From his accession in 1461 onwards the monetary history of France displays many analogies with that of the Netherlands (see [Chapter II.]). Thus in 1470, finding the market rate of foreign coins driven above the home Mint rate by the licence of the people (i.e. by normal market action), Louis issued a tariff to regulate the exchange rate in which the prevailing prices of the foreign specie were tolerated as an interim for a period of three months. At the end of that time it was manifestly impossible to secure a permanent reduction, and in order to prevent the

transport of specie it was found necessary, 4th January 1473, to raise the value of the home coin both gold and silver (see account of French monies in [Appendix No. VI.]). Still the export continued, and in 1475 the process of enhancement had to be repeated as a measure of defence for the gold specie. Thirteen years later similar precautions were taken for the silver specie by Charles VIII.'s proclamation of 24th April 1488.

This is the last defensive measure of the first period of the monetary history of France, and no further act is on record previous to the great change in the relative values of the precious metals which ensued upon the discovery of the New World.

THE RATIO BETWEEN GOLD AND SILVER IN EUROPE, 1300-1500.

Date. Italy.France.England. Germany.Spain.Burgundy.Date.
Florence.Venice.Milan. A.B.
1252 10.75 .. .. .. .. .. .. .. ..1252
1257 .. .. .. .. 9.29 .. .. .. ..1257
1284 .. 10.84 .. .. .. .. .. .. ..1284
1296 11.10 .. .. .. .. .. .. .. ..1296
1303 .. .. .. .. .. .. .. .. 12.11303
1305 10.88 .. .. .. .. .. .. .. ..1305
1308 .. .. .. .. .. .. .. .. ..1308
1315 .. .. .. .. .. .. .. .. ..1315
1324 13.62 13.99 .. .. .. .. .. .. ..1324
1338 .. .. .. 12.61 .. .. .. .. ..1338
1343 .. .. .. .. .. .. .. .. ..1343
1344 .. .. .. .. 12.59 .. .. .. ..1344
1344 .. .. .. .. 11.04 .. .. .. ..1344
1345 11.04 .. .. .. .. .. .. .. ..1345
1346 .. .. .. 11.11 11.5711.33 .. .. ..1346
1347 10.91 .. .. .. .. .. .. .. ..1347
1348 .. .. .. .. .. .. .. .. 12.11348
1350 .. 14.4410.59 .. .. .. .. .. ..1350
1351 .. .. .. .. .. .. 12.3
(Lübeck)		 .. ..1351
1353 .. .. .. .. 11.15 .. .. .. ..1353
1361 .. .. .. 12.0 .. .. .. .. ..1361
1365 .. .. .. .. ..11.37 .. .. ..1365
1375 10.77 .. .. .. .. .. 12.4
(Lübeck)		 .. ..1375
1379 .. 13.17 .. .. .. .. .. .. ..1379
1380 .. .. .. .. .. .. .. .. ..1380
1386 .. .. .. .. .. .. 10.76
(Rhine Provinces)		 .. ..1386
1391 .. .. .. 10.74 .. .. .. .. ..1391
1399 .. 11.69 .. .. .. .. 11.16 .. ..1399
1400 .. ..11.630 .. .. .. .. .. ..1400
1402 10.58 .. .. .. .. .. .. .. ..1402
1406 .. .. .. .. .. .. 10.66
(Rhine Provinces)		 .. ..1406
1411 .. .. .. .. .. .. 12.0
(Lübeck)		 .. ..1411
1412 .. .. .. .. 10.33 .. .. .. ..1412
1417 .. 12.56 .. 10.67 .. .. .. .. ..1417
1421 .. .. .. 10.29 .. .. .. .. ..1421
1422 10.16 .. .. .. .. .. .. .. ..1422
1427 .. .. .. 9.00 .. .. .. .. ..1427
1429 .. 11.04 .. .. .. .. .. .. ..1429
1432 .. .. .. 10.87 .. .. .. 5.822 ..1432
1435 .. .. .. 12.32 .. .. .. .. ..1435
1441 .. .. .. .. ..11.12 .. .. ..1441
1443 .. 12.1 .. .. .. .. .. .. ..1443
1446 .. .. .. .. .. .. .. .. ..1446
1447 .. .. .. 11.44 .. .. .. .. ..1447
1450 .. ..10.965 .. .. .. .. .. ..1450
1455 .. .. .. .. .. .. 12.2
(Lübeck)		 .. ..1455
1456 .. .. .. 11.77 .. .. .. .. ..1456
1460 9.33 .. .. .. .. .. .. .. ..1460
1462 9.37 .. .. .. .. .. .. .. ..1462
1464 11.42 .. .. .. 11.15 .. .. 9.824 ..1464
1471 10.58 .. .. .. .. .. .. .. ..1471
1472 .. 11.13 .. .. .. .. .. .. ..1472
1474 .. 10.97 .. 11.00 .. .. .. .. ..1474
1475 .. .. .. .. .. .. ..10.41 ..1475
1480 10.83 .. .. .. .. .. ..10.87 ..1480
1485 10.46 .. .. .. .. .. .. .. ..1485
1486 .. .. .. .. .. .. ..10.98 ..1486
1488 .. .. .. 11.83 .. .. .. .. ..1488
1495 10.46 .. .. .. .. .. .. .. ..1495
1497 .. .. .. .. .. .. ..10.01 ..1497
1500 .. ..10.975 .. .. .. .. .. ..1500
1506 .. .. .. .. .. .. ..10.262 ..1506

Germany—A, as determined by the purchase prices of the two metals in the Lübeck Mint.
B, as determined by the Mint ordinances.

ENGLAND: COINAGE OF 1344

England.