APPENDIX I

THE MONETARY SYSTEM OF FLORENCE DURING THE DAYS OF HER COMMERCIAL ACTIVITY AND INDEPENDENCE

Throughout the history of independent Florence her gold coin type is always the florin. In its first beginning her monetary system had relation to that of the restored Empire. The silver fiorino of which the first mention occurs was equivalent to 12 denari, as in the Charlemagne system. Presumably this would be equal to some hypothecated soldo, and the multiple of it a hypothecated fiorino d'oro, gold florin (= 20 soldi), would be equal to the lira or libra, or unit of weight. This will explain how it is possible to have mention of gold florins almost a century before the actual issuing of a real coin so named. Such mention occurs in the monetary ordinances and schedules of France as early as 1180. (See Preface, supra, p. xiii, also De Saulcy, Documents, i. 115. Le Blanc was unable to explain this apparent contradiction of history.)

What the particular Florentine weight unit or lira (libbra) was, however, is uncertain. According to the Page 302 researches of Neri (in Argelatus, i. 157) the scheme of weights was—

When it actually emerges, the gold florin has a weight of 53 (English) grs., or 72 Florentine; which would give a mark of 6912 grs. Its standard was of absolute fineness, 24 carats, a standard which was never departed from through the whole of its history. Very little change, too, was made in the weight, hardly more than 4 1⁄2 grs. in all (or 6 1⁄4 per cent.).