The effect of Edward's change of ratio—from 12.59 (the same as the French rate) in 1344 to 11.04 in 1346—told immediately on the French currency, and at the first return to good money in the first year of King John (1350-64) the ratio in that country was changed at a stroke from 12.61 to 11.11. This in its turn acted upon precious metals in England, and for three years the English King found himself futilely struggling against an outflow of silver, by such measures as the hanging and drawing of merchants, before he discovered that it was due to an overvaluation of gold. In 1353, accordingly, he lowered the weight of the gold nobles from 128 4⁄7 grs. to 120. At the same time, the contents of the silver penny were reduced in a greater proportion (from 20 grs. Page 46 to 18). By this means the ratio of 11.04, which had prevailed since 1346, was lowered to 11.15.
That this ratio achieved its purpose, as far as England was concerned, is apparent from the simple fact that it remained unaltered for over sixty years until 1414; that it acted adversely upon and drained France of her