APPENDIX III

the law of 14th October 1686 an attempt was made to re-create and reform the tottering system. The mark of silver (11 din. 4 grs. fine) was to be coined at a tale of 84 pieces. The real of eight received a new name, Escudo de plata, and was to issue at an equivalence of 10 reals of the new silver.

The effect of this apparent reform was to lower the weight of the silver money 25 per cent., to incorporate the premium of 50 per cent. on the billon money, and to institute or sanction a matter of four separate monetary units:—

1. The real of old silver = 1⁄67 mark. 2. The real of new silver = 1⁄84 mark. 3. The real of billon = 1⁄126 mark. 4. The real of billon = 1⁄38 of the double escudo.

At the close of the reign the monetary system was as follows:—