24/35 | 23 7 | 71.424 | 3 16 | 18.796 |

| | | | | | | |

|July 6, 1610 |Nederland rijder| 6.16 | 22 0 | 190.666 | 10 12 | 17.987 |

| | " dukaat|2.8-24/35 | 23 7 | 71.424 | 4 0 | 17.856 |

| | | | | | | |

|Sept. 26, | " rijder| 6.16 | 22 0 | 190.666 | 10 16 | 17.654 |

| 1615 | " dukaat|2.8-24/35 | 23 7 | 71.424 | 4 1 | 17.635 |

| | | | | | | |

|Feb. 13, 1619| " rijder| 6.16 | 22 0 | 190.666 | 10 16 | 17.654 |

| | " dukaat|2.8-24/35 | 23 7 | 71.424 | 4 2 | 17.42 |

| | | | | | | |

|July 21, 1622| " rijder| 6.16 | 22 0 | 190.666 | 11 6 | 16.873 |

| | " dukaat|2.8-24/35 | 23 7 | 71.424 | 4 5 | 16.805 |

| | | | | | | |

|Tolerantie, }| " rijder| 6.16 | 22 0 | 190.666 | 12 0 | 15.888 |

|Oct. 9, 1638}| " dukaat|2.8-24/35 | 23 7 | 71.424 | 4 10 | 15.872 |

| | | | | | | |

|March 6, }| | | | | | |

| 1645 and }| " rijder| 6.16 | 22 0 | 190.666 | 12 12 | 15.132 |

|Jan. 6, }| " dukaat|2.8-24/35 | 23 7 | 71.424 | 4 15 | 15.037 |

| 1653 }| | | | | | |

| | | | | | | |

| 1749 | " rijder| 6.16 | 22 0 | 190.666 | 14 0 | 13.619 |

| | | | | | | |

+-------------+----------------+----------+-----------+---------+------------+-------------+

| | | | | | | |

|1806 (Louis }| | |{22 carat }| 8.4-3/4 | 10 francs | ... |

| Napoleon) }| | |{ gold }| | | |

| | Gold penning | 8.28-4/9 |{16 grs. }| | | |

| | | |{ silver }| | | |

| | | | | | | |

|1816 | 10-gulden piece| 4.12 | 0.900 fine| ... | ... | ... |

|1875 | " " |6-720/1000| 0.900 fine|6.048 | ... | ... |

+-------------+----------------+----------+-----------+---------+------------+-------------+

APPENDIX V

THE MONETARY SYSTEM OF GERMANY

The German Mint system inherited from that of Charlemagne the common

features noticed already in the case of Florence, the Netherlands, and

other countries, namely, the division of the silver libra into 20 solidi

(_schillingen_), and of the solidus into 12 denarii (_pfennige_), so

that 240 denarii = 1 libra. The solidus occurs (theoretically or in

accompt) in both gold and silver. The gold solidus of the German system

originally weighed less than the Frankish, which was 72 to the libra,

while the German was 80 to the libra.

The ratio of gold to silver was 12:1, so that theoretically 1 pound

silver = 1 oz. gold = 6-2/3 gold schilling.

In actual coins, 1 gold schilling = 3 silver schillingen = 36 pfennige.

Gradually this system was superseded by that of reckoning by the mark.

The particular mark which obtained widest acceptance was the Cologne

mark, which was thus subdivided--

Cologne mark = 8 Oz.

= 16 Loth.

= 64 Quintlein.

= 256 Pfennige.

= 512 Heller.

= 4352 Eschen or Grain.

For the purpose of standard of alloy the mark was differently

subdivided. Thus--

Gold alloy weight--

1 mark = 12 carats

= 288 grs. (12 x 24).

Silver alloy weight--

1 mark = 16 loth

= 288 grs. (16 x 18).

Subsequently, when the gold gulden began to be minted, and to displace

in reckoning the gold solidi (6-2/3 to the oz.), a third system of

reckoning by gulden, schillingen, and pfennige was adopted. But long

before this had become general, the downward course of the pfennige had

proceeded apace.

In 1255, in Swabia, the silver mark was minted into 660 pfennige; and in

1276, in Magdeburg, the mark of silver (15 loth fine) into 528 pfennige.

Originally heller and kreutzer were only alternative forms of the

pfennige, not subdivisions of it (heller = Haellische pfennige); but the

irregular course of depreciation established a difference in

character.[24]

In 1407, in the Bishopric of Wuerzburg, pfennige were minted at a tale

of 400 to the mark and 6 loth fine; Heller 544 to the mark and 4 loth

fine. Fifty years later, at Nuernberg, pfennige were being minted 512 to

the mark and 5-1/4 loth fine (= 1560-8/21 to the mark of fine silver),

and Heller at 704 to the mark and 3-1/2 loth fine (= 3218-2/7 to the

mark fine).

The course of depreciation proceeded from the unregulated, irresponsible

mintings of the small states, and from base financier craft. During the

fourteenth century it proceeded apace, in spite of the attempts at a

reform made by the Emperor Charles IV. In 1356 he prescribed the minting

of the mark of silver into 31 schillingen 4 heller (or 376 hellers), but

the ordinance remained ineffectual.

The depreciation against which it vainly strove was not confined to the

lower species, such as pfennige and heller. The close of the thirteenth

century had witnessed the introduction of a new large silver money,

which for a time stood by the side of the schilling, and then gradually

displaced it. The new coin--the _groschen_, minted in imitation of the

gros Tournois of France--made its first appearance in Bohemia in 1296,

when its tale was 63-1/2 to the mark, 15 loth fine. The same process of

depreciation at once began to affect it, and during the fourteenth

century the downward course of the coin was very rapid, especially in

Saxony (see Tables infra., and pp. 30, 97). With the commencement of a

gold coinage in the middle of the same century, a third element of

confusion was introduced, and quickly the same diversity of weight,

alloy, and type began to prevail as in the silver coinage (see Table of

the depreciation of the gold gulden, infra., and pp. 31, 98).

The Reichstag, which met at Nuernberg in 1438, found itself driven to

record, in simple terms, the right of everybody who could mint to do so

according to what standard of fineness and weight he pleased, "seeing

the impossibility of a common standard and weight."

The close of the century witnessed the introduction of the last of these

numerous confusing elements, but one which was to become of prime

importance in the history of German currency, namely, the _thaler_. In

its first form it was intended as the silver equivalent of the _gold

gulden_, being minted 8 to the mark (i.e. 1 oz. weight per piece), and

of fine (or 16 loth) silver. It received the name _gulden groschen_ when

first coined by Archduke Sigismund of Austria in 1484; but in the

sixteenth century, on account of its great manufacture in Bohemia, it

became known as the _Joachims thaler_ (or _Schlicken thaler_, or _Loewen

thaler_). The subsequent depreciation of the thaler, which came as a

matter of course, was very unequal in the different circles, being most

strongly marked in Saxony.

By the first of the Imperial Mint Ordinances, which will be spoken of

immediately, the weight of this piece was still retained at 1 oz., but

the standard was reduced to 15 loth fine. In 1549 the Elector Maurice

fixed the standard at 14 loth 8 grs. fine, while still retaining the

tale of 8 to the mark.

The second Imperial Mint Ordinance of 1551 was constructed as a double

basis--

1. Of the gulden groschen (i.e. thaler) = 1 gold gulden = 72 kr.

2. Of the gulden groschen (i.e. thaler) = 1 gold gulden = 60 kr.

The tale was altered from 8 to 7-1/2 to the mark, but the standard was

lowered still further to 14 loth 2 grs. fine (= 8-120/254 to the mark of

fine silver). But in the accompanying tariff the actual specie

thaler-piece was set at 22 groschen, or 66 kreutzers.

The third Imperial Mint Ordinance established an important difference

from this system. The actual thaler or silver gulden (= 72 kreutzers)

was ordered to be discontinued, and no more minted, and a different

basis adopted of silver Reichs guldens = 60 kreutzers, at a tale of

9-1/2 to the mark, 14 loth 16 grs. fine.

This intended exclusion of the thaler, however, proved quite

ineffectual. Protestations were raised against it, and in the Reichstag

at Augsburg the minting of the thaler was again authorised--8 to the

mark, 14 loth 4 grs. fine.

The immediately succeeding movement of the thaler is given in the text

(see Table, p. 103).

Further than, as above, it is out of the question in so brief a resume

to specify the minuter confusions and conflicting variations of the

German monetary system at the opening of the sixteenth century. During

the course of that century three separate attempts were made to

establish an imperial system that should displace all minor ones, and

thus remedy the confusion.

The first attempt was made by Charles V. in his Imperial Mint Ordinance

issued at Esslingen on the 10th November 1524.

The basis of this ordinance was the mark of silver = 8 florins 10

schillings 8 heller, and the pieces ordained were--

1. A silver piece = 1 Rhenish gold gulden, 8 to the mark, 15 loth

fine (see the account of the thaler above).

2. _Orth_, 32 to mark, 15 loth fine.

3. _Zaehender_ = 1/10 Rhenish gold gulden, 80 to mark, 15 loth fine.

4. _Groschen_ = 1/21 Rhenish gold gulden, 12 loth fine, 136 to

mark.

Besides these coins, the ordinance recognised temporarily a whole series

of then-current pfennige. Thus--

Strasburg pfennige, . 126 to the gulden.

