The History of Currency, 1252 to 1896 Part 29

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.)

+-----------+--------------------+-------+---------+------------------+-------+-----------+----------+ | Reign. | Coins and |Tale |Standard.| Mint Value |Value | Value of |Value of | | | Ordinances. |or | | per Mark. |of each| each |each such | | | |Number | +--------+---------+Old | successive|successive| | | |of | | Bullion|Ordinance|Real | particular|particular| | | |Pieces | | Value. |Value in |in the | Money |Old Money | | | |per | | |Coin as |Modern | named, |in Reals | | | |Mark. | | |issued. |Money. | in Reals |of To-day.| | | | | | | | | of the | | | | | | | | | | Date of | | | | | | | | | | Issue. | | +-----------+--------------------+-------+---------+--------+---------+-------+-----------+----------+ |Ferdinand | Mint Ordinance of | |Quilates.| Reals. | Reals. | |Reals.Mvds.|Reals | |and |Feb. 22, 1476, | | | | | | | (Vellon)| |Isabella. |June 14, 1497-- | | Granos. | | | | | | | | 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-- | | | | | | | | | | The escudo | | | | | | | | | | increased to 400 | | | | | | | | | | 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-- | | | | | | | | | | Escudo increased | | | | | | | | | | to 550 maravedis | 68 | 22 0 | 1058.86| 1100.0 | 2.540 | 22 17 | 41.09 | | | | | (=.917) | | | | | | | |Jan. 12, 1643-- | | | | | | | | | | Escudo increased | | | | | | | | | | to 612 maravedis | 68 | 22 0 | 1178.23| 1224.0 | 2.283 | 22 17 | 41.09 | | | | | (=.917) | | | | | | +-----------+--------------------+-------+---------+--------+---------+-------+-----------+----------+ |Charles II.|Oct. 14 and Nov. | | | | | | | | | | 26, 1686-- | | | | | | | | | | Escudo increased | | | | | | | | | | to 646 maravedis,| | | | | | | | | | and castellano to| | | | | | | | | | 850 maravedis of | | | | | | | | | | the new silver | 68 | 22 0 | 1250.0 | 1292.0 | 2.163 | 38 17 | 41.09 | | | | | (=.917) | | | | | | +-----------+--------------------+-------+---------+--------+---------+-------+-----------+----------+ |Philip V. |March 17, 1719-- | | | | | | | | | | Castellanos | | | | | | | | | | reduced to 714 | | | | | | | | | | maravedis | 68 | 22 0 | 1050.0 | 1088.0 | 2.567 | 20 04 | 41.09 | | | | | (=.917) | | | | | | | | | | | | | | | | | |Jan. 14 and 23, and | | | | | | | | | | Feb. 8, 1726-- | | | | | | | | | | Escudo increased | | | | | | | | | | from 544 to 612 | | | | | | | | | | maravedis | 68 | 22 0 | 1181.25| 1224.0 | 2.282 | 33 10 | 41.09 | | | | | (=.917) | | | | | | | | | | | | | | | | | |Sept. 2, 1728-- | | | | | | | | | | Escudo increased | | | | | | | | | | to 680 maravedis | 68 | 22 0 | 1312.0 | 1360.0 | 2.054 | 37 22 | 41.09 | | | | | (=.917) | | | | | | | | | | | | | | | | | |July 16, 1730-- | | | | | | | | | | New monetary scheme| 68 | 22 0 | 1280.0 | 1360.0 | 2.054 | 31 22 | 41.09 | | | | | (=.917) | | | | | | | | | | | Reals | | | | | | | | | |(Vellon)| | | | | | |June 23 and 29, | | | | | | | | | | 1742-- | | | | | | | | | | Creation of | | | | | | | | | | Veintenes de oro |130- | 21 3 | 2409.42| 2611.33| 1.069 | 20 0 | 21.38 | | | | 56/100| (=.906) | | | | | | +-----------+--------------------+-------+---------+--------+---------+-------+-----------+----------+ |Ferdinand |Aug. 19 and Sept. | | | | | | | | | VI. | 16, 1755-- | | | | | | | | | | Increase of the | | | | | | | | | | pastas de oro | | | | | | | | | | from 118 to 119 | | | | | | | | | | reales las tres | | | | | | | | | | ochavas. | | | | | | | | | | | | | | | | | | | | Escudos | | | | | | | | | | (oro nacional) | 68 | 22 O | 2538.68| 2560.0 | 1.091 | 37 22 | 41.09 | | | | | (=.917) | | | | | | | | Veintenes | | | | | | | | | | (oro provincial) |130- | 21 3 | 2538.21| 2611.33| 1.069 | 20 0 | 21.38 | | | | 56/100| (=.906) | | | | | | +-----------+--------------------+-------+---------+--------+---------+-------+-----------+----------+ |Charles |May 21 and 25, | | | | | | | | | III. | 1772-- | | | | | | | | | | General reformation| | | | | | | | | | and lowering of | | | | | | | | | | the standard. | | | | | | | | | | | | | | | | | | | | Escudos | | | | | | | | | | (oro nacional) | 68 | 21 2-1/2| 2495.18| 2520.0 | 1.076 | 37 17 | 40.38 | | | | | (=.901) | | | | | | | | Veintenes | | | | | | | | | | (oro provincial) |130- | 21 1-1/2| 2476.15| 2611.33| 1.039 | 20 0 | 20.78 | | | | 56/100| (=.891) | | | | | | | |July 16, and | | | | | | | | | | 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) | | | | | | | | to 320 reals | | | | | | | | | | (oro nacional) | | | | | | | | | | | | | | | | | | | | The doblon of | | | | | | | | | | 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 | | | | | | | | | | | | |March 7, 1781-- | | | | | | | | | | Oz. of bullion | | | | | | | | | | increased to | 68 | 21 2-1/2| 2642.2 | 2720.0 | 1.009 | 40 0 | 40.38 | | | 336 reals | | (=.901) | | | | | | | | | | | | | | | | | |Feb. 26 & June 5, | | | | | | | | | | 1786-- | 68 | 21 0 | 2565.81| 2720.0 | 0.980 | 40 0 | 39.20 | | | Lowering of | | (=.875) | | | | | | | | standard. | | | | | | | | | | | | | | | | | | | | Oro nacional. | | | | | | | | | | | | | | | | | | | | 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 | | | | | | | | | | rating. | | | | | | | | | | | | | | | | | | | | 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-- | | | | | | | | | | Similar reform. | | | | | | | | | | | | | | | | | | | | 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) | | | | | | +-----------+--------------------+-------+---------+--------+---------+-------+-----------+----------+ |Isabel II. |April 15, 1848-- | | | | | | | | | | Reform of the | | | | | | | | | | monetary system. | | | | | | | | | | | | | | | | | | | | Centenes |27-6/10| 21 2-3/5| 2736.0 | 2760.0 | 0.993 | 100 0 | 99.30 | | | | | (=.900) | | | | | | | |May 17, 1850-- | | | | | | | | | | Augmentation of | | | | | | | | | | the tale | 28 | 21 2-3/5| 2736.0 | 2800.0 | 0.979 | 100 0 | 97.90 | | | | | (=.900) | | | | | | | |Feb. 3, 1854-- | | | | | | | | | | Reform of the | | | | | | | | | | monetary system |27- | 21 2-3/5| 2716.20| 2743.0 | 1.0 | 100 0 | 100.0 | | | | 43/100| (=.900) | | | | | | | |Jan. 18, 1861-- | | | | | | | | | | Reform of the | | | | | | | | | | 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.

