CURRENCY. 177 



the reign of Henry the Eighth it sinks to little more than 

 seven. But prices of articles in general do not rise with 

 these alterations, and we are left to conclude that by the end 

 of the fifteenth century, either silver was nearly three times 

 as scarce as it was at the beginning of the fourteenth, or that, 

 as I have suggested, payments were actually made as they are 

 expressed, in pounds, shillings, and pennyweights. 



If however^ in looking at the reduction of values expressed 

 in moneys of the time to grains of silver, the reader is disposed 

 to believe that the depreciation of the currency was disre- 

 garded, and that five shillings of, say the year 1350, merely 

 contained sixty penny pieces of 20^ grains, or fifteen groats 

 of 8 1 grains, it will be easy to rectify my estimate by deducting 

 a tenth from the year 1344 and onwards. 



I have already adverted to the supposed issue of a gold 

 currency under Henry the Third, and to its speedy withdrawal. 

 Mr. Ruding gives no specimen of this coinage, though he 

 allows it, following perhaps Macpherson. It is generally be- 

 lieved that the first English gold currency was that of 18 

 Ed. Ill (1345), when florins containing 108 grains, and valued 

 at six shillings, were issued. These were followed by the issue 

 of rose-nobles, or rials, in the same year, containing 138-^ 

 grains, of others containing i28f grains in 1346, and 120 

 grains in 1353, the weight remaining at this quantity up to 

 the alteration of Henry IV. in 1412. 



Foreign gold florins and byzants had circulated long before. 

 Omitting the entry made under 1262, vol. ii. p. 530. i., we find 

 a rate of exchange for gold in the year 1292 in which the * 

 proportion is a little more than twelve and a half to one. This f 

 gold was purchased in order to decorate the crosses and other 

 monuments set up by Edward in memory of his queen. Besides 

 this entry, we find an exchange of three florins at 2-f. 3 od. in 

 1307, p. 532. i.; of an exchange at Avignon at the rate of 

 y. 4</. in 1331 j and of four florins exchanged in London at 

 3^. 8^. in the same year. These exchanges are all effected 

 before the reduction in the weight of the penny sterling. 



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