to 4s. 6d. for the ducat, and as a ducat of such gold as they would be bound to pay would be worth 4s. 10d. in the Mint. They must receive either ducats, or a crown of the sun and a groat, for every ducat, or the same in angellets. The best thing would be for one or two of their factors to see you (Wolsey). The gold can be kept at home for Page 118 2 or 3 more per cent., for they would be glad to give that to take it out of the realm."
The new coinage of 1527 was in complete accordance with the proclamation of the preceding November. As far as the tariff or absolute exchange was concerned, it served to redress the balance, and thus to bring the English coin abreast of the continental. In the matter of the ratio, however, hardly any change was made. In the coins of the old standard (i.e. 23 carats 3 1⁄2 grs.) the ratio remained as before, 1:11 151⁄755; in those of the new standard (i.e. 22 carats) it was raised slightly (to 1:11 59⁄220). Neither in the appointment of the exchange, however, nor in the matter of the ratio, could the measure be more than temporarily successful under the conditions. The necessity remained as constantly as ever to watch the changing continental tariff, and to accommodate the English