Whether by way of effect or cause it is hard to say, but certainly silver in the middle of the succeeding century had so far disappeared in the Italian peninsula, or gold so far increased during the fifteenth century, that the commercial ratio remained persistently low—1: 9.25, both in Milan and Florence; and the Mint regulations of 1460 adopted by the latter state (see under table of Florentine silver coins, Appendix), can only be looked upon as a simple repetition of the measures of 1345 and 1347.
Spain.
The currency history of Spain up to the conquest of America is one long list of alterations in the coinage, and of petitions from merchants and various Cortes for or against changes in the rating of the coins. The oro gran modulo was rated at 100 pesetas, under Alfonso XI. of Castile, 1312-50, and at 1000 under his successor, Peter the Cruel, 1350-69. The oro dobla Castellana was rated at 60 pesetas under Henry II., 1369-74; at 40 under Henry the Crafty, 1390-1406; and at 100 under John II., Page 24 1406-54. In the case of this country the troubles in the fourteenth century arose from the proximity of France, the circulation of lower-rated French coins, and the consequent depletion of the treasure of the kingdom. In Aragon, for instance, the charter of Peter IV. in 1346 had ordered the coining of gold after the same weight and fineness as of the florin of Florence. It was found too high, and three years later he was obliged to cancel it by another proclamation, ordering his own gold coins to be made of the same weight and fineness as the écus of the French kings. The close of his reign and the early part of that of his successor witnessed acute crisis and distress, which led to Henry II.'s celebrated reduction of the coinage at the Cortes of Medina del Campo in 1371.
In 1391-93 another general proclamation was issued, ordering a reduction of the value of the monies and fixing new rules of exchange, and this was followed by one in 1398, prohibiting the circulation of foreign coins in Spain, except at bullion value. This latter was a common