FOOTNOTES:

[E]Beginning of the distinction of white and dark monies (moneta bianca and la nera).

[F]Three of which equal one quattro de'ner.

FOOTNOTES:[23]For a corroboration of this, see the texts of the laws of 1460 and 1470.1460. "Veduta una legge del anno 1452, che provide che in qualunque pagamento si avesse a fare, si potisse pagare, e cosi fosse accettato, per ogni fiorino di suggello 4 lire 5 soldi delle monete di grossi d'Ariento, per la quel cosa e seguito che i grossi sono scemati tanto di peso che i fiorini larghi per ragguaglio di quelli, dove solevano essere meglio comuneménte da fiorini 10 in 12 per cent., che i fiorini di suggello sono iti a fiorini 22 per cent—"1471. "Che i fiorini di suggello in moneta bianca o nera non abbiano pregio firmo nè a grossoni, nè a quattrini ma vagliano quello e quanto sara la sua commune valuta dì per dì e secondo saranno alla camera e all' Arte del Comtis—"

[23]For a corroboration of this, see the texts of the laws of 1460 and 1470.1460. "Veduta una legge del anno 1452, che provide che in qualunque pagamento si avesse a fare, si potisse pagare, e cosi fosse accettato, per ogni fiorino di suggello 4 lire 5 soldi delle monete di grossi d'Ariento, per la quel cosa e seguito che i grossi sono scemati tanto di peso che i fiorini larghi per ragguaglio di quelli, dove solevano essere meglio comuneménte da fiorini 10 in 12 per cent., che i fiorini di suggello sono iti a fiorini 22 per cent—"1471. "Che i fiorini di suggello in moneta bianca o nera non abbiano pregio firmo nè a grossoni, nè a quattrini ma vagliano quello e quanto sara la sua commune valuta dì per dì e secondo saranno alla camera e all' Arte del Comtis—"

[23]For a corroboration of this, see the texts of the laws of 1460 and 1470.

1460. "Veduta una legge del anno 1452, che provide che in qualunque pagamento si avesse a fare, si potisse pagare, e cosi fosse accettato, per ogni fiorino di suggello 4 lire 5 soldi delle monete di grossi d'Ariento, per la quel cosa e seguito che i grossi sono scemati tanto di peso che i fiorini larghi per ragguaglio di quelli, dove solevano essere meglio comuneménte da fiorini 10 in 12 per cent., che i fiorini di suggello sono iti a fiorini 22 per cent—"

1471. "Che i fiorini di suggello in moneta bianca o nera non abbiano pregio firmo nè a grossoni, nè a quattrini ma vagliano quello e quanto sara la sua commune valuta dì per dì e secondo saranno alla camera e all' Arte del Comtis—"

The Venetian monetary system of history employed a double basis or unit:—

1. Thelira di piccioli, the principal system, and the one which endured through the whole life of the Republic, from the tenth century to the introduction of the decimal system in 1806.

2. Thelira di grossi—an ideal system,i.e.money of accompt only, and of importance for a much less extensive period. It originated in the thirteenth century, and was abandoned by the end of the sixteenth.

The "lira" of the first of these systems is derived from the "libra" of Charlemagne, and, like it, was divided into 20 soldi, each soldo being subdivided into 12 denari.

For long the only coin actually minted was this denaro (parvus,parvulus,piccoloorminuto), a silver coin. The first of these thus issued appertain entirely to the system of the Empire of Charlemagne. They bear the name of Louis the Pious (814-40), and approximate in weight to his pieces. The dismemberment of Charlemagne's Empire is followed by a gap in the Venetian coinage, and theseries only recommences in the eleventh century. These latter still appertain to the system of the revived Roman (Germanic) Empire, and bear the names of HenryII.(1002-24), ConradII.(1027-39), and HenryIV.(1056-1106).

From this latter date onwards the imperial monies cease at Venice, and the series of Ducal monies—the monies of the republic of Venice—begin with the Dogeship of VitaleII.(1156-72). From the same period there is noticeable that deterioration in weight which marks all the systems of mediæval Europe. The denari of Doge Sebastiano Ziani (1172-8) and of the two succeeding Doges are scarcely one-quarter the weight of the Charlemagne denarius.

