| Silver. | Gold. | ||||||
|---|---|---|---|---|---|---|---|
| Date. | Weight of the Silver Penny in Troy Grains. | Date. | Coin. | Weight in Grains. | Value Declared. | Price in Pence per Grain of Gold. | |
| s. | d. | ||||||
| 1300 | 22 | 1344 | Florin | 108 | 6 | 0 | 0.6666 |
| 1344 | 20 1⁄4 | 1344 | Noble | 138 6⁄13 | 6 | 8 | 0.5777 |
| 1346 | 20 | 1346 | ... | 128 4⁄7 | 6 | 8 | 0.6222 |
| 1351 | 18 | 1353 | ... | 120 | 6 | 8 | 0.6666 |
| 1412 | 15 | 1414 | ... | 108 | 6 | 8 | 0.7407 |
| 1464 | 12 | 1460 | ... | 120 | 8 | 4 | 0.7500 |
| 1470 | Angel | 80 | 6 | 8 | 1.0000 | ||
In the first issue of Edward III. the Troy grain of gold had been valued at .6666 of a penny. At such rate it was overvalued and refused, and in the second issue of the same year the value was dropped to .5777 of a penny. Gradually, as the ratio on the Continent changed, and came to bear on the English rate, this was in its turn found an under-valuation, and only two years later, 1346, the value was raised to .6222, making a ratio of 11.57 to 1. The change was made in consequence of loud and serious complaints of the scarcity of coin, good money being carried out and false "Lusshebournes" (Luxembourgs), worth only 8s. in the pound, being brought in. The grievance was so great that Parliament petitioned Edward most urgently to interfere, instancing in special the Lombards,
"that they purchased English florins at a lower rate than that which was appointed," and praying "that such persons should not buy or sell the said money, nor make any agreement, in the sale of their merchandise, what money they would receive in rejection of English money." To this it was answered, that it should be commanded throughout England that all persons should receive for their merchandise gold, according to the currency ordained, without any agreement to be made, under pain of imprisonment and heavy ransom, and when any agreement had been made it should be at the will of the purchaser to pay money of gold or silver as he should think fit. At the same time, an ordinance was issued forbidding any person to carry out the King's good money or to bring in counterfeit.
TABLE OF THE MOVEMENT OF GOLD & SILVER IN ENGLAND 1300-1500.
EDWARD III.'S CHANGES OF RATIO
The effect of Edward's change of ratio—from 12.59 (the same as the French rate) in 1344 to 11.04 in 1346—told immediately on the French currency, and at the first return to good money in the first year of King John (1350-64) the ratio in that country was changed at a stroke from 12.61 to 11.11. This in its turn acted upon precious metals in England, and for three years the English King found himself futilely struggling against an outflow of silver, by such measures as the hanging and drawing of merchants, before he discovered that it was due to an overvaluation of gold. In 1353, accordingly, he lowered the weight of the gold nobles from 128 4⁄7 grs. to 120. At the same time, the contents of the silver penny were reduced in a greater proportion (from 20 grs.
to 18). By this means the ratio of 11.04, which had prevailed since 1346, was lowered to 11.15.
That this ratio achieved its purpose, as far as England was concerned, is apparent from the simple fact that it remained unaltered for over sixty years until 1414; that it acted adversely upon and drained France of her gold is apparent from the change of the ratio there at her first immediately succeeding return to good money. Two periods of debasement had marked the short reign of John of France (1350-64), and the effect of these and of the influence of the English ratio was such that in 1360 there was no gold in his kingdom. Towards the end of that year, and in the beginning of 1361, John promulgated a reformation of the coinage—a return to good or "forte" money, and in this reformation he adopted a ratio which would act on the English stock of precious metals.
In England, Edward's action in 1353 in lowering the contents of both silver and gold coins, and altering the ratio, had given rise to great discontent, to an extent which proved how wiser and truer to the nation's interest was the King than his people. This diminution of the value of these coins, says the Chronicle, made all things dearer, so that the workmen and servants became assuming and demanded greater wages.