The History of Currency, 1252 to 1896

Appendix I

The Monetary System of Florence During the Days of Her Commercial Activity and Independence

Throughout the history of independent Florence her gold coin type is always the florin. In its first beginning her monetary system had relation to that of the restored Empire. The silver fiorino of which the first mention occurs was equivalent to 12 denari, as in the Charlemagne system. Presumably this would be equal to some hypothecated soldo, and the multiple of it a hypothecated fiorino d’oro, gold florin (= 20 soldi), would be equal to the lira or libra, or unit of weight. This will explain how it is possible to have mention of gold florins almost a century before the actual issuing of a real coin so named. Such mention occurs in the monetary ordinances and schedules of France as early as 1180. (See Preface, supra, p. xiii, also De Saulcy, Documents, i. 115. Le Blanc was unable to explain this apparent contradiction of history.)

What the particular Florentine weight unit or lira (libbra) was, however, is uncertain. According to the researches of Neri (in Argelatus, i. 157) the scheme of weights was—

		Denari.	Grani.
Silver florin	=	...	38	23	26
Lira (or 20 popolini)	=	32	11	15	21

When it actually emerges, the gold florin has a weight of 53 (English) grs., or 72 Florentine; which would give a mark of 6912 grs. Its standard was of absolute fineness, 24 carats, a standard which was never departed from through the whole of its history. Very little change, too, was made in the weight, hardly more than 4 1⁄2 grs. in all (or 6 1⁄4 per cent.).

It was issued at an equivalence of 20 soldi, which were represented by 20 silver florins, already known.

The variation of this coin with regard to the unit coin of lower denomination will be found in the Table below.

There is a second variation of the gold florin, apparently with regard to itself, which has given rise to much misunderstanding, and requires explanation. As the process of wear and tear and abrasion went on in the coins, with lapse of time the custom grew of subdividing or hypothecating a gold florin of ideally perfect weight and condition as the standard for transactions. This became book or bank money, and the actually circulating medium was rated to it at a certain discount. This ideal florin is known as fiorini di suggello or sigillo, florin of the public seal, and there is a series of such denominations. The first apparent adoption of such a method—which also emerges in the currency history of Hamburg and Amsterdam—was in 1321, and the florins of that date are styled “of the first sigello”; the second was in 1324, the third in 1345, and so on. Between the years 1328 and 1462 there was a series of eight, as follows:—

1328	5	per cent.	advantage.
1345	3	″	″
1347	5	″	″
1402	5	″	″
1402	1 1⁄4	″	″
1442	4	″	″
1461	7	″	″

Subsequently, by law of 30th May 1464, this various advantage was transferred from the fiorini di suggello to a new denomination, fiorini d’oro larghi, with an advantage of 20 per cent. above the fiorini di suggello; and once again, by the law of 14th October 1501, the process was repeated. An advantage of 19 per cent. over the fiorini d’oro larghi was announced in favour of the newest denomination, fiorini d’oro larghi in oro. The advantage of these last, therefore, over the fiorini di suggello of 1461 amounted to 39 per cent.

It appears quite clear that this advantage represents a differentiation, not of good bank abstract florins from worn current gold florins, but of the former from the actual current medium of payment, and that this latter was silver.

The cause of the advantage was the depreciation of the silver denomination, from the aggregate of which was formed the lira, in which was expressed the value of the gold florin.23

For illustration:—

In 1464—

120 fiorini di suggello = 100 fiorini d’oro larghi at 4 lire 8 sol. 4 den. each = 530 lire.

Therefore each fiorino d’oro largo ought to = 5 lire 6 sol., which by the tables of the time it actually did.

Similarly, in 1501—

100 fiorini larghi d’oro in oro = 119 larghi di grossi at 5 lire 11 sol. 4 den. = 660 lire.

Therefore fiorino largo d’oro in oro should = 6 lire 12 sol. which it actually did.

