But the complaints as to the depletion of the coin of the realm became much more serious in France after Edward III. had instituted his gold coin in 1344. There was henceforth a process of double friction—(1) as arising from the difference of the declared value of the French King's coin, as compared with foreign tariffs of coins; (2) as arising from the difference between the ratio of gold to silver in France and that prevailing in other countries.
In 1336 Philippe de Valois had fixed the ratio at 1:12, "the cause which moved us to this being that so our people who were in great privations and straits for money may more abundantly and quickly be filled again with money new and current." This was re-enacted in 1339, but proved quite inoperative to rule the market rate, and in 1346 Philippe found himself obliged to tolerate the advance which had been put upon the good monies in the market, by allowing provisionally the chaise d'or to be current for 30 sols Tournois. Four years later the silver rate was altered by a proclamation conceived in these terms: "As the changers and merchants who are accustomed to bring bullion to our Mint have ceased, and do daily cease to do so, so that the working of our Mint is greatly impeded, to the great prejudice of our people if no remedy is applied, we therefore order that for each mark of silver brought to the Mint there shall be delivered out by the Mint another 8 sols Tournois in addition to the 112 sols Tournois fixed by law." Page 36 The immediate consequence was a hoarding and disappearance of the gold coins, and in the following year, 1351, the tale of the denier d'or aux fleurs de lis was altered from 50 to 54 to the mark.
There is here no question of an arbitrary debasement. It was simply an attempt to preserve the currency from the action of a changing market ratio, which led to the withdrawal now of the one, now of the other coins, and to the circulation meanwhile of foreign coins at a rate apparently disproportioned to the metallic content.6 In 1361 evidence was given before the Mint authorities that "in payments the people do by