The History of Currency, 1252 to 1896 Part 38

1 obole = 2 pites.

1 pite = 2 semipites.

The reckoning by livres, sols., deniers was derived from the Frankish kings. For a time the system of reckoning by the mark threatened to replace it, but in 1313 it was again authorised by Philippe le Bel.

The origin of the difference between the livres Tournois and the livres Parisis is to be sought in the feudal Mint franchises of the barons. At one time there was a difference between the two systems of 25 per cent., the barons who had the right of minting preferring to do so at Tours, or according to the Tours weight, which was the more depreciated of the two, while at Paris the French kings attempted to keep up a tradition of a better weight standard.[25]

The distinction of livres Tournois and livres Parisis was maintained until the days of Louis XIV., when (1667) it was abolished, and the reckoning by a single livre, sol., denier, was established. (For the intermediate experiment of Henry III. see text p. 87.)[26]

The monetary system of Charlemagne was the precursor and source of the chief currency systems of mediaeval and modern Europe, with the exception of Spain. It was itself an imitation of the system of the Eastern Empire.

Its basis was the _libra_ or pound, which occurs in two forms--(1) the gold pound, (2) the silver pound. Under the first race of the French kings the monetary divisions of the former were--

1. The gold solidus, a name which gave birth to the Spanish and Italian soldo and the French sol. (_sou_).

2. The third of the gold solidus (Triens or Tremissis).

Of the latter the aliquot parts were--

1. The silver solidus.

2. 1/3 " (Tremissis).

3. The denarius.

1 gold solidus = 3-1/3 silver solidi = 40 denarii.

1 " = 12 "

Under the system of the Eastern Empire the gold solidus had weighed 85-1/3 grs. and under the Merovingian Kings 70-1/2 grs. Under the rule of the Second House a considerable alteration took place. Charlemagne adopted for the basis of his system the East Frank or Rhenish libra, which was one-fourth heavier than the Roman libra adopted by the Merovings. His denarius accordingly weighed 32 grs. If ideally constructed the system, as far as silver is concerned, would be this--

12 denarii = 1 solidus.

20 solidi = 1 libra.

32 20 12 = 7680 grs. = 1 libra.

As far as the more precious metal is concerned, the gold solidus was, as a matter of fact, hardly to be met with under the second race. But, theoretically, it was still considered equal to 40 denarii.

40 32 = 1280 grs.

1280/12 = 106.6 grs. for the gold solidus.

But there are some actually met with containing 132 grs.

_Sols d'or_ as a reminiscence of the first and second race are said to have still lingered in use at the commencement of the third race of kings. Under Philip I. they occur as _francs d'or_ and _florins d'or_.

In speaking of this latter term in the account of Florentine money (Appendix I. _supra_, p. 301), it has been pointed out as possible that it is merely the name for an ideal money, not an actual coin. (See however, preface, p. xiii.)

The actual reinst.i.tution of gold monies in France has been already dealt with (text, p. 10). Of the species of the gold monies it would be almost an impossibility to speak.

Putting aside the disputed florin d'or, the first authenticated type of the gold monies was the _aignel d'or_ or _denier d'or a l'aignel_, so called from the lamb (agneau = aignel), stamped on it. Under St. Louis, to whom it is first a.s.signed, it weighed 3 deniers 5 grs., was of fine gold and worth 12 sols. 6 deniers Tournois.

Philippe le Bel, Louis Huttin, Philippe le Long, and Charles le Bel maintained this coin at the same weight and standard. Those of King John were of the same standard or fineness, but were slightly heavier, weighing 3 deniers 16 grs. Under Charles VI. and Charles VII. both weight and fineness were considerably reduced. Under the various names of _agnels d'or_, _moutons d'or a la grande laine_, _moutons d'or a la pet.i.te laine_, this species had currency in France for nearly two hundred years. The imitations of it in surrounding countries were almost numberless.

_Royal_ (for the origin of the piece, see text, p. 10). Philippe le Bel minted _pet.i.ts royaux d'or fin_, 70 to the mark and with an equivalence of 11 sols. Parisis. Gros royaux were the double of the pet.i.ts royaux.

Charles le Bel and Philippe de Valois struck royaux 58 to the mark. King John struck royaux or _deniers d'or au Roial_ 66 and 69 to the mark, Charles V. 63 to the mark, and Charles VI. 64 and 70 to the mark.

_Ma.s.ses_ or _chaises_ (_cadieres_, _Royaux durs_), were coined by Philippe le Bel, 22-carat fine and 5 deniers 12 grs. the piece. The _chaises d'or_ of his successor varied greatly from these. Philippe de Valois coined them of fine gold, and 3 deniers 16 grs. the piece, and Charles VI. of fine gold 4 deniers 18 grs. the piece. Under Charles VII.

the standard was reduced to 16 carats and the weight to 2 deniers 29 grs.

