Coinage in the Low Countries (880-1500): The Third Oxford Symposium on Coinage and Monetary History 9780860540489, 9781407348452

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Coinage in the Low Countries

(880 -1500)

The Third Oxford Symposium on Coinage and Monetary History edited by

N.J.Mayhew

BAR International Series �4 1979

B.A.R.,

B.A.R.

122 Banbury

Road, Oxford OX2 7BP, England

GENERAL EDITORS A. R. Hands, B.Sc., M.A., D.Phil. D. R. Walker, M.A.

B.A.R. International Series 54, 1979: 880-1500"

"Coinage in the Low Countries,

© The Individual Authors, 1979

The authors’ moral rights under the 1988 UK Copyright, Designs and Patents Act are hereby expressly asserted. All rights reserved. No part of this work may be copied, reproduced, stored, sold, distributed, scanned, saved in any form of digital format or transmitted in any form digitally, without the written permission of the Publisher. ISBN 9780860540489 paperback ISBN 9781407348452 e-book DOI https://doi.org/10.30861/9780860540489 A catalogue record for this book is available from the British Library This book is available at www.barpublishing.com

CONTENTS

Page

C on ten ts 1 .

Pre face Abbrev ia t ions

i v

L ist o f Par t ic ipan ts C oinage a nd t he r ise o f t he F le m ish t owns C o mpara ison e n tre

1 ,6 v o l u t i on

D . M . Me tca lf

1

p o l it ique ,

e cono m ique e t mone ta ire d u n ord d e l a i France a u x ie s iec le

Franco ise Du mas

2 5

Peter S eaby

4 9

N . J . Mayhew

5 4

F . a nd W. P . B lockmans

6 9

J ohn H . Munro

9 5

S o me c oins o f S tephen a nd E ustace a nd r e la ted i ssues o f western F landers T he c ircu la t ion a nd im i ta t ion o f S ter l ings i n t he L ow C oun tr ies Deva lua t ion , c o inage a nd s e ignorage u nder L ou is d e Nevers a nd L ou ts d e Ma le, c oun ts o f F landers, 1 330-84, Mone tary c on tract ion a nd i ndustr ia l c hange i n t he l a te- med ieva l L ow C oun tr ies, 1 335-1500 L a p o l it ique moneta ire e n F landre d es d ucs d e B ourgogne d e l a ma ison d e Va lo is, 1 384-1430 Ca la is a nd i t s min t :

P ierre C ockshaw

1 63

p ar t o ne

Pe ter S puf f ord

1 71

p ar t t wo

Pe ter Woodhead

1 85

H . Enno v an G e lder

2 03

C o ins a nd a ccoun ts i n t he e astern Ne ther lands

PREFACE

Marc B loch o nce o bserved w ith s o me j ust ice t ha t ' t he s tudy o f n um is mat ics h as h ad d if f icu l ty i n emerg ing f ro m t he world o f museu m d isp lays a nd c ur ios ity s hops.' The Th ird Ox ford S y mposiu m o n Co inage a nd Mone tary H ist ory i n t he L ow Coun tr ies, l ike i t s t wo p redecessors o n Engl ish a nd S cot tish med ieva l n um is ma t ics , was h e ld a s p ar t o f a del ibera te p o l icy t o b r ing a bou t s uch a n emergence.

To t h is e nd h istor ians a nd n um is ma t ists w ere i nv ited

t o j o in i n l ectures a nd d iscuss ions i n t he Co in Roo m a t t he Ash mo lean a nd a t Wo lfson Col ver a three d ay weekend i n S ep te mber 1 978. l ege o

On t h is o ccas ion

we were c oncerned n o t s o much w ith t he d eta ils o f n um is ma t ic c lass if ica t ion a s w ith t he a pp l ica t ion o f a l k inds o f n um is ma t ic a nd mone tary e v idence t o l t he p roble ms o f e cono m ic a nd p o l it ica l h istory . Th is i s al arge t op ic d e l ibera tely i n terpre ted i n i t s w idest s ense.

More-

o ver , b y ' Low Coun tr ies ' we mean t n o t merely Be lg iu m , L uxe mburg a nd t he Ne ther lands , b u t a lso a d jacen t t err itor ies i n France a nd Ger many.

S o t he

p apers wh ich f o low d o n o t a te mp t ac o mprehensive monetary h istory , b u t l t r a ther a s er ies o f s tud ies h opeful f i n teres t b o th t o n um is ma t ist a nd h istor ian . ly o Most o f t he p apers p r in ted h ere a re s ubstan t ial he v ers ions r ead a t t he ly t S y mpos ium.

I n o ne c ase we a re h appy t o p ubl ish a much l onger e ssay t han

t here was t ime t o r ead. p r in ted.

ft he f ul aper i s I n a no ther c ase o n ly a r esu me- o l p

The t wo p apers r ead i n French a re h ere a cco mpan ied b y c lose Engl ish

t ran sla t ions.

N . J . M.

i i

L IST OF ABBREVIATIONS

ADN

le Arch ives d eparte men ta les d u N ord ( L il )

ARA

A lge meen R i jksarch ief ( Belg iV )

. A SAN

Anna les d e l a S ocie te Archeo log ique d e N a mur

BAR

Brit ish A rchaeo log ical Reports

BNJ

Br it ish Nu m is ma t ic J ournal

BSFN

l et Bul in d e l a S oc ie te França ise d e Nu m is mat ique

CCR

ls Calendars o f t he C lose Rol

CEH

Ca mbridge Econo m ic H istory

CE NB

Cercle d 'Etudes Nu m is mat iques.

CPR

ls Calendars o f t he Privy Rol

EcHR

Econo m ic H istory Rev iew

GNB

t e Nu m Gazet is ma t ique ( Louva in )

HBN

Ha mburger Be iträge z ur Nu m is ma t ik

J n l. o f Econ . H ist.

J ournal o f Econo m ic H istory

t. d l. Mit . Bayer Nu m. Gesel

te Mit ilungen d er Bayer ischen Nu m is mat ischen

l et Bul in

l schaf Gesel t PSAS

Proceed ings o f t he S oc iety o f An t iquar ies o f S co t land

RBN

l ographie Revue Beige d e N um is ma t ique e t d e S ig il

RN

Revue Nu m is mat ique

i ll

L IST OF PARTICIPANTS

E . Besley , E sq . , Research Ass istan t , Depar t men t o f Co ins a nd Meda ls, Br it ish Museu m . Professor Wi m B lock mans, Faku lte it d er S oc ia le Wetenschappen , Eras mus Un ivers ite it , Rot t erda m. Postbus 1 738 , Rot t erda m . J . D . Brand, Esq ., ( D irector o f t he Br it ish Nu m is ma t ic S oc iety) , 5 Rid ley Road , Rochester , K en t , 1 / 1 131 1 UL . M . P ierre C ockshaw , ( Bib l iotheque Roya le d e Be lg ique) , l es Avenue Pucc in i 9 9, 1 070 Bruxel . D . J . Crow ther , Esq ., Depar t ment o f Co ins a nd Meda ls, S otheby Parke Berne t 8 1 Co ., 3 4-35 New Bond S treet , L ondon W1A 2 AA , M . Harry Dew it , ( Secreta ire-ad jo in t , S oc iete r oya le d e n um is ma t ique d e Be lg ique) , Tervuurse Vest 2 1, a pp . 1 9/F, 3 030 Hever lee, Be lg iu m . M . M . Dhen in , ll Conservateur a u Cab inet d es Meda les, B ibl iotheque Na t iona le , 5 8 r ue R iche l ieu, 7 5084 Par is . M me . Franço ise Du mas-Dubourg , l l Conservateur a u Cabinet d es Meda les, B ibl iotheque Na t iona le, 5 8 r ue R iche l ieu, 7 5084 Par is. Professor d r .H . Enno Van Ge lder , D irecteur , K on ink l i jk Penn ingkab inet , Z eestraa t 7 1b, ' s-Gravenhage . liez (M M . e t M me . Hubert Frere-Thul . Frere e st Ma itre d e C on ferences a ux Un iversites d e L ouva in e t d e L iege) , r ue d e l a Prov ince, 1 5, B-4100 S era ing . Mr . H . W. J acob i, wet Ambtenaar , K on ink l i jk Penn ingkab inet , Z eestraat 7 1b, ' s-Gravenha .ge . Dr . C . M . Kraay, K eeper o f t he Heberden Co in Roo m , Ash mo lean Museu m, Ox ford OX1 2 PH . N . J . Mayhew , Esq ., Assistan t Ke3per , Heberden C o in Roo m , Ash mo lean Museu m, Oxford OX1 2 PH . Dr . D . M . Metca lf , Assistan t Ke3per , Heberden Co in Roo m , Ash mo lean Museu m, Oxford OX1 2 PH .

i v

Professor J . H . A . Munro , Depar tmen t o f P o l i t ica l E cono my , Un iversity o f T oron to , 1 00 S t . G eorge S t ., T oron to M5S 1 A1, a nd A ssoc ia te D irec tor o f t he C en tre f or Med ieva l S tud ies, Un iversi ty o f T oron to . J . P or teous, E sq ., 5 2 E lg in Crescen t , L ondon W11. P e ter J . S eaby , E sq ., B . A . S eaby L td ., A ud ley H ouse , 1 1 Margare t S t ., L ondon WIN 8 AT . f ord Dr . P . S puf , f ordsh Depar t men t o f H istory , Un iversity o f K ee le , K ee le , S taf ire S T5 5 BG . M me . Mar ie-Rose Des med-Th ie le mans, ( Charge d e c ours a u S em ina ire d 'H isto ire C on te mpora ine, Un ivers ite L ibre l es) l es d e Bruxel , 1 71 c haussee d e Drogenbos, 1 180 Bruxel . Dr . E . Van Cauwenberghe , Depar t men t o f H istory , Un ivers ity o f L euven , a nd Wi lgestraa t 2 5, 2 580 S in t-Ka te l igne- Waver , Be lg iu m . Professor Dr . H . Van Der Wee , Un ivers ity o f L euven a nd 2 M eu lestraa t , B-2778 , S in t-Pauwe ls, Be lg iu m . M . Rene Warzeggers, Wakkerzee lsebaan 4 4, 3 010 Wi lse le , B e lg iu m . D . R . Wa lker , E sq ., G enera l Ed itor , B .A .R ., 1 22 Banbury Road , Ox ford OX2 7 BP . M . G . We lch , E sq ., L ecturer i n Med ieva l Archaeo logy , Depar t ment o f H istory , l ege Un ivers ity C ol , L ondon . P . Woodhead , E sq ., ( Pres iden t o f t he Br i t ish N um is ma t ic S oc ie ty ) , 6 5 A ldswor th Avenue , G or ing-by-Sea , Wor th ing , S ussex BN12 4XG .

COINAGE AND THE R ISE OF THE FLE MISH TO WNS D . M. Metca l f

H enr i P irenne a t tached c ons iderab le impor tance t o F landers i n h is a na lys is o f European d eve lop men t . A f ter c en tur ies o f a grar ian s e lf-suf iency a nd fic r eg iona l i so la t ion i n n or th-wes tern E urope d ur ing t he d ark a ges , t he s t i mu lus t o g row th c a me i n i t ial ly f ro m t he r ev iva l o f c o m merce a nd u rban l i fe .

The

F le m ish t owns p rov ided P irenne w i th t e l ing i lus tra t ions o f h is t hes is t ha t l l t he r ev iva l o f t owns a f ter t he d is loca t ions c aused b y t he V ik ings owed a l mos t n oth ing t o c on tinu i ty f ro m e ar l ier a ges , b u t was r a ther t he p roduc t o f an ew c on junct ion b e tween t he f or t i f ied c as t les o f f euda l p r inces , a nd t he c o m mun it ies o f l ong-d is tance merchan ts wh ich g rew u p i n t he s hel ter o f t he ir p rotect ion .

Under t he j o in t s t i mu lus o f c o mmerce a nd o f a n a ncien t wool ndus try l en i

F landers b ene f it ro m i t s l oca t ion a t o ne o f t he n oda l p o in ts o f E uropean t ed f n or th-sou th t rade an a dvan tage wh ich P rovence a nd t he n or th I ta l ian c it ies s im i lar ly e n joyed , a nd wh ich was t o b e s hared b y t he f a irs o f C ha mpagne , r ough ly h al f-way a long t he n or th-sou th r ou tes .

B ecause t hese r eg ions h ad

p recoc ious ly o u ts tr ipped t he r es t o f Europe i n t heir u rban a nd c o m mercia l i ndus try f ol lowed , a nd t hey s oon b egan t o e n joy t he a dvan tages

r eawaken ing ,

o f b eing i n t he l ead , i n ap er iod o f s us ta ined g row th a nd p rosper i ty. a lso e n joyed a n e xcep t iona l d ens i ty o f p opu la t ion .

F landers

1

P irenne 's t hough ts o n t he w ider s ign i f icance o f F landers b egan t o c rys tal lize more t han s even ty y ears a go , i n h is a r t icles " Vines , marc Hs , e t marchands a u moyen a ge" a nd " Les v il la mandes a van t l e XI iècle . "2 l es f Ie s

S ince t hen

av ery e x tens ive l i terature h as g rown u p i n t he s he l ter , a s o ne migh t s ay , o f h is t hes is .

I t s p roposi t ions h ave b een e labora ted u nceas ing ly .

h as b eco me s o me th ing o f a n i ndus try i n i t se l f .

3

The t hes is

P irenne , who t augh t a t t he

Un ivers i ty o f G hen t , o f ten r e turned t o t he t opic o f t he F le m ish t owns i n h is mag is ter ial wr i t ings o f h a l f ac en tury . We igh ty

a dd i t ions h ave b een made t o t he n um is ma t ic e v idence i n t he l as t

t wen ty-f ive y ears , f or e xa mp le b y Wa l ter H ävern ick o n t he g enera l i n terpret a t ion o f t he f low o f c oinage b e tween G er many a nd n or thern a nd e as tern Europe ;4

b y G un ther A lbrech t o n t he c oinage o f L ower L o thar ing ia a nd F r is ia

y F ernand V ercau teren o n f ro m t he t en th t o t he e ar ly t we l f th c en tur ies ;5 b e ar ly monetary c ircu la t ion i n B e lg iu m ;6 b y H uber t F rere o n C aro l ing ian c oins m in ted i n B e lg iu m ;7

b y J oseph d hyssens o n t he c oinage o f F landers i n

t he t we lf th a nd t h ir teen th c en tur ies ;8 a ge ma ter ia l .

9

a nd b y G er t H a tz o n t he S wed ish V ik ing-

These r esearches h ave n o t y et b een a s c are ful n tegra ted ly i

w i th t he e cono m ic h is tory o f t he L ow C oun tr ies , a nd h ave n o t p erhaps b een a s w ide ly u nders tood , a s t hey d eserve t o b e .

The p ar t icu lar v a lue o f t he

S candinav ian a nd B al t ic f inds l i es i n t he f act t hat t hey o fer c o mpara t ive i n . f f or ma t ion a bou t mone tary d eve lop men t i n ap er iod f ro m wh ich s ys te ma t ic e v idence i s o therw ise n o t t o b e f ound . H is tor ians h ave h ad t o g enera l ise , o f ten ,

f ro m f rag men tary r ecords , a nd w i thou t t he b ene f i t o f t he s ta t is t ica l s er ies wh ich wou ld h ave h e lped t o s how whe ther t he o u t l ines t hey h ad s ke tched were i n t he c orrec t p ropor t ion .

P irenne n oted , f or e xa mp le , t ha t c o ins s truck

b y t he c oun ts o f F landers Arnou ld I a nd B audou in I V ( 9 65-1035 ) h ave b een f ound i n D enmark , P russ ia a nd e ven i n Russ ia . Th is was i n for ma t ion o f a s or t , b u t i ti s p ure ly i nc iden ta l i n c harac ter . We a re n ow i n a pos i t ion t o s ta te much more e xac t ly wha t p ercen tage t he e ar ly F le m ish c oins make u p among t he f inds f ro m t he B a l t ic r eg ions . c en t .

I ti s a minu te f rac t ion o f o ne p er

T o t he n um is ma t is t , c onsequen t ly , t he i dea t ha t F landers e n joyed a ny

k ind o f p re-e m inence , o r t ha t i t was i n t he l ead i n t he l a te t en th o r e ar ly l s e leven th c en tur ies , wou ld b e q u i te a s ton ish ing , i ndeed o ne may a s wel ay f rank ly i ncred ib le .

R a ther i t s ee ms t ha t , b ecause t he F le m ish t owns h ave

b een s o i n tens ive ly s tud ied , t hey h ave l oo med l arger , a nd h ave a ssu med a g rea ter r e trospec t ive i mpor tance i n o ur i deas a bou t E uropean e cono m ic d evelop men t i n t he t en th a nd e leven th c en tur ies t han t hey d eserve t o d o o n a more b a lanced v iew . A lbrech t p repared a n i ndex o f t he r e la t ive i n tens i ty o f min t ing o f p laces i n L ower L o thar ing ia f ro m t he l a te t en th t o t he e ar ly t we l f th c en tur ies .

The

ly l r ev iva l o f c o m merce a nd a g row ing mone tary c ircu la t ion e ven tual ed t o t he c rea t ion o f s o me 6 0-65 min ts i n t he d uchy , o f wh ich o n ly 9 o r 1 0 , a nd t hose b y n o means t he mos t i mpor tan t , were i n F landers . The ir c o mbined s core , b ased o n t he n u mber o f f inds d iv ided b y t he l eng th o f t ime t he min ts were o pen , i s a bou t 2 .5 .

On t he s a me s ca le , K t ln s cores 5 0 , t ha t i s am in t ing

a c t iv i ty t wen ty t imes a s i n tense .

T ie l , D even ter ,

G ron ingen , D okkum , a nd

L eeuwarden t ogether s core o ver 7 0 , a n a c t iv i ty n ear ly t h ir ty t imes a s i n tense . I t wou ld s ee m t ha t t hey were s har ing a r o le a s f ron tier m in ts , wh ich i n t he e ar ly C aro ling ian p er iod h ad b e longed t o s uch p laces a s Wi jk-bi j-Duurs tede a nd Maas tr ich t .

One mus t a ssume t ha t

much o f t he s i lver t hey m in ted was

money c om ing b ack t o E urope f ro m t he n or th , t o p urchase manu fac tured g oods . The n umbers o f h oard-coins r ecorded b y A lbrech t f ro m e ach min t a re s hown i n Tab le 1 , a nd t he s a me i n for ma t ion i s p resen ted i n a map , F ig . 1 .

H a tz

p rov ides s im i lar b u t l ess d e ta i led i n for ma t ion b ased e xc lus ive ly o n a n u p-tod a te s urvey o f t he S wed ish f ind- ma ter ia l , among wh ich t he n or th F r is ian i ssues t a re a l i t le l ess p len ti fu l ( Table 1 ) , b u t wh ich o therw ise c oincides q u i te c lose ly w i th A lbrech t 's w ider s urvey. l a As wel s t he c on tras t b e tween F landers o n t he o ne h and a nd C o logne a nd t he n or thern N e ther lands o n t he o ther , t here i s ac lear c on tras t b e tween l ey F landers a nd t he Meuse v al .

A long t he Meuse , i ndus try ( i nc lud ing me ta l-

working ) may h ave b een more d eve loped t han i n F landers ;

a nd t he r iver

r ou te-way may h ave h elped t o f os ter t rade . A r ad ica l c r i t icis m o f t he i n for ma t ion s u m mar ized i n F ig . 1 w ou ld s ugges t t ha t t he c on tras ts a re n o t at rue r e f lect ion o f d i f feren t i n tens i t ies o f min to u tpu t , b u t mere ly s how t ha t t he c o ins o f s o me m in ts r eached S cand inav ia i n q uan t i ty , wh i le t hose f ro m e lsewhere d id n o t .

The F le m ish c o ins , i t migh t

b e a rgued , e i ther s tayed a t h o me , o r were c arr ied s ou thwards r a ther t han e as twards , b u t i n a ny c ase t he e v idence f ro m t he V ik ing wor ld o f fers n o j us t if i ca t ion f or a sser t ing t ha t t he c urrency o f F landers was r e la t ive ly i ns igni f ican t . f T o o fer s uch c r i t icis m i s t o t ake a s tand u pon a r a ther e x tre me p os i t ion . l ey I ft he e as tern t rade c ou ld p ene tra te t he l eng th o f t he Meuse v al , a nd c arry 2

F IG . 1 f i t s i n f luence u p t he Rh ine t o C o logne , i ti s d i f icu l t t o s ee why i t s hou ld h ave s topped s hor t o f B ruges a nd G hen t s o a brup t ly . Bu t t he c r i t icis m i s i n p r inc ip le a n i mpor tan t o ne , a nd i td eserves t o r ece ive a n a nswer f ro m n um is mat is ts .

E v idence e x is ts , q u i te i ndependen t ly o f t he S cand inav ian s ta t is t ics , f or

t he v o lu me o f m in t-ou tpu t :

t he n u mbers o f d ies u sed a t e ach min t c an b e

e s t i ma ted f ro m t he f requency w i th wh ich d ie-dup l ica tes o ccur i n ar ando m s e lec t ion o f c oins ( no t , f or e xa mp le , i n as ing le h oard ).

H a tz 's c orpus o f t he

f T ie l min t s hows t hat g rea t n umbers o f d i feren t d ies were u sed t here . F landers , t he work r e mains t o b e d one ;

F or

a nd , b ecause o f t he c are less manu-

l b f f ac ture o f t he c oins , i tw il e d i f icu l t t o a ch ieve p recis ion .