Wuertemberg " . 168 "

Rappen " . 157-1/2 "

Rhenish " . 210 "

Saxon " . 252 "

Raeder " . 312 "

As explained in the text (p. 96), this ordinance came nowhere into

observance, and twenty-nine years later Charles V. issued his second

Imperial Ordinance at the Reichstag of Augsburg (1551).

The system then attempted to be instituted was based on a mark of fine

silver = 10 florins 12-1/2 kreutzers but in denomination a double system

was employed--

1. Gold gulden = 60 kr.

2. {Gold gulden } = 72 "

{Gulden groschen}

1. The Reichs gulden (= 1 gold gulden = 72 kreutzers) was

prescribed thus--7-1/2 to the mark, 14 loth 2 grs. fine (see

account of thaler, _supra_).

2. The kreutzer-piece was prescribed--237 to the mark, 6 loth 1 gr.

fine (= 626-3/4 to the mark of fine silver).

3. The groschen (= 1/24 Reichs gulden)--94-1/2 to the mark, 7 loth

5 grs. fine (= 207-99/131 to the mark of fine silver).

Accompanying these regulations, however, there was a tariff as before,

but more comprehensive, for the temporary recognition of a miscellaneous

mass of coins of the Rhine, the Netherlands, Lower Saxony, Higher

Saxony, Franconia, and the mark of Brandenburg. Thus--

GROSCHEN.

Reichs groschen, at 12 pfennige, 24 = 1 gulden, at 72 kreutzers.

Groschen of Misnia and Franconia,

at 12 pfennige, 25-1/5 = " "

Rhenish _albi_ and Netherland

stuyvers, at 8 pfennige, 28 = " "

Luebeck schellingen,

at 12 pfennige, 28-4/5 = " "

Groschen of the Mark,

at 8 pfennige, 38-2/5 = " "

PFENNIGE.

Of the Tyrol, 300 = 1 gulden, at 60 kreutzers.

Of Luebeck, 288 = " "

Of the mark of Brandenburg, 256 = " "

Of Saxony and Franconia, 252 = " "

Of Austria, 4 loth fine, 649 to the mark, 240 = " "

Of Bavaria, 210 = " "

Of the Rhine, 186-2/3 = " "

Of Swabia, 180 = " "

Of Wuertemberg, 168 = " "

Rappen, 250 = " "

Of Strasburg, 120 = " "

This ordinance obtained no more vogue than its predecessor, the main

cause of its slighting being the dissatisfaction of the powers of Upper

and Lower Saxony at the tariffing of the thaler, which they declared to

be too low, and accordingly advanced (1555) to 24 groschen (= 32 Marien

groschen = 72 kreutzers).

The third Imperial Ordinance was issued at Augsburg on the 19th August

1559. Practically the same standard and basis was maintained as in the

preceding ordinance, the mark of fine silver being coined into 10

florins 13-1/2 kreutzers in the larger species.

But in the detail of these larger species an important difference was

established.

The silver gulden had hitherto been equal to the gold gulden. The actual

specie silver gulden in pieces of the time was nominally equivalent to

60 kreutzers. But since 1551 there had been minted a Reichs gulden in

specie equal to 72 kreutzers.

In order to mark the difference it was determined to coin in future only

silver gulden = 60 kreutzers, while the gold gulden was put at 75

kreutzers.

The specie authorised by this third Imperial Ordinance therefore were--

1. Gold gulden, 72 to mark, 18-1/2-carat fine, to equal 75

kreutzers.

2. Silver Reichs gulden, 9-1/2 to the mark, 14 loth 16 grs. fine,

to equal 60 kreutzers.

3. Thaler, or 72 kreutzers silver gulden, to be discontinued.

4. Kreutzer, to equal 1/80 gulden, 243-1/2 to the mark, 6 loth 4

grs. fine (= 626-1/7 to the mark fine).

5. Reichs groschen, to equal 1/24 gulden, 8 loth fine, 108-1/2 to

the mark; and a few other species.

The lower denominations (pfennige and heller) were minted on the basis

of the mark = 11 florins 5 kreutzers.

Almost immediately, protestations were raised against this ordinance,

especially by the Lower Westphalian Circle, and it remained quite

inoperative. The succeeding Reichstag at Augsburg again authorised the

issue of the thaler (8 to the mark, 14 loth 4 grs. fine, so that the

fine mark = 10 florins 12 kreutzers).

As late as the Reichstag of Regensburg (1594) desultory attempts were

made to establish a uniform system, but all practical idea of it had

long ceased, and the regulation of Mint matters henceforth fell into

the separate jurisdiction of the various Circles. The Lower Circles went

their own way at their meetings at Cologne (1566, 1572, and 1582), as

did the Upper Circles in their separate meetings in 1564 and 1572 at

Noerdlingen and Nuernberg.

At its meeting at Lueneburg in 1568 the Lower Saxon Circle adopted a

system not far removed from that of the third Imperial Mint Ordinance of

1559. The mark of fine silver was to be coined into 10 florins 43-11/67

kreutzers, and the thaler was fixed at 24 groschen (=72 kreutzers).

Underneath this separately concerted action of the Circles, however,

licence and disorder prevailed in the issue of smaller pieces of a

grossly depreciated nature, before which the good heavy silver species

disappeared, leaving the greatest confusion, together with a continual

rise in prices or fall in the standard. The imperial proclamations of

20th January and 24th September 1571 were of no avail against this

process, and by 1585 the mercantile rate had risen, thus--

Philipps thaler = 82 kr.

Reichs thaler = 74 "

Gulden groschen = 64 "

In 1596 the Imperial Commissioners at Frankfort provisionally recognised

as a tariff--

Gold gulden = 80 kr.

Reichs thaler = 72 "

Gulden groschen or thaler = 64 "

But later in the same year these authorities at Strasburg set the Reichs

thaler at 84 kreutzers (mark of fine silver = 12 fl. 36 kr.). As the

disorder of the _Kipper und Wipper Zeit_ broke over the Empire, in

consequence of the process of wilful depreciation, the Emperor made

several public attempts at its arrestation by letters addressed to the

various Circles separately (1601, 1603, and 1607). Meanwhile, the Reichs

thaler had risen to 90 kreutzers (mark of fine silver = 13-1/2 florins).

According to this valuation the gulden of 1551 of 72 kreutzers was set

at 94 kreutzers, and the gulden of 1559 of 60 kreutzers was set at 79

kreutzers.

It was on this latter basis (of the 60-kreutzer Reichs gulden of 1559 =

79 kreutzers) that was founded the later Misnian, Franconian, and

Kammer-Gerichts currencies of the eighteenth century, which did not

materially differ amongst themselves, thus--

Misnian gulden @ 31 groschen (= 78-2/3 kr.)

Franconian gulden @ 20 batzen (= 80 kr.)

Kammer-Gerichts gulden = 78 kr. 2-10/23 thalers.

In 1623 the Higher Circles adopted by their Mint determination the

following system:--

Thaler = 90 kr.

Gold gulden = 1 fl. 44 kr.

Ducat = 2 fl. 20 "

In the smaller pieces the basis was the mark of fine silver = 16-florin

= 10-2/3 thaler.

For example--

1/2-Batzen, 7 loth fine, 210 to the mark.

Kreutzer, 5 " 300 "

3-Heller piece, 3-1/2 " 560 "

Pfennige, 3 " 720 "

To this system the Lower Circles acceded, in the same year 1623, after

an ineffectual attempt to enforce the interim standard of 1596, which

had set the Reichs thaler at 21 batzen or 84 kreutzers.

From this united action of the Upper and Lower Circles Saxony stood

apart, following quite a different course. While elsewhere the thaler

was raised, here they lowered it to its old equivalence of 24 groschen.

In actual practice, however, the step proved only half effective, as the

depreciated thaler was persistently minted. There resulted accordingly,

in Saxony, a double system of "good" and "bad" money, with a difference

of something like 25 per cent. between them. To increase the confusion

there was for a time a difference between the practice of Lower Saxony

and Electoral Saxony. The former, Lower Saxony, had in 1610 adopted the

following system:--

Reichs thaler = 28 groschen.

Reichs gulden thaler of 1559 = 24 "

Philipps thaler = 30-2/3 "

Silver groschen, = 234 to the mark, 14 loth, 4 grs. fine.

" schillingen, 306 "

(So that the mark of fine silver = 12 fl. 9 kr.)

Finding it impossible to maintain this system, they altered it in 1617,

and finally in 1622 conformed with Higher Saxony, setting the Reichs

thaler at 24 silver groschens.

As settled in this and the following year, the system of Electoral and

Lower Saxony was as follows:--

Reichs thaler = 24 gulden groschen.

Gulden thaler of 1559 = 21 "

Philipps thaler and gold gulden = 30 "

Ducat = 36 "

Contemporaneously (1623), the Brandenburg system was as follows:--

Reichs thaler = 24 good groschen.

Gold gulden = 27 "

Ducat = 38 "

Through the remaining period of the Thirty Years' War very little is on

record with regard to the German Mint system. The closing period of the

strife was marked by such complaints as to excess of depreciated small

specie as had prevailed in 1620, bringing with it a further enhancement

of the price of the larger silver specie. In 1665, accordingly, the

three Higher Circles, Franconia, Bavaria, and Swabia met together. They

found on a trial that the mark of fine silver was selling commercially

at from 14 florins 15 kreutzers to 14 florins 20 kreutzers, and that it

was impossible to mint the larger silver specie unless the Reichs thaler

were set at 96 kreutzers. This would raise the mark of fine silver to 14

florins 24 kreutzers. At the same time it was resolved to declare the

ducat at 3 florins (mark of fine gold = 203 florins 49 kreutzers, 3-31/71

pfennige), the ratio being accordingly changed from 15 to 14-1/8.

