III.
SPANISH COINAGE.
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The question of values has significance in so many of the operations of the Inquisition that an outline of the successive mintages of Spain becomes almost a necessity. The subject is complicated, after the middle of the sixteenth century, by the progressive but fluctuating depreciation in the moneda de vellón, or base coinage, which became practically the standard of value in all transactions.
The monetary unit of Castile was the maravedí, anciently a gold coin of value but, in the fifteenth century, diminished to a fraction of its former estimation. A declaration of Ferdinand and Isabella in 1503 says that formerly the silver real was equal to 3 maravedís, but now it is worth 34.[1334]
The unit of weight was the marc, or half-pound, of 8 ounces or 4608 grains. The intermediate weights were the ochavo of 72 grains, the adarme of 36 and the tomin of 12. These were applicable to all the precious metals but, up to 1731, the marc of gold was reckoned to contain 50 castellanos of 8 tomines, making 4800 grains, whereby the grain was reduced 1/25.
The standard of fineness was fixed, by Ferdinand and Isabella, for gold at 23¾ carats, but was reduced by Charles V to 22 carats, at which it remained. For silver the standard maintained since the fourteenth century was known as once dineros cuatro granos (pure silver being doce dineros) equivalent to .925 fine. In 1709 Philip V reduced it to once dineros or .91667, and in some mintages even lower.
Gold Coins. When Ferdinand and Isabella revised the coinage, in 1497, they ordered the marc to be worked into 65⅓ excelentes de la granada. This coin was worth 374 maravedís and thus was practically the same as the ducat or escudo which was rated at 374. There were also the dobla alfonsi or castellano or peso de oro, equal to 485, the dobla de la banda to 365, the florin to 265. Thus the ducat, which was the coin most frequently quoted, was equivalent to 11 silver reales. The ratio between gold and silver fluctuated between 7 and 8 to 1.
SPANISH COINAGE