Bu t t he h is tor ica l

i n teres t o f t he r esu l t s hou ld e ncourage n um is ma t is ts t o d o wha t t hey c an . E ven when t he d e f ic ienc ies o f t he S cand inav ian s ta t is t ics h ave b een d isposed f eren o f , t he c o mpara t ive i n tens i ty o f min t-ou tpu t i n d if t t owns i s , o f c ourse , n o t n ecessar i ly a n a ccura te i ndex o f t he t owns ' r e la t ive s ize o r e ven o f t heir r e la t ive c o m merc ia l impor tance . m ined s i lver ,

I t may a lso r e f lec t t he o u tpu t o f n ew ly-

t f or e xa mp le t he p ro li f ic O to Ade lhe id c oinage f ro m t he H arz

lion moun ta ins , t he d irec t ions o f i n ter-reg iona l f lows o f b ul , t he b a lance o f p aymen ts , t he e n force men t o ro therw ise b y t he p o l i t ica l a u thor i t ies o f t he r emin ting o f f ore ign c oins a t t he f ron t ier , a n e cono m ic c hoice t o c arry s i lver t o ad is tan t min t where i tc ou ld b e c oined more a dvan tageous ly , a nd s o o n . N ever the less , t he n um is ma t ic e v idence a s r egards t he r ise o f F landers i s , i n an ega t ive s ense , s o d ra ma tic t ha t i t s hou ld n o t b e i gnored .

E ng l ish c oins i n S wed ish f inds o u tnu mber F le m ish a gain , b y 8 0 t o 1 .

I f

F landers was i n t he f ore fron t o f European e cono m ic d eve lop men t i n t he e leven th c en tury , i t s impor tance i s mos t c er ta in ly n o t r ef lec ted i n i t s s urv iv ing c o inage. I tc ou ld b e , o f c ourse , t ha t F landers , l i ke F rance , l ay t oo f ar wes t t o r ece ive much o f t he r e turn c urren t o f s i lver f low ing b ack a gain f ro m S cand inav ia a nd t he B a l t ic , a nd wh ich was e v iden t ly r em in ted o n r e-en try i n to wes tern E urope . Bu t t he s t i mu lus o f l ong-d is tance t rade a nd c o m merce i s p rec ise ly wha t P irenne c la i med p u t F landers a head . A f ter b eing d r iven o u t o f Eng land i n 8 79 , aV ik ing a r my i nvaded F landers , o ccup ied t he v al f t he S dhe ld t , a nd d evas ta ted t he who le r eg ion f or s o me l ey o f ive y ears .

Their r a ids c on t inued i n ter m it t ly u n t i l 8 92 . t en

1 0

B audou in I

( 883-918 ) , h av ing s urv ived t he V ik ing o ns laugh t i n t he e ar l ier p ar t o f h is r e ign , r ebu i l t h is c as tel t Bruges , a nd b egan t he work o f r econs truct ing t he r el um a g ion 's p rosper i ty a nd o f e xpanding t he t err i tor ia l l im i ts o f t he ( a lready c on1 The 8 90s , t hen , mark a n ew b eg inn ing . s iderab le ) marqu isa te o f F landers .1 I th as b een w ide ly a ccep ted o n t he b as is o f n um is ma t ic e v idence t ha t t he s tr ik ing

o f c o inage v ir tual eased i n L ower L o thar ing ia a t a bou t t h is d a te , a nd r esu med ly c o n ly g radual nd o n a smal ca le a f ter ab lank p er iod v arying i n l eng th f ro m ly a l s ad ecade o r t wo a t s o me min ts t o ac en tury a nd a h a l f a t o thers .

S o me o f t he

C aro ling ian min ts d id n ot r e turn t o a c t iv i ty , t he t owns i n wh ich t hey were s i ted n ever h av ing r ecovered f ro m t he d is loca t ions o f t he V ik ing a ssau l t . Tourna i , f or e xa mp le , was l ar u ly d es troyed i n 8 81 , t he i nhabi tan ts f led , a nd d id n o t r e turn u n t i l c . 9 10-11. 1 z Th is v iew o f ag enera l c orrespondence b e tween mone tary a fa irs a nd a n f e cono m ic d ark a ge i s , o f c ourse , b road ly t rue .

The V ik ings were a bove a l l

h ungry f or c ash , a nd t hey d id t he ir b es t t o e x tor t a l t he moveable wea l th t ha t l was t o b e h ad f ro m F landers .

The c urrency o f t he r eg ion a s i t was i n t he y ears

l i l u p t o 8 79 i s wel lus tra ted b y t he h oards o f Mu izen-lez- Ma l ines a nd o f Z e lza te .

1 3

I t was s t il om ina ted b y d en iers o f t he " te mp le" t ype , i nscr ibed l d

XP ISTIANA RELIG IO.

A l t ha t money wen t i n Danege ld , r anso ms , p i lage , l l

a nd u nrecovered h oards .

The c urrency t ha t we s ee i n t he y ears when F landers

f was emerg ing f ro m i t s t r ibu la t ion i s c o mple tely n ew a nd d i feren t . S o a l though t here was a b reak i n t he c urrency , t here was n ot a n immed ia te e nd t o min t ing .

The a ppara tus a nd t rad i tions o f t he e ar l ier c o inage s urv ived

t he y ears 8 79-84 , a nd were a ppropr ia ted b y B audou in I .

H e c on tinued t o s tr ike

s i lver d en iers o f C arol ing ian a spec t f or a t l eas t af ew y ears , f or r easons t ha t we a re i n n o p os i t ion t o j udge w i thou t k now ing t he e xac t d a tes o f t he c oins . Were t hey s truck f or t he p ay men t o f t r ibu te , -f or p o l i t ica l a nd mi l i tary p urp oses ;

ly o r were t he min ts s i mp ly work ing n or mal , s upplying merchan ts a nd

l o o ther p r iva te c us to mers who c hose t o c al n t heir s erv ices? a f ter t he f ina l d epar ture o f t he V ik ings i n 8 92?

D id t hey c on t inue

Our u nders tanding o f wha t

h appened i n t he t en th c en tury h as b een h indered , a s r egards t he l i fe o f t he t owns , b y a n a l mos t c o mple te a bsence o f d ocu men ta t ion , a nd a s r egards t he l i ssue a nd c ircu la t ion o f c oinage , b y a nony mous i ssues wh ich d o n o t t e l u s e i ther t he d a te o r e ven t he r u ler 's n a me o r t he m in t-p lace , a nd b y t he c o mp le te a bsence o f h oards f ro m F landers .

On b o th s ides o f t he a rgu men t t he e v idence

t i s e x tre me ly f ragmen tary , a nd o ur a te mpts t o c orre la te x w i th y c an t here fore o n ly b e t en ta t ive .

1 3r, .4S , '

F IG . 2 .

Den ier o f t he Bruges min t , o f t he v ar iety w h ich o ccurred i n t he A ssebroek h oard .

Obv. K aro lus- monogram , GRAT IA D-I REX.

Rev. Cross. BRUCCIA MO. F irst , t he e v idence o fp ost-Caro l ing ian c on t inu ity u nder Baudou in I , a t Bruges a nd Ghen t ;

a nd t hen a t Arras.

F ro m t he m in t o f Bruges, wh ich

A lbrech t a nd o ther w r iters h ave s upposed t o h ave b een i nact ive f ro m a t t he l a test 8 75, t here a re i n f act n u merous c o ins , r epresen ted f or e xa mp le i n t he Cuerda le h oard ,

1 4

wh ich F r re a tr ibu tes t o t he t ime o f Char les l e S i mp le, t

a nd t hus i n e fect t o Baudou in 1 , f r espected.

1 5

a l though t he l ega l f i ct ion may h ave b een

The A ssebroek h oard , f ound i n 1 858 , c on ta ined 1 39 d en iers o f

t he m in t o f Bruges a l o f t h is l a te v ar iety ( see F ig. 2 ) , a long w i th 4 8 d en iers l o f Arras , a nd 1 3 o bo les o f Quen tov ic a nd 4 o fS t . Den is.

1 6

Th is p rec ious

d ocu men t i lustra t ing a l oca l ized monetary c ircu la t ion i n n orthern F landers, l l inked t o j ust af ew o ther t rade c en tres, was c areful escr ibed b y S errure, ly d a l though w ithou t t he f ul ho tograph ic r ecord t ha t i t wou ld b e t hough t t o mer it l p t oday .

L ack ing t ha t r ecord w e c anno t s ay h ow many d ies were u sed a t t he

Bruges m in t , n or e ven whe ther t he c on jectured d a te o f d epos it ( dur ing t he 8 90s o r p erhaps l a ter ) i s e xact. c o ins was n o t iced .

7 The r e la t ive ly l ow we igh t1

a nd p oor a loy o f t he l

A ssebroek i s i n t he s uburbs o f Bruges, a nd i n t ha t r espect

t he h oard i lustra tes P irenne 's t hesis r a ther n ea t ly . l S im i lar , b u t i ncreas ing ly b lundered , c o ins d er iv ing f ro m t he Bruges t ype o f Char les l e S i mp le a nd p resu med t o h ave b een m in ted t here h ave b een f ound i n n u merous S cand inav ian h oards , r ang ing i n d a te f ro m t he Gerete f i nd c onc ea led a f ter 9 91, a nd o nwards f or t he n ex t t h irty o r f orty y ears.

Ha tz h as

i nterpreted t he m a s aF le m ish t ype im mob i l ise , d a teable a pprox i ma tely t o 8 9 30-60 o r l a ter. 1

Ra ther t han a c o mp lete e nd t o m in t ing b ecause o ft he

s evere d isloca t ion c aused b y t he V ik ings, t hen , i t wou ld s ee m more a ccura te t o s peak o f a m odest c on t inu ity a ssoc ia ted w ith Baudou in I a nd h is s uccessors 9 A s r egards t he l oca t ion o f m int ing w i th in F landers , t h is i s a t Bruges .1 a lready a m ore p o l it ica l t han e cono m ic e xplana t ion o f t he c o inage.

We a re i n

n o p os it ion t o d a te t he c o ins p rec isely , a nd t herefore c annot a ssess t he d egree t o w h ich m in t ing was s porad ic.

But i ts hou ld e ven tual e p oss ible t o e st i ma te ly b

t he s ca le o f i ssue o f t he b lundered c op ies, f ro m t he n u mbers o f d ies t ha t w ere u sed . Wha t c an o ne s ay a bou t t he min t o f Ghen t?

L ike Bruges, i tc ame i n to

e x istence a f ter 8 64 a nd , a pparen t ly , was c losed b y 8 75. 20

I t i s t e mp t ing t o

s ee t he a ppearance o ft hese t wo q u i te a ct ive m in ts i n t he y ears a round 8 70 a s as ing le p heno menon , a nd t o l ink t he m w ith t he f i gure o f Baudou in I .

Coun t

Baudou in was n o t a n i ndependen t f euda l l ord , b u t r a ther a n a dm in istra t ive o f ic ia l o f t he Caro l ing ian Emp ire , f

2 1

a nd t here i s n o e v idence t o s how t ha t h e

u surped t he r igh ts o r e xerc ised a ny u nusua l c on tro l o ver t he c o inage.

We may

n ever theless s uspect t ha t h is i n f luence l i es b eh ind t he n ew monetary impetus 5

a t B ruges a nd G hen t , j us t a s o ne c an d e tect t he r eg iona l i n f luence o f s trong e a ldor men i n t he r oya l c oinage o f Ang lo-Saxon Eng land . b een t he ma in c en tre i n B audou in 's t err i tor ies ,

2 3

2 2

G hen t may h ave

o r a t l eas t t he e qua l o f

l Bruges , b u t i t s ee ms t o h ave l os t i t s impor tance f o low ing t he V ik ing o ccupat i on o f t he t own i n 8 79-80 .

2 4

F ew i fa ny c oins were s truck a f ter t ha t d a te ,

b u t i t wou ld b e r ash t o a sser t c a tegor ical ha t t he t ype o f C har les l e C hauve ly t d id n o t b eco me im mobi l ized .

S peci mens o f av ar ie ty w i th a l ong-ar med c en-

t ra l c ross a nd t he b lundered min t-na me GVVDANA M ( f or G andavu m ) weigh o n ly 1 .41 a nd 1 .47 g .

The c rux i s t ha t o ne s im i lar t o t hese o ccurred i n

2 5

6 t he G l isy h oard , wh ich s ee ms t o b e f ro m l a ter t han 8 92. 2

R ough ly c on te mporary w i th t he Assebroek h oard i s a no ther f ro m Arras , wh ich must b e long a t l eas t s evera l y ears a f ter 8 88 s ince i ti nc ludes 5 9 c o ins o f E udes ( 888-98 ) f ro m a v ar ie ty o f min ts .

T he y ear 8 91 , when t he V ik ings

o ccup ied Am iens f or s o me mon ths , i s a p oss ib le d a te .

2 7

The s ou thern d is-

t r ic ts , o ver wh ich B audou in I a nd Arnou ld Iw ere l a ter t o e x tend t heir c on trol , were n o t a s s evere ly a fec ted b y t he V ik ing r a ids a s t he S che ld t v al nd t he f l ey a n or th .

Ou t o f a l mos t 5 00 c o ins , 2 00 a re o f t he l oca l min t o f Arras , b u t

n u merous o ther C aro ling ian min ts a re r epresen ted i n smal uan t i t ies . l q When mone tary c ircu la t ion was s o l oca l ized , i ti s d if l t t o e s tabl ish ficu c o mpar isons b e tween t he min ts o f Arras a nd B ruges . H awk ins l i s ted 4 c o ins o f Arras i n t he C uerda le h oard , a nd 4 o f B ruges , a s a ga ins t o ne e ach o f i bra i . B ou logne , S t . Omer , a nd C an-

F IG . 3 .

2 8

Den iers o f t he Arras min t , d a t ing p erhaps f ro m t he e ar ly t en th c en tury . EX .

Obv . D egenera te Eudes- monogra m ( ODDO ).

I RATLA

R ev . C ross . ATREBAS C IV I .

The l a ter h is tory o f t he min t o f Arras i s p rob le ma t ic .

The t own was

s acked a t Chr is t mas 8 80 , when q uan t i ties o f b oo ty were t aken .

B u t i t was

2 9

nd t here a re c oins o f E udes i n f or t i f ied b e tween t he y ears 8 85 a nd 8 90 , 30 a n ea t C aro ling ian s tyle wh ich a re i n a l p robabi l i ty l a ter i n d a te t han t he n ew l d e fenses .

3 1

( To c on fuse t he mat , t hey h ave i n t he p as t b een q u i te e rront er

e ous ly a tr ibu ted t o H ugues C ape t , C . 9 87-8 . t t ha t h e min ted a t Arras .

3 2

There i s n o r eason t o b e l ieve

) There a re a lso t wo b lundered p ieces i n t he n a me

o f Eudes ( F ig . 3 ) , wh ich o n t he b as is o f t heir f abr ic a nd s ty le P oey

d 'Avan t

wasprepared t o c ons ider a g ood d ea l l a ter i n d a te t han t he e nd o f t he n in th c en tu r y .3 3

Da t ing o n t he b as is o f s ty le i s h owever t r icky , a nd t hese t wo c o ins

a re n o t much more b lundered a l i t le more , b u t n o t much than a c oin o f t he t n a me o f C har les f ro m t he C uerda le h oard ( t hus b are ly i n to t he t en th c en tury ) , wh ich h as t he c harac ter is t ic s quare C i n t he Karo lus monogra m .

3 4

P r i ma

f acie , t he s equence o f i ssues s ee ms t o a l terna te b e tween p ro to types , a l though t h is i s n o t ar ead ing o f t he e v idence t ha t a ny n um is ma t is t w il ccep t v ery l a h app i ly .

I tc er ta in ly e x tends i n to t he t ime o f B audou in I , a nd p oss ib ly e ven

i n to t he t en th c en tury .

The c hrono logy o f t ypes i m mobi l is6s w il s u sua l b e l a

6

b e d i f icu l t t o e stabl ish , b u t ad eta i led a nd c oord ina ted s tudy o f d ies , we igh ts , f a nd a loy may s ugges t a nswers . R ichebe a dm i ts t he p oss ibi l i ty t ha t Arnou ld I l e tween 9 32 a nd 9 64 .3 6 may h ave s truck c o ins a t Arras o r a t S a in t-O mer 35 b I fh e d id , wh ich i s o n t he who le improbab le , t he t ype immobi l ise o f E udes i s p erhaps t he mos t l i ke ly t o b e h is .

S a in t-O mer , i nc iden tal , s ee ms t o b e a ly

n ew min t s e t u p a f ter t he V ik ing o ccupa t ion o f F landers .

3 7

The p lace was

f or t i f ied , a pparen t ly i n t he 8 80s , when a s ys te ma t ic e for t was made t o f s treng then t he c oas ta l b urch ten , s evera l o f wh ich a t t ha t d a te s t il a t o n l s c oas ta l s p i ts , i so la ted f ro m t he ma in land b y u ndra ined marshes .

3 9

The

p rocess may b e c o mpared w i th t he c rea t ion o f t he A l fred ian b urhs i n E ng land . L a ter i n t he t en th c en tury , e ach Eng l ish b urh was p rov ided w i th a min t ;

t h is

d id n o t h appen i n F landers . I f we t urn n ow t o t he p os t-Caro l ing ian c oinages o f t he t en th c en tury , i ti s t o f ind t ha t t he n um is ma t ic p rob le ms a re i fp oss ib le e ven more i n tractable , f or t he c o ins a re o f ten u ns igned , u nda ted , a nd w i thou t a min t-na me .

As a n

a na logous e xa mp le , L i ge b egan b y s tr ik ing i m i ta t ions o f t he c oins o f K ö ln , a nd t hen modi f ied t he d esign b y s ubs t i tu t ing t he t own n a me L edg ia f or C o lon ia .

4°

I fi t were n o t f or t he c on t inu i ty o f t ype a nd s ty le b e tween t he t wo v ar ie t ies , t he a tr ibu t ion o f t he d irec t i m i ta t ions wou ld o bv ious ly b e e xceed ing ly d if l t . t ficu

F IG . 4 .

Den ier p robably o f t he Brusse ls m in t , c . 9 65-94. HLVDOVVICVS ( IMP )

O bv . Cross.

R ev . S /COLON IA -/ A , b lundered l egend a round .

Many S wed ish h oards c on ta in e xa mp les o f a no ther im i ta t ive c o inage ( see F ig . 4 ) c opying aK öln t ype o f Ot nd a rchbishop B runo ( 962-5 ) , wh ich t o Ia H a tz , f o lowing A lbrech t , i s i nc l ined t o g ive t o F landers . B aer ten h as , o n l t he o ther h and , a rgued t ha t t hese a re t he e ar l ies t c oins o f B russe ls , min ted C . 9 65 a nd g iv ing way a f ter 9 94 t o s im i lar c oins s igned BROCSA a d eve lop1 men t e xac t ly p aral l t o t ha t a t L i ge .4 le . 4 2 0.8 0 g

The ir a verage we igh t i s O .7 5-

There a re o ther l ess p len t ifu l a nony mous c oinages f ro m t he e nd o f t he t en th c en tury a nd l a ter , wh ich f ro m t heir s ty le h ave b een t en ta t ive ly i den t if ied a s F le m ish . 43 F ro m Arras t here a re c oins i n t he n a me o f L o tha ire o f F rance ( 954-86 ) , who t ook a dvan tage o f t he m inor i ty o f Arnou ld I t o t ake c on tro l o f Ar to is i n 9 64. 44 They a re o f r educed modu le a nd we igh t , a nd may b e a ss igned t o R o thard , b ishop o f C a mbra i a nd Arras f ro m 9 80 . 45 They g ive t he a ppearance o f as porad ic a t te mp t t o r egu lar ize t he c o inage . E qual ly s porad ic a re t he s o-cal l ed " grands d en iers" o f S t . Omer , s how ing Eng l ish i n f luence. They i m i ta te / E the lred I 's Crux t ype ( 991-7 ), a nd n a me a moneyer Ru mo ld ( t he n a me i s n o t c op ied f ro m Eng l ish c oins ). 46

Un less

t he C rux d es ign was c rea ted i ndependen t ly , t he Ar tes ian c oins c anno t b e e ar l ier t han t he 9 90s . 47

7

Three im i tat ive c oins i n t he Fbca mp h oard , o f c oarse manu fac ture a nd l ow weigh t , a re p robably f ro m t he r eg ion o f Arras a nd t he 9 70s .

They h ave

b een t en ta t ively a t tr ibu ted a s t he e ar l ies t ( rev ived ) c oinage o f t he c oun ts o f Bou logne • 48

F IG . 5 .

Den iers o f B audou in I V o r V .

The o bv . n or mal ly r eads BALDVIN I

MAR .

1 .

BRV ;

The r ev , l egends a re : 3 .

BRVG IA ...;

2 .

SCI DONATI I

GANT C IV IT ... ; 4 a nd 5 BONVS DENARI .

Tha t b r ings u s t o t he e nd o f t he t en th c en tury , a nd t o t he v ar ied c oins n am ing B audou in a s marqu is o f F landers ( Fig . 5 ) . f ro m a bou t 1 016 o nwards ,

4 9

They a ppear i n h oards

a nd t hey may h ave b een i n troduced al though i t

i s b y n o means c er ta in be fore t he c rea t ion o f t he c oun ty o f F landers i n 1 006. They h ave t rad i t ional een a tr ibu ted t o Baudou in I V , p erhaps w i th t ha t i n ly b t mind ;

b u t t he t i t le o f marqu is c on t inued t o b e u sed t hroughou t mos t o f t he

e leven th c en tury ,

5 0

a nd o ne c anno t t here fore e as i ly e xclude t he p oss ibi li ty

t ha t t he i ssue o f t he c oins e x tended i n to t he t ime o f Baudou in V ( 1037-67). Haeck , who h as p roposed a s che me o f c lass i f ica t ion f or t he v ar iet ies , h as s aid a s much , a nd h as s ugges ted t ha t c o ins o f l igh ter we igh t , a nd a lso s o me o f t he c oins r eading BONUS DENARIUS , a gain o f l igh t w eigh t , b e long t o B audou in V . They o ccur i n S wedish h oards o f t he 1 040s t o t he 1 060s .

5 1

One wou ld s t il l

l ike t o s ee a f ul ho tograph ic r ecord o f t he e v idence , wh ich p resen ts d e lica te l p p roble ms o f i n terpreta t ion .

