The History of Currency, 1252 to 1896 Part 25

When it actually emerges, the gold florin has a weight of 53 (English) grs., or 72 Florentine; which would give a mark of 6912 grs. Its standard was of absolute fineness, 24 carats, a standard which was never departed from through the whole of its history. Very little change, too, was made in the weight, hardly more than 4-1/2 grs. in all (or 6-1/4 per cent.).

It was issued at an equivalence of 20 soldi, which were represented by 20 silver florins, already known.

The variation of this coin with regard to the unit coin of lower denomination will be found in the Table below.

There is a second variation of the gold florin, _apparently_ with regard to itself, which has given rise to much misunderstanding, and requires explanation. As the process of wear and tear and abrasion went on in the coins, with lapse of time the custom grew of subdividing or hypothecating a gold florin of ideally perfect weight and condition as the standard for transactions. This became book or bank money, and the actually circulating medium was rated to it at a certain discount. This ideal florin is known as _fiorini di suggello_ or _sigillo_, florin of the public seal, and there is a series of such denominations. The first apparent adoption of such a method--which also emerges in the currency history of Hamburg and Amsterdam--was in 1321, and the florins of that date are styled "of the first sigello"; the second was in 1324, the third in 1345, and so on. Between the years 1328 and 1462 there was a series of eight, as follows:--

1328 5 per cent. advantage.

1345 3 " "

1347 5 " "

1402 5 " "

1402 1-1/4 " "

1442 4 " "

1461 7 " "

Subsequently, by law of 30th May 1464, this various advantage was transferred from the _fiorini di suggello_ to a new denomination, _fiorini d'oro larghi_, with an advantage of 20 per cent. above the _fiorini di suggello_; and once again, by the law of 14th October 1501, the process was repeated. An advantage of 19 per cent. over the _fiorini d'oro larghi_ was announced in favour of the newest denomination, _fiorini d'oro larghi in oro_. The advantage of these last, therefore, over the _fiorini di suggello_ of 1461 amounted to 39 per cent.

It appears quite clear that this advantage represents a differentiation, not of good bank abstract florins from worn current gold florins, but of the former from the actual current medium of payment, and that this latter was _silver_.

The cause of the advantage was the depreciation of the silver denomination, from the aggregate of which was formed the lira, in which was expressed the value of the gold florin.[23]

For ill.u.s.tration:--

In 1464--

120 fiorini di suggello = 100 fiorini d'oro larghi at 4 lire 8 sol. 4 den.

each = 530 lire.

Therefore each fiorino d'oro largo ought to = 5 lire 6 sol., which by the tables of the time it actually did.

Similarly, in 1501--

100 fiorini larghi d'oro in oro = 119 larghi di grossi at 5 lire 11 sol.

4 den. = 660 lire.

Therefore fiorino largo d'oro in oro should = 6 lire 12 sol. which it actually did.

The SILVER MONIES of Florence were based on the silver florin = 1/20 of gold florin (= 38-1/2 grains).

From the time of the Mint Law of 1296, these silver coins are styled _grossi_, and subsequently _soldi_, _grossi_, _Guelfi_, etc. etc.

The alloy gradually sank--

Onza. Denaro.

11 18 11 17 (1280) 11 15 (1314) 11 12

remaining at the last-named figure until the reopening of the Pisan Mint in 1597.

As the gold rose in value by the process already indicated, and the idea of the lira as 20 soldi = 1 gold florin, became inapplicable, the lira came to be looked on as a fractional part of the gold piece or florin.

This usage grew up in Florence from the beginning of the twelfth century, and so continued till the days of Cosimo I., who in 1534 coined the first lira, i.e. an actual silver coin.

This imaginary lira of mediaeval Florence was itself divided, like the florin, into soldi and denari, similar aliquot parts. Hence the custom of keeping Florentine accounts, (1) _a oro_, or (2) _a moneta di piccioli_, the one in terms of the florin of gold, the other in terms of the imaginary lira.

The confusion to which this led was due to the unstable nature of the imaginary money, which from 1312 continually depreciates in value, as compared with the actual hard florin money. In 1314, as some measure of reform, it was ordained that the florin of gold should not equal more nor less than 29 of the soldi of this lira, and that it should never change from such course--the distinction of _moneta bianca_ and _nera_ being introduced for the purpose. The ceasing of the observation of this regulation in the sixteenth century made way for every kind of confusion.

For the explanation of the text in Part I., pp. 19-23, it need only be added that 20 of these imaginary soldi formed the _lira a fiorino_ spoken of.