The silver monies of Florence were based on the silver florin = 1⁄20 of gold florin (= 38 1⁄2 grains).

From the time of the Mint Law of 1296, these silver coins are styled grossi, and subsequently soldi, grossi, Guelfi, etc. etc.

The alloy gradually sank—

	Onza.	Denaro.
	11	18
	11	17
(1280)	11	15
(1314)	11	12

remaining at the last-named figure until the reopening of the Pisan Mint in 1597.

As the gold rose in value by the process already indicated, and the idea of the lira as 20 soldi = 1 gold florin, became inapplicable, the lira came to be looked on as a fractional part of the gold piece or florin. This usage grew up in Florence from the beginning of the twelfth century, and so continued till the days of Cosimo I., who in 1534 coined the first lira, i.e. an actual silver coin.

This imaginary lira of mediæval Florence was itself divided, like the florin, into soldi and denari, similar aliquot parts. Hence the custom of keeping Florentine accounts, (1) a oro, or (2) a moneta di piccioli, the one in terms of the florin of gold, the other in terms of the imaginary lira.

The confusion to which this led was due to the unstable nature of the imaginary money, which from 1312 continually depreciates in value, as compared with the actual hard florin money. In 1314, as some measure of reform, it was ordained that the florin of gold should not equal more nor less than 29 of the soldi of this lira, and that it should never change from such course—the distinction of moneta bianca and nera being introduced for the purpose. The ceasing of the observation of this regulation in the sixteenth century made way for every kind of confusion.

For the explanation of the text in Part I., pp. 19-23, it need only be added that 20 of these imaginary soldi formed the lira a fiorino spoken of.

TABLE OF THE SILVER COINS STRUCK IN FLORENCE, 1252-1534.

Year.	Denomination.	Standard.				Weight of each Piece.	Fine Silver in each Piece.	Tale per Mark minted.	Tale per Mark issued to the Merchant.	Value at which Circulated.
		Silver.		Alloy.
		Oz.	Gr.	Oz.	Gr.	Grains.	Grains.			Soldi.	Den.
1252	Fiorino d’argento	...		...		43 1⁄5	...	160	...	1	0
										(of the gold florin.)
1280	Do.	11	15	0	9	45 3⁄4	45 1⁄4	151	...	1	8
1296	Soldi grossi	11	15	0	9	40 9⁄19	39 3⁄19	171	167	2	0
1305	Grossi popolini	11	12	0	12	40 9⁄19	38 3⁄4	171	...	2	0
		(= Argento popolino.)
1314	Guelfi del fiore (Half and quarter of same.)	11	12	0	12	41 5⁄8	39 7⁄8	166	163	2	6
1345	Nuovi Guelfi	11	12	0	12	51 7⁄12	49 5⁄12	134	132	4	0
(Aug. 19)										(of the piccioli.)
1345 (Aug. 23)	Grossi Guelfi	11	12	0	12	52 4⁄11	50 2⁄11	132	...	4	0
1345 (Oct. 23)	Grossi Guelfi	11	12	0	12	48 2⁄3	46 5⁄8	142	140	4	0
1347	Guelfi grossi	11	12	0	12	59 1⁄13	56 8⁄13	117	111 2⁄3	5	0
1368	Popolini	11	12	0	12	23 1⁄25	22 2⁄25	300		2	0
1390	Grossi	11	12	0	12	56 8⁄41	53 35⁄41	123		5	6
										(piccioli.)
1402	Grossi	11	12	0	12	52 4⁄11	50 2⁄11	132	130	5	6
1448	Grossi	11	12	0	12					5	4
1460	Grossoni	11	12	0	12	54	51 3⁄4	128	125 2⁄3	6	8
1471	Grossi	11	12	0	12	49 1⁄47	46 38⁄47	141	138	6	8
1481	Grossoni	11	12	0	12	47 1⁄49	45 3⁄49	147	143	6	8
1489	Grossi	11	12	0	12	47 1⁄49	45 3⁄49	147	144	6	8
1503	Grossoni	11	12	0	12	40 1⁄2	38 19⁄24	170 2⁄3	166 2⁄3	7	0
1503	Grossoni	11	12	0	12	71 72⁄345	68 76⁄145	96 2⁄3	94 1⁄3	10	0
										(bianchi.)
										13	4
										(neri.)
1504	Carolino or barile	11	12	0	12	71 73⁄145	68 76⁄145	96 2⁄3	94 1⁄3	10	0
										(bianchi.)
1506	Grossoni	11	12	0	12	39 165⁄173	38 50⁄173	173	169	7	0
1508	Grossoni	11	12	0	12	39 201⁄347	38 62⁄347	173 1⁄2	169	7	0
1508	Grossetti	11	12	0	12	28 268⁄731	27 135⁄731	243 2⁄3	237 2⁄3	4	0
										(bianchi.)
										5	0
										(neri.)
1524	Barili	11	12	0	12	68 1⁄4	65 13⁄32	101 1⁄4	99	13	4
	(The half-barile and the teston (= 3 barili) in proportion.)
1531	Grossi	11	12	0	12	38	36 5⁄12	181 17⁄19	...	7	0
1531	Barili	11	12	0	12	70	67 1⁄12	98 46⁄35	...	10	0
										(bianchi.)
										13	4
										(neri.)
1531	Quinto di Ducato	11	12	0	12	152	145 2⁄3	45 9⁄19	...	30	0
										(piccioli.)

