By John F Chown, Forrest Capie
This ebook provides a close and dazzling heritage of cash from Charlemagne's reform in nearly AD800 to the tip of the Silver Wars in 1896. It additionally summarizes 20th century advancements and locations them of their old context.
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Extra info for A History of Money: From AD 800
From MONEY IN THE COMMERCIAL REVOLUTION 37 Luxembourg), circulated back into England, polluting the purity (well, more or less) of our coinage with a wide variety of deceptively similar looking, but often debased pieces. There was another recoinage in 1299, mainly to replace these below-weight imitation sterlings. The latter were called down to half their face value for a year, and then banned from circulation permanently. Many of them did contain rather more silver than half the face value would require, and were therefore offered and accepted at full weight as bullion for recoinage.
A standard reference book describes the coins of no less than 136 different French feudal and ecclesiastical issuers for this period, with another 247 for ‘Germany’, a loose geographical term which also included what are now Austria, Switzerland and the Low Countries (Engel and Serrure 1890 vol. 3). The designs of the coins became degraded. Copies of copies became increasingly barbarous. Depreciation was rapid, and by 1200 the ‘denarius’ was little more than a grubby piece of base metal. Even the French royal coinages lost twothirds of their silver value within a century.
4 MONEY IN THE COMMERCIAL REVOLUTION INTRODUCTION For much of the twelfth century, up to about 1180, the European economy, based on the feudal system, was essentially a self-sufficient agricultural community. Landlords received their rent, and the church its tithes, in the form of produce. Everyday transactions were, as often as not, settled by barter. There were a few travelling merchants, and a small part of the population lived in towns, but the real growth revival of international trade had hardly begun.
A History of Money: From AD 800 by John F Chown, Forrest Capie