+---------+------------------+------+---------+--------+--------+------------+-----------+ | | | | |Value of|Value of|Value of the|Equivalence| | Reign. | Denomination. |Tale |Standard.|the Mark|the Mark|Real as |of the Old | | | |(per | |by Mint |by Mint |Issued in |Real with | | | |Mark).| |Regula- |Regula- |Billon Reals|the Modern | | | | | |tions in|tions in|of the Time.|Real. | | | | | |Bullion.|Coin as | | | | | | | | |Issued. | | | +---------+------------------+------+---------+--------+--------+------------+-----------+ | | |Silver|Dineros. | Silver | Silver |Reals. Mvds.| Reals. | | | |Reals.| Granos.| Reals. | Reals. | | | | | | | | | | | | |Ferdinand|June 2, 1497-- | | | | | | | |and | General reform of| 67.0 | 11 4 | 66.0 | 67.0 | 1 0 | 2.734 | |Isabella | the Monies | | (=.930) | | | | | | | | | | | | | | +---------+------------------+------+---------+--------+--------+------------+-----------+ |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-- | | | | | | | | | Reales sencillos | | | | | | | | | of 4, 2, and 1 | | | | | | | | | (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) | | | | | | | | | | | | | | | |February 8, 1719--| | | | | | | | | Decrease of the | | | | | | | | | reals of 8 to | 80.75| 11 0 | 77.18 | 80.75 | 1 30 | 2.234 | | | 9-1/2 | | (=.917) | | | | | | | | | | | | | | | |August 10, 1728-- | | | | | | | | | Reals (and parts)| | | | | | | | | plata | 77.0 | 10 0 | 63.69 | 77.0 | 1 30 | 2.130 | | | provincial | | (=.834) | | | | | | | | | | | | | | | |September 8, | | | | | | | | | 1728-- | | | | | | | | | Decrease of the | 85.0 | 11 0 | 81.23 | 85.0 | 1 30 | 2.123 | | | real of 8 to 10| | (=.917) | | | | | | | | | | | | | | | |July 16, 1730-- | | | | | | | | | New monetary | | | | | | | | | regulation | | | | | | | | | (plata | 85.0 | 11 0 | 80.0 | 85.0 | 1 30 | 2.123 | | | nacional) | | (=.917) | | | | | | | | | | | | | | | |May 10, 1737-- |Reals | | | | | | | | Decrease of the | of | | | | | | | | real of 8 to 20|Billon| | | | | | | | reals (1 real | | | | | | | | | of silver = 1 | | | | | | | | | real 30 | | | | | | | | | maravedis of |85.170| 11 0 | 160.0 | 170.0 | 2 0 | 1.061 | | | billon) | | (=.917) | | | | | +---------+------------------+------+---------+--------+--------+------------+-----------+ | Same | Decrease of the | | | | | | | | date. | real of 8 to 20| | | | | | | | | 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) | | | | | | | nacional) | | | | | | | | | | | | | | | | | | General reduction| | | | | | | | | of the standard| | | | | | | | | (plata |154.0 | 9 18 | 141.81 | 154.0 | 1 0 | 1.038 | | | provincial) | | (=.812) | | | | | +---------+------------------+------+---------+--------+--------+------------+-----------+ |Ferdinand|October 19, 1821--| | | | | | | | VII. | Reform (plata |170.0 | 10 20 | 164.67 | 170.0 | 1 0 | 1.045 | | | nacional) | | (=.903) | | | | | | | | | | | | | | | | Reform (plata | | | | | | | | | provincial) |154.0 | 9 18 | 150.30 | 154.0 | 1 0 | 1.038 | | | | | (=.812) | | | | | | |August 21, 1821-- | | | | | | | | | 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) | | | | | +---------+------------------+------+---------+--------+--------+------------+-----------+ |Isabel |April 15, 1848-- | | | | | | | | II. | General reform | | | | | | | | | of the monetary|175.0 | 10 19 | 172.80 | 175.0 | 100 cents. | 1.012 | | | system | | (=.900) | | | | | | | | | | | | | | | |October 14, 1849--| | | | | | | | | Reduction | | | | | | | | | of the tale of |176.25| 10 19 | 172.80 | 176.25 | 100 0 | 1.005 | | | silver | | (=.900) | | | | | | | | | | | | | | | |February 3, 1851--| | | | | | | | | General reform | | | | | | | | | of the monetary|177.20| 10 19 | 174.60 | 177.20 | 100 0 | 1.0 | | | system | | (=.900) | | | | | | | | | | | | | | | |January 18, 1861--| | | | | | | | | 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.