H atz r ecords t he c oins o f Baudou in i n o nes a nd

t wos i n s o me s ix ty S wed ish h oards , t o at ota l o f 1 30 s peci mens .

A t horough

s tudy o f t he d ies r epresen ted among t hese 1 30 c oins p lus t he r e la tively f ew i n c ol t ions i n wes tern Europe wou ld a dvance o ur u nders tand ing o f t he monel ec t ary h is tory o f e leven th-cen tury F landers more s ecure ly t han a ny o ther p ro ject o ne c an e nv isage , a s t he s urv iva l o f n um is ma t ic e v idence s ee ms i n g enera l t o h ave b een e xcess ively t h in . i n smal uan ti t ies ; l er q

L ater i ssues , u p t o c . 1 125 , r eached S weden

t here a re f ewer t han 4 0 s peci mens , f ro m o n ly a d ozen

h oards , wh i le c oins o f B audou in I V a nd V r e ma in t he l a tes t F le m ish i ssues i n n u merous h oards f ro m t he v ery e nd o f t he e leven th c en tury o r t he e ar ly t we lfth . S ince t hese h oards c on ta in l a ter c oins f ro m o ther G er man min ts , i t s ee ms p robab le t ha t t here was a c tual ec l ine i n min t ing i n F landers , o r a t l eas t ly a d i n n or thern F landers, a s t he e leven th c en tury p rogressed. s urpr ise u s .

Th is s hou ld n o t

I ti s i n h ar mony w i th a w ider monetary p at , wh ich c an b e t ern

o bserved , f or e xa mp le , i n a dw ind l ing s tock o f c urrency i n Eng land. The S wed ish c oins a re n ot y e t p ubl ished i n d eta i l i n t he C orpus .

The

P o lish f inds , h owever , g ive u s a nother s a mple o f B audou in 's i ssues f ro m s o me

8

1 4 h oards .

5 2

They s how t ha t , a longs ide a few c oins o f Bruges , Bruges-S t .

Dona t ianus , a nd G hen t , t he ma jor i ty o f t he s peci mens n a me n o min t , b u t a re i nscr ibed BONUS DENAR IUS . t oge ther g eograph ical . ly

One s uspec ts t ha t t hey a l b e long f a ir ly c lose l

R iche M 's a tr ibu t ion o f o ne o f t he m t o Arras i s t

r a ther implaus ible , a nd h is men t ion o f A los t i s u nsuppor ted .

5 3

A c oin o f

B ergues-Sa in t- W innoc t ha t was d a ted b y A lbrech t t o b e fore c . 1 040 a nd a tr it b u ted t o a n a bbo t R a inho ld who i s f irs t men t ioned i n 1 052 , H aeck a s o ccurr ing a lready i n t he D juped h oard

5 4—

1 026 ).

i s r epor ted b y I t migh t , o ne

s uspec ts , b e a n a nony mous c oin o f a n e ar l ier d a te whose l egend RAINOLIDUS ET e choes t he n a me o f Ru mo ldus a t S t . Omer .

More p laus ibly , c oins h ave

b een a tr ibu ted t o a bbo t Oddobo ld a t G hen t i n t he p er iod C . 1 020-35 . t

5 5

R ecovery a t G hen t i s f ur ther d ocumen ted b y t he f ind ing o f aR a ino ldus c oin t here .

M iddelburg •

V alenciennes

C ambral

F IG . 6 F LANDERS c a 100 ( after Ganshof)

A low ing f or t hese n u merous u ncer ta in t ies , t he t endency o f t he e v idence l i s f a ir ly c lear , a nd i t s hou ld b e made more c er ta in b y ad ie-s tudy o f t he s urv iv ing c oins o f t he B audou ins .

An t ic ipa t ing i t s r esu l ts , i ti s a lready f a ir ly

s a fe t o s ay t ha t min t-ac t iv i ty d oes n ot i n t he l eas t mirror t he u rban a nd c o mmercia l d eve lop men t o f F landers a t t h is t ime , f or i t was i n t he midd le o f t he e leven th c en tury t ha t t here b egan t o o ccur r evo lu t ionary e cono m ic a nd s oc ia l c hanges , n a me ly t he migra t ion o f t he c lo th i ndus try f ro m t he F le m ish c oun tryl -t s ide t o t he t owns , where i tb eca me a ful i me o ccupa t ion f or t hose e ngaged i n i t .

l There f o lowed t he d eve lop men t o f a n e xpor t t rade w i th c are fu l q ua l i ty

c on tro l .

5 6

The d ocu men tary e v idence f or u rban g row th i n t he t en th c en tury

9

i s u n for tuna tely a l mos t a s t enuous a s t he n um is ma t ic i n for ma tion .

Bu t t here

a re g ood r easons t o a ccep t t ha t a lready b y t he e nd o f t he t en th c en tury t here were t hr iv ing t owns i n t he c oas t lands o f F landers , n a me ly B ruges , B erguesS a in t- W innoc , S t . Omer , Wissan t , a nd Mon treu i l , a nd a lso i n t he s ou th , a t G hen t , Oudenaarde , Tourna i , Va lenciennes , C a mbra i a nd Arras ( F ig . 6 ) . I n t he z one b etween , b y c on tras t , t owns were l ack ing .

5 7

V ery f ew o f t he t owns

h ad min ts , ac on tras t w i th E ng land a t t he s a me d a te , where t hey w ere a bou t 7 5 min ts . I n s eeking t o a ss ign a d a te t o t he o r ig ins o f i ndus tr ia l d eve lop men t , t here i s ar isk t ha t o ne may mere ly i den ti fy t he d a te f ro m wh ich d ocumen ta t ion b eg ins t o s urv ive .

There a re , o bv ious ly , n o s ta t is t ica l s er ies wh ich migh t

g ive a n o b jec t ive measure men t o f c hanges i n t he p opu la t ion o f t he t owns , o r o f c loth p roduc t ion o r e xpor t .

Much o f t he e v idence i s o f i ns t i tu t iona l c hange ,

a s n ew s truc tures were c rea ted , a f ter a c er ta in d e lay , t o c orrespond more e xac t ly w i th c hanged s ocia l r ea l i t ies .

Thus f or e xa mp le t he p ower a nd i n f lu-

e nce o f t he merchan ts was r e f lec ted b y t he g i lds wh ich g rew u p d ur ing t he e leven th c en tu r y .5 8 I n t he midd le o f t he c en tury , t he i n terna t iona l c haracter o f t he c loth t rade f ound e xpress ion i n t he c rea t ion o f t he F le m ish f a irs , a nd h ere t he p o l i t ica l i n i t ia t ive s ee ms t o h ave p receded t he e cono m ic r esponse .

They were s e t u p

u nder t he p rotec t ion o f t he c oun t a nd o n h is d o ma in l ands , t o f or m a c o m merc ia l a x is wh ich wou ld c e men t t he u n i ty o f F landers .

E ach f a ir l as ted a mon th ,

a nd merchan ts c ou ld g o f ro m o ne t o t he n ex t u p a nd d own t hrough F landers . A t Torhou t , f or e xa mp le , t he f a ir b egan o n t he f eas t o f S t . J ohn , a t Ypres le o o n t he S a turday b e fore t he Ascens ion , a t L il n t he d ay a f ter t he Assu mp t ion , l a nd a t Mess ines a mon th b e fore A l S a in ts ' D ay . g rew t o impor tance b ecause o f t heir f a irs ; t he f irs t t ime u nder B audou in V ( 1037-67 ).

le L il , Y pres a nd Mess ines

t hey a re men t ioned a s p laces f or 5 9

H e a nd R ober t l e F r ison d id

much t o c rea te t he F le m ish W ir tschaf tswunder o f t he ir d ay , a nd t o p u t F landers a longs ide Eng land , N or mandy , a nd C ape t ian F rance , a s ag roup o f p rogress ive s ta tes .

I n a l f our , t he e fec ts o f t he e leven th-cen tury e cono m ic r ev iva l l ed l f

t o t he d eve lop men t o f more e f ic ien t s ys te ms f or t he c ol t ion a nd d isbursef l ec men t o f r evenue . I n F landers t h is p ar t icu lar i n i t ia t ive c an b e d a ted t o 1 089 , when R ober t Ia ppoin ted t he p rovos t o f S t . D ona t ian 's , B ruges t o b e h is c hancel nd s uscep tor e t e xactor d e omn ibus r ed i t ibus p r inc ipa tus F landr ie . 60 l or a

F IG . 7 D en ier o f t he Y pres min t . O bv . B lundered l egend a nd i nscr ipt ion . R ev . C ross . MONETA I PRENS IS . O f t he f our t owns w i th f a irs ( t he B ruges f a ir was a l a ter c rea t ion ) , L il le h ad a min t a l mos t f ro m t he mo men t t he f a ir was e s tabl ished , 1 0

6 1

b u t i t s e ar l iest

c oins s ee m t o b e e xcess ive ly s carce .

Much t he s a me i s t rue o f Ypres , o f

wh ich a s ing le c oin ( F ig . 7 ) o ccurred i n t he L iesborn h oard o f 1 111 o r al i t t le l a ter .

6 2

One c anno t b e q u i te c er ta in t ha t t h is i s aj us t a pprecia t ion , f or t he f ew s urv iv ing c oins o f R ober t l e F r ison a nd R ober t d e J erusa le m ( F ig . 8 ) mos t ly b ear n o c lear min t-s igna ture .

N ever the less i t s ee ms v ery p robab le t ha t t he

ma jor i ty o f t he F le m ish i ssues o f t heir t ime were s truck a t S t . Omer , a nd a t lian Arras , where t he c oun ts h e ld t he ir b r il t c our t ;

ly a nd o ne v ar ie ty a ctual

c arries t he l egend VEDASTVS , wh ich n o d oubt r e fers i tt o t he Abbey o f S t . V aas t a t Arras .

6 3

l s t The n ea t s ty le , smal ize , a nd c harac ter is t ic l e ter ing

o f t he c o ins a re r em in iscen t o f s o me Eng l ish p enn ies o f H enry I .

One wou ld

g uess t ha t , l i ke h is e ar l ier i ssues , t hey were s truck i n v ery r es tr ic ted

F IG . 8 D en iers o f R ober t l e F r ison , o f t he m in t o f S t . V aas t a t Arras , a nd o f R ober t Id e J erusa le m , o f u ncer ta in min ts . 1 . Obv . C ross . ROTBERTI .

R ev . H el me ted h ead r . VEDASTVS ;

2 . O bv . S ea ted f igure h o ld ing p a l m-branch a nd s word . MONETA ROBERTI CO MITIS . i n a ng les .

R ev

C ross w i th t wo h eads a nd t wo h ands

H IEROSOLIMITAN I ;

s word ; p a l m-branch . B lundered l egend .

3 . Obv . H el meted b us t h o lding

B lundered l egend .

R ev . C ross .

q uan t i t ies , a nd t ha t t here was s o me th ing n o t f ar s hor t o f as i lver f am ine i n t he e ar ly t wel f th c en tury . The l oca l ised a nd s lugg ish monetary c ircu la t ion o f t he e leven th c en tury , l le i lus tra ted b y h oards s uch a s B e teko m o r T h ionv il , b o th f ro m c . 1 040 , a nd 4 g ave way r a ther l a ter i n t he t wel f th c en tur y , h e lped Wieru m , f ro m c . 1 056 , 6 fic o p erhaps b y t he t raf f t he f a irs , t o ag rea ter v e loc i ty o f c ircu la t ion , a nd t o ac urrency u nder f ir mer p o l i t ica l c on tro l . The a ge o f t he V ik ing t rade c oin , i n H ävern ick 's p hrase ,

6 5

was s uperseded b y t he a ge o f t he r eg iona l p enny .

F ro m 1 092/3 o nwards we f ind r e ferences t o F landrens is mone ta .

6 6

A t t he

s a me t ime t here was a c on f l ic t ing t endency f or v ar ious f euda l a nd e ccles iast ica l a u thor i t ies i n t he s ou th a nd e as t o f F landers t o u surp t he r igh t o f c oinage -a t L ens , S a in t -Pol , B e thune , S ain t-Ber t in , S ain t-O mer .

6 7

S o f ar a s o ne c an j udge f ro m l im i ted e v idence , t he s o-cal l ed ma il l es o f t he l a te e leven th a nd e ar ly t wel f th c en tury were o n a we igh t-s tandard o f

1

b e tween 0 .5 a nd 0 .6 g ,

6 8

t end ing t o f al ower a t S a in t-O mer . l l

6 9

S o me s or t

o f monetary r e for m was u nder taken d ur ing t he r e ign o f Th ierry d 'A lsace , p robab ly ( as G hyssens h as a rgued ) 70 a s ar esponse t o t he c rea t ion o f t he d en ier p ar is is , c . 1 137/41.

The c harac ter is t ic smal en iers o f F landers l d

wh ich were i n troduced a t t ha t t ime f ormed t he c urrency o f t he c oun ty u n t i l t he l a te t h ir teen th c en tury , a nd f or mos t o f t ha t p er iod t hey were c u t a t 4 08 t o t he mark , a nd t hus we ighed 0 .45-0 .46 g .7 1 The h oards o f S a in t-O mer a nd B everen a low u s t o r ecogn ise a n e ar ly l p hase , r unn ing f ro m 1 137/41 t o c . 1 180 .

T here a re t wo ma in q ues t ions

7 2

wh ich t he mone tary h is tor ian w il ish t o a sk o f t hese e ar ly p e t i ts d en iers . l w F irs t , o n wha t s ca le was t he c urrency ;

a nd s econd ly , d oes t he g eograph ica l

d is tr ibu t ion o f min t ing w i th in F landers

o fer a ny c lues t o t he c harac ter o f f

monetary a fa irs? f

The f irs t q ues t ion c al or a n e s t i ma t ion o f t he n u mbers ls f

o f d ies u sed , b ased o n s ta t is t ica l s a mp l ing o f d ie-dup l ica tes , wh ich r e ma ins t o b e u nder taken .

The s econd i s h a mpered b y t he u ncer ta in min t-at ibu t ion tr

o f mos t o f t he c oins . T hose b y t he moneyer S i mon , wh ich d om ina te t he e ar ly 3 R ichebb h owever q ues t ions h oards , h ave f or l ong b een a tr ibu ted t o Arras .7 t t h is , a nd a rgues t ha t P h i l ippe d 'A lsace c on f ir med t o S i mon t he f ar m o f v ar ious min ts .

7 4

I ti s a t f irs t s igh t s urpr is ing t ha t Arras s hou ld m in t t he b u lk o f t he

F le m ish c oinage , wh i le t here were n o i ssues f ro m B ruges o r G hen t , a nd v ir tual one f ro m L il , t he more s o a s t here a re s o me c o ins f ro m Ypres , ly n le S a in t-O mer a nd Am iens , a nd o thers i n r e la t ive ly t iny q uan t i t ies , t he m in tn a mes c lear ly i nscr ibed o n t he m , f ro m Arras , B ethune , S a in t-Venan t , L ens , A ire , B ergues-Sa in t- W innoc , a nd Orch ies , t oge ther w i th a n u mber o f u nat itr b u ted t ypes s o me o f wh ich may b e long t o min ts s uch a s Oudenaarde , T er monde , a nd C asse 1 .

7 5

We h ave n o f ir m i dea where t he c oins o f t hese minor min ts

f a l , w i th in t he p er iod c . 1 140-80 : l much a d es idera tu m .

al arge h oard f ro m C . 1 150-60 i s v ery

Meanwh i le , a l . we c an s ay i s t ha t t he midd le o f t he l

t wel f th c en tury , r ough ly , s aw a p ro li fera t ion o f min t ing , a nd a g row ing emphas is o n t he mun ic ipa l c harac ter o f t he c oinage .

I n l igh t o f t he e cono m ic h is tory

o f F landers , o ne c annot b u t f ee l t ha t t h is i s ( i n t he words o f Wins ton C hurch il l) " too l i t le , a nd t oo l a te ." t S hou ld o ne s ay , t hen , t ha t t owns were a ble t o d eve lop i n F landers i n t he t en th a nd e leven th c en tur ies w i th n o s pec ia l s t i mu lus o r s uppor t f ro m a mone tary r eg i me? C er ta in ly , t here i s n o o bv ious c orre la t ion b e tween a p len t i fu l c oinage a nd p recoc ious u rban g row th .

Min t ing a c t iv i ty s ee ms , o n ab road

v iew , t o b e more a r e f lect ion o f t he r eg iona l a ccu mu la t ion o f s i lver s tocks r esu l t ing f ro m a f avourable b a lance o f t rade . a p ers is ten t b a lance o f p ay men ts s urplus .

F landers e v iden t ly d id mt r un

Th is a ssess men t , b ased o n t he

n um is ma t ic e v idence , may n eed t o b e mod i f ied i n t wo r espec ts .

F irs t , t he

s i lver s tocks o f ar eg ion were n ot n ecessar i ly ma in ta ined whol n c o in . ly i There i s e v idence f or t he u se o f s i lver b ars , a nd t hese may h ave b een o f impor tance i n t he c o m mercia l c en tres .

The a bsence o f a ny a rchaeo log ica l

f inds , o r o f mixed h oards o f c o ins a nd b ars , i s n ega t ive e v idence , a nd s hou ld b e t rea ted w i th c au tion . S econd ly , i t may b e t ha t o ne s hou ld e xpec t c o m mercia l , b u t n o t i ndus tr ia l , a c t iv i ty t o f ind a r e f lec t ion i n t he c urrency .

The F le m ish e cono m ic g row th

o f t he t en th t o t we l fth c en tur ies was b ased o n t he s urp lus p roduc t ion o f woo l

1 2

i n t he s a l t-grass a reas o f t he c oas t lands , a nd o n c heap l abour i n t he r is ing u rban c en tres ;

b u t t h is e xpans ion was o rgan ized ( and f inanced ) f ro m c en tres

wh ich h ad b eco me i ndus tr ia l ized a t a n e ar l ier d a te.

T o s o me e x ten t , t here-

f ore , we o ugh t p erhaps t o r ecogn ize a c onnex ion b e tween e cono m ic d eve lop men t w i th in F landers , a nd mone tary g row th e lsewhere ;

t he s urp lus wea l th g enera ted

i n F landers was t rans ferred t o t he " en trepreneur ia l" a reas o f ( 1 ) I l e-de-France/ Arras ;

a nd ( 2 ) K ö ln a nd o ther c i t ies o f t he L ower Rh ine a nd Meuse . 76

When t he F le m ish t owns g rew t o impor tance , t hey b ene f it ro m t he t ed f r e la t ively l a te d eve lop men t o f a n i ns t i tu t iona l i n fra-s tructure i n t he r eg ion , i n t he s ense t ha t t hey were n o t c ons tra ined b y t he p ers is tence o f e ar l ier p a tt erns o f u rban o rgan isa t ion .

I n t he e ven t , t h is g ave t he m t he c ons iderab le

e cono m ic a dvan tage o f b eing w el ted t o p ro f i t f ro m n ew p a ths o f E uropean l -adap e cono m ic d eve lop men t .

7 7

Fro m t he midd le o f t he t we l f th c en tury , t hen , to r e turn t o t he c oins ly f or t he n ex t h undred y ears o r more e ach t own , e ssen t ial , h ad i t s o wn d es ign o f d en ier , im med ia te ly r ecogn izab le b y s i mple p ictor ia l t ypes a warr ior a t le B ruges , ah e l meted h ead a t G hen t , al i ly a t L il , as h ie ld w i th a l i on a t Ypres , l er min a nd o ther a r mor ia l d ev ices a t s o me o f t he smal ts ( Fig . 9 ) .

The h oards

l s how t ha t , a l though a l t hese i ssues m ing led t ogether f ree ly t hroughou t F landers , monetary c ircu la t ion was q u i te l oca l ized , i n t he s ense t ha t t he l oca l min t o f ten a ccoun ted f or t w ice o r t hree t imes i t s p roper s hare . The F le m ish c urrency f eren was t hus v ery d if t , f or e xa mp le , f ro m t ha t o f Eng land , where u n i for m i ty l f o f t ype was a l ied w i th a c o mp le te mix ing o f t he i ssues o f d i feren t m in ts .

le F IG. 9 D en iers o f Bruges , Ghen t , L il , Ypres, D ix mude , a nd Cour tra i f rom t he t h irteen th c en tury .

l t ern o The c oinage o f Braban t f o lowed a v ery s im i lar p at f a dm in is tra t ive d eve lop men t i n t he t we l f th a nd t h ir teen th c en tur ies t o t ha t o f F landers , b u t ficien t he t wo c urrenc ies d id n o t i n ter m ing le , f or t he s uf t r eason t ha t t hey f were o n d i feren t we igh t-s tandards .

.

The e v idence o f t he c oins a lone h as t e mp ted n um is ma t is ts t o s uppose t hat t he p e t i ts d en iers were mun ic ipa l i ssues . w i thou t f ounda t ion ;

Th is u nh is tor ica l v iew i s q u i te

t he money was t he c oun t 's money .

l ege o The c ol f mun i-

c ipa l mag is tra tes , t he E chev ins d e F landre , h ad a n o bv ious i n teres t i n t he q ua l i ty a nd r e l iab i l i ty o f t he c urrency , a nd t hey were a ccorded a c er ta in r o le u t i t amoun ted t o i n t he a ssaying a nd i n t he p roc la ma t ion o f t he c oins , 78 b v ery l i t le more t han t he f unc t ions p er for med i n L ondon b y aj ury i n t he Tr ia l t

1 3

o f t he P yx .

T ourneur h as d iscussed t he t erms u nder wh ich , i n t he t wel f th

c en tury , t he c oinage was f ar med i n P on th ieu , B raban t a nd F landers .

