With regard to the former of these, the period was distinctly one of insufficient and relatively diminishing production of the metals. During these two centuries, 1300-1500, the main sources of the derivation of gold were the Eastern trade and the finds on the eastern shores and northern interior of Africa. The chief supply of silver came from the mines in Germany. These latter—in Hungary, Transylvania, Saxony, and Bohemia—were of such importance and activity, in the fifteenth century and towards the time of the discovery of America, as partially to keep pace with the general trade expanse of the time, thereby helping to arrest a fall of prices that would have been absolutely disastrous to the civilisation of Europe. The combined production during this period cannot even be conjectured. At the close of it—during the reign of Henry VII.—the total coinage of England, both silver and gold, did not probably exceed £3,000,000, while the total stock of both metals in Europe in 1492 has been estimated at no more than £33,400,000. These figures stand alone, for we have no idea of the extent of the commerce which was worked on so small a monetary basis, and very little idea of the amount of aid which was extended to metallic money by such expedients as bills of exchange. To estimate, therefore, whether the period was one of depreciating, stationary, or appreciating currency, we are Page 15 reduced to the testimony of prices and the Mint records.
In France, at the beginning of the period (in 1308), the mark of gold was coined into 44 livres, and the mark of silver into 2 livres 19 sols. At the close of the period, or towards it, in 1475, the mark of gold was coined into 118 livres 10 sols, and that of silver into 10 livres.
In Germany the mark of gold was coined into 66 gulden of 23 carats in 1386, and into 71-1⁄3 gulden of 18 1⁄2 carats in 1495—a depreciation of 34.36 per cent. In Spain the mark of silver was coined into 130 maravedis in the year 1312, and into 2210 maravedis in 1474. This latter case is, however, so inextricably complicated with considerations of mere, i.e. arbitrary, debasement, as to render it useless for any estimation of the