TABLE OF THE SILVER COINS STRUCK IN FLORENCE, 1252-1534.

+---------+-----------------+---------------------+-----------+-------------+----------+--------------+------------+ | | | Standard. | Weight | Fine Silver | Tale per | Tale per | Value at | | Year. | Denomination. +----------+----------+ of each | in each | Mark |Mark issued to| which | | | | Silver. | Alloy. | piece. | Piece. | minted. |the Merchant. |Circulated. | +---------+-----------------+----------+----------+-----------+-------------+----------+--------------+------------+ | | | Oz. Gr. | Oz. Gr. | Grains. | Grains. | | |Soldi. Den. | | 1252 |Fiorino d'argento| --- | --- | 43-1/5 | --- | 160 | --- | 1 0 | | | | | | | | | |(of the gold| | | | | | | | | | florin.) | | 1280 | Do. | 11 15 | 0 9 | 45-3/4 | 45-1/4 | 151 | --- | 1 8 | | 1296 |Soldi grossi | 11 15 | 0 9 | 40-9/19 | 39-3/19 | 171 | 167 | 2 0 | | 1305 |Grossi popolini | 11 12 | 0 12 | 40-9/19 | 38-3/4 | 171 | --- | 2 0 | | | |(= Argento popolino.)| | | | | | | 1314 |Guelfi del fiore | 11 12 | 0 12 | 41-5/8 | 39-7/8 | 166 | 163 | 2 6 | | |(Half and quarter| | | | | | | | | | of same.) | | | | | | | | | 1345 |Nuovi Guelfi | 11 12 | 0 12 | 51-7/12 | 49-5/12 | 134 | 132 | 4 0 | |(Aug. 19)| | | | | | | |(of the | | | | | | | | | | piccioli.)| | 1345 |Grossi Guelfi | 11 12 | 0 12 | 52-4/11 | 50-2/11 | 132 | --- | 4 0 | |(Aug. 23)| | | | | | | | | | 1345 |Grossi Guelfi | 11 12 | 0 12 | 48-2/3 | 46-5/8 | 142 | 140 | 4 0 | |(Oct. 23)| | | | | | | | | | 1347 |Guelfi grossi | 11 12 | 0 12 | 59-1/13 | 56-8/13 | 117 | 111-2/3 | 5 0 | | 1368 |Popolini | 11 12 | 0 12 | 23-1/25 | 22-2/25 | 300 | | 2 0 | | 1390 |Grossi | 11 12 | 0 12 | 56-8/41 | 53-35/41 | 123 | | 5 6 | | | | | | | | | |(piccioli.) | | 1402 |Grossi | 11 12 | 0 12 | 52-4/11 | 50-2/11 | 132 | 130 | 5 6 | | 1448 |Grossi | 11 12 | 0 12 | | | | | 5 4 | | 1460 |Grossoni | 11 12 | 0 12 | 54 | 51-3/4 | 128 | 125-2/3 | 6 8 | | 1471 |Grossi | 11 12 | 0 12 | 49-1/47 | 46-38/47 | 141 | 138 | 6 8 | | 1481 |Grossoni | 11 12 | 0 12 | 47-1/49 | 45-3/49 | 147 | 143 | 6 8 | | 1489 |Grossi | 11 12 | 0 12 | 47-1/49 | 45-3/49 | 147 | 144 | 6 8 | | 1503 |Grossoni | 11 12 | 0 12 | 40-1/2 | 38-19/24 | 170-2/3 | 166-2/3 | 7 0 | | 1503 |Grossoni | 11 12 | 0 12 | 71-72/345 | 68-76/145 | 96-2/3 | 94-1/3 |{10 0 | | | | | | | | | |{(bianchi.) | | | | | | | | | |{13 4 | | | | | | | | | |{(neri.) | | 1504 |Carolino or | 11 12 | 0 12 | 71-73/145 | 68-76/145 | 96-2/3 | 94-1/3 | 10 0 | | | barile | | | | | | | (bianchi.) | | 1506 |Grossoni | 11 12 | 0 12 | 39-165/173| 38-50/173 | 173 | 169 | 7 0 | | 1508 |Grossoni | 11 12 | 0 12 | 39-201/347| 38-62/347 | 173-1/2 | 169 | 7 0 | | 1508 |Grossetti | 11 12 | 0 12 | 28-268/731| 27-135/731 | 243-2/3 | 237-2/3 |{4 0 | | | | | | | | | |{(bianchi.) | | | | | | | | | |{5 0 | | | | | | | | | |{(neri.) | | 1524 |Barili | 11 12 | 0 12 | 68-1/4 | 65-13/32 | 101-1/4 | 99 | 13 4 | | |(The half-barile and the teston (= 3 barili) in proportion.) | | | | | 1531 |Grossi | 11 12 | 0 12 | 38 | 36-5/12 | 181-17/19| --- | 7 0 | | 1531 |Barili | 11 12 | 0 12 | 70 | 67-1/12 | 98-46/35 | --- |{10 0 | | | | | | | | | |{(bianchi.) | | | | | | | | | |{13 4 | | | | | | | | | |{(neri.) | | 1531 |Quinto di Ducato | 11 12 | 0 12 | 152 | 145-2/3 | 45-9/19 | --- | 30 0 | | | | | | | | | |(piccioli.) | +---------+-----------------+----------+----------+-----------+-------------+----------+--------------+------------+

