The History of Currency, 1252 to 1896

APPENDIX VI

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:—

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 mediæval 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 silver solidus (Tremissis).
3. The denarius.

1 gold solidus = 3 1⁄3 silver solidi = 40 denarii.
1 silver solidus = 12 denarii

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 × 20 × 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 × 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 à la grande laine, moutons d'or à 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—

The last of these species (deniers d'or à l'écu) 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 à pied to distinguish it from the Franc d'or proper, which was styled Franc à cheval.

Saluts were first minted by Charles VI. in 1421 of fine gold, and of the same weight as the francs à cheval, but equal to 25 sols.

Couronnes or écus à 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 mediæval 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 écus 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 (écus d'or au soleil, also called écus 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 écus à la couronne must be distinguished the écus 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'écus, 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 écu 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 écus 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:—

And similarly three kinds of louis d'argents or écus:—

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:—

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-écu (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-écu), 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.