The History of Currency, 1252 to 1896 Part 27

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) = 1/6 onza of the fineness of 23-3/4 quilates (=.989 fine), corresponding exactly to the Roman _aureus_ of the times of Julian.

The unit denomination of the silver money was twofold--(1) the silver _sueldo_ (= 1/6 onza like the gold), and (2) the _denario_ (1/8 onza or ochava). The silver coins were at first of 12 dineros fine, but subsequently only _10.12_ (=.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 the _maravedi_, 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 ill.u.s.trated:--

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:--

+-------+---------------------+--------------+ | | Number of Maravedis | Contents of | | Date. | to the | Fine Silver, | | | Cologne Mark. | Grains. | +-------+---------------------+--------------+ | 1312 | 130 | 25.85 | | 1324 | 125 | 26.86 | | 1368 | 200 | 16.79 | | 1379 | 250 | 13.43 | | 1390 | 500 | 6.71 | | 1406 | 1000 | 3.35 | | 1454 | 2250 | 1.49 | | 1550 | 2210 | 1.52 | | 1808 | 5440 | 0.62 | +-------+---------------------+--------------+

To return. At the time of its adoption by the Christian powers of Spain, the maravedi (or sueldo de oro) was equal to 1/6 onza of gold.

To this maravedi de oro was subsequently given the name of _Alfonsi_, supposit.i.tiously from Alfonso VI., 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 Ferdinand II. of Leon, who, in 1157, coined the silver _leones_ of the value of half the silver sueldo (= 12 dineros).

In 1222 S. Ferdinand introduced the _sueldo pepiones_.

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

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

In 1252 he coined his _maravedis blancos_, or _Burgaleses_, 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 as _moneda viejo_, _maravedis viejos_, or _moneda blanca_.

Six years after its introduction, however, Alfonso demonetised his own Burgaleses to make room for his _maravedises negros_, or _prietos_, 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 the _prietos_. The relations.h.i.+p of the novenes to the prietos and to the standard (now supposit.i.tious) gold maravedi is thus expressed:--

15 dineros prietos = 1 maravedi, Old maravedi = 75 sueldos, [therefore] 1 prieto = 5 sueldos.

Old maravedi = 60 maravedis novenes, [therefore] 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 " = 1 old maravedi.

These _novenes_, or _maravedis blancos segundos_, continued current through the fourteenth century, and in the laws of John III. are spoken of as "maravedises of our present currency," and as still = 1/10 of 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. The _coronados_, an innovation of his successor, Sancho IV.

(1284-95), who, in 1286, introduced them as = 1 old dinero. They subsequently appear as _cornados_.

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 Alfonso XI. (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's _doblas_, subsequently known as _castellanos_. The weight of this coin has been variously a.s.signed as 48 to a mark or 50 or 51.

Taking the tale of 50 to the mark, the weight per piece would be 92-4/25 grms. (= 4.60090 grms.) of 23-3/4 quilates fine (= .989 fine).

Pedro I. made gold doblas of the weight of 90 grs., and this endured till the days of John I., 1379-90, who preserved the same weight but lowered the standard. Under Henry III. the standard of 23-3/4 quilates was again restored. For the movement of the gold coins subsequent to Ferdinand and Isabella, see the Table.

3. The silver _real_ first appears under Pedro I., 1350-69. It was issued at a tale of 66 to a mark, and 11 dineros 4 grs. fine.

Under Henry II. of Castile, 1369-79, these reals undergo extraordinary debas.e.m.e.nt, the standard being reduced to .279, .129, .060, and so on; but a recovery took place under his successor, John I., 1379-90, who returned to the standard of Pedro I., subst.i.tuting for the debased real his own vellon money, under the t.i.tles of _blancos_ and _Agnus Dei_, a money known later as _blancas_ and _maravedises de moneda blanca_.

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

The vellon money, however, of this reign--the blancos in particular--present a confusion which has. .h.i.therto 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:--