TABLE OF THE GOLD COINS OF FLORENCE, 1252-1534.

(From _Zanetti_, i. 439.)

+------+----------------------------+---------+---------+----------+-----------+ | | | | | Tale | Value | |Year. | Denomination. |Standard.| Weight. | per | at which | | | | | | Mark. |circulated.| +------+----------------------------+---------+---------+----------+-----------+ | | | Karati. | Grains. | |Soldi. Den.| | 1252 | Fiorino d'oro | 24 | 72 | 96 | 20 0 | | 1275 | Do. | 24 | 72 | 96 | 30 0 | | 1282 | Do. | 24 | 72 | 96 | 32 0 | | 1286 | Do. | 24 | 72 | 96 | 36 0 | | 1296 | Do. | 24 | 72 | 96 | 40 0 | | 1302 | Do. | 24 | 72 | 96 | 51 0 | | 1321 | Fiorino of the first | | | | | | | suggello (5 per cent. | | | | | | | advantage) | 24 | 69 | 100 | ... | | 1324 | Fiorino of the second | | | | | | | surgely | 24 | 70-1/2 | 98-1/4 | 60 0 | | 1328 | Fiorino stretti | 24 | 70-1/2 | 98-1/4 | 66 1 | | 1331 | Do. | 24 | 70-1/2 | 98-1/4 | 60 0 | | 1345 | Fiorini of the third | | | | | | | surgely (5 per cent. | | | | | | | advantage) | 24 | 70-1/2 | 98-1/4 | 62 0 | | 1347 | Do. do. | 24 | 70-1/2 | 98-1/4 | 68 0 | | 1352 | Do. do. | ... | ... | ... | 67 6 | | 1353 | Do. do. | ... | ... | ... | 68 6 | | 1356 | Do. do. | ... | ... | ... | 70 0 | | 1375 | Fiorino nuovo | 24 | 71-3/5 | 96-2/5 | 70 0 | | 1378 | Do. | ... | ... | ... | 68 0 | | 1380 | Fiorino nuovastro | ... | ... | ... | 70 0 | | 1402 | Fiorino nuovo of the fifth | | | | | | | suggello (6-1/4 per cent.| | | | | | | advantage) | 24 | 68 |101-11/117| 73 4 | | 1422 | Fiorino nuovissimo or | | | | | | | largo di Galea | 24 | 71-3/5 | 96-2/5 | 80 0 | | 1442 | Fiorino largo | 24 | 72 | 96 | ... | | | Fiorino of the sixth | | | | | | | suggello (10 per cent. | | | | | | | advantage) | 24 | 72 | 96 | ... | | | Fiorino stretto di Camera | | | | | | | of the seventh suggello | | | | | | | (7 per cent. advantage) | 24 | 69-1/8 | 100 | ... | | 1448 | Fiorino of the eighth | | | | | | | suggello (4 per cent. | | | | | | | advantage) | 24 | ... | ... | 85 0 | | 1460 | Fiorino of the ninth | | | | | | | suggello (7 per cent. | | | | | | | advantage) | 24 | 71-6/7 | 96-1/3 | 86 8 | | 1462 | Fiorino (of Pisan weight) | 24 | 71-6/7 | 96-1/2 | 87 0 | | 1464 | Fiorino largo (20 per | | | | | | | cent. better than the | | | | | | | fiorino di suggello) | 24 | 72 | 96 | 106 0 | | 1471 | Do. do. | 24 | 72 | 96 | 108 0 | | 1480 | Do. do. | 24 | 72 | 96 | 111 0 | | 1485 | Do. do. | 24 | 72 | 96 | 111 4 | | 1501 | Fiorino d'oro largo in oro | | | | 140 0 | | | (19 per cent. advantage | | | | (neri.) | | | on the fiorino largo) | 24 | 72 | 96 | 111 4 | | | | | | | (grossi.) | | 1508 | Do. do. | 24 | 72 | 96 | 142 0 | | | | | | | (neri.) | | 1531}| Ducato d'oro | 24 | 72 | 96 | 150 8 | | 1534}| | | | |(piccioli.)| +------+----------------------------+---------+---------+----------+-----------+

