APPENDIX VI

particular episode of the eighteenth-century depreciation, which followed upon the erection of the system of John Law, may be, in brief, more appropriately sketched here than in the text.

The third of the three great recoinages of 1689, 1693, and 1703 had left the louis d'or tariffed at an equivalence Page 405 of 15 livres, and the louis d'argent at 4 livres. By the end of 1708 these figures had sunk to 12 livres 15 sols. and 3 livres 8 sols. respectively. By the decree of April 1709 quite a different standard was adopted. The louis d'or was minted 32 to the mark, 22 carats fine, and = 16 livres 10 sols., while the louis d'argent was minted 8 to the mark, 11 deniers fine, and = 4 livres 8 sols. In the month of May 1709 a second edict raised these equivalences to 20 livres and 5 livres respectively. The sufferings of French commerce under this extraordinary tariff led to its annulling by the decree of 30th September 1713, by which a reduction of equivalence was made to 14 livres and 3 livres 10 sols. respectively. In December of the same year a reformation was again attempted. The new species were of the same content and fineness as the old, but were tariffed at 20 livres for the louis d'or, and 5 livres for the louis d'argent, while the unreformed specie were tariffed at 16 livres and 4 livres respectively. Three years later began the period of the monetary disorder of the minority of Louis XV. In November 1716 a new louis d'or was issued, 20 to the mark, 22 carats fine. In May 1718 again a new issue took place—louis d'or 25 to the mark, 22 carats; louis d'argent 10 to the mark, 11 deniers fine.

There were thus, at the time, four different louis d'or in existence, namely:—