| One excellente = | 11 reals 1 maravedi | = | 375 maravedis. |
|---|---|---|---|
| 1 real | " | 34 maravedis. |
The changes subsequently effected in this system may be presented in skeleton form (see also accompanying Tables).
In 1523 the Cortes of Valladolid presented a petition referring to the changed relation of the two metals, and asking for a recoining on a different ratio. Its proposals were incorporated in the ordinance of 1537, when the scheme was as follows:—
| Gold | Standard, | 22 quilates. |
|---|---|---|
| " | Tale, | 68 to a mark. |
| Value, | 350 maravedis. | |
| Silver | Left untouched. | |
| Billon | Standard increased to 7 1 ⁄ 2 granos. |
Page 329
Under Philip II., by the ordinance of 23rd November 1566, the equivalence of the gold coins was increased a seventh, the silver monies being again left untouched. The increase was partly arbitrary and unprincipled, partly due to the normally prevailing depreciation of silver.
Under Philip III. the intrinsic value or content of the gold monies was decreased 1⁄10, silver being again left intact.
The innumerable calamities which overtook Spain under Philip IV. (1621-65) and Charles II. (1665-1750) led to an immense introduction of billon money, to so great an extent, indeed, that it fell to one-eighth its previous value, thereby only complicating and increasing the evils. The result was an increasing premium on good monies, coupled with the usual disappearance of them. By the proclamation of 8th March 1625 it was prohibited, on severest penalties, to carry such premium above 10