I n t he

t h ir teen th c en tury , t he F le m ish c oun ts b owed t o t he e cono m ic i n teres ts o f t he t owns o n ly t o t he e x ten t t ha t t hey u nder took n o t t o a l ter t he c o inage w i thou t c onsen t .7 9 l d The s econd p hase o f t he smal en iers o f F landers e x tends f ro m c . 1 180 t o c . 1 220 , a nd i s t hus c on te mporary w i th t he S hor t C ross c oinage o f C lasses I -VI , when t he Eng l ish c urrency e n ters u pon a h undred y ears o f s us ta ined g row th .

le There s ee m t o h ave b een f ive ma jor min ts , n a me ly L il , G hen t ,

A los t , Ypres a nd B ruges , p robab ly i n t ha t o rder , wh ich t ogether a ccoun ted f or a bou t 9 0 p er c en t o f t he t ota l c o inage . a s i t was l os t t o F landers i n 1 191.

Arras n o l onger f igures i n t he l i s t ,

ich s ee ms t o h ave le h The L il oard 8°wh

more t han i t s s hare o f c oins o f Ypres , may b e e rra t ic.

N as ter h as s tud ied

t he n umbers o f d ies r epresen ted among a g roup o f 1 35 c oins o f A los t . a l mos t There were 3 1 d if t o bverse d ies , a nd 4 4 f eren

a l f ro m t he L il oard . l le h

8 1

d if t r everse d ies . f eren

Th is s ugges ts t ha t t here may o r ig inal ave b een ly h

a bou t 3 5 o bverse d ies a nd 5 0 r everse d ies .

T hese c oins o f A los t a ccoun ted

f or C . 5 -7% o f t he L il oard , wh ich imp l ies t ha t t he s econd p hase o f t he le h F le m ish p e t i ts d en iers may h ave amoun ted t o a t l eas t 7 50-1000 r everse d ies . The a verage o u tpu t o f ar everse d ie i s c on jec tura l . A t 1 0 ,000 i t wou ld l ead u s t o at o ta l c oinage o f t he o rder o f 1 0 mil en iers . A t 2 0 ,000 ( wh ich lion d wou ld b e t echn ical oss ible ) , t he f igure w ou ld b e 2 0 mil . ly p lions

E ven o n t he

h igher e s t i ma te , i t s ee ms c lear t ha t t he F le m ish c urrency was a mere f ract i on o f t he s ize o f t he E ng l ish .

Bu t , a s h as b een s a id , t he L il oard may le h

b e e rra t ic , a nd t hese t en ta t ive f igures , wh ich a re d ependen t o n t he p ropor t ion o f A los t c oins i n i t , may t herefore n eed t o b e f unda men tal ev ised when ly r o ther h oards o f t he s econd p er iod a re a va i lab le f or c o mpar ison . L a ter ( t h ird-and f our th-per iod ) h oards , a l though t hey d o n o t o fer a n i dea l f s ta t is t ica l b as is b ecause many o f t he m a re i nco mp le te ly r ecorded , n ever the less r evea l as im i lar r ank ing o rder among t he l ead ing m in ts , w i th L il redo m ile p n an t , a nd s tr ik ing f ar more s i lver t han Y pres .

G hen t g eneral uns i n s econd ly r

p lace , A los t min ts s trong ly , a nd Bruges i s n owhere .

T h is r a ther c ur ious

p at oes n o t ma tch t he e cono m ic r ea l i t ies o f t he c lo th i ndus try a nd t he t ern d e xpor t t rade i n t he t h ir teen th c en tury . r ival ondon i n s ize . ling L

B ruges was a lready a ma jor c i ty ,

I t was a c o mmercia l c en tre , a nd was t o b eco me a

h igh ly impor tan t money marke t . i n r e la t ion t o t ha t o f L ondon .

8 2

Ye t i t s min t-ou tpu t was o bv ious ly t iny

I f we c o mpare t he r ank ing o f t he t owns a ccord ing t o t he v a lue o f g oods s o ld i n G enoa i n 1 197 ( abou t wh ich we h appen t o h ave d eta i led i n for ma t ion ) , Ypres t akes a f ar h igher p lace i n t er ms o f i t s c lo th o u tpu t t han i td oes f or i t s min t o u tpu t ;

a nd A los t i s a bsen t ;

Mon treu i l

1 427

Am iens

Ypres

1 004

C a mbra i

11 1 9 5

Arras

9 21

Va lenciennes

7 2

Tourna i

5 75

Rhe i ms

3 0

L il le

32 3

S t . Omer

2 2

Eng land

2 58

C ha lons

2 2

P rov ins

2 40

B eauva is

1 7

G hen t

1 35 1 4

8 3

The r e la t ive a c t iv i ty o f min ts i n t he midd le a ges d epended v ery l arge ly o n t he c us to m t ha t merchan ts b rough t t o t he m .

I f , a s s ee ms t o h ave b een t he

c ase , o n ly F le m ish c oins h ad o f icia l s tand ing i n F landers ( wi th t he e xcep t ion f o f c o ins o f Du isburg a nd Aachen , wh ich were a l lowed t o c ircu la te b y a n a greemen t o f 1 173 ) , t he p at t ern migh t p erhaps b e e xp la ined i n t er ms o f b ul lion f lows . F or merchan ts a rr iv ing b y way o f B russe ls , f or e xa mp le , a nd n eeding t o c onver t t he ir money i n to F le m ish c o in , A los t wou ld b e t he f irs t min t-town o n t heir j ourney.

I ti s t rue t ha t A los t l ay i n imper ia l F landers , a nd t ha t t he

c oun t c ou ld s tr ike c oinage t here w i thou t i n fr ing ing t he p reroga t ives o f t he F rench k ing , a nd t h is was n o d oub t ag ood r eason f or t he c rea t ion o f t he min t . lion was a ly t Bu t , u n less we a ssu me t ha t b ul r t i f icial ranspor ted t here i n p ref erence t o t he o ther min ts s tr iking p e t i ts d en iers , t he s ca le o f a ct iv i ty a t A los t p oin ts t o ar o le a s a" poin t o f e n try" min t . S im i lar ly i n t he s ou th-wes t o f le F landers , t hose a rr iv ing f ro m C ha mpagne wou ld f irs t r each L il , n ot Ypres . l There was i n a l p robabi l i ty a n e t o u t f low o f s i lver t o Br i ta in i n t he S hor t t C ross p er iod ; e v iden t ly l i t le d e mand was made u pon t he c oas ta l min ts t o tish s r ecoin E ng l ish o r S cot i lver . On t he s a me h ypothes is , b e fore t he l oss o f Arras i t may h ave b een t he main min t o f F landers b ecause i t was t he p oin t o f e n try f or merchan ts c om ing f ro m l e may h t he s ou th , a nd L il ave b een l e f t w i thou t much b us iness .

Th is wou ld

a t l eas t e xp la in t he d ra ma t ic g eograph ica l s h i f t i n t he l a te t we lf th c en tury i n 4 lion c t he p ropor t ions o f b ul o ined . 8 G iven t he t rading l inks b e tween F landers a nd Eng land , i t s ee ms a l mos t i nev i tab le t ha t t he v o lu me o f t he F le m ish i ssues s hou ld h ave i ncreased d ur ing t he f irs t h a l f o f t he t h ir teen th c en tury .

The h oards r evea l ac urrency i n t he

e ar ly t h ir teen th c en tury , i n wh ich h ard ly a ny o f t he l a te t wel f th-cen tury i ssues s urv ive , a nd d ocumen ts men t ion ing t he o ld a nd t he n ew money o f F landers p oin t t o s o me k ind o f r enewa l s hor t ly b e fore 1 208 ( 2 1 . t he Eng l ish r e for m o f 5 I n t he s econd h a l f o f t he c en tury t here were f ur ther r enewa ls , 1 205 ) .8 6 p oss ib ly a t d a tes c lose t o 1 247 a nd 1 259 . 8

1 5

NOTES

1 .

H . P irenne , Medieva l C i t ies , t heir Or ig ins a nd t he Rev iva l o f Trade , 3 rd e dn . 1 939;

2 .

i d . H is toire

e c on o rn ique

e t s ociale d u moyen a ge , 1 969.

I n R evue H is tor ique LXVI 1898 ) a nd i n Anna les d e l 'Es t e t d u N ord I I ( ( 1905 ) r espectively.

3 .

A . F . Havighurst ( ed .) , The P irenne Thes is :

Ana lys is , C r i t icis m ,

R ev is ion , 1 969 . 4 .

W. Hhvern ick , " Epochen d er d eu tschen G e ldgesch ich te im f rühen Mit l ter" , H a mburger B ei trage z ur Nu m is ma t ik D C/X ( 1955/56) , 5 -10 . t ela

5 .

G . A lbrech t , Das Münzwesen im n ieder lo thr ing ischen u nd f r ies ischen Rau m , 1 959.

6 .

F . Vercau teren , "Monna ie e t c ircu lat ion mond ta ire e n B e lg ique e t d ans l e n ord d e l a France d u V ie a u X Ie s iècle" , Moneta e s ca mbi n el l to l'a med ioevo ( Set i S tudio , V I ) S pole to , 1 961, 2 79-311. ti mane d I I

7 .

H . Fr re ,

L e d en ier c aro ling ien , s p cia le men t e n B elg ique ( Num is ma t ica

L ovan iens ia , I ) , 1 977;

i d .,

" Les n o ms d e l i eux s ur l es monna ies

c arol ing iennes d e ' Be lg ique ' " , R evue B e ige d e Num is ma tique CXX I I I ( 1977) , 1 33-48 . 8 .

t X I J . Ghyssens , L es p e t i ts d en iers d e F landre d es XI I ee I I

e

s iec les ,

1 971. 9 .

G . Ha tz , Hande l u nd Verkehr z wischen d e m Deu tschen R eich u nd S chweden i n d er S ph ten Wik ingzei t , 1 974 .

1 0 .

A d etai led a ccoun t a nd d iscuss ion o f t he i nvas ions w il e f ound i n A . l b d ' Haenens , L es i nvas ions n or mandes e n B e lg ique a u D Ce s ièc le , 1 967. S ee a lso F . Vercau teren , " La f or ma t ion d es p r incipau tbs d e L iege , F landre , Braban t , e t H a inau t ( D C D Ce X Ie s iecles .

e

XI

e

s iecles )" , i n L 'Europe a ux

Aux o r ig ines d es E ta ts n at ionaux ( ed . T . Man teuf f el

a nd A . G ieysztor ) , 1 968 , p p . 3 1-41. 1. 1

The c rea t ion o f t he marqu isa te b y Char les t he Ba ld f or h is s on-in -law was b y n o means a h a lf-hear ted g es ture .

The marqu isa te ( f ro m 8 66 )

i ncluded Waas , Ghen t , C our tra i , T ourna i , C ar iban t , Mglen tois , a nd l a P bvble .

S ee L . Vanderk indere , L a f or ma tion t err i toria le d es

p rincipau t s b e lges a u moyen a ge , 1 902 , v ol . I , p . 3 8 . 1 2.

M. H oc , " Un d en ier c aro ling ien i ngd i t d e Tourna i" , BSFN 1 966, 1 2-13 . Quen tov ic d isappeared , t o b e r ep laced b y Wissan t .

On Casse l , L ens ,

a nd v ar ious o ther min ts , s ee Frere , 9 2 .c i t . 1 3.

H . R oosens , " Trouva il e monnaies c aro ling iennes a Mu izen-lezle d Ma lines ( 1906 )" , RBN XCVI ( 1 950 ) , 2 03-8 ; P . N as ter , " Trouva il e le d monna ies c aro long iennes ä Z e lza te ( 1949 )" , i b id., 2 08-24. Bu t Frere r epor ts ( i n al e tter o f 5 Nove mber ) t ha t t he h oard i s p ost-892. 1 6

1 4.

R . H . M. Do lley a nd K . F . Morr isson , The C aro l ing ian C o ins i n t he Br i t ish Museu m , 1 966 , n o . 1 02.

1 5 .

Fr re , 2 p..c i t . ,n o. 2 , a dop ts t he a tr ibut ion . t

The t ype h as h i ther to

b een g iven t o Char les l e C hauve. 1 6.

E . G ar iel , Les monnaies r oya les d e France s ous l a r ace c arol ing ienne , S trasbourg 1 883-4 , v o l . I , p p. 1 32f . c oins b u t o n ly 2 04 were d escr ibed ;

There were s a id t o b e 5 -600 t he r es t were p robably mel ted d own .

O f t he 1 39 c oins o f Bruges , o n ly 5 r ead BRUCCA MO , t he r es t BRVCCIA MO. Al ad t he 4 s p ikes i n t he q uar ters o f t he r everse ( as d id o ne o f t he l h o bo les o f Quen tov ic ) .

They were c harac ter ized b y as quare C i n t he

Karolus monogra m a nd b y t heir r a ther l ow we igh t a nd p oor metal . The c oins o f Arras r ead ATREBASCIV .

S ee a lso C . A . S errure ,

" Karol ing ische mun ten g evonden t e Assebrouck" , Vader landsch Museu m t erkunde v oor N ederdu i tsche L et , Oudheid e n G esch ieden is I I ( 1860 ) , 4 17-21. 1 7.

The h oard was f ound i n t he l oca l i ty R ike-Ve lden .

J . La faur ie , " Deux t r6sors monetaires c aroling iens : e t-Loire ) ;

S au meray ( Eure -

1965 ) , 2 62-305 a rgues l I ( Rennes ( L le-e t-Vi laine )" , RN6 VI

t ha t Char les l e S i mp le r educed t he weigh t o f t he d en ier b etween 8 80 a nd 9 20 , f ro m 1 84 t o t he p ound , t hrough 2 16 , t o 2 40 ( or 2 30 , 2 70 a nd 3 00 t o t he 1 5-ounce p ound ). 1 8 .

2.. c i t . ,r e fer t o t hese c oins when t hey i nd ica te The t ab les i n H atz , 2 i ssues o f F landers , 9 30-60 .

They o ccur , f or e xa mp le , i n t he h oards

la H l sarve o f G erete , Lännäs , G le m m inge , L il a l tarve , D igeräkra , Hal , B inge , I gelösa , Ms , S tockho lm , a nd Ös terryf tes .

l The t ype i s i lus trated

i n E . Bahr fe ld t , D er S i lber fund v on L eissower Müh le , 1 896 , 2 30 , 2 31-5. Iam i ndebted t o Dr . Ha tz f or a d eta iled e xplana t ion o f t he v iew r epres en ted i n h is b ook .

Much o f t he i n teres t o f t he h oard-ev idence l i es i n

c o mpar ing t he n umbers o f s peci mens o f t h is t ype w i th t ha t d a ted 9 62-5 , a nd w i th t he e ar l ies t c oins o f L i ge . 1 9 .

On t he e ar ly h is tory o f Bruges , s ee M. Verkes t , Bruges , 1 952;

A . E .

le d Verhu ls t , " Les o r ig ins e t Ph is toire a nc ienne d e l a v il e Bruges" , L e Moyen Age XV ( 1960 ) , 3 7-63 . 2 0 . 2 1.

Fr re ,

F . L . G anshof , L a F landre s ous l es p re m iers C om tes , 2e d ., 1 944 , p . 1 5 ;

2 2.

5 1-2.

F . V ercau teren , 2E .c i t . ( no te 1 0 a bove ).

f ord Th is h as b een a rgued b y Dr . P au l ine S taf , i n al ecture t o t he Br i tish Nu mis ma t ic S ocie ty , J une 1 978 .

2 3.

G anshof , l oc . c i t .

2 4.

On t he e ar ly h is tory o f G hen t , s ee H . v an Werveke , " For ma t ion e t l f. d eveloppe men t d e l a v i le d e G and" , Revue d u N ord 2 0 (V ( 1939 ), 2 08f A . Verhu ls t , " D ie Frühgesch ich te d er S tad t G en t" , D ie S tad t i n d er Europaischen G esch ich te.

F es tsche i f t E di th Ennen ( ed . W. B esch

2 . 1 .) , 1 972 , 1 08-37. 2 5 .

p .c i t . ,n os . 4 b a nd 4 k , f ro m t he s a me r everse d ie . Fr M -e , 2

1 7

2 6.

On t he G l isy h oard , s ee t he o r ig ina l a ccoun tb y E . Gar ie l , i n Annua ire d e N um is ma t ique I ( 1867 ), 3 49-58, r e mark ing i n ter a l ia o n t he r ough w orkmansh ip a nd i n o ne c ase p oor a loy ( 85.7% ) o ft he c o ins o ft he l Pa lace min t , wh ich h e r egarded t herefore a s a type im mob i l ise d a t ing f ro m t he r e ign o f L ou is I o r e ven L ou is I I. r oya les , I , 9 5f f.

2 7.

S ee a lso Gar iel , Monna ies

Frere r eports a c o in o f Eudes wh ich d a tes t he h oard.

The h oard i s d escr ibed i n d e ta il i n Gar iel , 2 2 .c it., I , 1 07f On t he f. i nadequac ies o f Morr ison a nd Grun thaPs s u m mary o ft he s ame , s ee t he r ev iews b y J . L afaur ie i n RN 1 967, 2 94 a nd b y P . Gr ierson i n NC 1 969 , 3 48.

F or t he s uggested d ate o f c oncea l ment , s ee J . La faur ie , ' Les

t rouva il e monna ies merov ing iermes e t c aro l ing iennes d 'A m iens ' , l es d BSFN 1 969 , 4 04-7. 2 8.

E . Hawk ins, ' An a ccoun t o f c o ins a nd t reasure f ound i n Cuerda le , 'NC V ( 1842-3 ) , 1 -48 a nd 5 3-104, a t p . 5 7 l i sts f our c o ins o f Bruges, n ot o ne a s i n Hardy 's l i st p ubl ished i n R .H. M . Dol nd K . F . Morr ison , l ey a ' F inds o f Caro l ing ian c o ins f ro m Grea t Br ita in a nd I reland ' , BNJ XXXI I ( 1963 ), 7 5-87.

2 9.

D 'Haenens, 2 p .c it., 4 8.

3 0.

I b id., 17.

J . L estocquoy v en tures t o d a te t he f ort if ica t ion more p re-

c ise ly t o 8 83-7 , i n E tudes d 'h isto ire u rba ine , 1 966, 1 29 , o n w h ich s ee d 'Haenens. 3 1.

M. P rou , L es monna ies c aro l ing iennes , 1 896 , n o. 2 22.

3 2.

A . D ieudonne , Monna ies f eoda les f ranca ises ( Manuel d e n um is ma t ique f ranca ise, I V ), 1 936 , p . 7 7.

3. 3

F . P oey d 'Avan t , Monna ies f eoda les d e F rance , n os. 6 739-40 .

3 4.

Dol nd Morr ison , 2p .c it. ( note 1 4 ), n o . 1 06. l ey a

3 5.

Fougs e res a nd Conbrouse , n o. 16 i s ab lundered c o in r ead ing I -TM - NT. S-C IAID

t I t s a tr ibu t ion t o S a in t-O mer s hou ld b e r egarded

a s e x tre mely t en ta t ive. 3 6.

C . R ichebe , L es monna ies f eoda les d 'Arto is d u Xe a u d ebu t d u X IVe s f ecle , 1 963 , p . 3 6.

3 7.

Manfred v an Rey , ' D ie Münzprägung Kar ls d es Kah len u nd d ie westf rank ische K ön igslandschaf t ' , i n D ie S tad t i n d er Europa ischen Gesc h ich te.

F estschr if t Ed ith Ennen ( ed. W. Besch e t a l . ) , 1 972, p p .

1 53-84, l i sts t wo c o ins o f S t. Omer i n t he Co mp ibgne h oard ( concea led b efore c . 8 90? ).

They a re , h owever , t wo ° bo les o f d ist inct ly u ncer-

t I, 8 t a in a tr ibu t ion ( Gar iel , v o l . I , XVI 5-6 ) , o ne o f wh ich r eads ? S ITV I.

S ith iu i s t he n a me o f t he h il l o n wh ich t he monastery o f S a in t-

Ber t in was b u il t—to b eco me t he n ucleus o f S a in t Omer.

There i s n o

r eason t o b el ieve t ha t t he n a me S ith iu was u sed f or t he p lace. 3 8. 3 9.

L estocquoy , o p.c it . H . v an Werveke , De o udste b urch ten a an d e v laamse e n d e z eeuwse k ust .

F . L en tacker , ' Deba ts e n tre h istor iens e t g gographes ä propos

d e l ' evo lut ion d e l a p la ine mar it i me f lamande a u c ours d u h au t moyen a ge ' , Revue d u N ord XII I ( 1960 ), 4 07-8.

1 8

4 0 .

A lbrech t ,

p . 3 8 .

4 1.

I b id ., p . 8 4 , a s a n " un iden ti fied min t i n wes tern L ower L othar ing ia" , =H ävern ick 5 3-4.

Again Iam i ndebted t o Dr. Gert Ha tz f or h is a dv ice.

C f . J . B aer ten , ' La p lus a ncienne monnaie d e Bruxel Vers 9 65 ) ' , l es ( C ercle d 'Etudes Nu m is mat iques , Bul in I ( 1965 ) , 1 -2. l et 4 2.

There a re 2 7 s peci mens i n t he D ige Akra h oard , f or wh ich s ee C orpus n u m moru m s aecu loru m I X-XI q u i i n S uecia r eper t i s un t , I , 2 .

4 3 .

A lbrech t , 9 2 .c i t ., 8 4-5 .

N ote P . B erghaus ,

' Monnaies d u X Ie s iècle

t rouv6es ä Do mburg ' , C ercle d 'Etudes Nu m is mat ique.

l et Bul in ,1974

r ecord ing s peci mens o f H avern ick 3 2 , D bg . 1 160 , a nd S a l mo 9 3 :49. 4 4.

F . Du mas-Dubourg , L e t r sor d e F tca mp , 1 971, p p . 1 24-6.

4 5 . ,

I b id ., c f . P oey d 'Avan t , 9 2 .ci t ., 6 738 .

l ey a Dol nd Morr isson , n o . 2 86

( 0 .72 g ) . 4 6.