In 1667 this scheme was provisionally adopted _in comitiis_. From this

scheme Saxony and Brandenburg held off, maintaining that the advance of

the Reichs thaler was not sufficient. They accordingly, in the same

year, adopted the so-called _Zinnaische_ standard, setting the Reichs

thaler at 1 florin 45 kreutzers (105 kreutzers), equal to 18 good

groschens (mark of fine silver = 10-1/2 thalers, or 15 florins 45

kreutzers).

The enactment of this system gave rise to a new species of heavy silver

coins:--

Guldener = 2/3 thaler.

" = 60 kr.

" = 16 good groschen.

" = 32 schillingen.

Two years later, 1669, the three Higher Circles determined, as a measure

of protection to their gold, to alter the ratio, and for that purpose to

reduce the thaler from 96 to 90 kreutzers again, while leaving the ducat

= 3 florins, and the gold gulden = 2 florins 20 kreutzers.

The mark of fine silver was thus = 3 fl. 30 kr.

" gold " = 204 "

(Ratio = 15-1/9.)

The divisional coins were to be minted on a graduated and enhanced

standard. Thus--

6-kr. and 4-kr. pieces (Batzen), at 13 fl. 55 kr. to the mark fine.

Groschen (3 kr.) at 14 fl. 10 " "

Kreutzer at 14 fl. 40 " "

Pfennige (3760 to the mark fine), at 15 fl. 43 " "

There were thus three contemporary systems in Germany in 1670--

1. Reichs thaler, at 90 kr., mark of fine silver at 13 fl. 30 kr.

2. " at 96 " " at 14 fl. 24 "

3. " at 105 " " at 15 fl. 45 "

The three Upper Circles, however, could not maintain their last enacted

order. In spite of its enactment, the Reichs thaler rose again to 96

kreutzers, and the ducat to 3 florins 12 kreutzers.

The confusion and general harm which resulted has been referred to in

the text (p. 199), and it is to be regarded simply as a stop-gap at any

cost that the measure proposed by the Three Circles of fixing the thaler

at 90 kreutzers was carried through the Reichstag of 1680.

From this system, however, the Emperor, with Bavaria and Salzburg, stood

apart, putting the Reichs thaler at 96 kreutzers; and ten years later,

1690, Saxony, Brandenburg, and Brunswick and Lueneburg established again

a distinct system--the well-known Leipzig standard.

By this system the Reichs thaler was set at 120 kreutzers or 2 florins

(mark of fine silver = 12 thalers 18 gulden).

In a few years this valuation of the thaler prevailed all over the

Empire. Sweden acceded to it in 1690, with Bremen and Pomerania, Mainz,

Treves, the Palatinate, and Frankfort, and three years later the Higher

Circles followed suite. Contemporaneously the gold gulden was advanced

to 2 florins 56 kreutzers.

Although the Emperor subsequently joined in the recognition of the

Leipzig standard, it did not remain effective in actual practice, and

while no further advance of the thaler was officially recognised, the

lower denominations were again depreciated by the Mint competition of

the various states, 10-kreutzer pieces being minted on a standard of

20-1/3 to 21-1/3 gulden to the mark fine. In 1736 the question of a

standard was again brought before the Reichstag; and on the 10th

September 1738 it was resolved to adopt the Leipzig standard for the

Empire, with the Reichs thaler = 2 florins, ducat = 4 florins, gold

gulden = 3 florins; while, for the divisional coins, a basis of fine

mark silver = 13-2/3 thaler was enacted.

This system, if it endured at all, did so only for a couple of years.

The outbreak of the war of the Austrian Succession brought with it a new

period of conflicting depreciations, and at the close Austria took a

decisive step. Without taking any measure to secure the co-operation of

the Circles, or any part of the Empire, the Emperor Francis I. adopted

the 20-gulden standard (the mark of fine silver = 13-1/3 Reichs thalers

= 20 guldens). It was at once adopted in Hungary and Bohemia, the

territories of Maria Theresa.

Frederick Augustus, Elector of Saxony and King of Poland, was the first

to adopt this Austrian standard, at Dresden in 1750, though with a very

slight variation (putting the mark of fine silver at 13-3/8 Reichs

thalers instead of 13-1/3). In 1753 Bavaria also acceded to the

20-gulden standard, after a brief attempt (1747-1753) at the erection of

a 24-gulden standard, and in the following year the Austrian system was

adopted by Brandenburg-Anspach, Bayreuth, Wuerzburg, and Nuernberg.

The Convention of Vienna (21st September 1753) which formally

established this Austrian or Convention standard (20-gulden system),

prescribed as follows:--

1. Gold--

Mark of fine gold = 283 fl. 5 kr. 4-47/74 pf. Chief coin = Reichs

ducat, 67 to the mark (Cologne mark), 23 kr. 8 grs. fine (=

67-67/71 to the mark of fine gold), to = 4 fl. 10 kr.; the Holland

and other ducats then current in Germany being tariffed at 4 fl.

7-1/2 kr.

2. Silver--

Mark of fine silver = 20 guldens for all manner of silver coins

down to the groschen or 3-kreutzer piece (ratio of silver to gold

1:14-11/21).

The silver coins authorised were--

1. Thaler (specie or convention thaler = 2 fl.), 10 to the mark,

13-1/3 loth fine.

2. Gulden (or 1/2-specie thaler), 20 to the mark, 13-1/3 loth fine.

3. 30-kreutzer piece (1/2-gulden or 1/4-specie thaler), 40 to the

mark, 13-1/3 loth fine.

4. 17-kreutzer piece, 70-10/17 to the mark, 8-2/3 loth fine (only

for Austria).

5. 7-kreutzer piece, 171-3/7 to the mark, 6-13/18 loth fine (only

for Austria).

6. 20-kreutzer piece, 60 to the mark, 9-1/3 loth fine.

7. 10-kreutzer piece, 120 to the mark, 8 loth fine.

8. Groschen or 3-kreutzer piece, 400 to the mark, 5-1/2 loth fine.

For the lowest denomination of divisional coins, half-groschen,

kreutzer, and pfennige, quite varying standards were permitted,

according to the piece or locality, namely, from 20-3/4 to 33 guldens to

the Koln mark.

For tolerated coin the following tariff was fixed:--

GOLD

Bavarian maxd'or and double gold gulden = 6 fl. 8 kr.

Bavarian carolus or 3-gold gulden piece = 9 fl. 12 kr.

Kremnitz ducat }

Florentine gigliati} = 4 fl. 12 kr.

Venetian zecchino }

All other gold coins to be taken as bullion at a value of 280 fl.

for the Cologne mark of fine gold. All silver species of other

states below the value of 1/2 florin forbidden.

Such was the Convention System or Standard, which, by the accession of

the Electoral Palatinate, and of Salzburg might be practically regarded

as the Imperial system.

This Convention system, and these Convention or specie thaler and other

coins, remained the Mint system of Austria until modern times.

The changes which were made in the Austrian system by the Vienna

Convention of 1857 have been already detailed (see text, pp. 209-12).

Ten years later Austria withdrew from this monetary treaty (in

accordance with the terms of the treaty of Berlin, 13th June 1867), with

the intention of acceding to the contemplated French currency treaty of

31st July 1867. She ceased the coining of German gold crowns and

half-crowns, and instead minted 4 and 1-ducat pieces. From 1870 onwards

she coined, in conjunction with Hungary, 8 and 4-florin gold pieces, the

former 77-1/2 to the pound, .900 fine.

By a decree of 6th November 1870, the 8-florin gold piece was tariffed

at 8.10 florin. At this it was made legal tender, on the basis of the

French ratio of 15-1/2; but it was practically nothing more than

commercial money, like the preceding _crowns_ and _half-crowns_ of the

convention of 1857. The standard of Austria remained nominally the

silver florin of the convention of 1857, although in actual practice the

currency was paper. In March 1879 the Austrian and Hungarian Mints were

closed to the coinage of silver on private account, preparatory to a

reorganisation of the Austrian monetary system on a gold basis. This

reform was decided on in 1892, and briefly prescribed as follows:--

The monetary unit is the krone or crown = 2 florins; but to be minted in

10 and 20-crown pieces, 1 kilogramme pure gold = 3280 crowns, .900 fine.

The crown is divided into 100 hellers.

For the purpose of basing the new system on gold, a ratio between the

old silver and the new gold standard of 1:18.22 was adopted, the

existing florin being declared = 2 francs 10 cents.

Silver is fractional money only, the old florins passing as 2 crowns.

South Germany.

From the Convention or 20-gulden system (the old Austrian system) sprang

the accompanying system, the 24-gulden standard, which was nothing but

the 20-gulden or Austrian standard under another name. Very soon after

the establishment of the Convention standard, the Elector of Bavaria

perceived or concluded that the continuance of that standard in his

dominions would produce disorders so long as the other circles did not

accede to the convention. He accordingly arrested the execution of the

convention in his territories, and adopted a provisional arrangement. At

the end, however, of a long correspondence with the Austrian state

(Maria Theresa), an agreement was made that he should conform his coins

in standard and weight to the convention system, but should be permitted

to tariff them at one-fifth higher rate, putting i.e. the specie thaler

not at 2 florins but at 2 florins 24 kr., and so on (the mark of silver

being consequently worth 24 guldens, instead of, as in the Austrian or

Convention system, 20 guldens).

