---------------------------------------------------------------------- A. D. | Ratio. | Authorities. ---------------------------------------------------------------------- 1-37 | 1 to 10.97 | Rome. Rate under Augustus and Tiberius. 37-41 | 1 to 12.17 | Rome. Reign of } | | Caligula. } The silver coinage 54-68 | 1 to 11.80 | Rome. Reign of Nero. } much debased, 69-79 | 1 to 11.54 | Rome. Reign of } consequently the | | Vespasian. } ratio of the 81-96 | 1 to 11.30 | Rome. Reign of } metals pure was | | Domitian. } about 1 to 11. 138-161 | 1 to 11.98 | Rome. Reign of } | | Antoninus. } 312 | 1 to 14.40 | Byzantium. Reign of Constantine. Arbitrary. 438 | 1 to 14.40 | Byzantium and Rome. Theodosian code. | | Arbitrary. 864 | 1 to 12.00 | Probable ratio, as shown by the Edictum | | Pistense, under the Carlovingian dynasty. 1260 | 1 to 10.50 | Average ratio in the commercial cities of | | Italy. Local or doubtful. 1344-1660 | 1 to ---- | England. Numerous mint indentures given in | | McLeod's Political Economy, page 475. The | | ratio, except when fixed arbitrarily and | | in violation of market price, varied | | between about 1.12 and 1.14 during the | | two hundred and fifty-seven years | | included in this period. 1351 | 1 to 12.30 } | 1375 | 1 to 12.40 } | Ratio in North Germany as shown by the 1403 | 1 to 12.80 } | very accurate rules of the Lubeck mint, 1411 | 1 to 12.00 } | corroborated in the main by the accounts 1451 | 1 to 11.70 } | of the Teutonic Order of Knights, 1463 | 1 to 11.60 } | averaged in periods of forty years. 1453-1494 | 1 to 10.50 | Ratio according to the accounts of the | | Teutonic knights. As the ratio fixed in | | England by numerous mint indentures from | | 1465 to 1509 was about 1.12 this German | | ratio is considered local or doubtful. ---------------------------------------------------------------------- It will thus be observed that during the one thousand four hundred and ninety-two years from the coming of Christ to the discovery of America, silver never went below the ratio of 14.40 to one of gold. The relations which the metals have borne to each other since the discovery of the New World will appear from the following: