One excellente =11 reals 1 maravedi=375 maravedis.1 real"34 maravedis.
The changes subsequently effected in this system may be presented in skeleton form (see also accompanying Tables).
In 1523 the Cortes of Valladolid presented a petition referring to the changed relation of the two metals, and asking for a recoining on a different ratio. Its proposals were incorporated in the ordinance of 1537, when the scheme was as follows:—
GoldStandard,22 quilates."Tale,68 to a mark.Value,350 maravedis.SilverLeft untouched.BillonStandard increased to 71⁄2granos.
Under PhilipII., by the ordinance of 23rd November 1566, the equivalence of the gold coins was increased a seventh, the silver monies being again left untouched. The increase was partly arbitrary and unprincipled, partly due to the normally prevailing depreciation of silver.
Under PhilipIII.the intrinsic value or content of the gold monies was decreased1⁄10, silver being again left intact.
The innumerable calamities which overtook Spain under PhilipIV.(1621-65) and CharlesII.(1665-1750) led to an immense introduction of billon money, to so great an extent, indeed, that it fell to one-eighth its previous value, thereby only complicating and increasing the evils. The result was an increasing premium on good monies, coupled with the usual disappearance of them. By the proclamation of 8th March 1625 it was prohibited, on severest penalties, to carry such premium above 10 per cent.; by the succeeding proclamations of 30th April 1636 and 7th September 1641 this limit was raised respectively to 25 per cent, and 50 per cent.
PhilipIV.also instituted the first change in the silver system which it underwent since the great reform of 1497.
The tale was increased from 67 to 833⁄4per mark, thereal of eightbeing henceforth issued at an equivalence of 10 reals.
This change was equivalent to a reduction of 25 per cent. in the silver monies.
Under CharlesII.this corruption proceeded in an ascending scale until 1680, when the golddoblonhad arrived at an equivalence of 110 reals of billon, and thereal of eightto 29 reals of billon.
By the law of 14th October 1686 an attempt was made to re-create and reform the tottering system. The mark of silver (11 din. 4 grs. fine) was to be coined at a tale of 84 pieces. The real of eight received a new name,Escudo de plata, and was to issue at an equivalence of 10 reals of the new silver.
The effect of this apparent reform was to lower the weight of the silver money 25 per cent., to incorporate the premium of 50 per cent. on the billon money, and to institute or sanction a matter of four separate monetary units:—
1. The real of old silver =1⁄67mark.2. The real of new silver =1⁄84mark.3. The real of billon =1⁄126mark.4. The real of billon =1⁄38of the double escudo.
1. The real of old silver =1⁄67mark.2. The real of new silver =1⁄84mark.3. The real of billon =1⁄126mark.4. The real of billon =1⁄38of the double escudo.
At the close of the reign the monetary system was as follows:—
Silver Reals.Mark of fine gold,1408.94Of intrinsic value of1363.15The seigniorage being45.79Mark of fine silver,90.32Of intrinsic value of88.11The seigniorage being2.21Maravedis.Mark of copper,76Of intrinsic value of68The seigniorage being8
PhilipV.was for many years prevented by the enormous expenditure 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 ofPlata provincial.
By the regulation of 9th June 1728 the series ofPlata nacionalwas 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 into1360Delivered to the importer1280Seigniorage80= 5.88 per cent.Mark of silver of 11 dineros fine coined into85Delivered to the importer80Seigniorage5= 5.88 per cent.
This ideal system could not be retained, as the billon money fell within a short time a matter of 51⁄2per cent. in relation to it. The latter change was incorporated by the proclamation of 16th May 1737, which fixed the silverescudoof 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 213⁄4quilates, in place of the previously existing standard of 22 quilates.
These veintenes correspond to the escudos of 211⁄4reals still to be found in circulation.
No change of any importance was effected under the short reign of FerdinandVI.(1746-59), under whom the custom inaugurated by PhilipV.of expressing values in reals of billon rather than of silver (plata provincial) still continued.
His successor, however, CharlesIII.(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 goldEscudos (oro nacional)2121⁄2"Veintenes (oro provincial)2111⁄2Dineros.Granos.Of silver(plata nacional or gruesa)1020"(plata provincial or menuda)918
being a lowering per cent, of standard as follows:—
Oronacional1.31"provincial2.84Platanacional1.59"provincial2.49
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 Tablespostea) has a similar bearing.
His son, CharlesIV.(1789-1808), made no alteration in this latter system of CharlesIII.
Under FerdinandVII.(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, IsabellaII.(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; thefirst of which proposed to lower the equivalence of therealto 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 1611⁄2granos 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.