This depreciation led, in the year 1200, to the issue of a piece of higher denomination, namely, thegrosso—still a silver coin, but valued at 26 piccioli or denari; and for about seventy years the grosso displaced the picciolo. About 1270, however, the coining of the picciolo recommenced under Doge Lorenzo Tiepolo, but at a slightly reduced value, 28 piccioli being rated to the grosso, instead of 26 as in the year 1200. Up to the great recoinage of 1476 the grosso remains the main coin of reference. Its gradual but incessant depreciation can be traced in the table of silver coins given on p.318.

Under the eleventh doge, Giovanni Dandolo (1280-89), the coining of gold began in Venice. In 1284, the date of the first issue, the gold ducat or sequin (zecchino) of Venice was valued at 18 grossi, giving a ratio of gold to silver of 10.6. The subsequent changes of the ratio have alreadybeen stated (see text,supra, p.40). From 1282, 67 ducats were coined from the Venetian mark. This number was increased in 1491 to 671⁄2, and in 1570 to 681⁄4. The course of the sequin throughout is given in the table on p.316. It was the monetary trouble which they produced that led to the great recoinage accomplished under Doge Nicolo Tron (1471-73) and his successors, Nicolo Marcello (1473-74) and Pietro Mocenigo (1474-76).

From the date of this recoinage onwards the silver grosso was abolishedas a coin, and a new silver coin, the lira, valued at 20 soldi, was instituted. This is the first appearance of a real and effective lira as a coin. Hitherto the name had only been that of a weight. By the decree of 1472, 36 of these lira were to be coined out of the mark of silver.

On account of the name of the doge this coin was known as theLira Tronfor centuries. In its turn it underwent a ceaseless depreciation (see table on p.318).

In the middle of the sixteenth century there was so much silver in the Venetian Mint waiting to be coined for the merchants that the State, finding it could only issue 35,000 pieces a month, which, in small pieces of 442 soldi, would take a year to exhaust the stock, determined for the ease and encouragement of the merchants to issue a large silver piece, theducato d'argento, 71⁄4to the mark of silver by tale, and rated at 124 soldi.

Under Doge Nicoló da Ponte (1578-85) this piecebecomes thescudo d'argento, which begins in 1578 with an equivalence of 7 lira.

In1578the scudowas rated at7lira0soldi."1608""8"8""1621""8"10""1630""9"0""1635""9"6""1665""9"12""1702""10"0""1703""10"10""1704""11"0""1705""11"4""1706""11"8""1708""11"10""1709""11"12""1718""11"14""1739""12"8"

On this basis the monetary system of Venice continued till the seizing of the Mint by the Democrats in 1797.

For several years, during which they held possession, they issued a coin calledTollero, of the nominal value of 10 Venetian lire,i.e.5.16 Italian lire, but really only equal to 4.99 of the latter.

In 1802 the Italian Republic was erected by Buonaparte. The monetary law of the Republic, dated 30th April 1804, provided for the coining of a national money on a unit or basis of the silver lira, of the weight established by the law of 27th October 1803, namely, 4 deniers, and of .9 standard.

The unit gold coin to be1⁄125of the new established livre in weight (= 8 deniers), and of .9 standard, to equal 31 lire.

In 1805 Napoleon declared himself King of Italy, but the change was not followed by any radical revolution of the coinage system.

From 1806 the decimal system was introduced into Italy, and on the reduction of the numerous independent monetary systems the Venetian lira was computed at .5116 of the Italian,i.e.51.16 centesimi.

As a matter of fact, however, the Venetian lira did not totally thereupon disappear from use.

By decree of December 21, 1807, the ducat (zecchino) of 6747⁄41Venetian grs. was rated at 12.03 lire Italiane.

Under the Lombardo-Venetian kingdom, which succeeded, the main Italian monies were assimilated to those of Austria. The money of account was, at Milan, the Austrian lira (= 100 centesimi = 20 Austrian soldi at 5 centesimi each).

There remains to be described the second and less important basis of the Venetian system, that of the lira di grossi. It was throughout—i.e.from the thirteenth century, when it originated, to the close of the sixteenth, when it disappeared—an ideal system,i.e.of account only.

A supposititious lira di grossi was taken and divided into 40 soldi, each soldo was subdivided into 12 denari, and each one of these denari was equivalent to the grosso, the actual coin existing in the system—already described.

The lira di grossi therefore maintained at first the same relativity to the lira di piccioli that the actual grosso did to the actual picciolo, namely, 26:1. This relation, howeverchanged subsequently with the depreciation of the actual grosso (the lira).

