5 88 POPULAR SCIENCE MONTHLY. 



1658, when an attempt was made to unify the minor coinage by 

 withdrawing the vellon grueso and substituting a new copper 

 issue of the same weight and nominal value as the calderilla, so 

 that there should be but one kind of currency. To check the 

 temptation to import imitations of this, the same savage penalties 

 as before were re-enacted confiscation and the stake, with the 

 forfeiture of any vessel bringing it. The vellon grueso, however, 

 refused to be withdrawn, and on May 6, 1659, a compromise was 

 attempted by reducing it in value one half. Moderate as was this 

 contraction of the currency, it served merely as a prelude for 

 further inflation. Although the Peace of the Pyrenees, in 1659, 

 might be expected to lighten the financial necessities of the state, 

 a pragmatica of September 11, 1660, under pretext of providing a 

 currency lighter, easier of transport, and more convenient for use, 

 ordered all the vellon grueso to be called in and reworked, so that 

 the marc of copper in place of producing 34 pieces of 2 maravedis 

 should furnish 51 pieces of 4, thus trebling its nominal value. This 

 must have called forth energetic expressions of dissatisfaction, for 

 in less than two months on October 29th a new project was an- 

 nounced. The coinage of pure copper was stopped, and in its 

 place a new alloy was ordered containing 20 grains of silver to 

 the marc (^b-)> to be worked into 51 pieces of 16 maravedis, and 

 smaller coins in proportion. The existing calderilla and vellon 

 grueso were allowed to remain in circulation, to be gradually 

 worked over into the new coinage as they should reach the treas- 

 ury. The new issue was styled moneda de molino de vellon ligado 

 mill money alloyed shortened into moneda de molino* and 

 added to the confusion by furnishing a third debased coinage, for 

 of course the two older ones remained in circulation. The country 

 speedily was flooded with the new currency, and prices began to 

 rise still higher. Some relief was necessary, and, as usual, it was 

 applied in a violent and summary manner. A pragmatica of 

 1664 reduced the value of the new moneda de molino by one half 

 the 16-maravedi piece was to pass for only 8 ; for thirty days it 

 would be received at the old rate by the treasury in settlement of 

 overdue debts and taxes up to the end of 1662 ; after thirty days 

 it would be accepted only at fifty per cent of its face, and the 

 Royal Council was vaguely ordered to adopt such measures as it 

 should deem wise to prevent injustice between buyers and sellers, 

 debtors and creditors. As there ought to be only one base- metal 

 currency, moreover, the edict prohibited the further use of the 



* It seems to have been not long before this that the mill or machine for stamping was 

 introduced, enabling coins to have a raised and milled edge, to check clipping. In the 

 Indies the primitive labor de martillo, or hammering process, was maintained until 1728, 

 when mills were ordered to be erected. Where practicable, these were run with water 

 power ; when this was not available, by mules. 



