CURRENCY. 1 89 



reform of the currency, prices suddenly and permanently rose, 

 generally by nearly one and a half times more than the amount 

 at which they had stood before the base money was issued, 

 or even during several years of its currency. 



2. The price of raw silver and silver plate. Silver plate is 

 purchased at -2s. 8d. the ounce : before and after the change of 

 1412, as my reader may see by turning to the price of metals. 

 In 1464, the very year in which the next change was effected, 

 viz. from the proportion of 1-937 to that of 1-55, a very large 

 amount of plate is purchased at 3.$-., and the quantity is ex- 

 pressed in pounds, shillings, and pence. In the following year 

 a silver jewel is bought at 2s. nd. the ounce. In 1500 a large 

 amount is bought at 3,$-. 8d. In 1535, when nearly the last 

 change in nominal value had been made, a small amount, but 

 a quantity large enough to test the fact, is bought at 3.?. 7^. 

 But in money of that time, paid by tale, it is not easy to under- 

 stand how any wrought silver plate could have been sold for 

 less than 4.$-. 6d. an ounce, even allowing a very moderate sum 

 for workmanship. Now the cost of manufacturing plain plate 

 appears to have been at least 8d. an ounce, and this when the 

 work was done on the premises and the silversmith had his 

 commons. Similar inferences could be drawn from the cost 

 of gold. In 1462, from an entry which will be found under 

 the prices of metals, gold was bought at 30^. an ounce. Now at 

 this time Ruding, quoting Lord Liverpool's essay, fixes the 

 ratio of gold to silver as n^|| to i. Such a ratio will fairly 

 square with a payment made by weight, but corresponds in no 

 way with a payment by tale. Gilt plate too, considering how 

 exceedingly thick medieval gilding was \ is by no means dear. 

 In 1425 I have the record of 320 ozs., purchased at prices vary- 

 ing from 3.$-. 3< to $s. $d. an ounce. In 1486 thirteen ounces 

 are bought at 3^-. yd., and in 1510 3! ozs. at 43. 8</., the 

 difference of course being in the fashion, for no change is made 

 in the indentures between 1464 and 1527. But the most 



1 I have in my possession a fourteenth- or fifteenth-century gilt cup, which is literally 

 plated with gold, a solid bracteola over the silver frame. 





