more for every sack of wool that he should import, and (2) that it should be considered by the King and his council whether it might not be advantageous to permit florins de écu (of France), and florins of Florence (i.e. gold), and other good florins to be current with the esterlings (i.e. the silver penny), "but only esterlings to be compulsory for under 40s. value." In less than four years good money was being carried out of the realm, and false money brought in at such a rate that Parliament was seriously perplexed. In its debate on the matter at Westminster, 1343, the result is thus stated: "All orders of persons in the realm had loss for a long time, on account of the florins which were delivered in payment in Flanders, bearing so high a value there as to occasion a loss of one-third on all merchandise imported thence." Certain goldsmiths of London were therefore ordered to be called in to advise and to refine one or two of each kind of florin, so as to rate the fine gold in them according to the true value. And it was proposed that of this fine gold one kind of money should be made in Page 42 England and Flanders, provided the Flemings were willing, to be current in both countries at such an alloy and value as should be determined by the King and Council, and all other gold money to be taken at bullion value, and all silver money to be reckoned thereby ("other sufficient money to be received according to the value of the fine gold").
The result was the first practical issue of English gold. In 1344 an indenture was made between the King on the one part and George Kirkyn and Lotte Nicholyn of Florence, goldmasters and workers, on the other, for the coining of three monies of gold, one to be current at 6s., and to be equal in weight to 2 petits florins of Florence of good weight, 50 of these being coined out of the pound Tower of London.
In this indenture Edward copied the ratio prevailing in the French kingdom, viz. that of 12.61 to 1 between gold and silver. That ratio was considerably too high, and he quickly experienced the same effects which were felt by the French King from it. During his reign (1327-50) Philip