Of other early gold species it is sufficient to mention--

_Reines_, coined by Philippe le Bel.

_Florin George_, " Philippe de Valois.

_Parisis d'or_, 32-2/5 to mark = 20 sols. Parisis.

_Lion_ 50 to the mark.

_Pavillon_ 48 "

_Couronne_ 45 "

_Ange or angelot_ 33-2/5 "

_Denier d'or a l'ecu_ 54 "

The last of these species (_deniers d'or a l'ecu_) continued to be minted, and had wide currency through the reign of John up to their cessation in 1354. There was, however, great variation in the standard from fine gold to 23, 22-3/4, 21, and even 18 carats.

The reign of John was marked, 1361, by the commencement of the coining of the important _franc d'or_ of fine gold, 63 to the mark = 20 sols. or 1 livre.

Its standard (of fine gold) was maintained under Charles V. and until Charles VII., but under the latter monarch the weight was reduced (to a tale of 80 to the mark).

_Fleurs de lis d'or_ (or _Florins d'or aux fleurs de lis_) were first minted in 1365 by Charles V. They were of fine gold, and weighed exactly 1 gros. Being equivalent to the franc (i.e. equal to 1 livre or 20 sols.), it received the same name, being styled _Franc a pied_ to distinguish it from the _Franc d'or_ proper, which was styled _Franc a cheval_.

_Saluts_ were first minted by Charles VI. in 1421 of fine gold, and of the same weight as the _francs a cheval_, but equal to 25 sols.

_Couronnes_ or _ecus a la couronne_ were first coined by Charles VI. in 1384 of fine gold, weighing 3 deniers 4 grs. (i.e. 64 to the mark), and equal 22 sols.

This was the most celebrated gold coin of mediaeval France. It lasted down to the time of the louis d'or, and was in high repute all over Europe.

Under Charles VI. and Charles VII. numerous changes were made in this piece both in weight and standard. At one time, under Charles VI., the standard fell as low as 16 carats. In 1436, however, they were again made of fine gold, but 70 to the mark, and issued at an equivalence of 25 sols. In 1455 they were issued 23-1/8 carats fine, 71 to the mark, and = 27 sols. the piece.

In 1473 Louis XI. issued them 72 to the mark; but two years later he began the issue of _ecus d'or au soleil_ (_crowns of the sun_), of the same fineness as the couronne, but slightly heavier (70 to the mark).

From the days of Charles VIII. the _crown of the sun_ (_ecus d'or au soleil_, also called _ecus au porc-epi_) took the place of older crowns.

Under Francis I. they were generally 23 carats fine and 71-1/6 to the mark, under Charles IX. 23 carats fine and 72-1/2 to the mark. At this latter they remained till the days of Louis XIV. The change of equivalence must be followed in the accompanying tables.

From the old _ecus a la couronne_ must be distinguished the _ecus heaumes_, which were issued in small quant.i.ties under Charles VI., generally 48 to the mark and 22 carats fine.

_Henris d'or_ occur only under Henry II., 23 carats fine, 2 deniers 20 grs. weight, and issued at an equivalence of 50 sols.

_Louis d'or_ (see text, p. 91), first issued in 1640 under Louis XIII.

in imitation of the Spanish standard; 22 carats fine, 36-1/4 to the mark, and = 10 livres. Standard and weight remained unchanged until 1709. See tables below for subsequent change.

_Lis d'or_ have merely a transitory importance. They were issued in 1656 and shortly after, but almost immediately discontinued; 23-1/4 carats fine, 3 deniers 3-1/2 grs. the piece (60-1/2 to the mark) = 7 livres (to be distinguished as a third type from the _fleurs de lys d'or_ of King John, and the separate _fleur de lys d'or_ of Charles V.).

Silver Coins.

The silver deniers of the first royal race of France averaged 21 grs. in weight. Under the second race a much heavier system was adopted, those of Charlemagne weighing 28 grs., and those of Charles the Bold 32 grs.

At the commencement of the third race they were still of fine silver, and weighed about 23 or 24 grs. The process of diminution by alloy and in weight began under Philippe I. For the question of the existence of a silver solidus, see Le Blanc, Introduction, p. xii. If they ever existed their place as a large silver specie was at an early date taken by that of the _gros Tournois_ (called also _gros deniers d'argent_, _gros deniers blancs_, and _sols d'argent_), attributed to S. Louis; 11 deniers 12 grs. fine, 7 grs. weight (58 to the mark), and issued at an equivalence of 12 deniers or 1 sol.