In1278the ratio ofthe two was28:1"1282""32:1"1343""48:1"1472,onwards tothe discontinuance of the system62:1

A curious feature about this system was that in its turn it subdivides. In 1343 a double (hypothetical) grosso was adopted; one of 48 piccioli, the other of 32, both of them subdivided into thirty-two parts as, again, an ideal system.

In 1472, therefore, the Venetian silver system consisted of—

1.Lira di piccioli, an actual coin represented by the Troni, and containing 128 grs. of silver, .9472 fine.

2. The ideallira di grossi, then equivalent to 10 ducats, divided into 20 ideal soldi, each equivalent to1⁄2-ducat, each soldo again subdivided in 12 grossi, the grosso being now no longer the actual coin of that name but ideal, like the above multiples; and each grosso in its turn subdivided into 32 parts, to which the name ofpiccioliwas given, though as ideal as its multiple the grosso. For distinction's sake probably, these ideal grossi and piccioli occur in history asgrossi a oroandpiccioli a oro.

TABLE OF THE GOLD DUCAT OR SEQUIN OF VENICE.(According to Nicolo Papadopoli,Sul Valore Delia Moneta Veneziana, p. 33.)Date.Coin.Declared or Deduced Value in Venetian Lira of History.Value in Modern Italian Lire of the Venetian Lira of History.Lire.Soldi.Lire.Centesimi.1284Ducat= 18grossi of 32 piccioli each2850121324"= 24grossi.3238831350"= 96soldi.41625061399"= 93"41325871417"= 100"5024061429...4423131443...51421101472...6419401517...61018501520...61617691529...71016041562...8015041573...81213981594...10012031608...101511191638...15008021643...16007521687...17007071739...2200546

TABLE OF THE GOLD DUCAT OR SEQUIN OF VENICE.

(According to Nicolo Papadopoli,Sul Valore Delia Moneta Veneziana, p. 33.)

TABLE OF THE GOLD DUCAT OR SEQUIN OF VENICE.(According To Vincenzo Padovan,La Nummografia Venziana Documentato, pp. 135, 365.)Date.Value of Ducat inDate.Value of Ducat inLire.Soldi.Lire.Soldi.1284301594 (October 12)100128732160110121310341605101413203616081015136031016331401370312141013773131638, November 2015013783141643160137931616871701380318169717101382401698171513844416991801399, October 741317011810140141818151417, November 115017021901421531951429, July 2954191014335102001443, January 2351417042051472, March 296417072081517, October 166101708201015186142015152061617112151524742110152971017132115153371817162118156280Thenceforward to the fall of the Republic2201573812816158490912

TABLE OF THE GOLD DUCAT OR SEQUIN OF VENICE.

(According To Vincenzo Padovan,La Nummografia Venziana Documentato, pp. 135, 365.)

TABLE OF THE SILVER COINAGE OF VENICE.(FromPapadopoli,ubi supra, with additions.)YearCoin.Value in Lire of Venice declared or calculated.Weight of the Lira in Venetian Grains.Standard.Value of the Venetian Lira in Lira of the Modern Italian Decimal SystemLire.Soldi.1200Grosso instituted by Enrico Dandolo; weight in Venetian grains, 42.1; value=26 piccioli; 96⁄16grossi to a lira0108388.61.96524.3131270Grosso = 28 piccioli; 816⁄28grossi to a lira0116360.85...4.0051282Grosso = 32 piccioli; 71⁄2grossi to a lira013315.75...3.5041350Grosso = 48 piccioli; 5 grossi to a lira02210.5...2.3361379Weight of the grosso reduced to 38.4 Venetian grains; 5 of these grossi to a lira...192.0...2.1301399Weight of grosso reduced to 35.17 Venetian grains...175.85...1.9511429New regulation; the mark of silver to yield 31 lire of money10148.64...1.6491472Lira (Tron), 36 to mark...128.0...1.3951527Lira (Mocenigo)14105.0.94791.1441561Institution of the silver ducat; weight=635.5586 Venetian grains; 71⁄4to a mark64102.51...1.1171578Institution of the scudo7087.86...0.9571608Scudo raised to8873.21...0.7981630" "9068.33...0.7461665" "91263.96...0.6971704" "11055.81...0.6081718" "111452.47...0.5731739" "12849.35...0.5371797Tollero of the Democrats; weight = 550 Venetian grains10055.0...0.522

TABLE OF THE SILVER COINAGE OF VENICE.