This was the origin of the 24-gulden standard, which gradually spread

over the whole of South Germany, with the exception of Austria. The

three Upper Circles acceded in 1761, Salzburg in 1765, and in the

following year the Rhenish powers, Mainz, Treves, the Palatinate,

Hesse-Darmstadt, and Frankfort.

From this 24-gulden standard sprang towards the close of the eighteenth

century a later development, due to the circulation of the kronen thaler

or Brabant thaler, which, from 1755 onwards, Austria minted for her

Netherland possessions. The Rhenish provinces drove this piece above its

Mint rate, setting it at 2 florins 42 kreutzers, although in the

24-gulden standard its value was only 2 florins 38-10/19 kreutzers. This

implied a standard of 24-6/11 guldens to the mark of fine silver, and

gradually, about the beginning of the present century, Bavaria,

Wuertemberg, and Nassau minted convention thalers on the same footing.

Baden, Hesse, and Saxe-Coburg followed suit in their minting of kronen

thalers until, by the Mint Convention of the South German states in

1837, the new standard (the 24-1/2-gulden standard) was formally

recognised as the South German standard. In this convention Austria had

no part.

The standard here detailed, the 24-1/2-gulden or South German standard,

was assimilated to the Prussian system in the Dresden Convention, 1838

(see text, p. 205), and in that connection remained intact until the

developments of modern times detailed in the text, p. 215.

Prussia.

The Prussian monetary system, as a separate identity, took its rise in

that same period which witnessed the independent action of Austria,

above detailed. Its builder was Frederick the Great, who, for this

purpose, called in the advice of a Dutch merchant, Philip Graumann. It

is to this latter that is due the introduction in 1750 of the 21-gulden

or 14-thaler standard, otherwise known as the Graumann standard.

Thaler = 10-1/2 to the mark, 12 loth fine (mark of fine silver

therefore = 14 thalers or 21 guldens).

Thaler = 24 groschens = 288 pfennige (24 x 12).

Groschen and 1/2-groschen minted as divisional coins (= 1/24 and

1/48 thaler) of billon.

After the temporary debasement during the Seven Years' War, the Graumann

standard was re-established in 1764, but with two differences.

1. The minting of 1/2 and 1/4-thaler pieces of 12 loth silver was

ordered to cease from 1766, and to be replaced from 1764 by--

1/3 thaler, 10-2/3 loth, 28 to the mark }

1/6 " 8-1/3 " 43-3/4 " } 14-thaler standard.

1/12 " 6 " 63 " }

2. The billon divisional money (minted primarily for the Provincial

States of Prussia) was greatly increased in the amount of its issue, but

depreciated in standard on a varying scale according to the districts

intended, Silesia, Cleves, etc., reaching in some cases even to an

18-thaler standard. Up to 1772 there was issued in these depreciated

single and double-groschen pieces an amount equal to 8,979,189 thalers.

Subsequently, the standard of divisional money was reduced to 21

thalers, and at this rate, up to the death of Frederick in 1786, there

were issued in 6-pfennige and other pieces 12,586,863 thalers' worth.

From this time onward, up to the decrying of this depreciated divisional

money at the peace of Tilsit, there was minted a matter of 29,628,807

thaler worth.

The total, therefore, was 42,215,670 thalers; the pure silver content of

which was only 28,243,780 thalers.

By the publicandum of 4th May 1808, and the edict of 13th December 1811,

the value of this mass was reduced, the coins being set at from

two-thirds to four-sevenths of their normal value, so that--

42 groschens }

} = 1 good thaler.

52-1/2 " (Bohemia) }

but it was not till the law of 30th September 1821 that a recoinage

could be accomplished.

The provisions of this law of 1821 were as follows:--

1. Gold--

Friedrichs d'or as hitherto, viz. 35 to the mark = 5 thalers.

4. Silver--

Prussian thaler as before, 10-1/2 to the mark gross (= 14 to the

mark fine).

7. Thaler to be subdivided into 30 groschens 12 pfennige; the

latter tenderable only up to 1/6 thaler.

8. Silver groschen = 106-2/3 to the mark, 2/9 silver (= 16 thalers

to the mark fine).

By the law of 1821, this standard came into operation in 1626, and it

remained the standard for Prussia and her provinces until the

developments in modern times, specified in the text, p. 215.

At the convention of Dresden, 30th July 1838, the Prussian 14-thaler or

21-gulden standard was adopted, along with the South German or

24-1/2-gulden standard as the standard of the German Zollverein.

Subsequent to that date the Prussian system was adopted by Hanover,

Brunswick, Oldenburg, Mecklenburg, Waldeck, Lippe, etc.

PRUSSIAN MINTINGS FROM THE REFORM OF 1809 TO THE END OF 1836.

Thaler pieces 70,850,560

1/6 " " 16,942,307

---------- 87,792,867

Full-weighted silver previously in currency 95,709,282

-----------

Total of full-weighted silver 183,502,149

===========

One-third pieces, minted 1809-11 237,151

Billon divisional money, minted 1821-36 2,949,760

-----------

Thalers 186,689,060

Withdrawn since 1809-36--

1/5-thaler pieces 319,522 thalers

1/12 " " 135,504 "

1/15 " " 428,256 "

------- 883,282

-----------

185,805,778

===========

The gold coinage had, in Prussia, little relativity to the silver.

From 1750 this state minted double, single, and half-pistoles, under the

name, Friedrichs d'or, on the basis of 35 to the mark, 21-3/4 carats

fine, for the single piece.

From 1770 the standard was lowered to 21-2/3 carats, and at this it was

confirmed by the law of September 1821.

The ascertained mintings of these were as follows:--

1764-86 29,599,482-1/2 thalers.

1787-1808 26,515,490 "

1809-36 13,922,960 "

But long before 1840 almost the whole of this amount had disappeared or

been melted down.

In state payments the Friedrich d'or was taken at 5 thalers, but in

ordinary commerce up to 1783 they were taken at 5-1/4 thalers, a tariff

which gradually rose to 5-1/3 and 5-1/2 thalers. The purchases of gold

which the Bank of England made in 1816, in order to its resumption of

cash payments, drove the pistole or Friedrich d'or up to 5-3/4 thalers,

and it was not for ten years that it fell back to 5-2/3 thalers.

Although paid by Government at this latter, and so continued till the

Mint Convention of 1853, it was only as a mercantile commodity. The only

legal standard and tender in Prussia was silver (the silver thaler), to

which gold was varyingly ratable, according to market fluctuations.

The Prussian system thus described remained in force until the Vienna

coinage treaty of 24th January 1857, the details of which have been

already stated in the text. The resolutions of that treaty were adopted

by the Prussian Mint law of 4th May 1857, as follows:--

1. The Prussian pound of 500 grms., decimally divided, is substituted

for the previous standard of 233.865 grms.

2-6. The thaler continues the regular silver coin of the country--

Thirty thalers to the pound of pure silver, .900 fine.

Thus the 30-thaler standard to take the place of the old 14-thaler

standard, but the two to be treated as the same.

The thaler to be coinable as a convention thaler or Vereins thaler;

thaler to be subdivided into 30 groschens, at 12 pfennige.

7-8. Divisional coin limited in tender to 1/6 thaler as before, and both

minted on a 34-1/2-thaler standard.

11. Gold commercial coins shall be coined under the names of "crown" and

"half-crown," in the form and with the attribution of confederation

coins, viz.--

1. Crown, 1/50 of a pound of fine gold (.900 fine).

2. Half-crown, 1/100 " "

These coins shall be the special gold coins of the country, and other

gold pieces shall not henceforth be coined.

14. The silver value of the gold coinage shall be entirely fixed by the

relation of the supply to the demand, and no one is bound to take gold

in the place of the legal silver value of the country.

16. Our Finance Minister is empowered to settle the price at which the

crown and the half-crown shall be taken into our pay offices.

The established rate, as well as the permission to receive crowns and

half-crowns instead of silver coins in our offices, may at any time be

revoked or restricted by the publication of a proclamation by our

Finance Minister.

19. Our Minister of State is also authorised to fix the value above

which foreign gold and silver coins must not be offered or given in

payment in ordinary transactions.

The subsequent course of events and the existing Prussian (Imperial

German) system have been already specified (see text, p. 215).

Hamburg.

The origin of the common Mint standard of Luebeck and Hamburg was the

division of the mark into 16 schillingen, and each schilling into 12

pfennige. The metal mark and the Mint mark soon parted company, and by

the time of the treaty of 1255 the two states agreed to mint the mark of

fine silver into 38 schillingen 10 pfennige (= 2 marks 6 schillingen 10

pfennige).

The Wendish standard was established by the adoption in 1325 of the

Hamburg-Luebeck treaty by Wismar and Lueneburg.

In 1433 this Wendish standard adopted the Cologne mark as its weight

basis.

COURSE OF DEPRECIATION OF THE STANDARD.

Mks. Sch. Pf.

1226--The mark of fine silver coined into 2 2 0

1255 " " " 2 9 5

1293 " " " 2 9 8

1305 " " " 2 15 5

1325 " " " 3 0 9

1353 " " " 3 10 11

1375 " " " 4 3 0

1398 " " " 4 15 2

1403 " " " 5 1 11

1411 " " " 5 12 5

1430 " " " 8 8 0

1450 " " " 9 12 2

1461 " " " 11 8 10

1506 " " " 12 8 0

The Mint Union of the Wendish states continued until the beginning of

the seventeenth century, when it expired unperceived. The experience of

Hamburg in the _Kipper und Wipper Zeit_, with its resultant

establishment of the Hamburg Bank, has been already referred to.

