The characteristics of this period are perfectly well defined, and repeat themselves with almost faithful and exact similarity of recurrence in the several states comprising the Europe of that date. In brief, such characteristics were those of--(1) a period of commercial expanse, necessitating an increasing currency and advancing prices; (2) a period of stationary production of the precious metals, necessitating a struggle among the various states for the possession of those metals; (3) a period of endless change in the ratio between gold and silver, necessitating continual revision of the rate of exchange. Broadly speaking, those characteristics fall into two classes, accordingly as they relate to--(1) the natural movement of prices i.e. having regard merely to the supply of the precious metals; (2) to the unnatural struggle for the metals themselves--for the material for currency--due to international rivalry and bad or crafty legislation. With regard to the former of these, the period was distinctly one of insufficient and relatively diminishing production of the metals. During these two centuries, 1300-1500, the main sources of the derivation of gold were the Eastern trade and the finds on the eastern shores and northern interior of Africa. The chief supply of silver came from the mines in Germany. These latter--in Hungary, Transylvania, Saxony, and Bohemia--were of such importance and activity, in the fifteenth century and towards the time of the discovery of America, as partially to keep pace with the general trade expanse of the time, thereby helping to arrest a fall of prices that would have been absolutely disastrous to the civilisation of Europe. The combined production during this period cannot even be conjectured. At the close of it--during the reign of Henry VII.--the total coinage of England, both silver and gold, did not probably exceed £3,000,000, while the total stock of both metals in Europe in 1492 has been estimated at no more than £33,400,000. These figures stand alone, for we have no idea of the extent of the commerce which was worked on so small a monetary basis, and very little idea of the amount of aid which was extended to metallic money by such expedients as bills of exchange. To estimate, therefore, whether the period was one of depreciating, stationary, or appreciating currency, we are reduced to the testimony of prices and the Mint records. [Sidenote: COURSE OF MONETARY DEPRECIATION] In France, at the beginning of the period (in 1308), the mark of gold was coined into 44 livres, and the mark of silver into 2 livres 19 sols. At the close of the period, or towards it, in 1475, the mark of gold was coined into 118 livres 10 sols, and that of silver into 10 livres.