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:—

Date.Number of Maravedis to the Cologne Mark.Contents of Fine Silver, 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, ∴ 1 prieto = 5 sueldos. Old maravedi = 60 maravedis novenes, ∴ 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 novenes = 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:—

Reign.GOLD Denomination.Value as Issued. Value in Reals. SILVER Denomination. Value as Issued.Value in Reals.BILLON Denomination. Value as Issued.Value in Reals.

Reals Reals Reals

Henry III. 1393Florin of Aragon21 maravedis viejos19.420Silver Real3 maravedis viejos2.775Meaja vieja (ideal money) 1⁄60 of the maravedi viejo0.15

1394-1406Florin of Aragon22 maravedis viejos20.350Half, Quarter, Fifth, In proportionMeaja nueva (ideal money) 1⁄60 of maravedi nuevo 0.007

Lower and higher denominations occur separately in 1393, 1398, and 1402In the course of this reign the real of silver was rated variously at 7, 7 1⁄2, and 8 of the maravedis nuevosDinero viejo 1⁄10 of maravedi viejo 0.092

Ducados (In the Kingdom of Navarre)30 viejos27.750Dinero nuevo 1⁄10 of maravedi nuevo 0.046

Many other and different denominationsCoronados viejos 1⁄6 of maravedi nuevo 0.154

Doblas Castellanos35 viejos 32.375Coronados nuevos 1⁄6 of maravedi nuevo 0.077

(Doblas castellanos de la BandaAgnus Dei1 coronado viejo 0.154

CruzadosBlanca (occurs after 1440) 1⁄4 maravedi viejo 0.231

Cruzados de la BandaCinquen 1⁄12 real 0.231

Doblas)Maravedi viejo 1⁄3 real 0.925

Many different denominationsMaravedi nuevo 1⁄2 maravedi viejo 0.462

John III. 1406-1454Florin22 1⁄2 maravedis viejos 22.662Reals, 11 dineros 4 grs. fine, 66 to a mark As aboveAs above As above with addition of

Many other different denominationsSueldos 1⁄2 maravedi (ideal money)

Doblas and coronas35 maravedis viejos32.375Ovulo 1⁄8 sueldo (ideal money)

Blanca vieja(As blanca above)

Many other and different denominationsBlanca nueva 1⁄6 maravedi viejo 0.154

Cornado 1⁄2 blanca nueva 0.077

1434Dobla de la Banda 104 nuevos 48.048

100 nuevos 46.2

1442 "

(19 quilates fine, 49 to a mark)

Henry IV. 1454-74Florin of Aragon20 maravedis viejos 18.220Real of silver3 maravedis viejos 2.734 Meaja vieja 1⁄10 of maravedi viejo 0.091

(18 quilates fine)(Numerous multiples of it) Meaja nueva 1⁄2 of viejo

56 other species of same, and of other, and different denominations Dinero viejo 1⁄10 of maravedi viejo0.091

Dinero nuevo 1⁄2 of viejo

Agnus Dei, Blanca, Cornado viejo 1⁄8 of maravedi viejo0.152

Cornado nuevo 1⁄2 of viejo

Cincuen, Blanca1⁄2 maravedi vieja0.457

Maravedi viejo1⁄3 of real0.911

1455Ducado165 maravedis viejos30.074

(23 3⁄4 quilates fine, 65 1⁄3 to a mark), 38 other species of same, and of other and different denominations

Doblas150 maravedis viejos 27.340

Castellanos420 maravedis viejos 37.040

Enriquez 210 maravedis viejos38.276

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:—

GoldStandard,22 quilates.

"Tale,68 to a mark.

Value,350 maravedis.

SilverLeft untouched.

BillonStandard 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 of1363.15

The seigniorage being45.79

Mark of fine silver,90.32

Of intrinsic value of88.11

The seigniorage being2.21

Maravedis.

Mark of copper,76

Of intrinsic value of68

The seigniorage being8

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 into1360

Delivered to the importer1280

Seigniorage80= 5.88 per cent.

Mark of silver of 11 dineros fine coined into85

Delivered to the importer80

Seigniorage5= 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 goldEscudos (oro nacional)212 1⁄2

"Veintenes (oro provincial)211 1⁄2

Dineros.Granos.

