Such base monies always tend to become the only visible currency of a land. But, save as thereby facilitating the denudation of Spain's store of precious metals, this matter of the depreciation of her billon
money has practically little or no relation to the general movements of the two precious metals which we are investigating. It has more resemblance to an over-issued and depreciated paper currency.
Of that ebb and flow, that oscillation and instability in the metals, which make the study of the other currency histories of Europe during this period so instructive an object-lesson of the effect and influence of a bimetallic law and system, Spain shows not a trace. She received the metals in a steady stream, and emitted them in a steady stream. They poured through her. Her function was that of distributor, and she performed it. When the time came that her monopoly of the metals ceased, her remedy against the ruin of a bimetallic law was removed, and she became as signal an instance of its malignant operation as any—France, England, or Germany. Until that time came she had her remedy against immediate ruin in her yearly argosy, with its blood- and toil-stained tribute.
England.
To come to England.
ENGLAND, 1500-1660
The following tables give a succinct synopsis of the general course of her gold and silver coinage during this period:
TABLE OF ENGLISH SILVER COINS, 1500-1660.
| Date. | Denomination. | Weight in Troy Grains. | Date. | Denomination. | Weight in Troy Grains. | |
|---|---|---|---|---|---|---|
| 1504 | Penny, | 12 | 1552 | Penny, | 8 | |
| Groat, | 48 | Shilling, | 96 | |||
| Shilling, | 144 | |||||
| 1553 | Penny, | 8 | ||||
| 1527 | Penny, | 10 1⁄2 | Groat, | 32 | ||
| Groat, | 42 1⁄2 | Shilling, | 96 | |||
| 1543 | Penny, | 10 | 1560 | Penny, | 8 | |
| Groat, | 40 | Groat, | 32 | |||
| Shilling, | 120 | |||||
| 1601 | Penny, | 7 3⁄4 | ||||
| 1549 | Shilling, | 80 | Shilling, | 92 3⁄4 |