The History of Currency, 1252 to 1896

by William Arthur Shaw

Reign.	GOLD Denomination.	Value as Issued.	Value in Reals.		SILVER Denomination.	Value as Issued.	Value in Reals.		BILLON Denomination.	Value as Issued.	Value in Reals.
			Reals				Reals				Reals
Henry III. 1393	Florin of Aragon	21 maravedis viejos	19.420		Silver Real	3 maravedis viejos	2.775		Meaja vieja (ideal money)	1⁄60 of the maravedi viejo	0.15
1394-1406	Florin of Aragon	22 maravedis viejos	20.350		Half, Quarter, Fifth,	In proportion			Meaja nueva (ideal money)	1⁄60 of maravedi nuevo	0.007
	Lower and higher denominations occur separately in 1393, 1398, and 1402				In the course of this reign the real of silver was rated variously at 7, 7 1⁄2, and 8 of the maravedis nuevos				Dinero viejo	1⁄10 of maravedi viejo	0.092
	Ducados (In the Kingdom of Navarre)	30 viejos	27.750						Dinero nuevo	1⁄10 of maravedi nuevo	0.046
	Many other and different denominations								Coronados viejos	1⁄6 of maravedi nuevo	0.154
	Doblas Castellanos	35 viejos	32.375						Coronados nuevos	1⁄6 of maravedi nuevo	0.077
	(Doblas castellanos de la Banda								Agnus Dei	1 coronado viejo	0.154
	Cruzados								Blanca (occurs after 1440)	1⁄4 maravedi viejo	0.231
	Cruzados de la Banda								Cinquen	1⁄12 real	0.231
	Doblas)								Maravedi viejo	1⁄3 real	0.925
	Many different denominations								Maravedi nuevo	1⁄2 maravedi viejo	0.462
John III. 1406-1454	Florin	22 1⁄2 maravedis viejos	22.662		Reals, 11 dineros 4 grs. fine, 66 to a mark	As above	As above		As above with addition of
	Many other different denominations								Sueldos	1⁄2 maravedi (ideal money)
	Doblas and coronas	35 maravedis viejos	32.375						Ovulo	1⁄8 sueldo (ideal money)
									Blanca vieja	(As blanca above)
	Many other and different denominations								Blanca nueva	1⁄6 maravedi viejo	0.154
									Cornado	1⁄2 blanca nueva	0.077
1434	Dobla de la Banda	104 nuevos	48.048
	100 nuevos	46.2
1442	"
	(19 quilates fine, 49 to a mark)
Henry IV. 1454-74	Florin of Aragon	20 maravedis viejos	18.220		Real of silver	3 maravedis viejos	2.734		Meaja vieja	1⁄10 of maravedi viejo	0.091
	(18 quilates fine)					(Numerous multiples of it)			Meaja nueva	1⁄2 of viejo
	56 other species of same, and of other, and different denominations								Dinero viejo	1⁄10 of maravedi viejo	0.091
									Dinero nuevo	1⁄2 of viejo
									Agnus Dei, Blanca, Cornado viejo	1⁄8 of maravedi viejo	0.152
									Cornado nuevo	1⁄2 of viejo
									Cincuen, Blanca	1⁄2 maravedi vieja	0.457
									Maravedi viejo	1⁄3 of real	0.911
1455	Ducado	165 maravedis viejos	30.074
	(23 3⁄4 quilates fine, 65 1⁄3 to a mark), 38 other species of same, and of other and different denominations
	Doblas	150 maravedis viejos	27.340
	Castellanos	420 maravedis viejos	37.040
	Enriquez	210 maravedis viejos	38.276

The reign of John II. (1406-54) marks a period of exceeding confusion, coupled with inefficient attempts at legislative remedy. The disorder of his reign was further increased under his successor, Henry IV. (1454-74), years which represent the apogee of Spanish depreciation. By grants of the right of private minting the six official Spanish Mints were increased to not less than 150, with a resulting monetary disorder, dearness of necessaries, and commercial panic which it would be difficult to estimate. The gold monies varied in fineness from 23 1⁄2, 19, 18, 17, and so on, even to 7 quilates, and the same extraordinary variations marked the silver monies. Of billon monies there were eight distinct classes, representing a succession of fractional parts of the silver real, 1⁄6, 1⁄7, 1⁄8, 1⁄12, 1⁄16, 1⁄22, 1⁄24, 1⁄58.

Taking, for the mere purpose of generalisation or average, the gold Enrique of this reign at a tale of 50 to a mark, 23 3⁄4 quilates fine, and the silver real (= 30 maravedis de blancas) at a tale of 67 to a mark, and standard of 11.4 fine, the ratio of gold to silver for the reign would be 9.824:1.

The monetary situation which the advent of the Catholic kings, Ferdinand and Isabella (1475-1506), was to alleviate and reform was the most deplorable that Spain has ever seen. Not less than eleven ordinances of reform were issued before the close of the century. For practical purposes only the first and last of these require notice. By the Mint indenture, issued on the 26th June 1475 to the Mint master of Seville, the gold coinage was ordered on the following basis:—

Excellentes (at a tale of 25 to a mark, 23 3⁄4 quilates fine, in value = to 2 castellanos).

And silver on the following basis:—

Silver Reals (at a tale of 67 to a mark, 11 din. 4 grs. fine, in value equal to 30 maravedis).

First and chiefest importance, however, attaches to the ordinance of 1497, issued at Medino del Campo, and so named. By this ordinance all the previous existing systems and monies were abrogated, and a new system instituted which forms the starting-point for the monetary history of that Spain which was to be the receiver and distributor of the gold and silver of the New World.