This ideal system could not be retained, as the billon money fell within a short time a matter of 5 1⁄2 per cent. in relation to it. The latter change was incorporated by the proclamation of 16th May 1737, which fixed the silver escudo of 10 reals (the old piece of 8 reals) at 170 cuartos, equivalent to the 20 reals of billon at which it continued to be valued. By the subsequent Mint order of 22nd June 1742 the attempt was made to bring the billon money into exact relationship with the gold by the coining of gold pieces equal to 20 reals billon (veintenes) struck at a tale of 128 per mark, and fineness of 21 3⁄4 quilates, in place of the previously existing standard of 22 quilates.
These veintenes correspond to the escudos of 21 1⁄4 reals still to be found in circulation.
No change of any importance was effected under the short reign of Ferdinand VI. (1746-59), under whom the custom inaugurated by Philip V. of expressing values in reals of billon rather than of silver (plata provincial) still continued. Page 332
His successor, however, Charles III. (1759-88) effected profound reforms. By the ordinance of 29th May 1772 he accomplished a complete recoinage of the Spanish money. The standards he established were—
| Quilates. | Granos. | ||
|---|---|---|---|
| Of gold | Escudos (oro nacional) | 21 | 2 1 ⁄ 2 |
| " | Veintenes (oro provincial) | 21 | 1 1 ⁄ 2 |
| Dineros. | Granos. | ||
| Of silver | (plata nacional or gruesa) | 10 | 20 |
| " | (plata provincial or menuda) | 9 | 18 |