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.(FromBreve Reseña Historica Critica de la Moneda Española, p. 93.)Reign.Coins and Ordinances.Tale or Number of Pieces per Mark.Standard.Mint Value per Mark.Value of each Old Real in the Modern Money.Value of each successive particular Money named, in Reals of the Date of Issue.Value of each such successive particular Old Money in Reals of To-day.Bullion Value.Ordinance Value in Coin as issued.Mint Ordinance ofQuilates.Granos.Reals.Reals.Reals.Mvds.Reals (Vellon)Ferdinand and Isabella.Feb. 22, 1476,June 14, 1497—Excellentes majores25223716.98720.224.1852828121.91Medios excellenes50141460.95DoblasCastellanosExcellentes de la Granada651⁄37746.67Ducados(= .989)Aguilas67102545.48FlorinesEscudos68102941.82CoronasCharles V.1537—New coining of escudos68220696.85700.03.991101041.09(= .917)Philip II.Nov. 23, 1586—The escudo increased to 400 maravedis.68220766.40800.03.493112641.09(=.917)Philip III.1609—68220847.09880.03.175123241.09The escudo increased to 440 maravedisDec. 13, 1612—(=.917)Castellanos of 22 quilates at 576 maravedisPhilip IV.Dec. 23, 1642—Escudo increased to 550 maravedis682201058.861100.02.540221741.09(=.917)Jan. 12, 1643—Escudo increased to 612 maravedis682201178.231224.02.283221741.09(=.917)Charles II.Oct. 14 and Nov. 26, 1686—Escudo increased to 646 maravedis, and castellano to 850 maravedis of the new silver682201250.01292.02.163381741.09(=.917)Philip V.March 17, 1719—Castellanos reduced to 714 maravedis682201050.01088.02.567200441.09(=.917)Jan. 14 and 23, and Feb. 8, 1726—Escudo increased from 544 to 612 maravedis682201181.251224.02.282331041.09(=.917)Sept. 2, 1728—Escudo increased to 680 maravedis682201312.01360.02.054372241.09(=.917)July 16, 1730—New monetary scheme682201280.01360.02.054312241.09(=.917)Reals(Vellon)June 23 and 29, 1742—Creation of Veintenes de oro13056⁄1002132409.422611.331.06920021.38(=.906)Ferdinand VI.Aug. 19 and Sept. 16, 1755—Increase of the pastas de oro from 118 to 119 reales las tres ochavas.Escudos (oro nacional)6822O2538.682560.01.091372241.09(=.917)Veintenes (oro provincial)13056⁄1002132538.212611.331.06920021.38(=.906)Charles III.May 21 and 25, 1772—General reformation and lowering of the standard.Escudos (oro nacional)682121⁄22495.182520.01.076371740.38(=.901)Veintenes (oro provincial)13056⁄1002111⁄22476.152611.331.03920020.78(=.891)July 16, andAug. 24, 1779—The doblon of 8escudos reducedto 320 reals (oro nacional)682121⁄22516.552720.01.00940040.38(=.901)The doblon of 8 escudos reduced to 320 reals (oro provincial)13056⁄1002111⁄22486.252611.331.03920020.78(=.891)March 7, 1781—Oz. of bullion increased to 336 reals682121⁄22642.22720.01.00940040.38(=.901)Feb. 26 & June 5, 1786—Lowering of standard.Oro nacional.682102565.812720.00.98040039.20(=.875)Oro provincial13123⁄352011⁄22606.532633.140.98220019.65(=.849)Fernando VII.Oct. 19, 1821—Reform of the rating.Oro nacional682102686.262720.00.98040039.20(=.875)Oro provincial13123⁄352011⁄22606.532633.140.98220019.65(=.849)Aug. 20, 1824—Similar reform.Oro nacional682102660.162720.00.98040039.20(=.875)Oro provincial13123⁄352011⁄22581.12633.140.98220019.65(=.849)Isabel II.April 15, 1848—Reform of the monetary system.Centenes276⁄102123⁄52736.02760.00.993100099.30(=.900)May 17, 1850—Augmentation of the tale282123⁄52736.02800.00.979100097.90(=.900)Feb. 3, 1854—Reform of the monetary system2743⁄1002123⁄52716.202743.01.01000100.0(=.900)Jan. 18, 1861—Reform of the tariff2743⁄1002123⁄52729.182743.01.01000100.0(=.900)
TABLE OF THE GOLD COINS OF SPAIN FROM THE REFORMATION OF THE COINAGE IN 1476.
(FromBreve Reseña Historica Critica de la Moneda Española, p. 93.)
