illustrate in brief the monetary history of Italy. The account of the general course of depreciation in both these states, and of the fluctuations of Mint rates is given in the Appendix (Nos. I. and II.). As regards the bimetallic influence of these changes of rates, there is one telling record in the history of Florence.
The second quarter of the fourteenth century witnessed a decided rise in the value of silver as against gold. It told immediately upon Florence, on account of her Mint rates. By the regulation of 1324 the ratio in Florence was 13.62, whereas in France the ratio was approximately 12.6, and twenty years later, 1344, hardly more than 11 in both France and England. The result on Florence was immediate, and silver disappeared from circulation. In 1345, says her historian, Villani, there was great scarcity. There was no silver money with the exception of the quattrini. It was all melted down and transported. Silver of the alloy of 11 1⁄2 oz. fine was worth in other parts out of Florence more than 12 lire a fiorino, Page 19 whence arose great discontent to the woollen merchants, who feared that the gold florin, in which they received their foreign payments, should fall too much. Being a powerful factor in the little state, they agitated, and the recoinage of 1345 was the result. The precedent evil and the remedy applied by this recoinage may be thus illustrated:—
By law—
| Fiorino d'oro | = 29 soldi. |
|---|---|
| 20 of these soldi | = la lira a fiorino. |
| Therefore 12 lire a fiorino (the price of the libbra of silver as above, purchased abroad) | = 8 fiorini 8 soldi. |
| = 26 lire 8 soldi di piccioli. | |
| One fiorino d'oro being then current for about 3 lire 2 soldi piccioli. |