Of silver(plata nacional or gruesa)1020

"(plata provincial or menuda)918

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

Oronacional1.31

"provincial2.84

Platanacional1.59

"provincial2.49

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 Reseña Historica Critica de la Moneda Española, p. 93.)

Reign. Coins and Ordinances.Tale or Number of Pieces per Mark.Standard. Mint Value per Mark.Value of each Old Real in the Modern Money. Value of each successive particular Money named, in Reals of the Date of Issue.Value of each such successive particular Old Money in Reals of To-day.

Bullion Value.Ordinance Value in Coin as issued.

Mint Ordinance ofQuilates. Granos. Reals. Reals.Reals.Mvds.Reals (Vellon)

Ferdinand and Isabella.Feb. 22, 1476,

June 14, 1497—

Excellentes majores 25 223716.98720.224.185 28 28 121.91

Medios excellenes 50 14 14 60.95

Doblas

Castellanos

Excellentes de la Granada65 1⁄3 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 escudos 68 22 0 696.85 700.0 3.991 10 10 41.09

(= .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— 68 22 0 847.09 880.0 3.175 12 32 41.09

The escudo increased to 440 maravedis

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 68 220 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 oro130 56⁄100 213 2409.42 2611.33 1.069 20 0 21.38

(=.906)

Ferdinand VI.Aug. 19 and Sept. 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 56⁄100 21 3 2538.21 2611.33 1.069 20 0 21.38

(=.906)

Charles III.May 21 and 25, 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 56⁄100 21 1 1⁄2 2476.15 2611.33 1.039 20 0 20.78

(=.891)

July 16, andAug. 24, 1779—

The doblon of 8escudos reducedto 320 reals (oro nacional) 68 21 2 1⁄2 2516.55 2720.0 1.009 40 0 40.38

(=.901)

The doblon of 8 escudos reduced to 320 reals (oro provincial)130 56⁄100 211 1⁄2 2486.252611.33 1.039 20 0 20.78

(=.891)

March 7, 1781—

Oz. of bullion increased to 336 reals 68 212 1⁄2 2642.2 2720.0 1.009 40 0 40.38

(=.901)

Feb. 26 & June 5, 1786—

Lowering of standard.

Oro nacional. 68 21 0 2565.81 2720.0 0.980 40 0 39.20

(=.875)

Oro provincial131 23⁄35 20 1 1⁄2 2606.53 2633.14 0.982 20 0 19.65

(=.849)

Fernando VII.Oct. 19, 1821—

Reform of the rating.

Oro nacional 68 21 0 2686.26 2720.0 0.980 40 0 39.20

(=.875)

Oro provincial131 23⁄35 20 1 1⁄2 2606.53 2633.14 0.982 20 0 19.65

(=.849)

Aug. 20, 1824—

Similar reform.

Oro nacional 68 21 0 2660.16 2720.0 0.980 40 0 39.20

(=.875)

Oro provincial131 23⁄35 20 1 1⁄2 2581.1 2633.14 0.982 20 0 19.65

(=.849)

Isabel II.April 15, 1848—

Reform of the monetary system.

Centenes27 6⁄10 21 2 3⁄5 2736.0 2760.0 0.993 100 0 99.30

(=.900)

May 17, 1850—

Augmentation of the tale 28 212 3⁄5 2736.0 2800.0 0.979 100 0 97.90

(=.900)

Feb. 3, 1854—

Reform of the monetary system27 43⁄100 21 2 3⁄5 2716.20 2743.0 1.0 100 0 100.0

(=.900)

Jan. 18, 1861—

Reform of the tariff27 43⁄100 212 3⁄5 2729.18 2743.0 1.0 100 0 100.0

(=.900)

TABLE OF THE SILVER COINS OF SPAIN FROM THE REFORMATION OF THE COINAGE IN 1497.

Reign. Denomination.Tale (per Mark).Standard.Value of the Mark by Mint Regulations in Bullion.Value of the Mark by Mint Regulations in Coin as Issued.Value of the Real as Issued in Billon Reals of the Time.Equivalence of the Old Real with the Modern Real.

Silver Reals.Dineros.Granos. Silver Reals. Silver Reals.Reals. Mvds. Reals.

Ferdinand and IsabellaJune 2, 1497—

General reform of the Monies 67.0 11 4 66.0 67.0 1 0 2.734

(=.930)

Philip IV.December 23, 1642—

January 12, 1643— 83.75 11 4 81.0 83.75 3 0 2.186

Recoinage (= .930)

Charles II.October 14, 1686— 84.0 11 4 82.0 84.0 1 30 2.179

Recoinage (=.930)

Philip V.1706—

Reales sencillos of 4, 2, and 1 84.0 11 4 68.0 84.0 1 30 2.179

(=.930)

1707—

Reales sencillos of 4, 2, and 1 (and parts and multiples) 75.0 10 0 60.82 75.0 1 30 2.187

(=.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 9 1⁄2 80.75 11 0 77.18 80.75 1 30 2.234

(=.917)

August 10, 1728—

Reals (and parts) plata provincial 77.0 10 0 63.69 77.0 1 30 2.130

(=.834)

September 8, 1728—

Decrease of the real of 8 to 10 85.0 11 0 81.23 85.0 1 30 2.123

(=.917)

July 16, 1730—

New monetary regulation (plata nacional) 85.0 11 0 80.0 85.0 1 30 2.123

(=.917)

May 10, 1737—Reals of Billon

Decrease of the real of 8 to 20 reals (1 real of silver = 1 real 30 maravedis of billon)85.170 11 0 160.0 170.0 2 0 1.061

(=.917)

Decrease of the real of 8 to 20 reals (plata provincial)77.154 10 0 145.45 154.0 2 0 1.065

(=.834)

Charles III.May 21, 1772—

General reduction of the standard (plata nacional)170.0 10 20 157.59 170.0 1 0 1.045

(=.903)

General reduction of the standard (plata provincial)154.0 9 18 141.81 154.0 1 0 1.038

(=.812)

Ferdinand VII.October 19, 1821—

Reform (plata nacional)170.0 10 20 164.67 170.0 1 0 1.045

(=.903)

Reform (plata provincial)154.0 9 18 150.30 154.0 1 0 1.038

(=.812)

August 21, 1821— Reform (plata nacional)170.0 10 20 163.47 170.0 1 0 1.045

(=.903)

Reform (plata provincial)154.0 9 18 147.07 154.0 1 0 1.038

(=.812)

Isabel II.April 15, 1848—

General reform of the monetary system175.0 10 19 172.80 175.0 100 cents. 1.012

(=.900)

October 14, 1849—

Reduction of the tale of silver176.25 10 19 172.80 176.25 100 0 1.005

(=.900)

February 3, 1851—

General reform of the monetary system177.20 10 19 174.60 177.20 100 0 1.0

(=.900)

January 18, 1861—

Reform of the tariff177.20 10 19 175.77 177.20 100 0 1.0

(=.900)

TABLE OF THE BILLON MONEY OF SPAIN FROM THE REFORMATION OF THE COINAGE IN 1497.

Reign.Denomination.Representative Value of each Money.Tale (per Mark.)Weight of Each Piece.Standard.Mint Value of Each Piece.Bullion Value of Each Piece.

Ferdinand and Isabella.June 14, 1492— Granos.Dineros.Granos.Reals.Mdvs.Reals.Mdvs.

Coining of blancasHalf maravedi 192 24.0 0 7 2 28 2 3

(=.024)

Charles V.May 23, 1552—

Lowering of the standard of billonHalf maravedi 192 24.0 0 5 1⁄2 2 28 1 24 5⁄8

(=.019)

Philip II.December 14, 1566—

Vellon ricoCuartillos of 8 1⁄2 maravedis 80 57.62 14 20 0 17 8

Cuartos of 4 maravedis 170 27.10588 (=.216)

Medios of 2 maravedis 340 13.55294

BlancosMedio maravedi 220 20.94545 0 4 3 8 1 31 1⁄2

(=.014)

1599—

(Pure copper)Cuartos of 4 maravedis 34135.52941 pure copper4 0 1 0

Ochavas of 2 maravedis 68 67.76470

Philip IV.December 23, 1642—

Vellon rico Cuartillos of 8 1⁄2 maravedis 80 57.6

Cuartos of 4 maravedis 170 27.10588 2 14 1⁄2 20 0 125

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)