(FromPapadopoli,ubi supra, with additions.)

The monetary system of Christian Spain dates from the Gothic invasions, and differs from that of Germany, Italy, and France in being derived in the first place from the Roman system without the intermediation of that of Charlemagne.

Under the Goths the monetary basis was the Roman libra, subdivided thus—

1 libra = 8 onzas = 4608 grs.1 onza = 8 ochavas = 576 grs.1 ochava = 6 tomines = 72 grs.1 tomin = 3 quilates or siliqua = 12 grs.

The unit denomination was the sueldo de oro (gold sueldo) =1⁄6onza of the fineness of 233⁄4quilates (=.989 fine), corresponding exactly to the Romanaureusof the times of Julian.

The unit denomination of the silver money was twofold—(1) the silversueldo(=1⁄6onza like the gold), and (2) thedenario(1⁄8onza or ochava). The silver coins were at first of 12 dineros fine, but subsequently only10.12(=.875 fine).

Of these two units, the latter, the silver denario was far the more usual and frequent in use.

With one important change of name, and infinite change of incident and detail, it was this system which obtained till the great reform of the Spanish monetary system under Ferdinand and Isabella.

The change of name consists in the introduction of that of themaravedi, which was adopted from the conquered Moors, and applied to designate the sueldo d'oro from the time of the conquest of Toledo.

In a comprehensive way it may be said that the history of this word or name, maravedi, sums up the monetary history of Spain. From being the original gold coin of highest denomination, it came to be a silver coin, then a billon coin of the very lowest denomination, as it is to-day. The process of its degeneration is quite unexampled even in Europe. In addition, also, to the confusion of idea produced by this depreciation there is a further uncertainty, caused by the quite general use of the word or name,i.e.not as the name of a particular coin or money series, but perfectly generally for almost any and every coin—as synonymous, in fact, with the simple word money itself.

Neglecting this latter question, however, as one of nomenclature merely, the course of depreciation of the maravedi may be thus illustrated:—

Maravedi (Moorish coin), fine gold, about 56 grs. By the time of James I. of Aragon, the contents in fine gold had sunk to 14 grs.

Having been still further reduced to 10 grs. under Alfonso the Wise, it was made into a silver coin, as being too small to be expressed in gold.

Its depreciation in this latter form and through its third form of billon money was as follows:—

Date.Number of Maravedis to the Cologne Mark.Contents of Fine Silver, Grains.131213025.85132412526.86136820016.79137925013.4313905006.71140610003.35145422501.49155022101.52180854400.62

To return. At the time of its adoption by the Christian powers of Spain, the maravedi (or sueldo de oro) was equal to1⁄6onza of gold.

To this maravedi de oro was subsequently given the name ofAlfonsi, supposititiously from AlfonsoVI., the first to issue them.

The first important change in this monetary system of Gothic Spain—though one of detail rather than system—was effected by FerdinandII.of Leon, who, in 1157, coined the silverleonesof the value of half the silver sueldo (= 12 dineros).

In 1222 S. Ferdinand introduced thesueldo pepiones.

Sueldo de oro = 10 metales or mitgales, 1 metale = 18 pepiones.

But both these importations were suppressed by AlfonsoX., the Wise, of Castile.

In 1252 he coined hismaravedis blancos, orBurgaleses, to replace the sueldos pepiones.

6 dineros = 1 sueldo,15 sueldos = 1 maravedi Burgalese.

This maravedi bore the ratio of 1: 6 to the old maravedi de oro.

This money (Burgalese) was subsequently known asmoneda viejo,maravedis viejos, ormoneda blanca.

Six years after its introduction, however, Alfonso demonetised his own Burgaleses to make room for hismaravedises negros, orprietos, a money of billon which lasted till the days of Ferdinand and Isabella.

Twenty-three years later Alfonso issued a second "white money" (1281), so called as distinguished from the Burgaleses, mention of which recur.

To the "second white" (blanco segundo) was also given the (commoner) name of new (novenes). It was issued at one-fourth the value of theprietos. The relationship of the novenes to the prietos and to the standard (now supposititious) gold maravedi is thus expressed:—

15 dineros prietos = 1 maravedi,Old maravedi = 75 sueldos,∴ 1 prieto = 5 sueldos.Old maravedi = 60 maravedis novenes,∴ 1 prieto = 4 maravedis novenes.

