of Valois coined more species of new money than all his predecessors put together, but owing to the adoption of this too high a ratio the country was gradually depleted of good money. In order to induce people to bring bullion to the Mint he offered to coin free of cost, but found nothing of avail until he followed the example of England and altered the ratio.
In our own country the same truth had been quickly grasped. It was found that the new gold money was Page 43 rated too high, i.e. overvalued in relation to silver, and was therefore refused. By a proclamation of the same year, therefore, 9th July, it was withdrawn and ordered to be taken only as bullion, and a new indenture was made for the coining of gold nobles—39 1⁄2 out of the pound Tower, and at the value of 6s. 8d. The