A . D ieudonng , Monna ies f eoda les f ranya ises ( Manuel d e n um is ma t ique f ran9a ise , I V ) , 1 936 , p p . 7 6f a nd f ig . 3 5 . ( 1 .20 g ) .

R icheb6 , 2 2 .ci t ., n o . 2

I n a ddi t ion t o t he r e ferences c i ted , s ee Bahr fe ld t , _ o _ 2. c i t .

( n ote 1 8 ). 4 7.

An e ar l ier d ate was o nce s ugges ted o n t he b as isof t he i ncorrect r econs truction o f t he l egend a s ARNOLDV .

A lbrech tgives t he e ar l iest

h oard-con tex t ( Leissow/L id owek ) a s C . 1 015 . 4 8 .

f. 2 _ .c i t ., p p. 1 27f Du mas , 9

4 9.

H a tz , 2 E .c i t .

5 0 .

Vanderk indere ,

5 1.

A . A . H aeck , ' Les monna ies d e B audou in I V ( 989-1036) e t d e B audou in

c i t ., v ol . I , p . 4 3.

V ( 1036-1067 ) , c om tes d e F landre ' , C ercle d 'Etudes Num is matique. l et Bul in , I ( 1965 ) , 2 4-5 . 5 2.

They a re p ubl ished i n t he f ive v olu mes o f t he P olsk ie S karby WczesnoI g redn iow ieczne , =P olsk ie B adan ia Archeolog iczne , v o ls . I , I V , X , XI I I ( w i th g enera l i ndex ) , a nd X I .

The r elevan t h oards i nclude t hose f ro m

Dobra ( Bruges ) , G ro jec , Eask , Man i6w , Mgowo ( S t . Donat ian ) , Mierzeszyn , N ieder land in ( Ghen t ) , S okoln ik i , U zna m- Wyspa , a nd V ossberg . 5 3.

2 .c i t . ,p p. 3 6-8 . R ichebe , 9

5 4.

A lbrech t , 2 p _ .c i t . ,p p. 6 5-6.

H aeck , p _ p _ .c i t . ,o bserves t ha t t hetype

i s l inked w i th t hose i n t he n a me ö f B audou in I V b y i t s weigh t . 5 . 5

C . Turnwald , Z wei n eu b es t i m mte D enare v on G en t ' , HBN XVI 1963 ) , I ( 4 95-501.

5 6.

H . v an Werveke ,

' I ndus tr ia l g row th i n t he middle a ges .

The c lo th

i ndustry i n F landers ' , E cono m ic H is tory R ev iew 2 V I ( 1953-4 ) , 2 37-45 . 5 7.

J . Dhond t , M gveloppe men t u rbain e t i n i t ia t ive c om ta leen F landre a u X Ie

R evue d u N ord XXX ( 1948 ) , 1 33-56.

1 9

5 8 .

H . L auren t , Un g rand c o m merce d 'expor ta t ion a u moyen a ge.

L a

d raper ie d es P ays-Bas e n F rance e t d ans l es p ays med i terraneens , ( XI X lVe s iècle ) , 1 935 . Ie 5 9 . 6 0 .

Dhond t , 2 j.ci t . B . L yon a nd A . V erhu ls t , Med ieva l F inance , A C o mpar ison o f F inancia l I nst i tu t ions i n N or thwes tern Europe , 1 967;

A . Verhu ls t a nd M. G ysse l ing ,

L e C o mpte G eneral d e 1 887...e t l es i ns t i tu t ions f inancieres d u c om te d e F landre a u XI ièc le , 1 962. I es 6 1.

A lbrech t , 2 p _ .c i t . ,p . 5 3 ;

Dhond t , 2 2 .c i t . , gives t he f irs t men t ion o f

L il s 1 054. le a 6 2.

i t . ,p . 5 6. A lbrech t , 2 2..c

6 3.

R ichebe , 22 .ci t ., p p. 3 8-44 , 7 5-86.

6 4.

F or a n i nven tory o f G er man f inds , s ee H atz , 92 .c i t . ,p p. 1 27-35.

6 5.

W. Hävern ick , ' Epochen d er d eu tschen G e ldgesch ich te im f rühen M it l ter ' , t ela

6. 6

C . Wyf , f els

HB N DVX ( 1955/56 ), 5 -10. ' Con tr ibu tion a l ' h is toire moneta ire d e F landre a u X Ie I I

s ièc le ' , R evue b e ige d e p h i lo log ie e t h is toire XLV ( 1 967) , 1 113-41 , a t p . 1 124. 6 7. 6 8 .

R ichebe , 2 p _ .c i t .

2 .c i t . ( no te 8 ) , p . 1 3 , n o te 3 , where t he med ian v a lue i s G hyssens , 2 0 .55 g .

6 9 .

n .c i t ., c at . n os . 2 4-6. R icheb6 , 2

7 0 .

G hyssens , 2 E

7 1.

Wyf ls , 2L .ci t ., p p . 1 120-3 . fe

7 2.

G hyssens , 2 p _ .c i t . ,p p . 5 6-7.

7 3.

l es d t ues ä Arras R . S errure , ' Les ma il u moneta ire S i mon s on t b at '.

. c i t . ,p .

1 2.

l et Bul in mensuel d e n um is ma t ique I I 7 4.

R ichebe , 2 2 .c i t . ,p . 5 0 .

7 5.

G hyssens , p p. 6 3-90 .

7 6.

( 1883-4 ) , 5 7.

Iam much i ndebted t o P ro fessor H er man V an d er Wee , who d iscussed t h is i n terpreta t ion w i th me d ur ing a nd a f ter t he S y mpos iu m .

7 7.

Aga in , t h is h ypo thes is was s ugges ted b y Professor V an d er Wee.

7 8 .

V . T ourneur ,

l ' Le monnayage d ans l es v i les d e F landre e t d e Braban t

Ie e I IIe s le a u XI t X iecles ' , Acade m ie r oya le d e B elg ique , Bul t in d e l a ttres e c lasse d es l e t d es s ciences mora les e t p ol i t iques 5 .

XXV I ( 1940 ),

3 4-48 . 7 9 .

I b id .

8 0.

G hyssens , 2 p _ .c i t . ,p p . 9 5-6.

8 1.

P . Nas ter ,

' Les d en iers d 'Arnot em is a A los t ' , Revue B e ige d e Nu m is-

I ( ma t ique XCVII 1952 ) , 4 1-55 . 2 0

8 2.

R . d e R oover , Money , B ank ing a nd C red i t i n Med ieva l B ruges .

8 3.

R . L . R eyno lds , ' The marke t f or n o thern t ex t i les i n G enoa , 1 179-1200 ', I I Rezue b e ige d e p h i lo log ie e t h is tore V I ( 1 929 ) , 8 31-51 , a t p p . 8 46-7.

8 4.

We k now t ha t t here was a c orpora t ion o f moneyers a t Arras , a nd t ha t t here were a lso money c hangers e s tabl ished t here .

e .c i t ., Richebe , 2.

p . 4 8 . 8 5 .

G hyssens ,

c i t ., p . 9 1.

B u t t here a re s im i lar r e ferences i n t he

y ears 1 199-1202 -Wyf , 2 p _ .c i t . ,p . 1 123 . f els 8 6.

G hyssens ,

p . 1 41.

Af ter t h is p aper was r ead M. F rere c o m men ted o nt he r eference t o G . l A lbrech t 's work ( see n o te 5 ) , a nd l i sted t he f o low ing h oards wh ich e ither e sc aped A lbrech t o r h ave b een p ubl ished s ince h e wro te. C ha tele t ( Be lg ium ) GNB , 1 910 ,

P .

14 1

S i lenr ieux ( Be lg ium ) i b id . Mirwar t ( Be lg ium ) RBN 1 04, 1 958 , p . 9 5 S ion ( Va la is, Sw i tzer land ) RBN 1 850 , p . 4 48 N a mur -19 th c en tury f inds i n t he Meuse , A SAN p ass im An umber o f o ther h oards a re men t ioned i n v ar ious p apers i n HBN :

U nghanse , Broungs, Gandarve ( Go t land , Sweden ) V ich m jask ( U .S.S.R.), Daug ma le ( La tv ia ) S ch id l itz ( Po land ), e tc.

M. F rbre a lso u rged c au t ion when c onsu l t ing A lbrech t 's c hap ters o n L ouva in , Brussels, Ca mbra i , Leau , Tongres a nd t he d ukes o f L ower L o thari ng ia s ince o ld a tr ibu t ions w ere n o t a lways b rough t u p t o d a te. t

2 1

T able 1 .

F inds o f c o ins f ro m L ower L othar ing ian a nd F r isian m in ts

Co lu mn A g ives t he n u mber o f s pec i mens r ecorded b y A lbrech t , p lus t he im it a t ive p ieces h e r ecords.

Co lumn H g ives t he c orrespond ing s ubtota ls f ro m

Ha tz 's s urvey o f t he Swed ish ma ter ia l , a nd t he n u mbers i n t he l ef t-hand c o lumn a re h is s ect ion n u mbers. 2 08-9.

The min ts i ncluded i n e ach s ect ion a re l i sted a t p p.

t Co ins o f d oubt fu l a tr ibu t ion h ave b een i ncluded .

The s y mbo l> s ign i-

f i es " a t l east" . A

A 8

L ower L othar ing ia ,

9 6

1 22

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d ukes 9 Western L ower

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S t . Omer S t . Vaast-Arras

h oard ] 2 1 3 1 7+1 6

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COlVIPARAISON ENTRE L'EVOLUTION POLITIQUE, ECONOMIQUE ET MONETAIRE DU NORD DE LA FRANCE AU Xlle SIECLE Francoise Dumas Quelle est la valeur de la monnaie comme temoin de l'evolution politique et economique? c'est une question que l'on peut se poser pour toutes les epoques. Mais le deroulement des faits politiques et le developpement econo­ mique du nord du royaume au Xlle siecle sont assez bien connus pour qu'on puisse les comparer avec ce que nous savons de la monnaie a la meme epoque. La principaute flamande connut un essor rapide dans lequel on peut dis­ tinguer plusieurs �tapes. Dans un premier temps au Xe siecle le comte Arnoul le Grand (918-965) respecta l'Escaut qui separait la Flandre de la Lotharingie, mais etendit son territoire de la Canche jusqu'a la Somme a la faveur de luttes menees contre le comte de Vermandois, le marquis de Normandie et le due des Francs. Cette expansion fut ralentie par deux minorites et il se constitua au sud plusieurs comtes: le comte de Boulogne tourne vers la mer, celui de Ternois ou de Saint-Pol, celui de Guines pris sur le comte de Boulogne, celui de Hesdin pris sur le Ternois. La barriere meridionale formee par ces petits comtes et la puissante Normandie provoquerent une extension vers l'est en Lotharingie. La minorite d'Henri IV, roi de Germanie, facilita la creation d'une Flandre imp�riale (1056). De ce fait, le comte, a cheval sur le royaume et sur l'empire, devint beaucoup plus independant. Une nouvelle tentative encore plus hardie echoua: l'union de la Flandre et du Hainaut sous Arnoul III, fils du comte de Flandre et de la veuve du comte de Hainaut. Arnoul, chasse de Flandre par Robert le Frison (1071-1093) ne conserva que le Hainaut, infeode a l'eveque de Liege. Si nous nous tournons vers le sud et examinons la situation du point de vue du roi, nous constatons qu'au cours du XIe siecle et plus encore au debut du Xlle, les cap�tiens ont cherche a faire reconnaitre leur autorite par les seigneurs du nord du royaume et m€me a·accroitre leur domaine. 11 est bien connu que Robert Ier, fils d'Hugue Capet apres avoir repudie sa femme Suzanne veuve d'Arnoul III de Flandre. garda Montreuil. A Soissons, Beauvais, Senlis, les officiers ou les prelats etaient des fideles qui apposaient leurs seings sur les diplomes royaux.1 Philippe Ier (1060-1108) fit onze voyages en Picardie (Amiens, Noyon, Laon, Montreuil); il intervint a Soissons entre les habitants et la clerge (1093); il recouvra la seigneurie de Corbie donnee par Henri Ier a sa soeur lo:rs de son mariage avec Baudoin V de Flandre, maria son frere Hugues avec la fille du comte de Vermandois qui tenait en outre de sa mere les comtes de Valois, Montdidier et Amiens.

25

a

Louis VI (1108-1137) aussi intervint diverses reprises en faveur du comte episcopal de Beauvais, de la ville episcopale de Noyon, du comte de Vermandois qui il rendit Peronne enleve a Ebles de Rouci, de l'eveque d'Amiens. En 1132, les alliances de paix entre Corbie et Amiens furent renouvelees devant le roi.

a

Durant le regne de Louis VI, la Flandre connut de graves difficultes; le comte Charles le Bon fut assassine en 1127; Guillaume Cliton, soutenu par le roi de France ne fut reconnuqu'apres avoir concede des chartes presque toutes les grandes villes et commit la faute de s'appuyer sur la no­ blesse. Du coup, les villes se rallierent a Thierry d'Alsace qui respecta leurs privileges. Avec le nouveaµ comte s'installa pour plus de 60 ans un pouvoir rendu plus fort encore par les enormes ressources f inancieres que procurent les tonlieux alimentes par les courants commerciaux qui se develop­ pent ce moment la.

a

a

a

Dans le seconde moitie du XIIe siecle, le domaine comtal s'etendit nouveau, particulierement vers le sud. Le comte rattacha son domaine Hesdin (v 1151), Lillers (1151), Lens (1160), Alost (1165). Le fils cadet de Thierry, Mathieu, epousa l'heritiere du comte de Boulogne, Seule la puissance de Saint-Pol se maintient. Plus au sud, l'emprise de la dynastie flamande s'affirma d'une autre £aeon. Philippe d'Alsace, fils de Thierry, avait epouse , en 1156, Elisabeth de Vermandois qui herita de son frere, quelques annees plus tard en 1163, les comtes de Vermandois, Amiens, Valois et Montdidier. Voici done le comte de Flandre installe en Picardie, dans cette region que les capetiens surveillaient dautant plus attentivement qu'elle etait plus riche en hommes et en ressources (En 1194, la Picardie fournit le quart d'une prisee de sergents, 2000 h sur 8000 h). Elle fournit egalement le quart des recettes des prevotes alors que les terres ne representent que 6% du domaine). (cf. R. Fossier.)

a

En principe les relations du roi et du comte etaient bonnes et Louis VII en mourant (1180) confia la tutelle du nouveau roi Philippe (Auguste) Philippe d'Alsace. Le comte de Flandre fit epouser au roi sa niece Isabelle de Hainaut, fille de Marguerite de Flandre et de Baudoin V comte de Hainaut puis marquis de de Namur, heritier presomptif de Flandre depuis 1177. Il promit en dot sa niece le sud de son comte, les territoires qui formeront l'Artois: Arras, Bapaume, Hesdin, Lens, Aire, Ardres, Lillers, Richebourg, Saint-Omer. Cependant lorsque mourut sans enfant Isabelle de Vermandois, comtesse de Flandre (1183) et que son mari, Philippe d'Alsace s'accorda avec sa bellesoeur Alienor de Vermandois pour garder une partie de l 'heritage de sa femme, Philippe Auguste intervint pour defendre les droits di\lienor qui n'avait pas d'enfant. En 1185, par le traite de Boves, le roi garda les comtes d'Amiens et de Montdidier, les chatellenies de Roye et Thourotte en compensation des droits de rachat et de propriete de Peronrie, Saint-Quentin et Ham dont le comte de Flandre avait la jouissance. Le roi avance done dans les vallees de l'Oise et de la Somme.

a

a

a

Lorsque Philippe d'Alsace mourut en 1191, Saint-Jean-d'Acre, Philippe Auguste s'entendit avec Alienor laquelle il ceda d'abord P�ronne et Saint­ la mort Quentin qu'il echangea ensu.ite contre d'autres seigneuries. En 1213 d'Alienor, le roi de France reunit sop domaine le Vermandois et l e Valois,

a

a

a

26

( i l c o mp le ta s on empr ise p ar d 'au tres a cqu is i t ions :

C ler mon t-en-Beauva is is ,

B eau mon t-sur-O ise ) . le d P lus a u n ord , P h i l ippe A ugus te o ccupa p our s on f i ls l a d o t d 'Isabel e Ha inau t :

A rras , A ire , S t-Omer , H esd in e t L ens , l es c om tes v assaux d e

l ers G u ines , B ou logne , S a in t -Po l , B ethune e t L il .

I id u t c eder l a p ar t ie s ep-

t en tr iona le d e c es t err i toires e n 1 200 , i ll es r epr i t e n 1 212 l orsque l a j eune c om tesse J eanne e pousa F errand d e P or tuga l .

L a v ic toire d e B ouv ines r end i t

te c c et ess ion d e f in i t ive ( 1 214 ) ;le r oi c on f isqua u n t e mps l e c om te d e B ou logne s ur R enaud d e Dam mar t in , l e P on th ieu s ur S i mon .

C e Wes t p lus l e c om te d e

le F landre q u i s 'e tend v ers l e s ud ma is a u c on tra ire l e r o i d e France q u i s 'i nstal s ol ide men t d ans l e n ord d e s on r oyau me .

L 'Ar to is f or ma Papanage d e Rober t ,

f rere d e L ou is I X e n 1 226 e t d ev in t u n c om te e n 1 237 , s uzera in d u c om t6 d e Ie s B ou logne . I l ye u t d onc d uran t l e XI ièc le u n "mouve men t d e v a-e t-v ien t" t res n e t q u i s e t er m ina p ar l a v ic toire d u r o i s ur l e c om te d e F landre. t L es l u tes p o l i t iques q ue j e v iens d e r e tracer n e s on t p as s ans f onde men t e cono m ique .

L a P icard ie p ar l es p rodu i ts d u s o l , l a F landre p ar P indus tr ie

e t l e c o m merce e ta ien t d es re ions r iches q u i j oua ien t u n r ö le d e p re m ier p lan . L 'une e t Pau tre o n t e u u n e lan d e mograph ique i mpor tan t q u i a amene l a c on-

ga te d e s o ls v ierges p ar d e fr iche men ts e t a uss i p ar a sseche men ts .

En F landre

l es p r inces d e ,l a ma ison d 'A lsace o n t e te a ssez p u issan ts p our mener u ne v er i tab le p o l i tique e cono m ique .

I ls o n t e n trepr is d es a sseche men ts d on t l es

t erres l eur r evena ien t f ourn issan t d es p a tures ä c o te d es c u l tures .

I lo n t

amenage p ar d es d igues e t d es c anaux l es p or ts q u i e x is ta ien t d é jà t e l , S a in tOmer e t f onde d es v i les n ouvel : l l es

G ravel ines ( 163 ) , C a la is , 1

( 163-73 ) , 1

Dunkerque ( 180 ) , L 'ecou le men t d es e aux e n ae te f aci l i te e t d onc l es l ia isons 1 c o m mercia les a vec P in ter ieur .

L es l i a isons p ar t erre s on t f ac i l i tees a uss i ,

g räce a Pa me l iora t ion d e l ' at lage ( chevaux f erres , c ol 'epau le , n ouveau te lier d c har io t ) e t a de n ouvel ou tes ( Co logne-Bruges p ar l e B raban t p ar e xe mp le ). l es r Une p ar t ie d e l a p opu la t ion r ura le e s t emp loyee d ans l ' indus tr ie t ex t i le q u i d ev ien t u rba ine.

d ans l es v i les , e n p ar t icu l ier l

L 'ac t iv i te marchande s e d eve loppe .

Des f o ires s uccess ives s e t i ennen t e n F landre t ou t a u l ong d e Pannee . marchands v oyageurs s e g roupen t e n d es a ssoc ia t ions o u g i ldes a u e n Ha inau t , e n F landre e t a Mon treu i l . PAng le terre d es 1 024-1036 .

x i e

L es s ièc le

L es v oyages s e f on t e n d irec t ion d e

A u X Ie s ièc le e ga le men t l e t on l ieu d e S a in t-Vaas t

d 'Arras a tes te l e p assage d e f ro mages a ng la is , d e l a ines , d e d raps , d e t p lan tes t inc tor ia les .

L a t rans la t ion d e S a in te L ewine q u i r acon te l a q ue ‘ te d es

r el iques p ar u n mo ine d e B ergues f a i t c onna i tre a uss i l a r encon tre d e c e mo ine a vec d es marchands f lamands d ans l e S ussex .

A u mi l ieu d u Xi le s ièc le l es

marchands d e S a in t-Omer o n t l eur ma ison a L ondres . a uss i a vec l 'Es t :

L es e changes o n t l i eu

l es d raps d 'Ypres s e t rouven t aN ovgorod a u X Ie s iècle ; I

G and e s t t ournee v ers l 'E mp ire ;

A rras , e i le e s t t ournee v ers l e S ud .

L a v il u i o ccupe l a p re m iere p lace d ans c e d eve loppe men t e cono m ique le q c 'es t A rras d on t Pact iv i te s e mble e tre t res i mpor tan te e t d on t l e d yna m is me c o m mercia l e s t t res g rand : e n 1 127 e i le j ou i t d 'un t ar i f p re feren t ie l a u page d e Bapau me , s ur l a r ou te d u s ud . D ix a ns p lus t ard d es marchands s e t rouven t a ux f o ires d e C ha mpagne a lors a l eurs d ebu ts ; t issus f la m mands e t d es p rodu i ts e xot iques .

l es e changes p or ten t s ur d es

Pu is i l s v on t j usqu 'a G enes o ü

us e xpor ten t l eurs p rodu i ts e t c eux d 'au tres c en tres .

2 7

l es-du-Gard le On l es t rouve a uss i aS a in t-G il , a Marse il .

lb P aral le men t

ac e t a ccroisse men t d 'ac t iv i te , l a p opu la t ion u rba ine a cqu ier t s es p re m i res 1 l i ber tes ( 102 ) . e nse mbles :

l L a v i le i mpor tan te ( 20 0 00 h env iron ) e s t f or mee d e d eux

A rras c i te e p iscopa le o ü Peveque s iege

a nouveau d epu is l a f in

l d u XM ( 1094 , l e s iege e s t d etache d e C a mbra i ) e t A rras v i le a u tour d e l ' abbaye d e S a in t-Vaas t .

l le d E le e s t c ein te d 'un .e g rande mura il e p ierre , c o mpor te

d eux g randes p laces a van t 1 090 .

