An advantage of 19 per cent. over the fiorini d'oro larghi was announced in favour of the newest denomination, fiorini d'oro larghi in oro. The advantage of these last, therefore, over the fiorini di suggello of 1461 amounted to 39 per cent.
It appears quite clear that this advantage represents a differentiation, not of good bank abstract florins from worn current gold florins, but of the former from the actual current medium of payment, and that this latter was silver.
The cause of the advantage was the depreciation of the silver denomination, from the aggregate of which was formed the lira, in which was expressed the value of the gold florin.1
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For illustration:—
In 1464—
120 fiorini di suggello = 100 fiorini d'oro larghi at 4 lire 8 sol. 4 den. each = 530 lire.
Therefore each fiorino d'oro largo ought to = 5 lire 6 sol., which by the tables of the time it actually did.
Similarly, in 1501—
100 fiorini larghi d'oro in oro = 119 larghi di grossi at 5 lire 11 sol. 4 den. = 660 lire.
Therefore fiorino largo d'oro in oro should = 6 lire 12 sol. which it actually did.
The silver monies of Florence were based on the silver florin = 1⁄20 of gold florin (= 38 1⁄2 grains).