TABLE OF THE GOLD COINS OF FLORENCE, 1252-1534.

(From Zanetti, i. 439.)

Year.		Denomination.		Standard.	Weight.	Tale per Mark.	Value at which circulated.
				Karati.	Grains.		Soldi.	Den.
1252		Fiorino d’oro		24	72	96	20	0
1275		Do.		24	72	96	30	0
1282		Do.		24	72	96	32	0
1286		Do.		24	72	96	36	0
1296		Do.		24	72	96	40	0
1302		Do.		24	72	96	51	0
1321		Fiorino of the first suggello (5 per cent. advantage)		24	69	100	...
1324		Fiorino of the second surgely		24	70 1⁄2	98 1⁄4	60	0
1328		Fiorino stretti		24	70 1⁄2	98 1⁄4	66	1
1331		Do.		24	70 1⁄2	98 1⁄4	60	0
1345		Fiorini of the third surgely (5 per cent. advantage)		24	70 1⁄2	98 1⁄4	62	0
1347		Do.	do.	24	70 1⁄2	98 1⁄4	68	0
1352		Do.	do.	...	...	...	67	6
1353		Do.	do.	...	...	...	68	6
1356		Do.	do.	...	...	...	70	0
1375		Fiorino nuovo		24	71 3⁄5	96 2⁄5	70	0
1378		Do.		...	...	...	68	0
1380		Fiorino nuovastro		...	...	...	70	0
1402		Fiorino nuovo of the fifth suggello (6 1⁄4 per cent. advantage)		24	68	101 11⁄117	73	4
1422		Fiorino nuovissimo or largo di Galea		24	71 3⁄5	96 2⁄5	80	0
1442		Fiorino largo		24	72	96	...
		Fiorino of the sixth suggello (10 per cent. advantage)		24	72	96	...
		Fiorino stretto di Camera of the seventh suggello (7 per cent. advantage)		24	69 1⁄8	100	...
1448		Fiorino of the eighth suggello (4 per cent. advantage)		24	...	...	85	0
1460		Fiorino of the ninth suggello (7 per cent. advantage)		24	71 6⁄7	96 1⁄3	86	8
1462		Fiorino (of Pisan weight)		24	71 6⁄7	96 1⁄2	87	0
1464		Fiorino largo (20 per cent. better than the fiorino di suggello)		24	72	96	106	0
1471		Do.	do.	24	72	96	108	0
1480		Do.	do.	24	72	96	111	0
1485		Do.	do.	24	72	96	111	4
1501		Fiorino d’oro largo in oro (19 per cent. advantage on the fiorino largo)		24	72	96	140	0
							(neri.)
							111	4
							(grossi.)
1508		Do.	do.	24	72	96	142	0
							(neri.)
1531	}	Ducato d’oro		24	72	96	150	8
1534							(piccioli.)