TABLE OF THE BILLON MONEY (MONETA NERA OR EROSA) STRUCK IN FLORENCE, 1300-1534.

+-----------+-------------+---------------------+-----------+--------------+------------+-----------+--------------+ | | | Standard. |Weight of |Fine Silver | Tale per |Tale per | Value | | Year. |Denomination.| |each Piece.|in each Piece.| Mark coined|Mark issued| at which | | | +---------------------+ | | | to the | Circulated. | | | | Silver. | Copper. | | | | Merchant | | +-----------+-------------+----------+----------+-----------+--------------+------------+-----------+--------------+ | | |Oz. Gr. |Oz. Gr. | Grains. | Grains. | | | Denari | | | | | | | | | | | | 1316 |Fiorin da sei| 1 0 | 11 0 | --- | --- | --- | --- | 6 | | 1321[E] |Fiorini neri | 1 0 | 11 0 | 12-4/5 | 1-1/15 | 540 | --- | 1 | | 1325 |Piccioli | 1 0 | 11 0 | 12-4/5 | 1-1/15 | 540 | 444 | 1 | | 1332 |Quattrini | 2 0 | 10 0 | 26-1/2 | 4-5/12 | 261 | 240 | 4 | | | lanajuoli | | | | | | | | | 1337 |Quattrini | 2 0 | 10 0 | 21-45/327 | 3-11/24 | 327 | 301 | 4 | |(July 19) | | | | | | | | | | 1337 | Do. | 2 0 | 10 0 | 21-3/4 | 3-5/8 | 318 | 297 | 4 | |(July 28) | | | | | | | | | | 1366 |Piccioli neri| 1 0 | 11 0 | 8-1/4 | 2/3 | 840 | 660 | 1 | | 1371 | Do. | 0 23-1/2 | 11-1/2 0 | 8 | 5/8 | 864 | 708 | 1 | | | Quattrini | 2 0 | 10 0 | 18-5/12 | 3-1/12 | 375 | 370 | 4 | | 1417 |Piccioli neri| 1 0 | 11 0 | 6-78/83 | 7/12 | 996 | --- | 1 | | 1432 | Quattrini | 2 0 | 10 0 | 18-5/12 | 3-1/12 | 375 | --- | 4 | | 1462 | Soldini | 6 0 | 6 0 | 15 | 7-1/2 | 460 | 446 | 12 | | 1471 | Quattrini | 2 0 | 10 0 | 26-42/87 | 4-5/12 | 261 | 240 | 4 | | | Soldini | 6 0 | 6 0 | 13-2/3 | 6-5/6 | 505 | 483 | 12 | | |Piccioli neri| 1 0 | 11 0 | --- | --- | --- | --- | 1 | | 1472 | Quattrini | 1 12 | 10 12 | 16-1/2 | 2-1/24 | 420 | 366 | 4 | | | Piccioli | 0 6 | 11 18 | 8 | 1/6 | 864 | 252 | 1 | | 1490 | Quattrini | 2 0 | 10 0 | 16 | 2-2/3 | 432 | --- | 4 | | | bianchi[F] | | | | | | | | | | Quattrini | 1 0 | 11 0 | 14-7/8 | 1-1/4 | 465 | --- | 4 | | 1509 | Do. | 1 0 | 11 0 | 16-5/12 | 1-1/3 | 420 | --- | 4 | | 1512 | Crazie | --- | --- | --- | --- | --- | --- | | +-----------+-------------+----------+----------+-----------+--------------+------------+-----------+--------------+

FOOTNOTES:

[Footnote 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 comunemente 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 ne a grossoni, ne a quattrini ma vagliano quello e quanto sara la sua commune valuta d per d e secondo saranno alla camera e all' Arte del Comtis--"]

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

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

APPENDIX II

THE MONETARY SYSTEM OF VENICE

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

1. The _lira di piccioli_, the princ.i.p.al 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. The _lira 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.