From the time of the Mint Law of 1296, these silver coins are styled grossi, and subsequently soldi, grossi, Guelfi, etc. etc.
The alloy gradually sank—
| Onza. | Denaro. | |
|---|---|---|
| 11 | 18 | |
| 11 | 17 | |
| (1280) | 11 | 15 |
| (1314) | 11 | 12 |
remaining at the last-named figure until the reopening of the Pisan Mint in 1597.
As the gold rose in value by the process already indicated, and the idea of the lira as 20 soldi = 1 gold florin, became inapplicable, the lira came to be looked on as a fractional part of the gold piece or florin. This usage grew up in Florence from the beginning of the twelfth century, and so continued till the days of Cosimo I., who in 1534 coined the first lira, i.e. an actual silver coin.
This imaginary lira of mediæval Florence was itself divided, like the florin, into soldi and denari, similar aliquot parts. Hence the custom of keeping Florentine accounts, (1) a oro, or (2) a moneta di piccioli, the one in terms of the florin of gold, the other in terms of the imaginary lira.
The confusion to which this led was due to the unstable nature of the imaginary money, which from 1312 continually depreciates in value, as compared with the actual hard florin money. In 1314, as some measure of reform, it was ordained that the florin of gold should not equal more nor less than 29 of the soldi of this lira, and that it should never change from such course—the distinction of moneta bianca and nera being introduced for the purpose. The ceasing of the observation of this regulation in the sixteenth century made way for every kind of confusion.
For the explanation of the text in Part I., pp. [19]-[23], it need only be added that 20 of these imaginary soldi formed the lira a fiorino spoken of.