From the time of the Mint Law of 1296, these silver coins are styled grossi, and subsequently soldi, grossi, Guelfi, etc. etc.
The alloy gradually sank—
| Onza. | Denaro. | |
|---|---|---|
| 11 | 18 | |
| 11 | 17 | |
| (1280) | 11 | 15 |
| (1314) | 11 | 12 |
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remaining at the last-named figure until the reopening of the Pisan Mint in 1597.
As the gold rose in value by the process already indicated, and the idea of the lira as 20 soldi = 1 gold florin, became inapplicable, the lira came to be looked on as a fractional part of the gold piece or florin. This usage grew up in Florence from the beginning of the twelfth century, and so continued till the days of Cosimo I., who in 1534 coined the first lira, i.e. an actual silver coin.
This imaginary lira of mediæval Florence was itself divided, like the florin, into