the ratio was from 13 1⁄2 to 14 5⁄7.
Florence.
With the advance of Antwerp as the centre of European exchanges in the fifteenth century, the mercantile pre-eminence of Florence and Venice decayed, and their monetary history loses its former prime importance. But they by no means thereby lose their interest for us. Instead of profiting as of yore by every veer in the winds of exchanges, they are at the mercy of them, as was every other country outside the charmed circle of the Netherlands. The influence of the changed conditions in the production of the precious metals, due to the discovery of America, does not show itself in Florence before 1531, when (4th August) the price was by law advanced. Three years later, 5th March 1534, it was found that the state was receiving damage from the foreign monies circulating, and that the only native coin circulating was in a worn and depreciated state. A recoinage was accordingly ordered, circulation of all foreign monies of silver was forbidden, and all payments and contracts were commanded to be made in gold scudi of the state. In order to inform the commercial element, the Mint masters were further ordered to Page 94 make trial every fifteen days of the value of any foreign scudi, and to publish the result.
There is a wonderful simplicity about this enactment. In order to defend themselves from a flood