In 1667 Hamburg freely joined the _Zinnaische_ standard, according to

which the mark of fine silver was coined into 10-1/2 thalers (= 31

marks 8 schillingen, _Hamburger courant_). She, however, hesitated to

follow the German system in its change over to the Leipzig standard in

1690, and after an interim period of weltering disorder, during which

the standard varied from 30 marks to 34 marks 8 schillingen per mark

fine of silver, the State adopted in 1725 the so-called Luebeck standard

(1 mark fine = 34 marks), as the Hamburger courant.

This standard had existed in Holstein from 1693. In 1788 and 1789 long

and serious debates were held in Hamburg on the question of the

substitution of a lighter (or lower) standard. And seventy years later a

change in such direction had practically effected itself, although not

legislatively recognised. By 1850 the actual currency of the state

consisted mostly of silver coins of the Prussian (or 14-thaler)

standard, circulating at an equivalence of 1 thaler = 2-1/2 marks

Hamburger courant (= 40 schillingen), an equivalence implying a standard

of 35 marks courant to the mark of fine silver.

Legally, however, the 34-marks standard remained in force until the

coalescence of the free state of Hamburg with the new imperial German

system in our own days.

The question of the agio of the _Hamburg banco_ system belongs rather to

the history of banking.

German Standards: Silver.

In brief resume, the historic standards of the German monetary system

have been as follows:--Nos. 4, 5, 7, 9, 11, 12, 13 representing the

systems in existence at the time of the projection of the great currency

reform of 1871:--

1. Old imperial standard of 1559, based on the Reichs Muenz ordnung of

Ferdinand I., mark of fine silver = 8 thalers. Altered in 1622, so that

9 thalers 2 grs. = 1 mark fine silver.

2. The _Zinnaische_ standard, agreed upon by Saxony and Brandenburg at

Zinna, 1667, 1 mark fine silver = 10-1/2 thaler = 15-3/4 guldens.

3. Leipzig standard or Torgau standard (see text, p. 200), mark fine

silver = 18 gulden.

4. The Prussian standard, 14 thalers or 21 guldens = 1 mark fine silver

(see above, p. 379).

5. Convention standard or Austrian standard, mark fine silver = 20

gulden (see above, p. 375).

6. The 24-gulden standard or new imperial standard of 1766 (see above,

p. 377), 1 mark fine silver = 24 guldens.

7. The 24-1/2, or South German standard (see above, p. 378), 1 mark fine

silver = 24-1/2 guldens.

8. The kronen-thaler standard, existing more or less between 1808 and

1837 in such of the states of the South as had adopted the minting of

the Brabant or crown thaler-piece, 9.18 to a mark fine, and issued at 2

guldens 42 kreutzers, representing a 24-4/5-gulden standard. It was this

system which called into being the 24-1/2-gulden standard, by the

evolution of which it was itself completely superseded.

9. Wechselzahlung, or Wechselgeld, the bank reckoning system of

Frankfort-on-the-Maine, 20-4/55 guldens = 13-21/55 thalers = 1 mark fine

silver. The standard was, therefore, 4/11 lighter than the 20-gulden or

convention standard.

10. The Augsburg girogeld, a system which existed till 1st July 1845,

and in which the exchange with Amsterdam and Hamburg was expressed. Mark

of fine silver = 15-95/127 gulden giro (100 gulden giro = 127 gulden of

the convention standard). This system was displaced by the introduction

of the 24-1/2-gulden standard.

11. The Luebeck courant (or Hamburg courant, as described above), the

mark of fine silver = 11-1/3 thaler, or 34 marks.

12. Hamburg banco, the system of reckoning of the Hamburg Bank. From

1790 the bank reckoned the mark of fine silver = 9-5/24 thaler-banco, or

27-5/8 mark-banco. The issue rate was, however, 9-1/4 thaler, or 27-3/4

mark-banco, the slight premium simply covering the expenses of the bank.

In 1846 this difference was abolished, the mark of fine silver both for

receipt and disbursement being reckoned at 27-3/4 marks (27 marks 12

schillings). The Hamburg banco was, therefore, appreciated above the

Hamburg courant by a matter of 22.5225 per cent.

13. The Schleswig-Holstein courant, mark of fine silver = 11-9/16

thaler, or 34-11/16 marks.

Gold Standards.

1. Imperial or ducat standard. The Imperial Mint Ordinance of 1559

contains the first mention of the ducat in German legislation,

prescribing it 67 to the mark, 23-1/2-carat fine. Subsequently the

standard varied slightly. Austria minted them 23 carat 8 grs. for

herself (_kaiserlichen_), at 23 carat 9 grs. for Hungary (_kremnitzer_).

The other German states approximated between a 23-carat 6 grs. and a

23-carat 8 grs. standard. Baden struck ducats 22 carat 6 grs. fine,

63.697 to the mark.

2. The _Pistole_ standard (_Friedrichs d'or_, _August d'or_, _Wilhelms

d'or_, _Carls d'or_, or generally, _Louis d'or_), mostly in the Northern

States of Denmark, mostly 35-1/6 to the mark, 21-1/2 carats fine, though

with considerable variations (e.g. the Saxon _august d'or_, 35 to the

mark, 21 carats 8 grs. fine. In Bremen this was the legal currency, the

_louis d'or_ being taken at 5 thalers at 72 groot, each groot at 5

schwaren). For a considerable period, far into the present century, the

merchants of Mecklenburg, Hanover, and Brunswick kept their accounts in

gold pistoles (= 5 thalers). Prussia (as above, p. 382) fixed the

pistole at 5-2/3 thalers, but elsewhere it had a varying (mercantile)

equivalence.

3. The gold gulden standard. The last of the three Imperial Mint

Ordinances (1559) prescribed gold gulden 72 to the mark, 18-1/2 carat

fine. They continued to be coined in Southern German states and in

Hanover up to the middle of the eighteenth century.

TABLE OF THE GOLD COINS OF GERMANY--GULDEN, DUCAT, AND FRIEDRICHS D'OR.

+--------------------+---------+---------------------+---------------------+

+--------------------+---------+---------------------+---------------------+

|1252-- | | | |

| Florence mark) | 44-3/8 | 24 0 | 6 22 3-405/2911 |

| | | | |

|1371-- | | | |

| Bohemia | 66 | 23 0 | 4 6 2-434/781 |

| | | | |

|1386 and 1399-- | | | |

| II. in 1402 | 66 | 22 6 | 4 1 1-85/781 |

|1409-- | | | |

| Empire at Cologne)| 66 | 22 0 | 3 55 3-517/721 |

| | | | |

|1419-- | | | |

| mark) | 64-1/2 | 19 0 | 3 28 1-2851/3053 |

| | | | |

|1422-- | | | |

| mark) | 66-1/2 | 22 6 | 3 59 1-8049/3052 |

| | | | |

|1428 and 1429-- | | | |

| 1438, and 1442) | 68 | 19 0 | 3 17 3-18/1207 |

| | | | |

|1438-- | | | |

| Elector of Mainz, | 67 | 19 0 | 3 20 2-3886/4757 |

| | | | |

|1442-- | | | |

| IV. | 72 | 19 0 | 3 6 3-14/213 |

| | | | |

|1477-- | | | |

| Princes at | {68-2/3 | 19 0 | 3 15 3-2421/7313 |

| Frankfort | {69-1/3 | 18 10 | 3 12 0-3669/3692 |

| | | | |

|1495 and 1497-- | | | |

| Freiburg | 71-1/3 | 18 6 | 3 3 2-3104/15194|

| | | | |

|1506-- | | | |

| and Brandenburg | 71-1/3 | 18 6 | 3 6 0-132/7597 |

| | | | |

|1509-- | | | |

| Frankfort | 71-1/3 | 18 6 | 3 6 1-3185/7597 |

| | | | |

|1524-- | | | |

| Esslingen | 89 | 22 0 | 2 54 3-5019/6319 |

| | | | |

|1551-- | | | |

| Augsburg | 71-1/3 | 18 6 | 3 6 0-3682/7597 |

| | | | |

|1559-- | | | |

| Ferdinand I. | 72 | 18 6 | 3 4 1-2267/3834 |

| | | | |

|Gold ducat (ibid.) | 67 | 23-2/3 | (10 = 1 fl. 44 kr.) |

+--------------------+---------+---------------------+---------------------+

TABLE OF THE GOLD GULDEN AND DUCAT--_continued._

From 1559 the Tale and Standard remained legally unaltered; the only

variations being thenceforward in equivalence or tariff, thus--

Fair of 1585 Set the Rhenish gold gulden and Philipps thaler at 82 kr.

1596 Imperial Commissioners at Frankfort set the gold gulden

at 80 kr.

About 1600 Gulden of 1551, of 72 kr., set at 94 kr.

" " 1559, " 60 " " 79 "

1602, April 10 Brandenburg ducat set at 2 fl.

" Philipps thaler and Reichs gold gulden set at 20 batzen.

{Franconia}

1601 and 1602 {Bavaria } ducat, 67 to Cologne mark, 23 carats 8 grs.

{Swabia }

1604 _Ibid._ (_Muenz Probations Tag_), gold gulden, 72 to Cologne mark,

18 carats 6 grs. fine.

