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The reign of John II. (1406-54) marks a period of exceeding confusion, coupled with inefficient attempts at legislative remedy. The disorder of his reign was further increased under his successor, Henry IV. (1454-74), years which represent the apogee of Spanish depreciation. By grants of the right of private minting the six official Spanish Mints were increased to not less than 150, with a resulting monetary disorder, dearness of necessaries, and commercial panic which it would be difficult to estimate. The gold monies varied in fineness from 23 1⁄2, 19, 18, 17, and so on, even to 7 quilates, and the same extraordinary variations marked the silver monies. Of billon monies there were eight distinct classes, representing a succession of fractional parts of the silver real, 1⁄6, 1⁄7, 1⁄8, 1⁄12, 1⁄16, 1⁄22, 1⁄24, 1⁄58.
Taking, for the mere purpose of generalisation or average, the gold Enrique of this reign at a tale of 50 to a mark, 23 3⁄4 quilates fine, and the