L es c ons truc t ions v on t b on t ra in .

La c a the-

N o tre Da me c ons tru i te e n s ty le r o man e n 1 030 e s t r econs tru i te e n s ty le g oth ique e n tre 1 160 e t 1 183 . D 'au tres c en tres t ex t i les s e d eve loppen t a uss i :

Ypres , D ixmude , A bbe-

l I v i le , ma is l a d raper ie q u i d ec linera a u XIM s ièc le n 'es t p as l e s eu l r evenu c o m mercia l :

p rodu i ts a l i men ta ires :

l e y in , l e b le , l e P o isson j ouen t l eur

Ale ( Sa in t-Omer s ur tou t ) . E n f in e t s ur tou t l a f inance p r i me . C e q u i e s t impor tan t e t c arac ter is t ique l d e c es v i les d u s ud d e l a F landre c 'es t q u 'un c er ta in n o mbre d e b ourgeois j ou issen t d e c ap i taux d on t l ' or ig ine s era i t ac hercher d ans l es r evenus f onc iers a ugmen tes d e c eux d u c o m merce. d 'ac t ion r e marquab le .

2

C es c ap i taux l eur d onnen t u ne l i ber te

l au me C G u il ade , d e S a in t-O mer f a it d es o pera t ions

a ter me c o m me d es a cha ts mass i fs a Pavance d e l a ine , d e t roupeaux , e n Ang le terre .

3

Ma is c e s on t s ur tou t d es b a il e f onds . l eurs d

Cade a a vance a u mo ms 5 000 l i vres ä H enr i U .

L e me 'me G u il l aume

A A rras , L es C respin q u i

n egoc ien t s ur tou t l e y in f on t d es a vances a ux c om tes , a ux v i les , a ux a bbayes . l En f evr ier 1 223 u s pA ten t 1 040 1 .p . aG u i d e C ha t il , c om te d e S t P o l ; l on j u il 'es t 9 000 1 .p .; l et c

e n

e n 1 225 , c 'es t 2 050 1 .p . al a c om tesse d u F landre .

r2 ter 2 0 0 00 1 .p. e n u ne f ois s o i t l a mo i t ie d es r evenus d u I l s v on t j usque 'a p c om te d e F landre . Na turel t l es s eigneurs d on t n ous v enons d e p ar ler p rof i ten t e ux l e men a uss i d irecte men t , e t n on p ar P in termed ia ire d e p re ts , d e c et c t iv i te te a d 'echanges . d e l u tes t

S i l e p assage a u r oyau me d u s ud d u c om te d e F landre f u t marque

p res c 'es t q u il 'ag issa i t d e p oin ts d e t ra f ic marchand : l s

P eronne , e tc .

B apau me ,

On c onna i t , p our l a F landre , l e c o mpte g enera l d e 1 187 q u i

p or te s ur l a p ar t ie a ncienne d u d o ma ine c om ta l . I le s t i n teressan t p our l e mon tan t d es s o m mes q u 'i l f a i t c onna i tre ma is a uss i p ar P e mplo i t rs g enera l ise d u n ire d on lt u mera t i e moign. e

ous l es rv T e enus m e -m e t ouches e n n a ture s on t

c onver t is e n n umera ire s au f c e q u i e s t im med ia te men t r ed is tr ibue .4 C e n umera ire , o n e s t c onsc ien t d epu is u n c er ta in n o mbre d 'annees ap ene tre l es c a mpagnes .

I le s t u t i l ise d ans l e c adre d e l a s e igneur ie f onc ibre ,

i ssue d e l a v i la c aro l ing ienne . l

L es c orvees d ues a u s e igneur p our p er met t re

P explo i ta t ion d e l a r eserve s on t a chetees o ub ien l a r eserve e s t a fer mee ; f l es d ro i ts s ur l es t enures s on t e ux a uss i p ayes e n n u mera ire ( Cens , d roi ts d e s uccess ion ).

I le s t u t i l ise a uss i d ans l e c adre d e l a s e igneur ie b ana le o ü l e

e t d e l a j us t ice a P explo i tas e igneur e s t p asse d e P exerc ice d e l a p ro tec t ion , t ion e cono m ique ( usage d es f ours , mou l ins , v iv iers , p ressoirs , d ro i ts d e t on l ieux p eages ...).

L 'exp lo i ta t ion d es d roi ts s e igneur iaux p rovoque e n r eac-

t ion l a f or ma t ion d e c o m munau tes r ura les ä P echel u v i lage , d e l a p aro isse , le d l o u d e l a s e igneur ie ;

m munau tesd ir igees p ar i m ma ire e t d es e chev ins l es c o-

o n t d es p ouvoirs a dm in is tra t i fs e t j ud icia ires e tp euven t a uss i e tre f rapp es d 'a mendes c ol t ives . l ec

2 8

t e France d L 'argen t p ara i t d one c ircu ler d ans c et u N ord a t ous l es n iveaux . te s I le s t t e mps d e s e d e mander c e q ue l ' on r e trouve d e c et i tua t ion p o l i tique e t e cono m ique e n e xaminan t l es monna ies , l eur e vo lu t ion t ypolog ique e t i n tr inseque , l eur c ircu la tion . L e Monnayage r oya l L es C aptt iens s on t p ar t is d e t res p eu p u isque l a s eu le monna ie p or tan t le d l e n om d u r oi Hugues Capet e s t c el e Peveque Herve d e Beauva is . d an t l a monna ie r oya le a pparu t t res t ot a Mon treu il, ma in t in t s ans i n terrupt ion j usqu 'a Ph i l ippe Augus te . Rober t l e P ieux , f i ls d ' Hugues Capet ,

C epen-

s ous Ph i l ipps I er e t s 'y Frapp6e a Par is d es

e i le s ' i mplan ta p rogress ive men t a u

n ord d e l a S eine a S en lis e t P on toise s ous Lou is V I , aC o mpiegne s ous L ou is I d VI e f a9on e pisod ique.

Ie s Dans l a s econde moi t ie d u XI ièc le , äl a s u i te

d 'un a ccord a vec P eveque d e L aon e n 1 158 , l e n om d e L ou is VI I p u is c elu i d e Ph i l ippe Augus te f iguren t s ur l es monna ies e piscopa les . I in 'y a a ucune u n i te t ypolog ique e n tre c es monna ies ; r oya les n e s on t q ue d es monna ies l oca les ; d u d o ma ine ( Eta mpes , Or leans , ..) . q u i p r iv i leg ie l a monna ie d e P ar is ;

l es monna ies

i le n e s t d e m' eme p our l e r es te

C ependan t , u n mouve men t s e d ess ine l e p ar isis .

Par e xe mp le a B eauva is e n

1 179 u n c ens d e 5s ous b eauva is e s t t rans for me e n c ens d e 6s ous p ar is is . Les c ondi t ions d e f abrica t ion d e c es monna ies s on t ma l c önnues .

5

A . D ieudonne

amontre qu 'el ubiren t p lus ieurs a fa ibl isse men ts s ous Ph i l ippe I er , s ous l es s f Lou is V I ( 108-1137) q u i d u t s 'engager a upres d es g ens d e C o mpiegne e n 1 120 1

em i d e f in p u is s ous Ph i l ippe Augus te. an e p as d escendre a u-dessous d u d

La

monna ie a ura i t e te 8 e p u is 7 e s ous Ph i lippe I er ( 66/1000 p u is 5 83/1000 ) , 6 e 6 s ous L ou is V I ( 500/1000 ) e t s ous Lou is VI E , 5 e s ous Ph i l ippe Augus te ( 395/1000 ). Le p o ids d 'argen t f in s era i t p assé p ar l es e tapes s u ivan tes : ( Ph i lippe I er ) ;

0 .63 ( Lou is V I ) ;

0 .48 ( Lou is V II ) ,6

0 .92 g ;

0 .78

s i l 'on c ons idere q ue l 'on

c onna i t 5t ypes d e p ar is is s ous P h i lippe I er , a u tan t s ous L ou is V I e t L ou is VI I, q u 'ä . Mon treu i l l e t ype a c hange 5 fois s ous Lou is V I ;

2 fois , s ous Lou is WI ,

q ue d ivers a ccords f on t e ta t d 'une p oss ibi li te d 'af ibl isse men t e n 1 164 , e n fa 185 , i le s t p robab le q ue l es mu ta t ions o n t e te e ncore p lus n o mbreuses . 1 L e monnayage s eigneur ia l e n P icardie e mps a ux ma ins d e d iverses p u issances E s t d epu is p lus o u mo m s l ong-t b ien e tabl ies . L 'abbaye d e C orbie f u t Pune d es p re m ieres a s 'ad juger u n monnayage i ndependant .

Al a f in d u X Ie s iècle e n 1 080 , l a monna ie e s t a u

me me t i tre e t p oids q ue c el 'A m iens ( 7e , 5 83/1000 ). le d L e monnayage d 'A m iens e s t a nony me ( PAX C IV IBVS TVIS ) j usqu 'a c e q ue Ph i l ippe d 'A lsace , p ar s a f e m me a i t mis l a ma in s ur l e c om te . L e c om te d e Ver mandois a i m a tel ier moneta ire a S a in t-Quen tin o ü l ' on f abr ique a u XL Ie s iècle d es d en iers a u t ype d u S a in t-Quen t in a ss is a vec a u r evers , l e mot MARTIR b arran t l e c ha mp.

S igna lons e ncore l a monna ie

e piscopa le d e N oyon c l on t l ' ex is tence e s t a tes tee d ans l a s econde moi t ie d u t X Ie e t a u XI ièc le . Ie s En P on th ieu , l es c om tes monn .a ien t aA bbev il epu is l e X Ie s iècle . le d 2 9

AB ou logne e n f in l es r e la t ions d es c om tes a vec PAng le terre s e man i fest en t p ar P e mp lo i d e c er ta ins t ypes o r ig inaux e t d e g ravure d e l ica te ;

l ' al liance

d u c om te a vec l a ma ison d e F landre a ppara i t d ans l e c hoix d 'un t ype a l 'A d ans l e c ha mp q u i s e r approche d u t ype am ienois d e Ph i l ippe d 'A lsace :

PAX p u is

Ae n tre d eux f l eurs d e u s . En T ernois l es Candavene , c om tes d e S a in t-Po l , monna ien t a u

x n e

s ièc le , p eu t-e tre d es l a f in d u X Ie , s e lon 2 t ypes d on t run Wes t p as s ans r appe ler l e p ar is is . I in 'y a p as e n tre c es monna ies d e l i en t ypo log ique marque , t ou t a u p lus u ne p re ference p our l es mo t i fs f l euronnes a B ou logne , P on th ieu e t S a in t -Po l . L e monnayage s e igneur ia l e n F landre a c o m mence a l a f in d u Xe s ièc le .

A u

Ie s t XI ièc le , i le s t a tes te a A rras , S a in t-Omer o u i le s t l e f a i t d u c om te , d e le S a in t-Ber t in e t p eu t-e tre d e l a c o m mune , äA ire , B ergues , L il , Orch ies , Ypres , D ix mude e t p eu t-g tre Bruges , C our tra i, G and (m iss ions p lus t ard ives ) . L es a te l iers moneta ires s on t s i tues , d 'apres l e c o mp te d e 1 187 ,7 a ux e ndroi ts t es l d es r ecet es p lus impor tan tes s au f aF um es a u n ord , L ec luse , B apau me , l ers a H esdin e t L il u s ud .

I le s t e tonnan t q u 'on n 'a i t p as monnayb a Furnes e t

j e me d e mande s ' i l n 'y a ura i t p as l i eu d e r econs iderer l e c lasse men t d e p e t i ts f d en iers d e F landre s i c o mp lexe a c ause d es d i f icu ltes . d 'in terpre ta t ion d es l egendes e n r a ison d e Panony ma t o u d e l a f er me . Dans l a p ar t ie mer id iona le d u c om te , o np ourra i t c hercher t i ne e xp l ica t ion d ans l a f er me a ccordee p ar l e c om te ä u n moneta ire S i mon q u i i nscr i t s on n om s ur l es monna ies p lu tö t q ue c e lu i d e Pa te l ier ( l es monna ies d e S i mon p ourra ien t p roven ir , o u tre A rras o u l ers Am iens , d e Uc luse , Bapau me , H esd in o u L il ) . En F landre P apparence d e l a monna ie a s ubi u ne e vo lu t ion p ar t icu l iere .

L e p o ids d 'argen t f in y a

te d d im inue , ma is p lu to t q ue d e c o mpenser c et im inu t ion d e Pargen t e t d e ma in ten ir l e p o ids e n a jou tan t d u c u ivre , o n a m a in tenu l e t i tre e t d one d im inue l e p o ids e t l e modu le .

L e d en ier d e F landre c onnu t a ins i d es amenu ise men ts

s uccess i fs d on t l es e tapes o n t e te d e ter m inees r ece m men t p ar J . G hyssens .

8

Ie s A u d ebu t d u XI ièc le , l e d en ier d e b on a rgen t p esan t 0 .60 g e s t f eren Pequ iva len t s ous u ne f or me d if te d e c e lu i d e L ou is V I . Une r educ t ion a l i eu e n tre 1 137 e t 1 141 a llpoque d e l a c rea t ion d u p ar is is d u t ype FRA/NCO e n b ous trophedon . l es 4 /5 d es p receden tes .

L es p ieces s era ien t l es 3 /4 o u

t e em C et iss ion d ure j usque d ans l es a nnees 1 180 .

le r f A van t 1 187 , u ne n ouvel educ t ion e s t e fec tube d on t l e c o mpte d e 1 187 s e f a i t P echo e n d is t inguan t d es d en iers f or ts q u i s e t rouven t d ans u n r appor t d e 9ä1 0 a vec d e n ouveaux d en iers . e nsu i te d uran t u n s ièc le .

L a monna ie f la m mande s era i t r es tee s table

C ependan t l es t ab leaux c o mpara t i fs d es t resors

mone ta ires d resses p ar J . G hyssens mon tren t q ue l es d en iers d es d iverses l a d p er iodes q u il e term inees n e s e me langen t p as s au f p our l e p assage d e l a l ere a la 2 e me a ux e nv irons d e 1 180 ( ce q u i r ecoupe l a d onnee d u c o mp te d e 1 187 ) e t d ans u ne moindre mesure p ar l e p assage d e l a 2 e al a 3 e(3p/400 l es d ans l e t resor d e B erel ) ;

i ya ura i t d one e u d es r e fon tes s ys te ma t iques

e t p robab le men t d es mu ta t ions d ans l es p re m ieres a nnees e t a u mi l ieu d u I X IIe s ièc le . le Paral le men t äc e monnayage f la mand e x is ten t a n monnayage a L ens a van t q ue T h ierry d 'A lsace n e s 'e mpare d u c om te , a n monnayage a B tthune

3 0

dans la seconde moitie du Xlle siecle, un monnayage a Tournai dont les deniers .. avaient cours a la fin du Xlle pour la moitie des deniers flamands en 1187 ou 120 2 (d'apres J. Ghyssens). Le systeme monetaire flamand typologiquement original mais intrinsequement equivalent a la monnaie royale est etendu vers le sud apres que Philippe d'Alsace, par sa femme, ait assure son autorite sur l'Amienois. Le denier amienois est ainsi rattache a une autre aire de circula­ tion: il p�netrait jusqu'a Pontoise; on le trouve desormais dans le nord du comte de Flandre (Beveren) et dans un fief de l'eveque de Cambrai (Saint­ Aybert). Cette mesure ne touche d'ailleurs que l'Amienois. Dans les autres possessions d'Isabelle en Vermandois, a P�ronne, a Crepy, le grand denier est maintenu.9 Cette remarquable tentative d'extension de la zone du petit denier flamand est arretee net par Philippe Auguste, le premier souverain qui ait mene une politique monetaire systematique, vers le nord de la Seine d'abord, vers la Loire ensuite.10 Apres son intervention dans la succession d'Isabelle de Vermandois le roi garde Amiens, Montdidier et Roye. Au meme moment il oblige l'abbe de Corbie, enclave dans l'Amienois a suspendre sa fabrication tout en lui delivrant une charte de non-prejudice.11 n est done probable que le roi a elimine le petit denier flamand et l'a remplac� par le parisis. Le petit denier qui disparait a ce moment la a sans doute ete refondu et transform� en parisis ce que l'�quivalence du poids d'argent rendait facile. En tout cas les roles sont renverses, c'est le parisis qui progresse vers le nord et non le petit denier flamand vers le sud. Une seconde initiative encore plus importante est prise par le roi apres la mort de Philippe d'Alsace. Philippe Auguste non content d'avoir ramene l' .Aµlienois vers le systeme royal yrattache maintenant "l'Artois". Il d�cide de la creation d'un grand denier assez fortement allie a Arras. Ce denier sera fait selon le type parisis qui est ainsi privilegie par rapport aux autres monnaies royales, et est etendu a Montreuil (qui abandonne de ce fait le type de 1 '�glise) a P�ronne et a Saint-Omer (que le roi dut ceder a nouveau au comte de Flandre entre 1 200 et 1212). Cette unification marque le renouveau de la monnaie royale qui connait un type commun a une partie du royaume pour la premiere fois depuis l'epoque carolingienne ,(au sud de la Loire la fabrication cesse a Etampes et Orleans). Le succes du parisis se traduit tout d'abord par des imitations dues a Alienor de Vermandois a Saint-Quentin, a Mathieu d'Alsace a Crepy, a Guillaume de Pontieu a Abbeville, a Renaud de Dammartin a Boulogne. Seuls les seigneurs de B�thune maintiennent un monnayage de type flamand. ·Ainsi au debut du XIIIe siecle, dans les Pays-Bas francais peu de monnaies subsistent en dehors de la monnaie royale et de la monnaie flamande. Ces monnaies sont en general plus faibles que le parisis qu€11es ne concur­ rencent pas: la monnaie de Noyon est dans un rapport de 3 pour 2; celle de Tournai et celle de Laon (accord de 11 58) de 2 pour 1. 12 L'artesien ou mon­ naie de Flandre et le parisis sont equivalents au milieu du Xlle (1259); il en est sans doute de meme au debut du Xllle siecle. )

Les autres monnaies seigneuriales s'effacent au moins pour un temps: Celle du Vermandois reuni au domaine royal a la mort d'Alienor, celle du Comte de Boulogne confisque sur Renaud de Dammartin en 1212; celles des 31

cites episcopales de Beauvais, Laon et Noyon disparaissent apres P hilippe Auguste. Saint-Pol et Ponthieu ne semblent pas moru:iayer cette epoque mais ils reprennent leur monnayage durant la seconde moitie du XIIIe siecle.

a

Bref le parisis royal a supplante puis etouff liferation des monnaies seigneuriales.

e au nord de la Seine la pro­

La circulation monetaire s 'en trouve assainie. Quelle est cette circulation et gue nous apprend-elle?

A considerer les tresors monetaire il y a dans le Nord du royaume deux aires de circulation nettement distincte. Durant le regne de Louis VII les monnaies picardes circulent d 'abord dans la region oil celles sont emises (la Boisselle, Picardie ? ) ou se trouvent egale -. ment des monnaies de Laon, de Champagne (Meaux, Troyes, Provins). Les monnaies picardes se retrouvent vers le sud (Pontoise), l'est (Champagne, Thourotte, tresors de la vallee de la Meuse ) ou elles ont entraines par les prnces de Verdun, (Transinne, Ciney, Fischbac�.13 Aucune de ces monnaies.ne se trouve en Flandre. Apres le milieu du XIIe siecle, elles ne depassent pas le Ponthieu ou un fief de l 'eveque de Cambrai. Le seul exemple de deniers de petit module trouves en Picardie (La Bouteille, Aisne) concerne des pieces de Douai, Tournai, Valenciennes. La Flandre par contre est ouverte aux pieces de Hainaut, d' Anvers, aux monnaies anglaises et surtout aux monnaies imperiales. Le temoignage des tresors recoupe ici celui des textes et l'on peut mettre en parallele la conven­ tion passee entre Philippe d' Alsace et Frederic Barberousse en 1173 par laquelle le comte de Flandre, en contre partie de privileges accordes aux marchands flamands, donne lilire cours dans ses etats aux monnaies frapp�es par l'emper­ eur Driisbourg (deniers) et Aix (oboles) et celles de l'archeveque de Cologne. Deux tresors composes uniquement de monnaies germaniques ont ete decouverts l'un Huy (5500) l'autre Bruxelles (400); un 3eme tresor, celui de Beveren est forme pour un quart de monnaies imperiales. Les deniers de Cologne couraient les 3 pour 10 deniers de Flandre.

a

a

a

a

a

La presence des pieces imperiales se justifie par cette equivalence. Elles faisaient office de multiple des deniers flamands. L'on voit ici s'�baucher un systeme monetaire complexe adapte des echanges de plus grande enver­ gure. On peut s'interroger d'ailleurs sur la- duree de ce phenomene car les monnaies imp�riales ne sont pas mentionnees dans le compte de 1187. Avaient­ elles encore cours quinze ans apres l'accord? Seules les monnaies d'Anvers, doubles de celles de Flandre et les monnaies de Douai;noitie du denier flamand, apparaissent en 1187. A la fin du XIIe, et au XIIIe siecle, apparait un nouveau systeme de multiples base sur l'esterlin, dont la monnaie de compte se fait l'echo tres tot, les tresor monetaires surtout dans la 2e moitie du XIIIeme. . . Le rattachement de la monna1e d'Am1ens au systeme flamand n' a pas eu apparemment pour resultat d'elargir l'aire de circulation du petit denier. Par contre, la creation d'un parisis en Artois a eu des consequences plus nettes.

a

32

C e p ar is is a r tes ien e t s es im i ta t ions p enMren t t rbs a van t d ans l e r es te d u r oyaume .

