[Footnote 1: This is the date accepted by the numismatic authorities. It is adopted by Orsini (_Storia delle Monete della Repubblica Fiorentina_, p. xxiv, where he states the authority for it). It is nevertheless open to serious doubt. See in De Saulcy, Documents I. pp. 115-131, references to florins d'or from 1180 onwards. On the other hand, as to the nature of the florin de compte and its distinction from the florin d'or, see M.L. Blancard, _Revue numismatique_, 1886, pp. 48, 218, and 1887, p. 259; and Vicomte D'Avenel, _Histoire de la propriété, etc._, i. p. 41.] [Footnote 2: Est a notter que le Roi en fit forger aulcune quantité (some slight quantity) d'or du poids de 12 den. 16 gr. chacune pièce laguelle auvrage il dedia seullement pour sou aulmosne aux pauvres ausquels souvent il lavait les piedz par humilité. Et en fut jamais inventée ladite pièce d'or pour aultre cause que dessus et non pour monnaie uzuelle et publicque." (De Saulcy, _Documents, i._ 115, 122, 125).] [Footnote 3: See, however, in De Saulcy, i. 31, a mention of _manteletz d'or de Flandre_ in 1265.] [Footnote 4: Soetbeer considers the standard in 1386 as 23 fine, and asserts that, by the Mint edict of 1402, it was lowered to 22-1/2 carats.] [Footnote 5: For an estimation of the _commercial_ effect of these debasements, see Vicomte D'Avenel, _Histoire de la propriété, etc._, i. 53-54] [Footnote 6: For a similar table calculated in francs, see Vicomte D'Avenel, _Histoire de la propriété, etc._, i. 62, 481, where the figures are very different. On Le Vicomte D'Avenel's method of calculation, see the _English Historical Review_.] [Footnote 7: See note on p. 397, infra..] [Footnote 8: By prices here, and subsequently throughout this volume, is meant the price or tariff and Mint rate of the coins. There is no reference whatever to general prices.] CHAPTER II From the Discovery of America to the end of the First Cycle of the Influence of the Metals of the New World on European Currencies, 1493-1660 The last decade of the fifteenth century witnessed the discovery of America, and therein the monetary salvation and resurrection of the Old World. The end of the second quarter of the seventeenth century in its turn witnessed the end of the first phase, and the most important, of the New World upon the destinies of Europe. Practically and historically the century and a half intervening between 1493 and 1660 may be treated as a single cycle with a single aspect. It was a time of unexampled increase in the imports of the precious metals, of equally unexampled rise of prices, and at the same time of feverish instability and want of equilibrium in the monetary systems of Europe. Two general statements may be premised.