| A. D. | Ratio. | Authorities. | ||||
|---|---|---|---|---|---|---|
| 1-37 | 1 to 10.97 | Rome. Rate under Augustus and Tiberius. | ||||
| 37-41 | 1 to 12.17 | Rome. Reign of Caligula. | The silver coinage much debased, consequently the ratio of the metals pure was about 1 to 11. | |||
| 54-68 | 1 to 11.80 | Rome. Reign of Nero. | ||||
| 69-79 | 1 to 11.54 | Rome. Reign of Vespasian. | ||||
| 81-96 | 1 to 11.30 | Rome. Reign of Domitian. | ||||
| 138-161 | 1 to 11.98 | Rome. Reign of Antoninus. | ||||
| 312 | 1 to 14.40 | Byzantium. Reign of Constantine. Arbitrary. | ||||
| 438 | 1 to 14.40 | Byzantium and Rome. Theodosian code. Arbitrary. | ||||
| 864 | 1 to 12.00 | Probable ratio, as shown by the Edictum Pistense, under the Carlovingian dynasty. | ||||
| 1260 | 1 to 10.50 | Average ratio in the commercial cities of Italy. Local or doubtful. | ||||
| 1344-1660 | 1 to —— | England. Numerous mint indentures given in McLeod'sPolitical Economy, page 475. The ratio, except whenfixed arbitrarily and in violation of market price, variedbetween about 1.12 and 1.14 during the two hundredand fifty-seven years included in this period. | ||||
| 1351 | 1 to 12.30 | Ratio in North Germany as shown by the very accuraterules of the Lubeck mint, corroborated in the main bythe accounts of the Teutonic Order of Knights, averagedin periods of forty years. | ||||
| 1375 | 1 to 12.40 | |||||
| 1403 | 1 to 12.80 | |||||
| 1411 | 1 to 12.00 | |||||
| 1451 | 1 to 11.70 | |||||
| 1463 | 1 to 11.60 | |||||
| 1453-1494 | 1 to 10.50 | Ratio according to the accounts of the Teutonic knights.As the ratio fixed in England by numerous mint indenturesfrom 1465 to 1509 was about 1.12 this German ratio is considered local or doubtful. | ||||
It will thus be observed that during the one thousand four hundred and ninety-two years from the coming of Christ to the discovery of America, silver never went below the ratio of 14.40 to one of gold.
The relations which the metals have borne to each other since the discovery of the New World will appear from the following:
Table showing the relative values of gold and silver in the various countries of the world from the discovery of America to 1680.
| A. D. | Ratio. | Authorities. | ||
|---|---|---|---|---|
| 1497 | 1 to 10.70 | Spain. Reign of Isabella. Edict of Medina. Local. | ||
| 1500 | 1 to 10.50 | Germany. Adam Riese's Arithmetic. Local or doubtful. | ||
| 1551 | 1 to 11.17 | Germany. Imperial mint regulations. Arbitrary or local. | ||
| 1559 | 1 to 11.44 | German Imperial mint regulations. | ||
| 1561 | 1 to 11.70 | France. Mint regulations. | ||
| 1575 | 1 to 11.68 | |||
| 1623 | 1 to 11.74 | Upper Germany. Mint regulations. | ||
| 1640 | 1 to 13.51 | France. Mint regulations. Transition period. | ||
| 1665 | 1 to 15.10 | France. Mint regulations. | ||
| 1667 | 1 to 14.15 | Upper Germany. Mint regulations. Doubtful. | ||
| 1669 | 1 to 15.11 | Upper Germany. Mint regulations. | ||
| 1679 | 1 to 15.00 | France. Mint regulations. | ||
| 1680 | 1 to 15.40 | |||
Table showing the ratio of silver to 1 of gold from 1687 to the demonetization of silver by Germany and the United States and the closing of the Mints to its free coinage.
[From the Report (1890) of the Director of the U. S. Mint on the Production of the Precious Metals in the United States.]