TABLE OF THE SILVER COINS OF SPAIN FROM THE REFORMATION OF THE COINAGE IN 1497.Reign.Denomination.Tale (per Mark).Standard.Value of the Mark by Mint Regulations in Bullion.Value of the Mark by Mint Regulations in Coin as Issued.Value of the Real as Issued in Billon Reals of the Time.Equivalence of the Old Real with the Modern Real.Silver Reals.Dineros.Granos.Silver Reals.Silver Reals.Reals.Mvds.Reals.Ferdinand and IsabellaJune 2, 1497—General reform of the Monies67.011466.067.0102.734(=.930)Philip IV.December 23, 1642—January 12, 1643—83.7511481.083.75302.186Recoinage(= .930)Charles II.October 14, 1686—84.011482.084.01302.179Recoinage(=.930)Philip V.1706—Reales sencillos of 4, 2, and 184.011468.084.01302.179(=.930)1707—Reales sencillos of 4, 2, and 1 (and parts and multiples)75.010060.8275.01302.187(=.834)July 15, 1709—68.011065.068.01302.654Reals of 8 and 4(=.917)February 8, 1719—Decrease of the reals of 8 to 91⁄280.7511077.1880.751302.234(=.917)August 10, 1728—Reals (and parts) plata provincial77.010063.6977.01302.130(=.834)September 8, 1728—Decrease of the real of 8 to 1085.011081.2385.01302.123(=.917)July 16, 1730—New monetary regulation (plata nacional)85.011080.085.01302.123(=.917)May 10, 1737—Reals of BillonDecrease of the real of 8 to 20 reals (1 real of silver = 1 real 30 maravedis of billon)85.170110160.0170.0201.061(=.917)Decrease of the real of 8 to 20 reals (plata provincial)77.154100145.45154.0201.065(=.834)Charles III.May 21, 1772—General reduction of the standard (plata nacional)170.01020157.59170.0101.045(=.903)General reduction of the standard (plata provincial)154.0918141.81154.0101.038(=.812)Ferdinand VII.October 19, 1821—Reform (plata nacional)170.01020164.67170.0101.045(=.903)Reform (plata provincial)154.0918150.30154.0101.038(=.812)August 21, 1821— Reform (plata nacional)170.01020163.47170.0101.045(=.903)Reform (plata provincial)154.0918147.07154.0101.038(=.812)Isabel II.April 15, 1848—General reform of the monetary system175.01019172.80175.0100 cents.1.012(=.900)October 14, 1849—Reduction of the tale of silver176.251019172.80176.2510001.005(=.900)February 3, 1851—General reform of the monetary system177.201019174.60177.2010001.0(=.900)January 18, 1861—Reform of the tariff177.201019175.77177.2010001.0(=.900)
TABLE OF THE SILVER COINS OF SPAIN FROM THE REFORMATION OF THE COINAGE IN 1497.
TABLE OF THE BILLON MONEY OF SPAIN FROM THE REFORMATION OF THE COINAGE IN 1497.Reign.Denomination.Representative Value of each Money.Tale (per Mark.)Weight of Each Piece.Standard.Mint Value of Each Piece.Bullion Value of Each Piece.Ferdinand and Isabella.June 14, 1492—Granos.Dineros.Granos.Reals.Mdvs.Reals.Mdvs.Coining of blancasHalf maravedi19224.00722823(=.024)Charles V.May 23, 1552—Lowering of the standard of billonHalf maravedi19224.0051⁄22281245⁄8(=.019)Philip II.December 14, 1566—Vellon ricoCuartillos of 81⁄2maravedis8057.6214200178Cuartos of 4 maravedis17027.10588(=.216)Medios of 2 maravedis34013.55294BlancosMedio maravedi22020.9454504381311⁄2(=.014)1599—(Pure copper)Cuartos of 4 maravedis34135.52941pure copper4010Ochavas of 2 maravedis6867.76470Philip IV.December 23, 1642—Vellon ricoCuartillos of 81⁄2maravedis8057.6Cuartos of 4 maravedis17027.105882141⁄2200125Medios of 2 maravedis34013.55294(=.217)October 29, 1660—Issue of "Molino"Pieces of 16 maravedis(8, 4 and 2 in proportion)5190.352941824063(=.069)Charles II.May 22, 1680—(This and succeeding issues are of pure copper)
TABLE OF THE BILLON MONEY OF SPAIN FROM THE REFORMATION OF THE COINAGE IN 1497.
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 31⁄3Southern schellings, and the Northern stiver to 2 Southern groots.
The earliest mention of the stivers occurs in 1355, butit 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.
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.For silver—1 mark = 288 grs. (12 x 24).For gold—1 mark = 24 carats.For gold—1 mark = 288 grs. (24 x 12).
For silver—1 mark = 12 pfennige or deniers.For silver—1 mark = 288 grs. (12 x 24).For gold—1 mark = 24 carats.For gold—1 mark = 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 silverdeniersof 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 ofFrance, andflorins, in imitation of those of Florence) dates from Count Louis de Crécy (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:—