1623, July 31 Mint Edict of John George, Duke of Saxony, Rhenish gold

gulden set at 1 gulden 6 good groschen.

1623 Higher Circles gold gulden = 1 fl. 44 kr.

" " ducat = 2 " 20 "

" August 23 Wuertemberg gold gulden = 1 fl. 44 kr.

" " " ducat = 2 " 20 "

" " 29 Archduke Leopold of Austria set the gold gulden at 1 fl. 52 kr.

" " " " " ducat 2 " 30 "

" October 19 Strasburg gold gulden = 1 fl. 52 kr.

" " " ducat = 2 " 30"

" Electoral Saxony, Philipps or gold gulden = 30 groschen.

" " ducat = 36 "

" Brandenburg gold gulden = 27 groschen.

" " ducat = 38 "

" October 23 Frankfort gold gulden = 1 fl. 44 kr.

" " " ducat = 2 " 24"

" Lower Saxony gold gulden = 26-2/3 groschen (= 1 fl. 40 kr.).

1624 Three Circles (Franconia, Bavaria, Swabia)

gold gulden = 1 fl. 50 kr.

" " " " ducat = 2 " 30"

1637 " " " gold gulden tolerated at 2 fl.

" " " " ducat " 3 "

(But to be reduced respectively to 1-1/2 fl. and 2 fl. 24 kr.)

1659 Three Circles gold gulden = 2 fl. 10 kr.

" " ducat = 3 "

1665 " (Franconia, Bavaria, Swabia) ducat = 3 fl.

1669 Three Circles ducat = 3 fl.

" " gold gulden = 2 fl. 20 kr.

1690 In consequence of Leipzig standard, gold gulden = 2 fl. 56 kr.

" " " " ducat = 4 fl.

1695 Austrian ducat = 4 fl.

1736} " gold gulden = 3 "

1738} " ducat = 4 " (but circulating at 4 fl. 15 kr.).

1748 " ducat = 4 fl. 10 kr.

1751, May 2 " Imperial ducat = 4 fl. 10 kr.

" " " Kremnitz " = 4 " 12 "

" " " Other " = 4 " 7-1/2 "

1771, March 23, Austria (Imperial Patent) Kremnitz ducat = 4 gulden 18 kr.

" " Imperial, Bavaria, Salzburg " = 4 " 16 "

" " Holland and others " = 4 " 14 "

1783, Sept. 1, Kremnitz ducat and zecchini = 4 " 22 "

" " Imperial " = 4 " 20 "

" " Holland " = 4 " 18 "

1786, Jan. 12, Imperial ducat = 4 " 30 "

" " Kremnitz Bavarian Salzburg " = 4 " 20 "

" " Holland " = 4 " 18 "

(This equivalence of 4 fl. 30 kr. remained till the

Vienna Convention (at 67 to the Koln mark, 23-2/3

fine = 4-1/2 gulden, ratio = 1:15-102/355 (15.2873)),

the ratio prescribed by the Edict of the Emperor

Joseph II., of 12th January 1786.)

1756 Souverain, or souverain d'or (originally Netherlands),

minted in Vienna Mint, 22 carat 3/4 gr., 42.091 to

mark gross (45.874 fine) = 6 gulden 11 kr. 1 pf.

1786, Jan. 12, Souverain, or souverain d'or = 6 gulden, 40 kr. (makes

a ratio of 15.2923).

1750 Prussian Friedrichs d'or, 35 to mark, 21-3/4 carat fine

(= 261 grs. of fine gold to the piece).

1770 Prussian Friedrichs d'or, 35 to mark, 21-2/3 carat

fine (= 260 grs. fine gold to the piece).

(Confirmed by law of 30th Sept. 1821.)

1857 Vienna Convention trade money (see p. 210).

1871 10-mark piece, 139-1/2 to the German pound, .900 fine.

TABLE OF THE THALER.

1555, Brunswick, Luneberg, Hanover, etc.--Thaler = 32 Marien

groschen = 24 silver groschen.

1558, Saxony Mint Ordinance (renewing previous ordinances in spite

of the Imperial Ordinance)--Thaler or gulden thaler, 14 loth 8

grs. fine, 8 to mark (= 8-56/65 to mark fine) = to 24 groschen:

mark fine therefore equal to 10 fl. 38 kr.

1559, Imperial Ordinance--forbidden.

1566, Reichstag of Augsburg--again authorised; 14 loth 4 grs., 8 to

the mark fine; equal 72 kr.; mark fine therefore = 9 thalers 68 kr.

(10 fl. 12 kr.).

1585, Frankfort Fair--Philipps thaler = 82 kr.

1596, Imperial Commissioners at Frankfort--Philipps thaler

provisionally set at 72 kr.

Same year, December 1596, Imperial Commissioners at

Strasburg--Reichs thaler = 84 kr. (or 21 batzen), according to

which mark of fine silver = 12 fl. 36 kr.

Beginning of seventeenth century (Imperial letters)--Reichs thaler

recognised at 90 kr. as highest limit.

1603 (Higher Circles)--Reichs thaler recognised at 90 kr.

Electoral Saxony--Reichs thaler = 24 good groschen.

1610, Lower Saxony--Reichs thaler = 28 good groschen; Philipps

thaler, 30-1/3 good groschen (mark fine silver = 12 fl. 9 kr.).

1617, Lower Saxony--Reichs thaler = 30 silver groschen.

1665 (Three Circles, 1667 _in comitiis_)--Reichs thaler = 96 kr.

(fine mark = 14 fl. 24 kr.).

1667, Saxony and Brandenburg (Zinnaische Fuss)--Reichs thaler = 1

fl. 45 kr. = 28 good groschen (fine mark = 15-3/4 fl.).

1669 (Three Circles)--Reichs thaler reduced to 90 kr. (fine mark =

13 fl. 30 kr.).

1680 (the Three Circles carried it _in comitiis_)--Reichs thaler

reduced to 90 kr. (fine mark = 13 fl. 30 kr.).

1681, Emperor at Salzburg set the Reichs thaler = 96 kr.

1690 (Leipzig Mint, for Saxony, Brandenburg, Brunswick,

Luneburg)--Mark fine = 12 thalers = 18 fl.; Reichs thaler = 2 fl.

(120 kr.).

1691, rejected by Hamburg, Luebeck, and Bremen, who stuck to Reichs

thaler = 24 groschen, or 48 schillingen, or 90 kreutzers, or 3

marks (to be reduced to this by three drops).

1750, Prussia--Frederick V. 14-thaler, or 21-gulden fuss (14

thalers to the mark fine), thaler = 24 groschen, 1 groschen = 12

pfennige.

1821, Thaler = 30 groschen.

1857, " = 30 to the pound of pure silver, .900 fine.

1871, " = 3 marks (see p. 216).

TABLE OF THE GROSCHEN.

+---------------------------------+---------------+---------------+

| | Tale to the | Standard. |

| | Cologne Mark. | |

+---------------------------------+---------------+---------------+

| | | Loth. Grs. |

|1226-- | | |

| The Gros Tournois minted at | | |

| Tours in France (58 to the | | |

| troy mark) | 55-1/10 | 15 6 |

| | | |

|1296-- | | |

| Groschen of Bohemia and Meissen | 63-1/2 | 15 0 |

| | | |

|1324-- | | |

| Groschen of Meissen | 64-1/2 | 15 0 |

| | | |

|1341-- | | |

| Groschen of Bohemia | 78 | 10 0 |

| | | |

|1350-- | | |

| Meissen | 91 | 14 0 |

| | | |

|1364-- | | |

| Bohemia | 74-1/2 | 9 0 |

| | | |

|1378-- | | |

| Bohemian groschen, as by the | | |

| Constitution of Charles IV. | | |

| and Wenceslaus | 70 | 14 1 |

| | | |

|1380-- | | |

| Meissen | 72 | 13 0 |

| | | |

|1407-- | | |

| Wuerzburg (74 to the Wuerzburg | | |

| mark) | 72-40/131 | 8 0 |

| | | |

|1444-- | | |

| Saxony and Meissen | 88 | 7 13 |

| | | |

|1444-- | {160 | 16 0 |

| Frederick II. of Saxony (four | {120 | 12 0 |

| kinds of groschen) | {104 | 8 0 |

| | | |

|1484-- | | |

| Archduke Sigismund of Austria | | |

| (8 gulden groschen to the | | |

| Vienna mark) | 6-206/307 | 16 0 |

| | | |

|1490-- | | |

| Schwart groschen | 103 | 5 0 |

| Large groschen of Hesse | 112 | 6 0 |

| Hamburg | 104 | 9 15 |

| Luebeck | 107 | 9 13 |

| Bohemia | 84 | 6 12 |

| (18 other species concurrent.) | | |

| | | |

|1524-- | | |

| Imperial Mint Ordinance of | | |

| Charles V. | 136 | 12 0 |

| | | |

|1551-- | | |

| Imperial Mint Ordinance of | | |

| Charles V. (16 contemporary | { 94-1/2 | 7 5 |

| species.) | {100 | 7 6 |

| | | |

|1559-- | | |

| Imperial Mint Ordinance of | | |

| Ferdinand I.--Reichs groschen | 108-1/2 | 8 0 |

| | | |

|1572-- | | |

| Lower Saxony--Silver groschen | 108-1/2 | 8 0 |

| " Marien groschen | 155-1/2 | 7 11 |

| | | |

|1573-- | | |

| Brandenburg | 108 | 8 3-1/2|

| | | |

|1610-- | | |

| Lower Saxony | 116 | 14 4 |

| | | |

|1617-- | | |

| Lower Saxony | 144 | 8 0 |

| | | |

|1622-- | | |

| Higher and Lower Saxony | 108-1/2 | 8 0 |

| | | |

|1667-- | | |

| Brunswick and Luneberg-- | | |

| Good groschen | 160 | 10 0 |

| Marien groschen | 192 | 8 0 |

| | | |

|1669-- | | |

| The Three Circles (Franconia, | | |

| Bavaria, and Swabia) | 141-2/3 | 8 0 |

| | | |

|1680-- | | |

| The Three Circles (Franconia, | | |

| Bavaria, and Swabia) | 141 | 8 0 |

| | | |

|1690-- | | |

| Leipzig standard--Good groschen | 150 | 8 0 |

| " Marien groschen | 162-1/2 | 5 14 |

| | | |

|1738-- | | |

| As adopted _in comitiis_-- | | |

| Groschen | 125 | 6 2 |

| Imperial groschen | 134-49/64 | 5 13-1/4|

| Marien groschen | 171 | 6 0 |

+---------------------------------+---------------+---------------+

FOOTNOTES:

