1. The lira di piccioli, the principal system, and the one which endured through the whole life of the Republic, from the tenth century to the introduction of the decimal system in 1806.
2. The lira di grossi—an ideal system, i.e. money of accompt only, and of importance for a much less extensive period. It originated in the thirteenth century, and was abandoned by the end of the sixteenth.
The "lira" of the first of these systems is derived from the "libra" of Charlemagne, and, like it, was divided into 20 soldi, each soldo being subdivided into 12 denari.
For long the only coin actually minted was this denaro (parvus, parvulus, piccolo or minuto), a silver coin. The first of these thus issued appertain entirely to the system of the Empire of Charlemagne. They bear the name of Louis the Pious (814-40), and approximate in weight to his pieces. The dismemberment of Charlemagne's Empire is followed by a gap in the Venetian coinage, and the
series only recommences in the eleventh century. These latter still appertain to the system of the revived Roman (Germanic) Empire, and bear the names of Henry II. (1002-24), Conrad II. (1027-39), and Henry IV. (1056-1106).
From this latter date onwards the imperial monies cease at Venice, and the series of Ducal monies—the monies of the republic of Venice—begin with the Dogeship of Vitale II. (1156-72). From the same period there is noticeable that deterioration in weight which marks all the systems of mediæval Europe. The denari of Doge Sebastiano Ziani (1172-8) and of the two succeeding Doges are scarcely one-quarter the weight of the Charlemagne denarius.
This depreciation led, in the year 1200, to the issue of a piece of higher denomination, namely, the grosso—still a silver coin, but valued at 26 piccioli or denari; and for about seventy years the grosso displaced the picciolo. About 1270, however, the coining of the picciolo recommenced under Doge Lorenzo Tiepolo, but at a slightly reduced value, 28 piccioli being rated to the grosso, instead of 26 as in the year 1200. Up to the great recoinage of 1476 the grosso remains the main coin of reference. Its gradual but incessant depreciation can be traced in the table of silver coins given on p. [318].
Under the eleventh doge, Giovanni Dandolo (1280-89), the coining of gold began in Venice. In 1284, the date of the first issue, the gold ducat or sequin (zecchino) of Venice was valued at 18 grossi, giving a ratio of gold to silver of 10.6. The subsequent changes of the ratio have already
been stated (see text, supra, p. [40]). From 1282, 67 ducats were coined from the Venetian mark. This number was increased in 1491 to 67 1⁄2, and in 1570 to 68 1⁄4. The course of the sequin throughout is given in the table on p. [316]. It was the monetary trouble which they produced that led to the great recoinage accomplished under Doge Nicolo Tron (1471-73) and his successors, Nicolo Marcello (1473-74) and Pietro Mocenigo (1474-76).
From the date of this recoinage onwards the silver grosso was abolished as a coin, and a new silver coin, the lira, valued at 20 soldi, was instituted. This is the first appearance of a real and effective lira as a coin. Hitherto the name had only been that of a weight. By the decree of 1472, 36 of these lira were to be coined out of the mark of silver.