[Sidenote: THE FLORENTINE TROUBLES OF 1345] The second quarter of the fourteenth century witnessed a decided rise in the value of silver as against gold. It told immediately upon Florence, on account of her Mint rates. By the regulation of 1324 the ratio in Florence was 13.62, whereas in France the ratio was approximately 12.6, and twenty years later, 1344, hardly more than 11 in both France and England. The result on Florence was immediate, and silver disappeared from circulation. In 1345, says her historian, Villani, there was great scarcity. There was no silver money with the exception of the _quattrini_. It was all melted down and transported. Silver of the alloy of 11-1/2 oz. fine was worth in other parts out of Florence more than 12 _lire a fiorino_, whence arose great discontent to the woollen merchants, who feared that the gold florin, in which they received their foreign payments, should fall too much. Being a powerful factor in the little state, they agitated, and the recoinage of 1345 was the result. The precedent evil and the remedy applied by this recoinage may be thus illustrated:-- By law-- Fiorino d'oro = 29 soldi. 20 of these soldi = la lira a fiorino. Therefore 12 lire a fiorino (the price of the libbra of silver as above, purchased abroad) = 8 fiorini 8 soldi. = 26 lire 8 soldi di piccioli. One fiorino d'oro being then current for about 3 lire 2 soldi piccioli. The silver species current in Florence in 1345 were _quattrini_ and _Guelfi del fiore_. These coins were of the same standard as above (11-1/2 oz.), were coined at a tale of 167 to the libbra, and issued at an equivalence of 30 piccioli. The libbra of this silver, therefore, by Florentine Mint rate was valued at 20 _lire_ 17 _soldi_ 6 _denari di piccioli_. Abroad, therefore, the price of silver was a matter of slightly more than 5 lire higher than in Florence. The same result could be got by taking the billon money of Florence and calculating from its silver contents. The natural result was a disappearance of silver. The only remedy was a recoinage, and this was applied by the law of 19th August 1345. By this law the standard of 11-1/2 oz. was retained, the tale of the _Grossi_ was increased to 134 pieces to the libbra (132 being rendered to the merchant, and 2 retained for Mint expenses), and each piece issued at an equivalence of 4 soldi. 4 x 132 = 528 soldi. (= 26 lire 8 soldi di piccioli.) It will be seen at a glance that this equalised the internal and external price of silver. Rather strangely this enactment of the 19th of August was followed by another no more than four days later (23rd August 1345), by which a slight reactionary change was made in favour of silver. The tale was decreased from 134 to 132 pieces, to be struck from the libbra of the same standard, and issuable at the same equivalence.