Under Alfonso the Wise, therefore, the system was as follows:—

10 dineros = 1 noveno,4 novenes = 1 maravedi de los prietos (= 5 sueldos of 8 dineros each).10 novenes = 1 maravedi de los Burgaleses.60 novenes = 1 old maravedi.

Thesenovenes, ormaravedis blancos segundos, continued current through the fourteenth century, and in the laws of JohnIII.are spoken of as "maravedises of our present currency," and as still =1⁄10of the maravedises Burgaleses, which latter are spoken of as "maravedises of good currency" (maravedis de los buenos).

But by the close of the fourteenth century, owing to the depreciation of the currency, the novenes had come to be looked upon as of better denomination than the then current coin, and are accordingly spoken of as "old" (viejos) for distinction's sake.

The only material additions to this system of Alfonso the Wise were briefly—

1. Thecoronados, an innovation of his successor, SanchoIV.(1284-95), who, in 1286, introduced them as = 1 old dinero. They subsequently appear ascornados.

In the Cortes of Toledo their relation to the novenes was thus determined:—

6 coronados = 10 novenes = 1 maravedi de moneda vieja (= Burgaleses).

2. The series of gold coins initiated by AlfonsoXI.(1302-50).

It was in the reign of this latter King that the general movement of adoption of gold coinage first touched Spain. The earliest gold coins were Alfonso'sdoblas, subsequently known ascastellanos. The weight of this coin has been variously assigned as 48 to a mark or 50 or 51.

Taking the tale of 50 to the mark, the weight per piece would be 924⁄25grms. (= 4.60090 grms.) of 233⁄4quilates fine (= .989 fine).

PedroI.made gold doblas of the weight of 90 grs., andthis endured till the days of JohnI., 1379-90, who preserved the same weight but lowered the standard. Under HenryIII.the standard of 233⁄4quilates was again restored. For the movement of the gold coins subsequent to Ferdinand and Isabella, see theTable.

3. The silverrealfirst appears under PedroI., 1350-69. It was issued at a tale of 66 to a mark, and 11 dineros 4 grs. fine.

Under HenryII.of Castile, 1369-79, these reals undergo extraordinary debasement, the standard being reduced to .279, .129, .060, and so on; but a recovery took place under his successor, JohnI., 1379-90, who returned to the standard of PedroI., substituting for the debased real his own vellon money, under the titles ofblancosandAgnus Dei, a money known later asblancasandmaravedises de moneda blanca.

The restorer of the Spanish coinage was, however, not John so much as his son, HenryIII., 1390-1406. By his ordinance of 21st January 1391, issued at the instance of the Cortes of Madrid, 1390, the blancos of JohnI.were reduced in equivalence to 1 coronado. Gold coins were restored to the tale and standard of AlfonsoXI., and the silver real to those of PedroI.

The vellon money, however, of this reign—the blancos in particular—present a confusion which has hitherto baffled the most learned. It has been computed that one hundred and thirty-two monies of various denominations circulated in Castile under this King.

In brief, the system from his day till the time of Ferdinand and Isabella may be thus tabularly expressed:—

