Appendix Iii

THE MONETARY SYSTEM OF SPAIN

The monetary system of Christian Spain dates from the Gothic invasions, and differs from that of Germany, Italy, and France in being derived in the first place from the Roman system without the intermediation of that of Charlemagne.

Under the Goths the monetary basis was the Roman libra, subdivided thus--

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 illustrated:--

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, supposititiously 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 relationship of the novenes to the prietos and to the standard (now supposititious) 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 assigned 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 debasement, 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., substituting for the debased real his own vellon money, under the titles 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 hitherto 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 classes, 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.

The monetary situation which the advent of the Catholic kings, Ferdinand and Isabella (1475-1506), was to alleviate and reform was the most deplorable that Spain has ever seen. Not less than eleven ordinances of reform were issued before the close of the century. For practical purposes only the first and last of these require notice. By the Mint indenture, issued on the 26th June 1475 to the Mint master of Seville, the gold coinage was ordered on the following basis:--

Excellentes (at a tale of 25 to a mark, 23-3/4 quilates fine, in value = to 2 castellanos).

And silver on the following basis:--

Silver Reals (at a tale of 67 to a mark, 11 din. 4 grs. fine, in value equal to 30 maravedis).

First and chiefest importance, however, attaches to the ordinance of 1497, issued at Medino del Campo, and so named. By this ordinance all the previous existing systems and monies were abrogated, and a new system instituted which forms the starting-point for the monetary history of that Spain which was to be the receiver and distributor of the gold and silver of the New World.

The standard of gold was fixed at 23-3/4 quilates. The basis of the gold coins was to be the excellente de la Granada, issued at an equivalence of two of the antecedent excellentes, and at a tale of 65-1/3 to the mark.

The system of the silver real was as in 1475, but it was issued at an equivalence of 34 maravedis, at which it ever after remained.

The billon money was to consist of blancas (7 grs. fine, and at a tale of 192 to a mark).

One excellente = 11 reals 1 maravedi = 375 maravedis. 1 real " 34 maravedis.

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:--

Gold Standard, 22 quilates. " Tale, 68 to a mark. Value, 350 maravedis. Silver Left untouched. Billon Standard increased to 7-1/2 granos.

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:--

Silver Reals. Mark of fine gold, 1408.94 Of intrinsic value of 1363.15 The seigniorage being 45.79

Mark of fine silver, 90.32 Of intrinsic value of 88.11 The seigniorage being 2.21

Maravedis. Mark of copper, 76 Of intrinsic value of 68 The seigniorage being 8

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--

Reales de Plata Provincial. Mark of gold of 22 quilates fine was coined into 1360 Delivered to the importer 1280 ---- Seigniorage 80 = 5.88 per cent.

Mark of silver of 11 dineros fine coined into 85 Delivered to the importer 80 ---- Seigniorage 5 = 5.88 per cent.

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--

Quilates. Granos. Of gold Escudos (oro nacional) 21 2-1/2 " Veintenes (oro provincial) 21 1-1/2

Dineros. Granos. Of silver (plata nacional or gruesa) 10 20 " (plata provincial or menuda) 9 18

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

Oro nacional 1.31 " provincial 2.84 Plata nacional 1.59 " provincial 2.49

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.

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) | | | | | | | +-----------+---------------------+-----------------------------+------+-----------+----------------+------------+-------------+