[Note.—From 1687 to 1832 the ratios are taken from Dr. A. Soetbeer; from 1833 to 1878 from Pixley and Abell's tables; and from 1879 to 1889 from daily cable-grams from London to the Bureau of the Mint.]
| Year. | Ratio. | Year. | Ratio. | Year. | Ratio. | Year. | Ratio. | |||
|---|---|---|---|---|---|---|---|---|---|---|
| 1687 | 14.94 | 1721 | 15.05 | 1755 | 14.68 | 1789 | 14.75 | |||
| 1688 | 14.94 | 1722 | 15.17 | 1756 | 14.94 | 1790 | 15.04 | |||
| 1689 | 15.02 | 1723 | 15.20 | 1757 | 14.87 | 1791 | 15.05 | |||
| 1690 | 15.02 | 1724 | 15.11 | 1758 | 14.85 | 1792 | 15.17 | |||
| 1691 | 14.98 | 1725 | 15.11 | 1759 | 14.15 | 1793 | 15.00 | |||
| 1692 | 14.92 | 1726 | 15.15 | 1760 | 14.14 | 1794 | 15.37 | |||
| 1693 | 14.83 | 1727 | 15.24 | 1761 | 14.54 | 1795 | 15.55 | |||
| 1694 | 14.87 | 1728 | 15.11 | 1762 | 15.27 | 1796 | 15.65 | |||
| 1695 | 15.02 | 1729 | 14.92 | 1763 | 14.99 | 1797 | 15.41 | |||
| 1696 | 15.00 | 1730 | 14.81 | 1764 | 14.70 | 1798 | 15.59 | |||
| 1697 | 15.20 | 1731 | 14.94 | 1765 | 14.83 | 1799 | 15.74 | |||
| 1698 | 15.07 | 1732 | 15.09 | 1766 | 14.80 | 1800 | 15.68 | |||
| 1699 | 14.94 | 1733 | 15.18 | 1767 | 14.85 | 1801 | 15.46 | |||
| 1700 | 14.81 | 1734 | 15.39 | 1768 | 14.80 | 1802 | 15.26 | |||
| 1701 | 15.07 | 1735 | 15.41 | 1769 | 14.72 | 1803 | 15.41 | |||
| 1702 | 15.52 | 1736 | 15.18 | 1770 | 14.62 | 1804 | 15.41 | |||
| 1703 | 15.17 | 1737 | 15.02 | 1771 | 14.66 | 1805 | 15.79 | |||
| 1704 | 15.22 | 1738 | 14.91 | 1772 | 14.52 | 1806 | 15.52 | |||
| 1705 | 15.11 | 1739 | 14.91 | 1773 | 14.62 | 1807 | 15.43 | |||
| 1706 | 15.27 | 1740 | 14.94 | 1774 | 14.62 | 1808 | 16.08 | |||
| 1707 | 15.44 | 1741 | 14.92 | 1775 | 14.72 | 1809 | 15.96 | |||
| 1708 | 15.41 | 1742 | 14.85 | 1776 | 14.55 | 1810 | 15.77 | |||
| 1709 | 15.31 | 1743 | 14.85 | 1777 | 14.54 | 1811 | 15.53 | |||
| 1710 | 15.22 | 1744 | 14.87 | 1778 | 14.68 | 1812 | 16.11 | |||
| 1711 | 15.29 | 1745 | 14.98 | 1779 | 14.80 | 1813 | 16.25 | |||
| 1712 | 15.31 | 1746 | 15.13 | 1780 | 14.72 | 1814 | 15.04 | |||
| 1713 | 15.24 | 1747 | 15.26 | 1781 | 14.78 | 1815 | 15.26 | |||
| 1714 | 15.13 | 1748 | 15.11 | 1782 | 14.42 | 1816 | 15.28 | |||
| 1715 | 15.11 | 1749 | 14.80 | 1783 | 14.48 | 1817 | 15.11 | |||
| 1716 | 15.09 | 1750 | 14.55 | 1784 | 14.70 | 1818 | 15.35 | |||
| 1717 | 15.13 | 1751 | 14.39 | 1785 | 14.92 | 1819 | 15.33 | |||
| 1718 | 15.11 | 1752 | 14.54 | 1786 | 14.96 | 1820 | 15.62 | |||
| 1719 | 15.09 | 1753 | 14.54 | 1787 | 14.92 | 1821 | 15.95 | |||
| 1720 | 15.04 | 1754 | 14.48 | 1788 | 14.65 | 1822 | 15.80 | |||