TABLE OF THE BILLON MONEY (MONETA NERA OR EROSA) STRUCK IN FLORENCE, 1300-1534.

Year.	Denomination.	Standard.				Weight of each Piece.	Fine Silver in each Piece.	Tale per Mark coined	Tale per Mark issued to the Merchant	Value at which Circulated.
		Silver.		Copper.
		Oz.	Gr.	Oz.	Gr.	Grains.	Grains.			Denari
1316	Fiorin da sei	1	0	11	0	...	...	...	...	6
1321E	Fiorini neri	1	0	11	0	12 4⁄5	1 1⁄15	540	...	1
1325	Piccioli	1	0	11	0	12 4⁄5	1 1⁄15	540	444	1
1332	Quattrini lanajuoli	2	0	10	0	26 1⁄2	4 5⁄12	261	240	4
1337 (July 19)	Quattrini	2	0	10	0	21 45⁄327	3 11⁄24	327	301	4
1337 (July 28)	Do.	2	0	10	0	21 3⁄4	3 5⁄8	318	297	4
1366	Piccioli neri	1	0	11	0	8 1⁄4	2⁄3	840	660	1
1371	Do.	0	23 1⁄2	11 1⁄2	0	8	5⁄8	864	708	1
	Quattrini	2	0	10	0	18 5⁄12	3 1⁄12	375	370	4
1417	Piccioli neri	1	0	11	0	6 78⁄83	7⁄12	996	...	1
1432	Quattrini	2	0	10	0	18 5⁄12	3 1⁄12	375	...	4
1462	Soldini	6	0	6	0	15	7 1⁄2	460	446	12
1471	Quattrini	2	0	10	0	26 42⁄87	4 5⁄12	261	240	4
	Soldini	6	0	6	0	13 2⁄3	6 5⁄6	505	483	12
	Piccioli neri	1	0	11	0	...	...	...	...	1
1472	Quattrini	1	12	10	12	16 1⁄2	2 1⁄24	420	366	4
	Piccioli	0	6	11	18	8	1⁄6	864	252	1
1490	Quattrini bianchiF	2	0	10	0	16	2 2⁄3	432	...	4
	Quattrini	1	0	11	0	14 7⁄8	1 1⁄4	465	...	4
1509	Do.	1	0	11	0	16 5⁄12	1 1⁄3	420	...	4
1512	Crazie	...		...		...	...	...	...

Footnotes

1460. “Veduta una legge del anno 1452, che provide che in qualunque pagamento si avesse a fare, si potisse pagare, e cosi fosse accettato, per ogni fiorino di suggello 4 lire 5 soldi delle monete di grossi d’Ariento, per la quel cosa e seguito che i grossi sono scemati tanto di peso che i fiorini larghi per ragguaglio di quelli, dove solevano essere meglio comuneménte da fiorini 10 in 12 per cent., che i fiorini di suggello sono iti a fiorini 22 per cent—”

1471. “Che i fiorini di suggello in moneta bianca o nera non abbiano pregio firmo nè a grossoni, nè a quattrini ma vagliano quello e quanto sara la sua commune valuta dì per dì e secondo saranno alla camera e all’ Arte del Comtis—”

Notes

E Beginning of the distinction of white and dark monies (moneta bianca and la nera).

F Three of which equal one quattro de’ner.

23 For a corroboration of this, see the texts of the laws of 1460 and 1470.