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.