By John F Chown, Forrest Capie
This e-book provides an in depth and astounding historical past of cash from Charlemagne's reform in nearly AD800 to the tip of the Silver Wars in 1896. It additionally summarizes 20th century advancements and locations them of their old context.
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Additional resources for A History of Money: From AD 800
The weight was 108 grains, and the value 6 shillings, equal to exactly 1,600 grains of silver. 9 grains and valued at 6 shillings and 8 pence. 6 grains. 44:1. After a couple of adjustments, the right ratio was found and from 1346, the gold noble, (6 shillings and 8 pence, or a third of a pound) half noble (3 shillings and 4 pence) and quarter noble (1 shilling and 8 pence) were an important part of the English coinage. 0. This was the first time that there was a major reduction in the weight standard of the English penny.
Florence had introduced its own heavier silver coin in 1232. This was smaller than the Venetian grosso and had a value of one soldo or twelve denarii. It bore the familiar Florentine punning device of the lily (fiori) and was generally known as the fiorino or florin. In 1252, Florence added a gold coin valued at a lira (twenty soldi or 240 denarii) so that for the first time after 452 years, the Carolingian accounting system of the pound, shilling and penny was actually represented by circulating coins respectively of gold of silver and base metal, in a form familiar in nineteenth and early twentieth century Britain.
This is known to numismatists as the third coinage. One effect, possibly unintentional, was to change the bimetallic ratio between gold and silver to 1:10, whereas in the rest of Europe the ratio was still around the traditional 1:12. This first stage of the debasement was also clearly associated with a change in the design of the coins—in the case of the groat it changed to the facing bust —but no publicity was given to the (initially fairly slight) debasement of the metal. A new coin, the testoon or shilling was introduced at this time.