the King and Council, and all other gold money to be taken at bullion value, and all silver money to be reckoned thereby ("other sufficient money to be received according to the value of the fine gold"). The result was the first practical issue of English gold. In 1344 an indenture was made between the King on the one part and George Kirkyn and Lotte Nicholyn of Florence, goldmasters and workers, on the other, for the coining of three monies of gold, one to be current at 6s., and to be equal in weight to 2 _petits florins_ of Florence of good weight, 50 of these being coined out of the pound Tower of London. In this indenture Edward copied the ratio prevailing in the French kingdom, viz. that of 12.61 to 1 between gold and silver. That ratio was considerably too high, and he quickly experienced the same effects which were felt by the French King from it. During his reign (1327-50) Philip of Valois coined more species of new money than all his predecessors put together, but owing to the adoption of this too high a ratio the country was gradually depleted of good money. In order to induce people to bring bullion to the Mint he offered to coin free of cost, but found nothing of avail until he followed the example of England and altered the ratio. In our own country the same truth had been quickly grasped. It was found that the new gold money was rated too high, i.e. overvalued in relation to silver, and was therefore refused. By a proclamation of the same year, therefore, 9th July, it was withdrawn and ordered to be taken only as bullion, and a new indenture was made for the coining of gold nobles--39-1/2 out of the pound Tower, and at the value of 6s. 8d. The nobles were at once made current and tenderable along with silver, by proclamation; gold being ordered to be received in payment of 20s. and upwards. [Sidenote: GOLD NOBLES COINED] By this indenture the ratio was at once dropped from 12.59:1 to 11.04:1. This attempt to determine the rate of exchange is a common feature in the legislation of France and Spain as well as of England. It stands to sense, and is apparent on every page of the monetary history of the period, that it was absolutely imperative. The friction which accompanied the process can now only faintly be imagined, but that is a secondary consideration. The essential point was, that such changes were normal and inevitable, forced by sheer necessity upon Governments, such an one even as our own, which has always been most jealously conservative in matters of coinage. TABLE OF THE VARIATIONS OF THE GOLD AND SILVER COINS OF ENGLAND, 1300-1500.