[Footnote 24: Heller were first minted in 1228 at Halle, but by the year

1420 they had sunk to the equivalence of a half-pfennige. Of the origin

of the kreutzer less is known, as few, if any, records of it occur

before its minting in the Tyrol in 1490. Its subsequent variation in

different parts of Germany, and at different times, it is almost

impossible to give account of.]

APPENDIX VI

THE MONETARY SYSTEM OF FRANCE

The metric system on which the French Mint was worked throughout the

period treated of in this work up to the Revolution was as follows:--

1 mark = 8 oz.

" = 64 gros. (8 x 8).

" = 192 dens. (64 x 3).

" = 4608 grs. (192 x 24).

An alternative subdivision of the ounce was as follows:--

1 oz. = 20 esterlings.

" = 320 mailles (20 x 16).

" = 640 felins (320 x 2).

For the alloy or standard the mark was thus subdivided:--

For gold mark = 24 carats each subdivided into 32 parts. " silver "

= 12 dens. each subdivided into 24 grms.

In France fine gold was only refined to 23-26/32 carats, and fine silver

11 deniers 18 grs. In calculation the absolute fineness of 24 carats and

12 deniers must be used.

The system of reckoning was as follows:--

1 livre = 20 sols.

1 sol. = 12 den.

1 den. = 2 oboles.

1 obole = 2 pites.

1 pite = 2 semipites.

The reckoning by livres, sols., deniers was derived from the Frankish

kings. For a time the system of reckoning by the mark threatened to

replace it, but in 1313 it was again authorised by Philippe le Bel.

The origin of the difference between the livres Tournois and the livres

Parisis is to be sought in the feudal Mint franchises of the barons. At

one time there was a difference between the two systems of 25 per cent.,

the barons who had the right of minting preferring to do so at Tours, or

according to the Tours weight, which was the more depreciated of the

two, while at Paris the French kings attempted to keep up a tradition of

a better weight standard.[25]

The distinction of livres Tournois and livres Parisis was maintained

until the days of Louis XIV., when (1667) it was abolished, and the

reckoning by a single livre, sol., denier, was established. (For the

intermediate experiment of Henry III. see text p. 87.)[26]

The monetary system of Charlemagne was the precursor and source of the

chief currency systems of mediaeval and modern Europe, with the exception

of Spain. It was itself an imitation of the system of the Eastern

Empire.

Its basis was the _libra_ or pound, which occurs in two forms--(1) the

gold pound, (2) the silver pound. Under the first race of the French

kings the monetary divisions of the former were--

1. The gold solidus, a name which gave birth to the Spanish and Italian

soldo and the French sol. (_sou_).

2. The third of the gold solidus (Triens or Tremissis).

Of the latter the aliquot parts were--

1. The silver solidus.

2. 1/3 " (Tremissis).

3. The denarius.

1 gold solidus = 3-1/3 silver solidi = 40 denarii.

1 " = 12 "

Under the system of the Eastern Empire the gold solidus had weighed

85-1/3 grs. and under the Merovingian Kings 70-1/2 grs. Under the rule

of the Second House a considerable alteration took place. Charlemagne

adopted for the basis of his system the East Frank or Rhenish libra,

which was one-fourth heavier than the Roman libra adopted by the

Merovings. His denarius accordingly weighed 32 grs. If ideally

constructed the system, as far as silver is concerned, would be this--

12 denarii = 1 solidus.

20 solidi = 1 libra.

32 x 20 x 12 = 7680 grs. = 1 libra.

As far as the more precious metal is concerned, the gold solidus was, as

a matter of fact, hardly to be met with under the second race. But,

theoretically, it was still considered equal to 40 denarii.

40 x 32 = 1280 grs.

1280/12 = 106.6 grs. for the gold solidus.

But there are some actually met with containing 132 grs.

_Sols d'or_ as a reminiscence of the first and second race are said to

have still lingered in use at the commencement of the third race of

kings. Under Philip I. they occur as _francs d'or_ and _florins d'or_.

In speaking of this latter term in the account of Florentine money

(Appendix I. _supra_, p. 301), it has been pointed out as possible that

it is merely the name for an ideal money, not an actual coin. (See

however, preface, p. xiii.)

The actual reinstitution of gold monies in France has been already dealt

with (text, p. 10). Of the species of the gold monies it would be almost

an impossibility to speak.

Putting aside the disputed florin d'or, the first authenticated type of

the gold monies was the _aignel d'or_ or _denier d'or a l'aignel_, so

called from the lamb (agneau = aignel), stamped on it. Under St. Louis,

to whom it is first assigned, it weighed 3 deniers 5 grs., was of fine

gold and worth 12 sols. 6 deniers Tournois.

Philippe le Bel, Louis Huttin, Philippe le Long, and Charles le Bel

maintained this coin at the same weight and standard. Those of King John

were of the same standard or fineness, but were slightly heavier,

weighing 3 deniers 16 grs. Under Charles VI. and Charles VII. both

weight and fineness were considerably reduced. Under the various names

of _agnels d'or_, _moutons d'or a la grande laine_, _moutons d'or a la

petite laine_, this species had currency in France for nearly two

hundred years. The imitations of it in surrounding countries were almost

numberless.

_Royal_ (for the origin of the piece, see text, p. 10). Philippe le Bel

minted _petits royaux d'or fin_, 70 to the mark and with an equivalence

of 11 sols. Parisis. Gros royaux were the double of the petits royaux.

Charles le Bel and Philippe de Valois struck royaux 58 to the mark. King

John struck royaux or _deniers d'or au Roial_ 66 and 69 to the mark,

Charles V. 63 to the mark, and Charles VI. 64 and 70 to the mark.

_Masses_ or _chaises_ (_cadieres_, _Royaux durs_), were coined by

Philippe le Bel, 22-carat fine and 5 deniers 12 grs. the piece. The

_chaises d'or_ of his successor varied greatly from these. Philippe de

Valois coined them of fine gold, and 3 deniers 16 grs. the piece, and

Charles VI. of fine gold 4 deniers 18 grs. the piece. Under Charles VII.

the standard was reduced to 16 carats and the weight to 2 deniers 29

grs.

Of other early gold species it is sufficient to mention--

_Reines_, coined by Philippe le Bel.

_Florin George_, " Philippe de Valois.

_Parisis d'or_, 32-2/5 to mark = 20 sols. Parisis.

_Lion_ 50 to the mark.

_Pavillon_ 48 "

_Couronne_ 45 "

_Ange or angelot_ 33-2/5 "

_Denier d'or a l'ecu_ 54 "

The last of these species (_deniers d'or a l'ecu_) continued to be

minted, and had wide currency through the reign of John up to their

cessation in 1354. There was, however, great variation in the standard

from fine gold to 23, 22-3/4, 21, and even 18 carats.

The reign of John was marked, 1361, by the commencement of the coining

of the important _franc d'or_ of fine gold, 63 to the mark = 20 sols. or

1 livre.

Its standard (of fine gold) was maintained under Charles V. and until

Charles VII., but under the latter monarch the weight was reduced (to a

tale of 80 to the mark).

_Fleurs de lis d'or_ (or _Florins d'or aux fleurs de lis_) were first

minted in 1365 by Charles V. They were of fine gold, and weighed exactly

1 gros. Being equivalent to the franc (i.e. equal to 1 livre or 20

sols.), it received the same name, being styled _Franc a pied_ to

distinguish it from the _Franc d'or_ proper, which was styled _Franc a

cheval_.

_Saluts_ were first minted by Charles VI. in 1421 of fine gold, and of

the same weight as the _francs a cheval_, but equal to 25 sols.

_Couronnes_ or _ecus a la couronne_ were first coined by Charles VI. in

1384 of fine gold, weighing 3 deniers 4 grs. (i.e. 64 to the mark), and

equal 22 sols.

This was the most celebrated gold coin of mediaeval France. It lasted

down to the time of the louis d'or, and was in high repute all over

Europe.

Under Charles VI. and Charles VII. numerous changes were made in this

piece both in weight and standard. At one time, under Charles VI., the

standard fell as low as 16 carats. In 1436, however, they were again

made of fine gold, but 70 to the mark, and issued at an equivalence of

25 sols. In 1455 they were issued 23-1/8 carats fine, 71 to the mark,

and = 27 sols. the piece.