Reign.GOLD Denomination.Value as Issued.Value in Reals.SILVER Denomination.Value as Issued.Value in Reals.BILLON Denomination.Value as Issued.Value in Reals.RealsRealsRealsHenry III. 1393Florin of Aragon21 maravedis viejos19.420Silver Real3 maravedis viejos2.775Meaja vieja (ideal money)1⁄60of the maravedi viejo0.151394-1406Florin of Aragon22 maravedis viejos20.350Half,Quarter,Fifth,In proportionMeaja nueva (ideal money)1⁄60of maravedi nuevo0.007Lower and higher denominations occur separately in 1393, 1398, and 1402In the course of this reign the real of silver was rated variously at 7, 71⁄2, and 8 of the maravedis nuevosDinero viejo1⁄10of maravedi viejo0.092Ducados (In the Kingdom of Navarre)30 viejos27.750Dinero nuevo1⁄10of maravedi nuevo0.046Many other and different denominationsCoronadosviejos1⁄6of maravedi nuevo0.154Doblas Castellanos35 viejos32.375Coronados nuevos1⁄6of maravedi nuevo0.077(Doblas castellanos de la BandaAgnus Dei1 coronado viejo0.154CruzadosBlanca (occurs after 1440)1⁄4maravedi viejo0.231Cruzados de la BandaCinquen1⁄12real0.231Doblas)Maravedi viejo1⁄3real0.925Many different denominationsMaravedi nuevo1⁄2maravedi viejo0.462JohnIII.1406-1454Florin221⁄2maravedis viejos22.662Reals, 11 dineros 4 grs. fine, 66 to a markAs aboveAs aboveAs above with addition ofMany other different denominationsSueldos1⁄2maravedi (ideal money)Doblas and coronas35 maravedis viejos32.375Ovulo1⁄8sueldo (ideal money)Blanca vieja(As blanca above)Many other and different denominationsBlanca nueva1⁄6maravedi viejo0.154Cornado1⁄2blanca nueva0.0771434Dobla de la Banda104 nuevos48.048100 nuevos46.21442"(19 quilates fine, 49 to a mark)HenryIV.1454-74Florin of Aragon20 maravedis viejos18.220Real of silver3 maravedis viejos2.734Meaja vieja1⁄10of maravedi viejo0.091(18 quilates fine)(Numerous multiples of it)Meaja nueva1⁄2of viejo56 other species of same, and of other, and different denominationsDinero viejo1⁄10of maravedi viejo0.091Dinero nuevo1⁄2of viejoAgnus Dei,Blanca,Cornado viejo1⁄8of maravedi viejo0.152Cornado nuevo1⁄2of viejoCincuen,Blanca1⁄2maravedi vieja0.457Maravedi viejo1⁄3of real0.9111455Ducado165 maravedis viejos30.074(233⁄4quilates fine, 651⁄3to a mark), 38 other species of same, and of other and different denominationsDoblas150 maravedis viejos27.340Castellanos420 maravedis viejos37.040Enriquez210 maravedis viejos38.276

The reign of JohnII.(1406-54) marks a period of exceeding confusion, coupled with inefficient attempts at legislative remedy. The disorder of his reign was further increased under his successor, HenryIV.(1454-74), years which represent the apogee of Spanish depreciation. By grants of the right of private minting the six official Spanish Mints were increased to not less than 150, with a resulting monetary disorder, dearness of necessaries, and commercial panic which it would be difficult to estimate. The gold monies varied in fineness from 231⁄2, 19, 18, 17, and so on, even to 7 quilates, and the same extraordinary variations marked the silver monies. Of billon monies there were eight distinct classes, representing a succession of fractional parts of the silver real,1⁄6,1⁄7,1⁄8,1⁄12,1⁄16,1⁄22,1⁄24,1⁄58.

Taking, for the mere purpose of generalisation or average, the goldEnriqueof this reign at a tale of 50 to a mark, 233⁄4quilates fine, and the silver real (= 30 maravedis de blancas) at a tale of 67 to a mark, and standard of 11.4 fine, the ratio of gold to silver for the reign would be 9.824:1.

The monetary situation which the advent of the Catholic kings, Ferdinand and Isabella (1475-1506), was to alleviate and reform was the most deplorable that Spain has ever seen. Not less than eleven ordinances of reform were issued before the close of the century. For practical purposes only the first and last of these require notice. By the Mint indenture, issued on the 26th June 1475 to the Mint master of Seville, the gold coinage was ordered on the following basis:—

Excellentes (at a tale of 25 to a mark, 233⁄4quilates fine, in value = to 2 castellanos).

And silver on the following basis:—

Silver Reals (at a tale of 67 to a mark, 11 din. 4 grs. fine, in value equal to 30 maravedis).

First and chiefest importance, however, attaches to the ordinance of 1497, issued at Medino del Campo, and so named. By this ordinance all the previous existing systems and monies were abrogated, and a new system instituted which forms the starting-point for the monetary history of that Spain which was to be the receiver and distributor of the gold and silver of the New World.

The standard of gold was fixed at 233⁄4quilates. The basis of the gold coins was to be theexcellente de la Granada, issued at an equivalence of two of the antecedent excellentes, and at a tale of 651⁄3to the mark.

The system of the silver real was as in 1475, but it was issued at an equivalence of 34 maravedis, at which it ever after remained.

The billon money was to consist ofblancas(7 grs. fine, and at a tale of 192 to a mark).

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