The history of the French monetary system has been briefly told in the text, pp. [10], [31]-[40], [83]-[95], [167]-[197]. The tables of the present Appendix afford particular information as to the course of the above-mentioned coins, down to the last great change in the French system. They bring out also, in strong relief, the numerous and arbitrary and excessive debasements which that system underwent in the Middle Ages. The particular episode of the eighteenth-century depreciation, which followed upon the erection of the system of John Law, may be, in brief, more appropriately sketched here than in the text.
The third of the three great recoinages of 1689, 1693, and 1703 had left the louis d'or tariffed at an equivalence
of 15 livres, and the louis d'argent at 4 livres. By the end of 1708 these figures had sunk to 12 livres 15 sols. and 3 livres 8 sols. respectively. By the decree of April 1709 quite a different standard was adopted. The louis d'or was minted 32 to the mark, 22 carats fine, and = 16 livres 10 sols., while the louis d'argent was minted 8 to the mark, 11 deniers fine, and = 4 livres 8 sols. In the month of May 1709 a second edict raised these equivalences to 20 livres and 5 livres respectively. The sufferings of French commerce under this extraordinary tariff led to its annulling by the decree of 30th September 1713, by which a reduction of equivalence was made to 14 livres and 3 livres 10 sols. respectively. In December of the same year a reformation was again attempted. The new species were of the same content and fineness as the old, but were tariffed at 20 livres for the louis d'or, and 5 livres for the louis d'argent, while the unreformed specie were tariffed at 16 livres and 4 livres respectively. Three years later began the period of the monetary disorder of the minority of Louis XV. In November 1716 a new louis d'or was issued, 20 to the mark, 22 carats fine. In May 1718 again a new issue took place—louis d'or 25 to the mark, 22 carats; louis d'argent 10 to the mark, 11 deniers fine.
There were thus, at the time, four different louis d'or in existence, namely:—
| The old | louis d'or | 36 1⁄4 | to the | mark. | ||
| The old | louis d'or | of 1709 | 30 | " | " | |
| " | " | 1715 | ||||
| " | " | 1716 | 20 | " | " | |
| " | " | 1718 | 25 | " | " |
And similarly three kinds of louis d'argents or écus:—
| The old | louis | d'argent | 9 | to the | mark. | ||
| The old | louis | d'argent of | 1709 | 8 | " | " | |
| " | " | " | 1715 | ||||
| " | " | " | 1718 | 10 | " | " |
On the 25th July 1719 the Compagnie des Indes obtained the profit and farm of the French Mint for a term of nine years. The first outcome of their activity was the issue of the following tariff:—
| Livres. | Sols. | Deniers. | |
|---|---|---|---|
| Écu of 1718 | 5 | 13 | 4 |
| Louis d'argent of 1709 | 7 | 1 | 8 |
| Old louis d'or | 34 | 0 | 0 |
| Old louis d'or of 1709 | 28 | 6 | 8 |
In the same year (1719, the first of their lease) this corporation further issued quite new species, namely, Quinzains d'or = 15 livres, and livres d'argent = 1⁄6-écu (both being cut at a tale of 65 5⁄11 to the mark). On the 5th March 1720 all the species were raised 41 3⁄11 per cent., the louis d'or of 1709 thus rising to an equivalence of 40 livres, and the louis d'argent of the same issue to 10 livres. On the 11th March 1720 the use of the gold specie was forbidden, and a recoinage determined on. These regulations, however, were not carried out, and by July the louis d'or had risen to 60 livres (= 1963 7⁄17 livres to the mark of fine gold), and the louis d'argent to 15 livres (= 130 10⁄11 livres to the mark of fine silver). The same enhancement prevailed in the divisional coin, and the confusion endured till the end of 1720. In September the louis d'or had fallen to 45 livres (= 1472 8⁄11 livres to the mark of fine gold), and the louis d'argent to 11 livres 5 sols. (= 98 2⁄11