C ependan t i s 'ag i t l a p lupar t d u t e mps d 'u n , 2o u 3 exe mp la ires

e t l orsqu 'i l ye n ap lus us r epresen ten t d e t ou tes f a9ons , u ne t rbs f a ible p rop or t ion d es monna ies t hesaur isees :

7% a Lus ignan , 3 .5% a S a in t-Jean-Brtve lay ,

le le l es-Fre moy 1 .3% a S t-C la ir-sur-El , 8 % a Pagny-sur- Mosel , 1 .5% a C orcel . L es 4 t resors q u i c o mprennen t b eaucoup d e p ar is is s on t c eux d e C o mpi Nne ( debut X L IM ;

I 3 14 e x ) , G isors ( m i l ieu X In ;

( 2 e m o i t ie xm e;

6 9% d on t A rras 4 2% , C happes

6% d on t A rras 4 3% )d 'o r ig ine b re tonne ( dern ier q uar t XI : 6 I n

2 1% d on t A rras 1 0% ) .

1 3

L es t resors d e p ar is is a tes ten t Pact ivite d e Pa te l ier d 'Arras p resque t t ou jours mieux r epresen te q ue c e lu i d e P ar is q ue lques s o ien t l e n o mbre d 'exe mp la ires e t l e l i eu d ' ien fou isse men t . L e p ar is is p arv ien t me ' me e n p e t i te q uan t i te e n F landre . l 'un d u

2 eq uar t

Deux t resors

d e Xl Iè s ièc le Pau tre d e l a s econde mo i t ie , c on tena ien t d es

p ar is is e t d es monna ies d e C ha mpagne e np ropor t ion e ga le " o u i n fer ieure a 1 0% d u t ota l ( Btrel , P u lderbos ) ; l es r endu a u r o i ( 30% ).

l a p ropor t ion e s t p lus impor tan te a S a in t-Omer

P our i mpor tan t q u 'i 1 s oi t ,ce t e mo ignage s ur l a c ircu la t ion

d e Par tes ien p u is d up ar is is a r tes ien e s t c ur ieuse men t i nco mp let p u isqu 'i l n e t e moigne d 'aucune o uver ture s ur l es f oires d e C ha mpagne . S o mme t ou te , l e t e mo ignage d es t resors moneta ires s e mon tre p ar t ie l , i n teressan t d ans c er ta ins c as :

l es g rands d en iers d 'A m iens a u XL IM s , l a

c onven t ion e n tre l ' e mpereur e t l e c om te d e F landre .

P our d iverses r a isons ,

e np ar t icu l ier l a f er me d ep lus ieurs a te l iers a u moneta ire S i mon , l a c ircu lat i on mone ta ire r end ma l c o mp te d e Pex traord ina ire d eve loppe men t d e l 'Ar tois a u

x n e

s , d e s a p u issance a u XI Ib e t s ur tou t d es r e la t ions i n terna t iona les q ue

p ra t iqua i t l a p ar t ie l a p lus r iche d e s a p opu la t ion . C 'es t d one s ur u ne n o te r es tr ic t ive q ue j e t er m inera i c e t e xpose . l e c as q u i n ous i n teresse a u jourd 'hu i , P evo lu t ion

m on e t a ir e as u iv i

Dans

f ie le men t

P evo l 'u t ion p ol i t ique , e ssen t iel t s ans d ou te p arceque l e r o i d e France l e men a va i t u n d essein p o l i t ique q u 'i l a mis e n o euvre . Par a i leurs , l es l i ens e n tre l eve loppe men t e cono m ique e t l e monnayage s on t . ev iden ts ma is o n n e p eut l e .d s e f ier a c e lu i-ci p our d e ter m iner l es o r ien ta t ions d e c e lu i-lä . La monna ie n e j oue p as u n r o le p ree m inen t d ans l es e changes q u i d epassen t Pechel egle r i ona le .

La n ecess i te d e l a c rea t ion d 'une monna ie p lus impor tan te s e f a i t j our .

Dans u np re m ier t e mps , P es ter l in s uf ; fira

d ans u n s econd t e mps l a c rea t ion

d 'une e sp ce n ouvel , d 'une v a leur n et t p lus e levee s 'averera n ecessa ire : le t e men l e g ros . Ma is c ec i e s t u ne a u tre h is toire

3 3

Am iens

N oyon

S a in t-Quen t in Q k i\ ' k • '

' e

Pon th ieu

(

s 2

Bou logne

S a in t-Po l

r s ' Pet i ts Den iers F la mands A ire

le L il

S a in t-O mer

Be thune 1

Moneta ire I . . . .7 A c ( _, , 7 2. 1 _ \ . _ (

' 1 ; 2 ' , . -;' , .1 . 1 , • : ‘

U r4K eL

e p

•

* t _. . , :. .; 7 , 1 .. ; : 2 .2 . ,

S a in t Quen t in

Crepy

Moneta ire S i mon Am iens

Monna ies d e Ph il ippe d 'Alsace

Peronne

Ph il ippe Auguste Par is

Arras

7 "— / , 4

( 1) (2 1 1U\ -1 f 0 9/

Im itat ions d u Par is is Pon th ieu

Bou logne

Ver mando is

COMPARISONS BETWEEN THE POLITICA�, THE ECONOMIC AND THE MONETARY EVOLUTION OF THE NORTH OF FRANCE IN THE TWELFTH CENTURY

,

Francoise Dumas

Of what value is coinage as a witness of political and economic evolution? This is a question that one can ask of all periods. But the unfolding of political events and the economic development in the north of the French kingdom in the twelfth century are sufficiently well understood to allow us to compare them with what we know about the coinage at the same period.

*

*

*

Flanders enjoyed a rapid growth, in which one can distinguish several stages. In an early period, in the tenth century, count Arnoul le grand (91865)erespected the Escaut, which separated Flanders from Lotharingia, but hee extended his territory from the Canche as far as the Somme, as a result ofe contests with the count of Vermandois, the marquis of Normandy, and the dukee of the Franks. This expansion was slowed down by two minorities and severale counties were set up in the south: the county of Boulogne, (facing the sea); thate of Ternois or Saint-Pol; Guines carved out of the county of Boulogne; ande Hesd�, taken from Ternois.e The barrier in the south formed by these small counties, and a powerful Normandy, led to expansion towards the east, into Lotharingia. The minority of king Henry IV of Germany made the creation of an "imperial Flanders" easier (1056). As a result, the county, with one foot in the French kingdom and one in the Empire, became much more independent. A new and still bolder attempt failed, namely the union of Flanders and Hainaut under Arnoul III, son of the count of Flanders and the widow of the�· count of Hainaut. Arnoul, driven out of Flande�s by Robert the Frisian (107193), kept only Hainaut enfeoffed to the bishop of Liege. If we turn to the south, and examine the situation from the point of view of the king, we see that in the course oJ the e�e ,enth -ce,ntury and even more ,, at the beginnuig of the twelfth, the C apetiens soµght to �ecure recognition'Of their authority by t!1e feudal lords in the northe9f. the kingqom, and even to �en­ .., large their domain. It is well known that Robe.rt the son of Hugues Capet, after having repudiated his wife Suzanne, wid,ow of Arnoul II of Flanders, kept . � l MontrEmfl. AfSbissons, Beauvais, andeSenlis, the oJficers or prelates were� loyal subjects,y i affixed their seals to royal d�oµi·as'.1 Philippe I (1060� 1108) made eleven }ourneys into Picardy (Amiens, Noyon, Laon, Montreuil).

+,.

35

He i n tervened a t S o issons b etween t he i nhab i tan ts a nd t he c lergy ( 1093 ).

He

r ecoverud t he l ordsh ip o f Corb ie g iven b y Henr i It o h is s ister o nh er marr iage , w ith Baudou in V o f F landers , a nd marr ied h is b ro ther Hugues t o t he d aughter o f t he c oun t o f V er mando is , who a lso h e ld f ro m h er mother : t he c oun t ies o f Va lo is , Mon td id ier , a nd Am iens. 1 L ou is V I ( 108-37 ) a lso i n tervened o n s evera l o ccas ions o nb eha lf o ft he e p iscopa l c oun ty o f Beauva is, t he e p iscopa l c i ty o f N oyon , t he c oun ty o f V er mand o is t o wh ich h e

r eturned P4ronne t aken f ro m Ebles d e Rouc i , a nd o nb eha lf

o f t he b ishop o f Am iens.

I n 132, t he p eace t rea t ies b e tween Corb ie a nd Am iens

were r enewed , i n t he p resence o f t he k ing. Dur ing t he r e ign o f L ou is V I , F landers e xper ienced s er ious d if icu l t ies. Coun t Charles t he Good was a ssass ina ted i n 127.

l au me C Gu il l iton , s uppor ted

b y t he k ing o f F rance , was r ecogn ized o n ly a f ter h av ing g ran ted c harters t o l a l most a l t he ma in t owns, a nd made t he m is take o f r e ly ing o n t he n ob i l ity . Thereupon , t he t owns g ave t he ir s uppor t t o Th ierry d 'A lsace , who r espected t he ir p r iv ileges.

With t he n ew c oun t t here b egan a per iod o f more t han s ix ty

l b y ears o f s trong g overnmen t , made s tronger s t il y t he mass ive f inanc ia l r esources d er iv ing f ro m t he c usto ms , f ed b y t he c o m merc ia l c urren ts wh ich d eveloped a t t ha t t ime. I n t he s econd h a lf o ft he t welf th c en tury , t he c oun t 's d o ma in g rew a ga in , p ar t icu lar ly t owards t he s ou th.

l ers The c oun t j o ined Hesd in ( 2 . 1 151), L il

1 1 ( 1151 ), L ens ( 160 ) , a nd A lost ( 165 ) t o h is t err itory.

Th ierry 's y ounger s on

Ma th ieu marr ied t he h e iress o f t he c oun ty o f Bou logne.

On ly S a in tPo l ma in-

t a ined i t s p ower.

Fur ther s ou th , t he a scendancy o f t he F le m ish d ynasty was

a sser ted i n ad if feren t way .

Ph il ippe d 'A lsace , Th ierry 's s on , h ad i n 1 156

marr ied E l isabe th o f V er mando is, who i nher ited f ro m h er b ro ther , a few y ears l a ter , i n 1 163, t he c oun t ies o f V er mando is, Am iens , Va lo is , a nd Mon td id ier. S o we s ee t he c oun ty o f F landers e ncroach ing u pon P icardy—a r eg ion t ha t t he t Cape t ians wa tched o ver t he more a ten t ively b ecause i t was r ich i n p opu la t ion a nd r esources.

( I n 1 194, P icardy s upp l ied a q uar ter o f af orce o f s ergean ts,

2 ,000 o u t o f 8 ,000 men .

I ta lso s upp ied a q uar ter o f t he r ece ip ts o f t he

p rovostsh ips , a l though t he l ands r epresen ted o n ly 6 % o f t he d o ma ine.) The r ela t ions b e tween t he k ing a nd t he c oun t were i n p r inc ip le g ood , I a nd o n h is d ea th ( i n 1 180 ) L ou is V I e n trusted t he g uard iansh ip o f t he n ew k ing Ph il ippe ( Auguste ) t o Ph il ippe d 'A lsace.

The c oun t o f F landers a rranged f or

le d t he k ing t o marry h is n iece I sabel e Ha inau t , d aughter o f Marguer ite d e F landre a nd Baudou in V , c oun t o f Ha inau t , l a ter marqu is o f N a mur , t he h e ir p resu mp t ive o f F landers f ro m 1 177.

A s a dowry Ph il ippe p ro m ised h is n iece

t he s ou th o f h is c oun ty , t he t err itor ies wh ich were t o f or m Ar to is, n amely l ers, R Arras , Bapau me , Hesd in , L ens, A ire , Ardres , L il ichebourg , a nd S a in t-O mer.

le d However , o nt he d ea th w ithou t i ssue o f I sabel e V er mando is ,

1 c oun tess o f F landers ( 183 ), h er h usband Ph il ippe d 'A lsace c a me t o a n a greemen t w ith h is s isterin-law A l ignor d e V er mando is t o k eep a p ar t o f h is w ife 's i nher i tance ; Ph il ippe

Auguste t hen i n tervened t o p ro tect t he r ights o f A l ignor ,

who h ad n o c h ildren .

I n 1 185 , b y t he t rea ty o f Böves, t he k ing k ep t t he c oun t ies

len te i o f Am iens a nd Mon td id ier , a nd t he c ha tel ies o f Roye a nd Thourot n c o mpensa t ion f or t he r igh ts o f r ede mp t ion o f a nd t i t le . t o Peronne , S a in t-Quen t in , a nd Ham , wh ich t he c oun t o f F landers e n joyed. l eys o i n t he v al f t he O ise a nd t he S o m me. 3 6

The k ing t hus made h eadway

When Ph il ippe d 'A lsace d ied a t Acre i n 1 191, Ph il ippe A uguste c ame t o a n a rrange men t w ith A l ienor , t o who m h e f i rst c eded Peronne a nd S a in t-Quen t in , a nd t hen e xchanged t he m f or o ther l ordsh ips.

I n 1 213, o nt he d ea th o f A l iAnor ,

t he French k ing r ecovered V ermando is a nd Va lo is i n to h is d o ma in ( and h e c o mp leted h is a scendancy b y o ther a cqu is it ions :

C ler mon t-en-Beauva isis , a nd

Beau mon t-sur-O ise ). Further n or th , P h i l ippe-Auguste o ccup ied o n h is s on 's b eha lf t he d owry o f I sabel e Ha inau t : Arras, A ire , S t . Omer , Hesd in , a nd le d L ens, a nd t he v assa l c oun t ies o f Gu ines , Bou logne , S a in tPo l , Bdthune , a nd L il l ers.

He h ad t o g ive u p t he n or thern p ar t o ft hese t err i tor ies i n 1 200 , b u t

h e t ook c on tro l o f t he m a ga in i n 1 212 when t he y oung c oun tess J eanne marr ied F errand d e Portuga l . ( 1 214 ).

The v ictory o f Bouv ines made t h is t ransfer d ef in i t ive

The k ing c on f isca ted f or at ime t he c oun ty o f Bou logne f ro m Renaud

d e Dam mar t in , a nd Pon th ieu f ro m S i mon . I t was n o l onger t he c oun t o f F landers who was e xpand ing h is i n terest s ou thwards , b u t o n t he c on trary t he k ing o f France who was t ak ing a fi rm g r ip i n t he n or th o f h is k ingdo m. Arto is f or med t he a ppanage o f Rober t , t he b ro ther o f L ou is I X , 1 226 , a nd i tb ecame a coun ty i n 1 237 , p aramoun t o ver t he c oun ty o f Boulogne.

There was t here-

f ore d ur ing t he t wel f th c en tury a c lear-cu t e bb a nd f l ow , wh ich e nded i n t he v ictory o ft he k ing o ver t he c oun t o f F landers. The p o l it ica l s trugg les wh ich h ave j ust b een o u t l ined were n o t w ithou t a n e cono m ic b as is. P icardy b y t he p roduce o f i t s s o il , a nd F landers b y i t s i ndustry a nd c o m merce , were r ich r eg ions o f t he f irst i mpor tance. I nb oth , t here was a s trong d e mograph ic u p turn , wh ich l ed t o t he c onquest o f v irg in l ands b y r eclama t ion a nd a lso b y d ra inage s che mes.

I n F landers, t he p r inces

o ft he h ouse o f A lsace were p owerfu l e nough t o c arry o u t a genu ine e cono m ic p ol icy . They u nder took d ra inage s che mes, wh ich b rough t l and i n to t he ir h ands , a nd p rov ided p asture i n p rox im ity t o c u l t iva ted g round.

They p rov ided d ykes

a nd c ana ls t o i mprove t he p or ts wh ich a lready e x isted , s uch a s S a in t-O mer , a nd f ounded n ew t owns : Gravel ines ( 163 ), Ca la is ( 163/73 ), Dunkerque ( 180 ). 1 1 1 The f low o ft he wa terways was i mproved , a nd t hereby t he c om merc ia l l inks w ith t he i n ter ior w ere made e as ier.

S o were c on tac ts b y l and , t hanks t o im-

p rove men ts i nh arnessing ( t he u se o f h orse-shoes , t he s hou lder-col nd l ar a n ew t ypes o f c ar t ) a nd t o t he o pen ing o f n ew r ou tes ( Co logne-Bruges v ia Braban t , f or e xamp le ). Part o ft he r ura l p opu la t ion f ound emp loymen t i n t he t owns, i n p art icu lar i n t he t ex t ile i ndustry , wh ich b ecame u rban. Mercan t ile a ct iv ity d eveloped. S uccess ive f a irs w ere h eld i n F landers t hroughou t t he c ourse o f t he y ear. Travel ling merchan ts f or med t he mselves i n to a ssoc ia t ions o r g u ilds i n t he e leven th c en tury , i n Ha inau t , i n F landers , a nd a t Mon treu il . England were made f ro m a s e arly a s 1 024-36.

J ourneys t o

A lso i n t he e leven th c en tury ,

t he c usto ms r ecords o fS a in t-Vaast d 'Arras p rove t he move men t o f Engl ish fs. c heeses , o f woo l , o f c loths , o f v ege table d ye-stuf

The t ransla t ion o fS a in t

L ew ine , wh ich t el ls o f t he s earch f or r el ics b y a m onk o f Bergues s hows h im mee t ing w ith F le m ish merchan ts i nS ussex. I n t he m idd le o f t he t wel f th c ent ury , t he merchan ts o fS t . Omer h ad t he ir own h ouse i n L ondon .

Exchanges

a lso t ook p lace w i th t he East : t he c lo ths o f Ypres a re f ound a t N ovgorod i n t he t we lf th c en tury ; Ghen t l ooked t owards t he Emp ire. A rras, h owever , l ooked s ou th.

3 7

The t own w h ich o ccup ies t he l ead ing p lace i n t h is e cono m ic d eve lopmen t i s Arras , o f wh ich t he a ct iv ity s ee ms t o b e v ery impor tan t , a nd t he c o mmerc ia l l o d ynam is m v ery g rea t : i n 127 i te n joyed a preferen t ia l t arr if a t t he t ol f Bapau me , o n t he r ou te s ou thwards. Ten y ears l a ter , i t s merchan ts w ere t o b e f ound a t t he Champagne f a irs, wh ich w ere t hen j us t b eg inn ing. The t ransa ct ions i nvo lved F le m ish c lo ths a nd o r ien ta l l uxury g oods. Then t hey w en t a s f ar a s Genoa where t hey e xpor ted t he ir p roduc ts a nd t hose o f o ther c en tres. l es-du-Gard a l es. I l el They w ere f ound a lso a t S a in t-G il nd a t Marse il n p aral w ith t h is g row th o f a ct iv ity , t he u rban p opu la t ion a cqu ired i t s f i rst l i ber t ies 1 ( 102 ). The t own , wh ich was a lready o f s ome i mportance , w i th a bou t 2 0 ,000 p eop le , c o mpr ised t wo g roup ings : Arras, t he e p iscopa l c i ty , w here ab ishop a ga in r es ided f ro m t he e nd o f t he e leven th c en tury ( i n 1 094, t he s ee was s epar a ted f ro m Cambra i ), a nd Arras, t he t own a round t he a bbey o f S a in t-Vaast. l, a I t was s urrounded b y ag rea t s tone wal nd c on ta ined t wo l arge s quares b ef ore 1 090. Bu i ld ing w en t o n a pace. The c a thedra l o f N o tre-Dame , b u il t i nt he Ro manesque s ty le i n 1 030 , was r ebu i l t i n t he G o th ic s ty le b e tween 160 a nd 183. l: Ypres l e. O ther c en tres f or t ex t iles d eveloped a s w el , D ix mude , Abbev il Bu t t he c lo th i ndustry , wh ich was t o d ecl ine i n t he t h ir teen th c en tury , was n o t t he o n ly s ource o f c o m merc ia l r evenue :

fs f oodstuf , w ine , g ra in , f i sh , p layed

ly a ly l t he ir p ar t ( e spec ial t S a in t-Omer ). F inal , a nd most o f a l , f inance t ook t he l ead . Wha t i s i mpor tan t a nd c haracter ist ic a bou t t hese t owns i n t he S ou th o f F landers i s t ha t s o me o ft he c i t izens e n joyed c ap ita l r esources, o f wh ich t he o r ig in s hou ld b e s ough t i n i nco me f ro m l anded p roper ty , a ug men ted b y 2 T he ir c ap ita l g ave t he m a r emarkable f reedom o f r evenues f rom c o m merce . a ct ion . Gu il f S a in t-O mer made f orward d ea ls, f or e xamp le , l au me Cade o e nor mous f orward p urchases o f woo l f ro m f l ock s i n Eng land . 3 Bu t t hey were a bove a l money l enders. l Henry I .

The s ame Gu il en t a t l ea st £ 5 ,000 t o l aume Cade l

A t Arras t he Cresp in f am ily , w ho d ea l t e spec ial n w ine , made ly i

l oans t o t he c oun ts, t o t owns, t o a bbeys :

i n F ebruary 1 223 t hey l en t 1 040 l i vres

p ar isis t o Guy d e Cha t il , c oun t o fS t. Po l . l on

I n J u ly o f t he s ame y ear t hey

l en t 9 000 , a nd i n 1 225 , 2 ,050 l i vres p ar is is t o t he c oun tess o f F landers.

They

e ven l en t 2 0 ,000 l i vres p ar isis o n as ingle o ccas ion—tha t i s , h a l f a s much a s t he r evenues o f t he c oun t o f F landers. Na tural he f euda l l ords who m w e h ave j ust men t ioned a lso p rof ited ly t d irect ly , a nd n o t j ust t hrough t he med ium o f l oan s f rom t he ir c o m merc ia l a ct iv i ty .

