The History of Currency, 1252 to 1896 Part 39

In the commencement, therefore, of this piece the gros Tournois was synonymous with the sol. Tournois. With the degeneration of the standard, however, the coin (the gros) parted company from the sol., which remained as a system of reckoning.

Up to the time of Philippe de Valois this money continued of undiminished weight and standard, and of the greatest celebrity. When that prince, in 1343, returned to good money after a period of debas.e.m.e.nt, he coined the gros Tournois 60 to a mark, of fine silver, and at an equivalence of 15 deniers Tournois. For its subsequent course, see tables infra.. It is noticeable that while in weight and value the gros Tournois was frequently changed, in fineness no diminution was made.

_Parisis d'argent_, issued only by Philippe de Valois (of fine silver, 4 deniers in weight = 15 deniers Tournois or 1 sol. Parisis).

_Testoons_ are to be regarded as the successors of the gros Tournois.

They were first issued by Louis XII. in 1513; 11 deniers 18 grs. fine, 7 deniers 12-1/3 grs. weight, and = 10 sols. This species continued until its interdiction by Henry III. in 1575, who replaced them in that year by.

_Francs d'argent_, 10 deniers 10-10/23 grs. fine, 11 deniers 1 grain weight (or 17-1/4 to the mark), and = 20 sols. This piece continued until the days of Louis XIII.

_Quart d'ecus_, also issued by Henry III., 11 deniers fine, 7 deniers 12-1/2 grs. weight, and = 15 sols. (i.e. a quarter the value of the ecu d'or, then set at 60 sols.). This piece endured till 1646.

_Louis d'argent_, issued by Louis XIII. (see p. 402, _Louis d'or_), 11 deniers fine, 21 deniers 8 grs. weight for the ecus blancs. This money continued till the Revolution.

_Lis d'argent_, issued for a few months in 1656, 11 deniers 12 grs.

fine, 6 deniers 5 grs. weight, and = 20 sols.

_Franc_, modern (see text, p. 176).

The history of the French monetary system has been briefly told in the text, pp. 10, 31-40, 83-95, 167-197. The tables of the present Appendix afford particular information as to the course of the above-mentioned coins, down to the last great change in the French system. They bring out also, in strong relief, the numerous and arbitrary and excessive debas.e.m.e.nts which that system underwent in the Middle Ages. The particular episode of the eighteenth-century depreciation, which followed upon the erection of the system of John Law, may be, in brief, more appropriately sketched here than in the text.

The third of the three great recoinages of 1689, 1693, and 1703 had left the louis d'or tariffed at an equivalence of 15 livres, and the louis d'argent at 4 livres. By the end of 1708 these figures had sunk to 12 livres 15 sols. and 3 livres 8 sols. respectively. By the decree of April 1709 quite a different standard was adopted. The louis d'or was minted 32 to the mark, 22 carats fine, and = 16 livres 10 sols., while the louis d'argent was minted 8 to the mark, 11 deniers fine, and = 4 livres 8 sols. In the month of May 1709 a second edict raised these equivalences to 20 livres and 5 livres respectively. The sufferings of French commerce under this extraordinary tariff led to its annulling by the decree of 30th September 1713, by which a reduction of equivalence was made to 14 livres and 3 livres 10 sols. respectively. In December of the same year a reformation was again attempted. The new species were of the same content and fineness as the old, but were tariffed at 20 livres for the louis d'or, and 5 livres for the louis d'argent, while the unreformed specie were tariffed at 16 livres and 4 livres respectively.

Three years later began the period of the monetary disorder of the minority of Louis XV. In November 1716 a new louis d'or was issued, 20 to the mark, 22 carats fine. In May 1718 again a new issue took place--louis d'or 25 to the mark, 22 carats; louis d'argent 10 to the mark, 11 deniers fine.

There were thus, at the time, four different louis d'or in existence, namely:--

The old louis d'or 36-1/4 to the mark.

The old louis d'or of 1709} 30 " "

" " 1715} " " 1716 20 " "

" " 1718 25 " "

And similarly three kinds of louis d'argents or ecus:--

The old louis d'argent 9 to the mark.

The old louis d'argent of 1709} " " " 1715} 8 " "

" " " 1718 10 " "

On the 25th July 1719 the Compagnie des Indes obtained the profit and farm of the French Mint for a term of nine years. The first outcome of their activity was the issue of the following tariff:--

Livres. Sols. Deniers.

ecu of 1718 5 13 4 Louis d'argent of 1709 7 1 8 Old louis d'or 34 0 0 Old louis d'or of 1709 28 6 8

In the same year (1719, the first of their lease) this corporation further issued quite new species, namely, Quinzains d'or = 15 livres, and livres d'argent = 1/6-ecu (both being cut at a tale of 65-5/11 to the mark). On the 5th March 1720 all the species were raised 41-3/11 per cent., the louis d'or of 1709 thus rising to an equivalence of 40 livres, and the louis d'argent of the same issue to 10 livres. On the 11th March 1720 the use of the gold specie was forbidden, and a recoinage determined on. These regulations, however, were not carried out, and by July the louis d'or had risen to 60 livres (= 1963-7/17 livres to the mark of fine gold), and the louis d'argent to 15 livres (= 130-10/11 livres to the mark of fine silver). The same enhancement prevailed in the divisional coin, and the confusion endured till the end of 1720. In September the louis d'or had fallen to 45 livres (= 1472-8/11 livres to the mark of fine gold), and the louis d'argent to 11 livres 5 sols. (= 98-2/11 livres to the mark of fine silver). At the same time (September) a new fabrication of species, according to the standard of 1718, was undertaken. Louis d'or, 25 to the mark, to issue at 54 livres; louis d'argent (or 1/3-ecu), 30 to the mark, to issue at 3 livres. But from the 24th October a gradual diminution in this tariff was prescribed, and from the 1st of January 1721 these coins were to circulate respectively at 45 livres and 2 livres 10 sols. From the same date the louis d'or of 1709 was to circulate for 22 livres 10 sols., and the louis d'argent of 1709 for 5 livres 12 sols. 6 deniers.

On the 5th January 1721 the contract for coinage held by the Compagnie des Indes was annulled, and an intermediate attempt at reform was made in 1723, when the louis d'or was minted at 37-1/2 to the mark = 27 livres, and the louis d'argent at 10-3/8 to the mark = 6 livres 18 sols.

The downward course of the specie set strongly in, and by 1726 they had fallen to 12 livres and 3 livres respectively. This facilitated the great reform and recoinage of 1726 (see text, p. 169). This recoinage was carried out on the basis of the edict of 1709--

Louis d'or, 30 to the mark = 20 livres.

Louis d'argent, 8 to the mark = 5 livres.

By the edict of May of the same year their equivalence was raised 20 per cent.--the louis d'or to 24 livres, the louis d'argent to 6 livres.