In 1473 Louis XI. issued them 72 to the mark; but two years later he

began the issue of _ecus d'or au soleil_ (_crowns of the sun_), of the

same fineness as the couronne, but slightly heavier (70 to the mark).

From the days of Charles VIII. the _crown of the sun_ (_ecus d'or au

soleil_, also called _ecus au porc-epi_) took the place of older crowns.

Under Francis I. they were generally 23 carats fine and 71-1/6 to the

mark, under Charles IX. 23 carats fine and 72-1/2 to the mark. At this

latter they remained till the days of Louis XIV. The change of

equivalence must be followed in the accompanying tables.

From the old _ecus a la couronne_ must be distinguished the _ecus

heaumes_, which were issued in small quantities under Charles VI.,

generally 48 to the mark and 22 carats fine.

_Henris d'or_ occur only under Henry II., 23 carats fine, 2 deniers 20

grs. weight, and issued at an equivalence of 50 sols.

_Louis d'or_ (see text, p. 91), first issued in 1640 under Louis XIII.

in imitation of the Spanish standard; 22 carats fine, 36-1/4 to the

mark, and = 10 livres. Standard and weight remained unchanged until

1709. See tables below for subsequent change.

_Lis d'or_ have merely a transitory importance. They were issued in 1656

and shortly after, but almost immediately discontinued; 23-1/4 carats

fine, 3 deniers 3-1/2 grs. the piece (60-1/2 to the mark) = 7 livres (to

be distinguished as a third type from the _fleurs de lys d'or_ of King

John, and the separate _fleur de lys d'or_ of Charles V.).

Silver Coins.

The silver deniers of the first royal race of France averaged 21 grs. in

weight. Under the second race a much heavier system was adopted, those

of Charlemagne weighing 28 grs., and those of Charles the Bold 32 grs.

At the commencement of the third race they were still of fine silver,

and weighed about 23 or 24 grs. The process of diminution by alloy and

in weight began under Philippe I. For the question of the existence of a

silver solidus, see Le Blanc, Introduction, p. xii. If they ever existed

their place as a large silver specie was at an early date taken by that

of the _gros Tournois_ (called also _gros deniers d'argent_, _gros

deniers blancs_, and _sols d'argent_), attributed to S. Louis; 11

deniers 12 grs. fine, 7 grs. weight (58 to the mark), and issued at an

equivalence of 12 deniers or 1 sol.

In the commencement, therefore, of this piece the gros Tournois was

synonymous with the sol. Tournois. With the degeneration of the

standard, however, the coin (the gros) parted company from the sol.,

which remained as a system of reckoning.

Up to the time of Philippe de Valois this money continued of

undiminished weight and standard, and of the greatest celebrity. When

that prince, in 1343, returned to good money after a period of

debasement, he coined the gros Tournois 60 to a mark, of fine silver,

and at an equivalence of 15 deniers Tournois. For its subsequent course,

see tables infra.. It is noticeable that while in weight and value the

gros Tournois was frequently changed, in fineness no diminution was

made.

_Parisis d'argent_, issued only by Philippe de Valois (of fine silver, 4

deniers in weight = 15 deniers Tournois or 1 sol. Parisis).

_Testoons_ are to be regarded as the successors of the gros Tournois.

They were first issued by Louis XII. in 1513; 11 deniers 18 grs. fine,

7 deniers 12-1/3 grs. weight, and = 10 sols. This species continued

until its interdiction by Henry III. in 1575, who replaced them in that

year by.

_Francs d'argent_, 10 deniers 10-10/23 grs. fine, 11 deniers 1 grain

weight (or 17-1/4 to the mark), and = 20 sols. This piece continued

until the days of Louis XIII.

_Quart d'ecus_, also issued by Henry III., 11 deniers fine, 7 deniers

12-1/2 grs. weight, and = 15 sols. (i.e. a quarter the value of the ecu

d'or, then set at 60 sols.). This piece endured till 1646.

_Louis d'argent_, issued by Louis XIII. (see p. 402, _Louis d'or_), 11

deniers fine, 21 deniers 8 grs. weight for the ecus blancs. This money

continued till the Revolution.

_Lis d'argent_, issued for a few months in 1656, 11 deniers 12 grs.

fine, 6 deniers 5 grs. weight, and = 20 sols.

_Franc_, modern (see text, p. 176).

The history of the French monetary system has been briefly told in the

text, pp. 10, 31-40, 83-95, 167-197. The tables of the present Appendix

afford particular information as to the course of the above-mentioned

coins, down to the last great change in the French system. They bring

out also, in strong relief, the numerous and arbitrary and excessive

debasements which that system underwent in the Middle Ages. The

particular episode of the eighteenth-century depreciation, which

followed upon the erection of the system of John Law, may be, in brief,

more appropriately sketched here than in the text.

The third of the three great recoinages of 1689, 1693, and 1703 had left

the louis d'or tariffed at an equivalence of 15 livres, and the louis

d'argent at 4 livres. By the end of 1708 these figures had sunk to 12

livres 15 sols. and 3 livres 8 sols. respectively. By the decree of

April 1709 quite a different standard was adopted. The louis d'or was

minted 32 to the mark, 22 carats fine, and = 16 livres 10 sols., while

the louis d'argent was minted 8 to the mark, 11 deniers fine, and = 4

livres 8 sols. In the month of May 1709 a second edict raised these

equivalences to 20 livres and 5 livres respectively. The sufferings of

French commerce under this extraordinary tariff led to its annulling by

the decree of 30th September 1713, by which a reduction of equivalence

was made to 14 livres and 3 livres 10 sols. respectively. In December of

the same year a reformation was again attempted. The new species were of

the same content and fineness as the old, but were tariffed at 20 livres

for the louis d'or, and 5 livres for the louis d'argent, while the

unreformed specie were tariffed at 16 livres and 4 livres respectively.

Three years later began the period of the monetary disorder of the

minority of Louis XV. In November 1716 a new louis d'or was issued, 20

to the mark, 22 carats fine. In May 1718 again a new issue took

place--louis d'or 25 to the mark, 22 carats; louis d'argent 10 to the

mark, 11 deniers fine.

There were thus, at the time, four different louis d'or in existence,

namely:--

The old louis d'or 36-1/4 to the mark.

The old louis d'or of 1709} 30 " "

" " 1715}

" " 1716 20 " "

" " 1718 25 " "

And similarly three kinds of louis d'argents or ecus:--

The old louis d'argent 9 to the mark.

The old louis d'argent of 1709}

" " " 1715} 8 " "

" " " 1718 10 " "

On the 25th July 1719 the Compagnie des Indes obtained the profit and

farm of the French Mint for a term of nine years. The first outcome of

their activity was the issue of the following tariff:--

Livres. Sols. Deniers.

Ecu of 1718 5 13 4

Louis d'argent of 1709 7 1 8

Old louis d'or 34 0 0

Old louis d'or of 1709 28 6 8

In the same year (1719, the first of their lease) this corporation

further issued quite new species, namely, Quinzains d'or = 15 livres,

and livres d'argent = 1/6-ecu (both being cut at a tale of 65-5/11 to

the mark). On the 5th March 1720 all the species were raised 41-3/11 per

cent., the louis d'or of 1709 thus rising to an equivalence of 40

livres, and the louis d'argent of the same issue to 10 livres. On the

11th March 1720 the use of the gold specie was forbidden, and a

recoinage determined on. These regulations, however, were not carried

out, and by July the louis d'or had risen to 60 livres (= 1963-7/17

livres to the mark of fine gold), and the louis d'argent to 15 livres (=

130-10/11 livres to the mark of fine silver). The same enhancement

prevailed in the divisional coin, and the confusion endured till the end

of 1720. In September the louis d'or had fallen to 45 livres (=

1472-8/11 livres to the mark of fine gold), and the louis d'argent to

11 livres 5 sols. (= 98-2/11 livres to the mark of fine silver). At the

same time (September) a new fabrication of species, according to the

standard of 1718, was undertaken. Louis d'or, 25 to the mark, to issue

at 54 livres; louis d'argent (or 1/3-ecu), 30 to the mark, to issue at 3

livres. But from the 24th October a gradual diminution in this tariff

was prescribed, and from the 1st of January 1721 these coins were to

circulate respectively at 45 livres and 2 livres 10 sols. From the same

date the louis d'or of 1709 was to circulate for 22 livres 10 sols., and

the louis d'argent of 1709 for 5 livres 12 sols. 6 deniers.

On the 5th January 1721 the contract for coinage held by the Compagnie

des Indes was annulled, and an intermediate attempt at reform was made

in 1723, when the louis d'or was minted at 37-1/2 to the mark = 27

livres, and the louis d'argent at 10-3/8 to the mark = 6 livres 18 sols.

The downward course of the specie set strongly in, and by 1726 they had

fallen to 12 livres and 3 livres respectively. This facilitated the

great reform and recoinage of 1726 (see text, p. 169). This recoinage

was carried out on the basis of the edict of 1709--

Louis d'or, 30 to the mark = 20 livres.

Louis d'argent, 8 to the mark = 5 livres.

By the edict of May of the same year their equivalence was raised 20 per

cent.--the louis d'or to 24 livres, the louis d'argent to 6 livres.

TABLE OF THE FRENCH GOLD COINS.

(_Up to 1689, from Le Blanc; 1690 onwards, continued from various

sources._)

Philip V. was for many years prevented by the enormous expenditure