The standard of gold was fixed at 23 3⁄4 quilates. The basis of the gold coins was to be the excellente de la Granada, issued at an equivalence of two of the antecedent excellentes, and at a tale of 65 1⁄3 to the mark.
The system of the silver real was as in 1475, but it was issued at an equivalence of 34 maravedis, at which it ever after remained.
The billon money was to consist of blancas (7 grs. fine, and at a tale of 192 to a mark).
| One excellente = | 11 reals 1 maravedi | = | 375 maravedis. |
| 1 real | " | 34 maravedis. |
The changes subsequently effected in this system may be presented in skeleton form (see also accompanying Tables).
In 1523 the Cortes of Valladolid presented a petition referring to the changed relation of the two metals, and asking for a recoining on a different ratio. Its proposals were incorporated in the ordinance of 1537, when the scheme was as follows:—
| Gold | Standard, | 22 quilates. |
| " | Tale, | 68 to a mark. |
| Value, | 350 maravedis. | |
| Silver | Left untouched. | |
| Billon | Standard increased to 7 1⁄2 granos. | |
Under Philip II., by the ordinance of 23rd November 1566, the equivalence of the gold coins was increased a seventh, the silver monies being again left untouched. The increase was partly arbitrary and unprincipled, partly due to the normally prevailing depreciation of silver.
Under Philip III. the intrinsic value or content of the gold monies was decreased 1⁄10, silver being again left intact.