The History of Currency, 1252 to 1896Shaw, William Arthur
History
The History of Currency, 1252 to 1896
Shaw, William Arthur
Money -- History
The first important change in this monetary system of Gothic
Spain--though one of detail rather than system--was effected by
Ferdinand II. of Leon, who, in 1157, coined the silver _leones_ of the
value of half the silver sueldo (= 12 dineros).
In 1222 S. Ferdinand introduced the _sueldo pepiones_.
Sueldo de oro = 10 metales or mitgales, 1 metale = 18 pepiones.
But both these importations were suppressed by Alfonso X., the Wise, of
Castile.
In 1252 he coined his _maravedis blancos_, or _Burgaleses_, to replace
the sueldos pepiones.
6 dineros = 1 sueldo,
15 sueldos = 1 maravedi Burgalese.
This maravedi bore the ratio of 1: 6 to the old maravedi de oro.
This money (Burgalese) was subsequently known as _moneda viejo_,
_maravedis viejos_, or _moneda blanca_.
Six years after its introduction, however, Alfonso demonetised his own
Burgaleses to make room for his _maravedises negros_, or _prietos_, a
money of billon which lasted till the days of Ferdinand and Isabella.
Twenty-three years later Alfonso issued a second "white money" (1281),
so called as distinguished from the Burgaleses, mention of which recur.
To the "second white" (_blanco segundo_) was also given the (commoner)
name of new (_novenes_). It was issued at one-fourth the value of the
_prietos_. The relationship of the novenes to the prietos and to the
standard (now supposititious) gold maravedi is thus expressed:--
15 dineros prietos = 1 maravedi,
Old maravedi = 75 sueldos,
[therefore] 1 prieto = 5 sueldos.
Old maravedi = 60 maravedis novenes,
[therefore] 1 prieto = 4 maravedis novenes.
Under Alfonso the Wise, therefore, the system was as follows:--
10 dineros = 1 noveno,
4 novenes = 1 maravedi de los prietos (= 5 sueldos of 8 dineros each).
10 novenes = 1 maravedi de los Burgaleses.
60 " = 1 old maravedi.
These _novenes_, or _maravedis blancos segundos_, continued current
through the fourteenth century, and in the laws of John III. are spoken
of as "maravedises of our present currency," and as still = 1/10 of the
maravedises Burgaleses, which latter are spoken of as "maravedises of
good currency" (_maravedis de los buenos_).
But by the close of the fourteenth century, owing to the depreciation of
the currency, the novenes had come to be looked upon as of better
denomination than the then current coin, and are accordingly spoken of
as "old" (_viejos_) for distinction's sake.
The only material additions to this system of Alfonso the Wise were
briefly--
1. The _coronados_, an innovation of his successor, Sancho IV.
(1284-95), who, in 1286, introduced them as = 1 old dinero. They
subsequently appear as _cornados_.
In the Cortes of Toledo their relation to the novenes was thus
determined:--
6 coronados = 10 novenes = 1 maravedi de moneda vieja (= Burgaleses).
2. The series of gold coins initiated by Alfonso XI. (1302-50).
Public-domain text, read in full here on John Shaqi.
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