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:—

Under Philip II., 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 Philip III. the intrinsic value or content of the gold monies was decreased 1⁄10, silver being again left intact.

The innumerable calamities which overtook Spain under Philip IV. (1621-65) and Charles II. (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.

Philip IV. 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 83 3⁄4 per mark, the real of eight being henceforth issued at an equivalence of 10 reals.

This change was equivalent to a reduction of 25 per cent. in the silver monies.

Under Charles II. this corruption proceeded in an ascending scale until 1680, when the gold doblon had arrived at an equivalence of 110 reals of billon, and the real of eight to 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 = 1⁄67 mark.
2. The real of new silver = 1⁄84 mark.
3. The real of billon = 1⁄126 mark.
4. The real of billon = 1⁄38 of the double escudo.

At the close of the reign the monetary system was as follows:—

Philip V. 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 of Plata provincial.

By the regulation of 9th June 1728 the series of Plata nacional was 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—

This ideal system could not be retained, as the billon money fell within a short time a matter of 5 1⁄2 per cent. in relation to it. The latter change was incorporated by the proclamation of 16th May 1737, which fixed the silver escudo of 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 21 3⁄4 quilates, in place of the previously existing standard of 22 quilates.

These veintenes correspond to the escudos of 21 1⁄4 reals still to be found in circulation.

No change of any importance was effected under the short reign of Ferdinand VI. (1746-59), under whom the custom inaugurated by Philip V. of expressing values in reals of billon rather than of silver (plata provincial) still continued.

His successor, however, Charles III. (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—

being a lowering per cent, of standard as follows:—

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 Tables postea) has a similar bearing.

His son, Charles IV. (1789-1808), made no alteration in this latter system of Charles III.

Under Ferdinand VII. (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, Isabella II. (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; the first of which proposed to lower the equivalence of the real to 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 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.

APPENDIX IV

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 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.

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).

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 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:—