+-----------+----------------+------------+--------++---------------------+-----------+--------++----------------+------------------+--------+ | | GOLD | Value as |Value in|| SILVER | Value as |Value in|| BILLON | Value as |Value in| | Reign. | Denomination. | Issued. |Reals. || Denomination. | Issued. | Reals.|| Denomination. | Issued. |Reals. | +-----------+----------------+------------+--------++---------------------+-----------+--------++----------------+------------------+--------+ | | | | || | | || | | | |Henry III.}|Florin of |21 maravedis| Reals ||Silver Real |3 maravedis| Reals ||Meaja vieja |1/60 of the | Reals | |1393 }| Aragon | viejos | 19.420 ||Half, } In | viejos | 2.775 || (ideal money) | maravedi viejo | 0.15 | |1394-1406 | " |22 " | 20.350 ||Quarter,} proportion | | ||Meaja nueva |1/60 of maravedi | 0.007 | | | | | ||Fifth, } | | || (ideal money) | nuevo | | | | | | ||In the course of | | ||Dinero viejo |1/10 of maravedi | 0.092 | | | | | || | | || | viejo | | | |Lower and higher denominations occur ||this reign the real | | || " nuevo |1/10 of maravedi | 0.046 | | | | | || | | || | nuevo | | | | separately in 1393, 1398, and 1402 ||of silver was rated | | ||Coronados viejos|1/6 of maravedi | 0.154 | | | | | || | | || | nuevo | | | | | | ||rated variously at | | || " nuevos|1/6 of maravedi | 0.077 | | | | | || | | || | nuevo | | | | | | || 7, 7-1/2, and 8 of | | ||Agnus Dei |1 coronado viejo | 0.154 | | | | | || the maravedis nuevos| | ||Blanca (occurs }|1/4 maravedi viejo| 0.231 | | | | | || | | || after 1440) }| | | | |Ducados |30 viejos | 27.750 || | | ||Cinquen |1/12 real | 0.231 | | | (In the Kingdom| | || | | ||Maravedi viejo |1/3 real | 0.925 | | | of Navarre) |Many other and || | | || " nuevo |1/2 maravedi viejo| 0.462 | | | | different || | | || | | | | | | denominations || | | || | | | | | | | || | | || | | | | | Doblas |35 viejos | 32.375 || | | || | | | | | Castellanos | | || | | || | | | | |(Doblas castellanos | || | | || | | | | | de la Banda | || | | || | | | | | Cruzados | || | | || | | | | | Cruzados de la | || | | || | | | | | Banda | || | | || | | | | | Doblas) | || | | || | | | | | || | | || | | | | | Many different denominations || | | || | | | | | | | || | | || | | | +-----------+----------------+------------+--------++---------------------+-----------+--------++----------------+------------------+--------+ | | | | || | | || | | | |John III. }|Florin |22-1/2 | 22.662 ||Reals, 11 dineros | As above |As above|| As above with addition of | | 1406- }| | maravedis| || 4 grs. fine, 66 to | | ||Sueldos |1/2 maravedi (ideal money) | | 1454 }| | viejos | || a mark | | ||Ovulo |1/8 sueldo (ideal money) | | | | | || | | || | | | | Many other different denominations || | | || | | +-----------+----------------+------------+--------++---------------------+-----------+--------++----------------+------------------+--------+ |John III. }|Doblas and |35 maravedis| Reals || | | || Blanca vieja |(As blanca above) | Reals | |1406-1454 }| coronas | viejos | 32.375 || | | || " nueva |1/6 maravedi viejo| 0.154 | | | | | || | | || Cornado |1/2 blanca nueva | 0.077 | | |Many other and different denominations|| | | || | | | | | | | || | | || | | | | 1434 |Dobla de la | 104 nuevos | 48.048 || | | || | | | | | Banda | 100 " | 46.2 || | | || | | | | 1442 | " | | || | | || | | | | |(19 quilates | | || | | || | | | | | fine, 49 to | | || | | || | | | | | a mark) | | || | | || | | | +-----------+----------------+------------+--------++---------------------+-----------+--------++----------------+------------------+--------+ |Henry IV. }|Florin of Aragon|20 maravedis| 18.220 ||Real of silver |3 maravedis| 2.734 || Meaja vieja | 1/10 of maravedi | | |1454-74 }|(18 quilates | viejos | || | viejos | || | viejo | 0.091 | | | fine) | | || |(Numerous | || Meaja nueva |1/2 of viejo | | | |56 other species| | || | multiples| || Dinero viejo |1/10 of maravedi | | | | of same, and | | || | of it) | || | | | | | of other, and | | || | | || | viejo | 0.091 | | | different | | || | | || Dinero nuevo |1/2 of viejo | | | | denominations | | || | | || | | | | | | | || | | || Agnus Dei }| | | | 1455 |Ducado | 165 " | 30.074 || | | || Blanca }|1/8 of maravedi | 0.152 | | |(23-3/4 quilates| | || | | || Cornado viejo }| viejo | | | | fine, 65-1/3 | | || | | || Cornado nuevo |1/2 of viejo | | | | to a mark), | | || | | || Cincuen }|1/2 maravedi vieja| 0.457 | | | 38 other | | || | | || Blanca }| | | | | species of | | || | | || Maravedi viejo |1/3 of real | 0.911 | | | same, and of | | || | | || | | | | | other and | | || | | || | | | | | different | | || | | || | | | | | denominations | | || | | || | | | | | | | || | | || | | | | |Doblas | 150 " | 27.340 || | | || | | | | |Castellanos | 420 " | 37.040 || | | || | | | | |Enriquez | 210 " | 38.276 || | | || | | | +-----------+----------------+------------+--------++---------------------+-----------+--------++----------------+------------------+--------+

The reign of John II. (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, Henry IV.

(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 23-1/2, 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 cla.s.ses, 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 gold _Enrique_ of this reign at a tale of 50 to a mark, 23-3/4 quilates 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.