A general coinage in France: the marc of standard silver, worth two pounds sterling, put at 40 livres denomination.
September 1713. The late King reduces the denomination of the silver coin to 28 livres the marc, and the gold in proportion.
These reductions were made gradual and progressive, and were finally to take place no sooner than the 2d of September 1715.
August 1715. The King declares, that in time coming, the coin was to remain stable at 28 livres the marc of fine silver.
September 1715. The King dies.
January 2, 1716. The Regent of France orders a new general coinage: raises the silver coin to 40 livres the marc, and calls down the old King’s coin (though of the same weight, fineness, and denomination) 20 per cent.
May 1716. Mr. Law’s bank established: bank notes coined; and the old coin bought up at great discount.
September 6, 1717. Mr. Law’s company of the West established.
September 4, 1718. He undertakes the farm of tobacco.
September 22, 1718. The first creation of actions of the company of the West to the number of 200,000, subscribed for in state billets, at the rate of 500 livres per action.