+-----------+---------------------+-----------------------------+------+-----------+----------------+------------+-------------+ | | | |Tale | | |Mint Value |Bullion Value| |Reign. |Denomination. |Representative Value of |(per |Weight of |Standard. |of Each |of Each | | | | each Money. |Mark.)|Each Piece.| |Piece. |Piece. | +-----------+---------------------+-----------------------------+------+-----------+----------------+------------+-------------+ |Ferdinand |June 14, 1492-- | | | Granos. |Dineros. Granos.|Reals. Mdvs.|Reals. Mdvs. | |and | Coining of blancas |Half maravedi | 192 | 24.0 | 0 7 | 2 28 | 2 3 | |Isabella. | | | | | (=.024) | | | +-----------+---------------------+-----------------------------+------+-----------+----------------+------------+-------------+ |Charles V. |May 23, 1552-- | | | | | | | | | Lowering of the | | | | | | | | | standard of billon|Half maravedi | 192 | 24.0 | 0 5-1/2 | 2 28 | 1 24-5/8 | | | | | | | (=.019) | | | +-----------+---------------------+-----------------------------+------+-----------+----------------+------------+-------------+ |Philip II. |December 14, 1566-- | | | | | | | | | {|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 | +-----------+---------------------+-----------------------------+------+-----------+----------------+------------+-------------+ |Philip IV. |December 23, 1642-- | | | | | | | | | {|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) | | | | |October 29, 1660-- | | | | | | | | | Issue of "Molino" |Pieces of 16 maravedis | | | | | | | | | (8, 4 and 2 in proportion) | 51 | 90.35294 | 1 8 | 24 0 | 6 3 | | | | | | | (=.069) | | | +-----------+---------------------+-----------------------------+------+-----------+----------------+------------+-------------+ |Charles II.|May 22, 1680-- | | | | | | | | | (This and succeeding| | | | | | | | | issues are of pure| | | | | | | | | copper) | | | | | | | +-----------+---------------------+-----------------------------+------+-----------+----------------+------------+-------------+

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 sch.e.l.lingen, the sch.e.l.ling 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, sch.e.l.lings, 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 sch.e.l.lings, 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 sch.e.l.lings 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 fict.i.tious 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:--