I ft he t ransfer o f t he f ron t ier z one i n t he s ou th o f F landers t o t he

French k ingdo m was marked b y b it trugg les, i t was b ecause f oca l p o in ts t er s o f mercan t ile t raf ere i nvo lved : Bapaume a nd P&onne , f or e xamp le. fic w

For

F landers we h ave t he c o mp te g gnera l o f 187 , wh ich d ea ls w ith t he o ld p ar t o f t he c oun t 's d o ma in .

I ti s o f i n terest f or t he t ota l s ums o f money w h ich i tr e-

v ea ls , a nd a lso f or t he v ery g enera l u se o f c o in , o f w h ich i tp rov ides e v idence. A l t he r evenues , e ven w hen t hey a re c ol n k ind , a re c onver ted i n to l l ected i money , e xcep t f or t hose wh ich a re im med ia tely r ed is tr ibu ted . A s r egards t he c o inage , we h ave b een a ware f or s o me y ears t ha t i ts pread i n to t he c oun trys ide.

I t was u sed w ith in t he f ramework o ft he manor ia l e sta te , wh ich e vo lved

f ro m t he Caro l ing ian v i la . l

The c usto mary l abour o wed t o t he i ord t o p er m it

t he e xp lo ita t ion o ft he d e mesne was -b ough t o u t , o r e lse t he d e mesne was f armed ;

t enanc ies were a lso p a id f or i n c ash ( qu i t-ren ts , a nd h er io ts ).

3 8

Co in

was a lso u sed w ith in t he f ramework o ft he c o mmuna l l ordsh ips w here t he l ord p rogressed f ro m t he e xerc ise o f p ro tect ion a nd j ust ice t o e cono m ic e xp lo i ta t ion ( t he u se o fb aker ies , m il ls , f i sh-ponds , a nd w ine-presses; r ights o f c usto m a nd t ol xp lo ita t ion o f s e ign ior ia l r igh ts p rovoked , b y r eact ion , t he l). The e f or ma t ion o f r ura l c o m mun i t ies, o nt he s ca le o f t he v i lage , t he p ar ish , o r t he l l ordsh ip . The c o m mun it ies , d irected b y a mayor a nd mag istra tes , h ad a dm ini s tra t ive a nd j ud ic ia l p owers , a nd c ol l ect ive f ines c ou ld a lso b e imposed o n t he m. Money s ee ms t herefore t o h ave c ircu la ted i n n orthern France a t a l l s oc ia l l evels. We must n ow a sk h ow t h is p o l it ica l a nd e cono m ic s i tua t ion i s r ef lected i nt he c urrency , b y l ook ing a t t he e vo lu t ion o f t ypes , c hanges i n i n tr ins ic v a lue , a nd t he c ircu la t ion o f t he c o inage.

The r oya l c o inage The Capet ians s tar ted o u t w ith v ery l i t t le : t he o n ly c o in b ear ing t he n ame o f k ing Hugues Capet i s t ha t o fb ishop Herve o f Beauva is. Bu t r oya l c o inage v ery s oon a ppeared a t Mon treu il , u nder Ph il ippe I , a nd i t s i ssue was ma in ta ined t here w i thou t i n terrup t ion u n t il t he r e ign o f Ph il ippe A uguste. I t was s truck a t Par is f ro m t he t ime o f Rober t l e P ieux , t he s on o f Hugues Capet ; a nd i t was i n troduced p rogress ively n or th o f t he S e ine , a t S en l is a nd P on to ise u nder L ou is V I , a nd a t Co mp iegne u nder L ou is V I I , i n a piece mea l way . I n t he s econd h a lf o f t he t wel f th c en tury , f o l low ing a n a gree men t w ith t he b ishop o f Laon i n 158 , t he n a me o f L ou is V I I , a nd s ubsequen t ly t ha t o f Ph il ippe Auguste , a ppeared o n t he e p iscopa l c o ins.

There i s n o t ypo log ica l u n ity among

t hese c o ins : t he r oya l c o inage i s n o th ing b u t l oca l c o inages. The s ame i s t rue f or t he r est o ft he d o ma in ( Eta mpes ,Orldans, e tc. ). However , as h if t c an b e d iscerned w hereby t he money o f Par is , t he d en ier p ar is is, a cqu ired a pr iv i le ged s ta tus. A t Beauva is , f or e xamp le , i n 1 179 , a t ax o f 5s h il lings i n t he money o f Beauva is , 5s ous b eauva is is , was t ransfor med i n to a p aymen t o f 6 sous p ar is is. 6 The c ond it ions u nder w h ich t hese c o ins were m in ted a re n o t a t a l l wel l k nown . D ieudonne h as s hown t ha t t hey u nderwen t s evera l d ebasemen ts, f i rst u nder Ph il ippe I , t hen u nder L ou is V I ( 108-37 ), w ho h ad t o a gree 1 w ith t he p eop le o f Co mp iegne i n 1 120 n o t t o r educe t he a l loy b elow 5 0% , a nd a ga in u nder Ph il ippe A uguste.

The c o inage s ee ms t o h ave b een 8 d , a nd l a ter

7 d f ine u nder Ph il ippe I( 67% , t hen 5 8% ), 6 d u nder L ou is V I a nd L ou is V I ( 50% ), I a nd 5 du nder Ph il ippe Auguste ( 39.5% ).

The we ight o f f ine s i lver i n a den ier

w il hus h ave g one f ro m 0 .92g t o 0 .78 g u nder Ph il ippe I , t o 0 .63 g ( Lou is V I ), l t a nd 0 .48 g ( Lou is V I ). 6 C onsider ing t ha t we k now o f f ive v ar ie t ies o f p ar is is I u nder Ph il ippe Ia nd a s im i lar n u mber u nder L ou is V I a nd V I ; a nd t ha t a t I Mon treu il t he t ype was c hanged f ive t imes u nder L ou is V I a nd t w ice u nder L ou is V I ; I

a nd t ha t v ar ious a greemen ts e nv isage a poss ible d ebase men t i n 164 a nd

a no ther i n 185 , i ti s p robable t ha t t he a l tera t ions i n t he a loy w ere e ven more l n u merous.

3 9

The s e ign ior ia l c o inage i nP icardy Var ious a u thor it ies h ad a lready , f or s hor ter o r l onger p er iods, f i rm ly e stabl ished t he ir own c o ins. The a bbey o f Corb ie was o ne o f t he f i rst t o a pprop r ia te a n i ndependen t c o inage. A t t he e nd o f t he e leven th c en tury , i n 1 080 , t he i ssues were o ft he s a me a l loy a nd w e ight a s t hose o f Am iens ( 7d . f i ne , o r 5 8% ). The c o inage o f Am iens was a nonymous ( PAX C IV IBVS TV IS ), u p t o t he t ime w hen Ph il ippe d 'A lsace , t hrough h is w ife , t ook c on tro l o f t he c oun ty. The c oun ty o f V er mando is h ad a m in t a t S a in t-Quen t in where i n t he t we l f th c en tury d en iers w ere s truck w ith , a s t he ir o bverse t ype , S a in t Quen t in s ea ted , a nd , o nt he r everse , t he word MART IR p laced a s ab ar a cross t he f i eld. Men t ion s hou ld a lso b e made o ft he e p iscopa l c o inage o f N oyon , t he e x ist ence o f w h ich i s a tested i n t he s econd h a lf o f t he e leven th a nd i n t he t welf th t c en tury . I n P on th ieu , t he c oun ts s truck c o inage a t Abbev il le f rom t he e leven th c en tury o nwards. A t Bou logne , t he r e la t ions o f t he c oun ts w ith England a re s hown b y t he u se o f c er ta in o r ig ina l a nd d e l ica tely-engraved t ypes; t he a l l iance o ft he c oun t w ith t he h ouse o f F landers i s s een i nt he c ho ice o f a des ign w i th a n Ai n t he f i eld , wh ich i s c o mparab le w i th t he t ype o f P h il ippe d 'A lsace a t Am iens , n ame ly t he word PAX , a nd s ubsequen t ly a n A , b e tween t wo f l eurs-de-l is. I n Terno is t he Candavbne f am ily , c oun ts o f S a in tPo l , m in ted i n t he t we l f th c en tury , a nd p erhaps a t t he e nd o ft he e leven th , u s ing t wo t ypes , o f w h ich o ne i s n o t w ithou t s o me s im ilar it ies t o t he d en ier p ar is is. Among t hese v ar ious c o inages , t here i s n o p ronounced t ypo log ica l s im i lar ity , a t most a preference f or d esigns u s ing f l eurs , a t Bou logne , Pon th ieu , a nd S a in tPo l . Theseign ior ia l c o inage i n F landers b egan a tt he e nd o f t he t en th c en tury. I n t he t we l f th c en tury , i ti s a tested a t Arras , a t S a in t-O mer ( where i ti s s truck t b y t he c oun t , b y S a in t-Ber t in , a nd p erhaps a lso b y t he Com mune ) , a t A ire , Bergues , L il le , Orch ies, Ypres , D ixmude , a nd p erhaps Bruges , Courtra is, a nd G hen t ( l a ter i ssues ). The m in ts w ere l oca ted i n t he p laces w here, a ccord ing t o t he c o mp te o f 187 , 7 r ece ip ts w ere g reatest , e xcep t a t F um es i n t he n or th , a nd L 6c luse , Bapaume, Hesd in , a nd L il l ers i n t he s ou th.

I ti s s urpr is ing

t ha t t here was n o m in t a t F um es , a nd iw onder whether i t wou ld n o t b e i n o rder l d t o r econs ider t he c lassif ica t ion o f t he smal en iers o f F landers , w h ich i s a c omp lex p roble m b ecause o ft he d if f icu l ty o f i n terpre t ing a bbrev ia ted l egends o r a nonymous t ypes , a nd b ecause o f t he l eas ing o f m in t-r igh ts. I n t he s ou thern p ar t o ft he c oun ty , o ne m igh t l ook f or a n e xp lana t ion i n t he l ease g ran ted b y t he c oun t t o a moneyer S i mon , w ho p u t h is own n ame o n t he c o ins r a ther t han t ha t o ft he m in t .

( The c o in s o fS i mon c ou ld c o me , a par t f rom Arras o r Am iens,

l ers.) f ro m Le cluse , Bapau me , Hesd in , o r L il a nce o f t he c o ins e vo lved i n ap ar t icu lar way .

I n F landers t he p hysica l a ppearThe we ight o f f ine s i lver i n e ach

c o in d w ind led , b u t r a ther t han c o mpensa te f or t h is r educ t ion i n s i lver c on ten ts b y a dd ing c opper a nd t hus ma in ta in ing t he we ight , t he f ineness was ma in ta ined , a nd t herefore t he we igh t a nd modu le were d ecreased .

The d en ier o f F landers

was t hus s ub ject t o s uccessive r educt ions , t he s tages o f wh ich h ave r ecen tly b een d e ter m ined b y J . Ghyssens. 8 4 0

A t t he b eg inn ing o f t he t welf th c en tury , t he d en ier o f g ood s i lver , w i th a we ight o f 0 .60 g , i s t he e qu iva len t u nder a dif f eren t f or m o ft ha t o f L ou is V I. Ar educt ion o ccurred a t a da te b e tween 1 137 a nd 141 a t t he t ime when t he d en ier p ar is is was c rea ted , w i th FRA/NCO i nb oustrophedon a s i t s t ype. The n ew c o ins wou ld s ee m t o h ave b een t hree-quar ters t o f our-f if ths o f t he v a lue o f t hose t hey r ep laced. Th is i ssue l asted u n t il t he 1 180s. Before 187 , an ew r educ t ion was made , wh ich t he c o mp te o f 1 187 r evea ls when i td ist ingu ishes d en ier f or ts , 9 of wh ich a re e qua l t o 1 0 o f t he n ouveaux d en iers. a f ter t he F le m ish c o inage s eems t o h ave b een s table f or a cen tury .

There-

The s ta-

t i st ica l t ables o fh oards d rawn u pb y J . Ghyssens s how , h owever , t ha t t he c o ins o ft he v ar ious p er iods t ha t h e r ecogn ized d id n o t m ing le , e xcep t d ur ing t he t rans it ion f ro m t he f i rst t o t he s econd p er iod , i n t he y ears a round 180 lies w ( wh ich t al i th t he i n for ma t ion f ro m t he c o mp te o f 1 187 ), a nd t o a lesser e x ten t d ur ing t he t ransi t ion f rom h is s econd t o h is t h ird p er iod , a s i nt he l es h B "4rel oard . There wou ld s ee m , t herefore , t o h ave b een s yste ma t ic r ec o inages , a nd p robab ly d eva lua t ions , a t t he b eg inn ing a nd i nt he m idd le o f t he t h ir teen th c en tury . le I n p aral l w ith t h is F le m ish c o inage, t here was a c o inage a t L ens b efore Th ierry d 'A lsace t ook c on tro l o ft he c oun ty , a co inage a t Be thune i n t he s econd h al f o ft he t welf th c en tury , a nd a co inage a t Tourna i , o f wh ich m in t t he d en iers l ow c ircu la ted a t t he e nd o f t he t welf th c en tury i n 187 o r 1 202 ( f ol ing G hyssens ) a t h a l f t he v a lue o f t he F le m ish d en iers.

The F le m ish monetary s yste m ,

ly e wh ich was o r ig ina l i n i t s t ypes , b u t i n tr ins ical qu iva len t t o t he r oya l c o inage , g a ined a n e x tens ion t owards t he s ou th a f ter Ph il ippe d 'A lsace , t hrough h is w ife , h ad e s tabl ished h is a u thor i ty o ver t he r eg ion o f Am igno is. The d en ier am i6no is t was t hus a tached t o a no ther a rea o f c ircu la t ion : i tp enetra ted a s f ar a s Pon to ise , a nd was t o b e f ound t herea f ter i nt he n or th o f t he c oun ty o f F landers ( Beveren ), a nd i n a fi ef o ft he b ishop o f Cambra i ( Sa in t-Ayber t ). f a fected o n ly Am i6no is.

Th is a rrange men t , h owever ,

le I nI sabel 's o ther p ossess ions, i n V er mando is , a t

Peronne a nd a t Crepy , t he l arge d en ier was r eta ined. 9 Th is r e markable a t te mp t t o e x tend t he z one o f t he smal l d en ier o f F landers was h a l ted a brup t ly b y Ph il ippe A uguste , t he f irst r u ler t o c onduct a s yste ma t ic mone tary p o l icy , a t f i rs t n or thwards o f t he S e ine , a nd l a ter a t t he L o ire. 1 ° A f ter h is i n terven t ion i nt he s uccess ion o f I sabel le d e V er mando is, t he k ing k ep t Am iens , Mon td id ier , a nd Roye. A t t he s a me t ime h e o b l iged t he a bbey o f Corb ie , w h ich was a n e nclave i n Am ieno is, t o s uspend i t s m in ta ct iv i ty w h i le a t t he s a me t ime g iv ing i ta deed o f n on-pre jud ice. 1 1 I ti s p roba ble , t herefore , t ha t t he k ing e l im ina ted t he smal l d en ier o f F landers a nd r ep laced i tw ith t he p ar isis.

The smal l d en iers wh ich d isappeared f rom c ir-

c u la t ion a tt ha t mo men t were n o d oub t me l ted d own a nd t ransfor med i n to d en iers p ar isis —a t ask made e asy b y t he e qu iva lence i n s i lver c on ten ts.

I n

a ny c ase , t he r o les were r eversed , a nd i t was t he p ar is is w h ich made p rogress t owards t he n or th , a nd n o t t he smal l d en ier o f F landers t owards t he s ou th. As econd a nd s t il l more i mpor tan t i n it ia t ive was t aken b y t he k ing af ter t he d ea th o f Ph i l ippe d 'A lsace. Ph i l ippe Auguste , n o t s a t isf ied w i th h av ing b rought Am igno is i n to t he r oya l s yste m , n ow a dded A rto is t o i t .

He d ec ided

o n t he c rea t ion o f a large d en ier w ith a cons iderable d egree o f a l loy a t Arras. Th is d en ier was t o b e made i n a ccordance w ith t he p ar is is t ype , wh ich was

4 1

t hus p r iv ileged i n r ela t ion t o t he o ther r oya l c o inages. I t was e x tended t o Mon treu i l ( wh ich g ave u p t hereby i t s d es ign w i th a church ), t o Peronne , a nd t o S a in t-O mer ( wh ich t he k ing h ad t o c ede o nce a ga in t o t he c oun t o f F landers , b e tween 1 200 a nd 1 212 ) . Th is u n if ica t ion marked t he r enewa l o f t he r oya l c o ina ge , wh ich n ow h ad a co m mon d es ign i n ap ar t o f t he k ingdo m , f or t he f i rst t ime s ince t he Caro l ing ian a ge. ( Sou th o f t he L o ire , m in t ing c eased a t E tampes a nd O r leans. ) The s uccess o f t he p ar is is r esu l ted d irec t ly i n i m ita t ion s p rod uced b y A l idnor d e V er mando is a t S a in t-Quen t in , b y Ma th ieu d 'A lsace a t Crepy , b y Gu il l aume d e Pon th ieu a t Abbev il le , a nd b y R enaud d e Dammar t in a t Bou logne. On ly t he l ords o f Be thune ma in ta ined a c o inage o ft he F le m ish t ype. Thus a t t he b eg inn ing o ft he t h irteen th c en tury , t here r e ma ined f ew c o inages i nt he French L ow Coun tr ies o ther t han t he r oya l c o inage a nd t he F le m ish c o inage. These f ew were i n g enera l o f l ower v a lue t han t he p ar is is , w ith w h ich t hey d id n ot c o mpe te : t he c o inage o f N oyon was i n ar ela t ionsh ip o f 3 to 2 ; t ha t o f Tourna i a nd t ha t o f L aon ( an a gree men t o f 1 .58 ) o f 2t o 1 .1 2 The d en ier

a r t e s ien

i .e. t he c o inage o f F landers a nd t he p ar is is were e qu iva len t

i n t he m idd le o ft he t h ir teen th c en tury ( 1 259 ); a nd t he s ame was d oubt less t rue a t t he b eg inn ing o ft he t h ir teen th c entury . The o ther s e ignor ia l c o inages were s uppressed a t l east f or at ime : t ha t o f V er mando is , r eun ited t o t he r oya l d oma in a t t he d ea th o f A l idnor , t ha t o f t he c oun ty o f Bou logne c on f isca ted f ro m Renaud d e Dam mar t in i n 1 212; t hose o f t he e p iscopa l c i t ies o f Beauva is , L aon a nd N oyon d isappeared a f ter Ph il ippe Auguste 's r e ign . S a in tPo l a nd Pon th ieu s eem n o t t o h ave s truck a t t h is t ime , b u t t hey r esumed m in t ing i n t he s econd h a lf o f t he t h ir teen th c en tury . I n s hort , t he r oya l p ar is is s upp lan ted a nd t hen s uppressed t he p ro l iferat ion o f s e ignor ia l c o inages n or th o f t he S e ine. Mone tary c ircula t ion was t hus p u t o n as ounder a nd h ea l th ier f oot ing. Wha t was t h is c ircu la t ion , a nd wha t d oes i tt each u s? F ro m t he p o in t o f v iew o f t he h oards , t here were i n t he n or th o f t he k ingdo m t wo c lear ly d ist inct a reas o f c ircu la t ion . Dur ing t he r e ign o f L ou is V I I t he c o ins o f P icardy c ircu la ted a t f i rst i n t he r eg ion w here t hey were i ssued ( Bo issel le , P icardy ( ? ' ) ) , w here t here were a lso t o b e f ound c o ins o f L aon , a nd o f Champagne ( Meaux , Troyes , a nd Prov ins ). The c o ins o f P icardy a re f ound a ga in t owards t he s ou th ( Pon to ise ), a nd t he te ley w e ast ( Champagne , Thourot , a nd h oards f rom t he Meuse v al here t hey were c arr ied a long b y t he c o ins o f V erdun —Trans inne , C iney , F ischbach ). 1 3 N one o ft hese c o inages i s f ound i n F landers. A f ter t he m idd le o f t he t welf th c en tury , t hey g o n o f urther t han Pon th ieu o r a fi ef o ft he b ishop o f Cambra i. The o n ly c ase o f d en iers o f smal l modu le f ound i n P icardy ( La Bou te il le , A isne ) i nvo lves c o ins o f Doua i , Tourna i , a nd Va lenc iennes. F landers o n t he o ther h and was o pen t o t he c o ins o f Ha inau t a nd An twerp , l t o t he Eng l ish c o ins , a nd a bove a l t o imper ia l c o ins. The e v idence o f t he h oards i s i n a gree men t h ere w i th t he t ex ts , a nd o ne c an a dduce t he c onven t ion a greed b e tween Ph il ippe d 'A lsace a nd F reder ick Barbarossa i n 1 173 b y w h ich t he c oun t o f F landers , i n r esponse t o p r iv i leges a ccorded t o F le m ish merchan ts,

4 2

g ran ted f ree c ircu la t ion i nh is t err itor ies t o t he c o ins s truck b y t he emperor a t Du isberg ( den iers ) a nd a t Aachen ( obo les ), a nd t o t he i ssues o f t he a rchb ishop o f Cologne.

Two h oards made u p e xclusively o f German

h ave b een d is-

COil lS

c overed , o ne a t Huy ( 5 ,500 ), a nd t he o ther a t Brussels ( 400 );

at h ird h oard ,

f ro m Beveren , i ncludes a quar ter o f imper ia l c o ins. The d en iers o f Cologne w ere c urren t a t 3f or 1 0 d en iers o f F landers. The p resence o f i mper ia l c o ins i s j ust if ied b y t h is e xchange-ra te.

They s erved a s mul t ip les o f F le m ish

d en iers. We s ee t he r ough s ke tch f or a co mp lex monetary s yste m a dap ted t o t ransact ions o f w ider s cope. I t may b e q uest ioned , h owever , h ow l ong t h is p heno menon l asted , f or imper ia l c o ins a re n o t men t ioned i n t he c o mp te o f 187. Were t hey s t il l i n c ircu la t ion f i f teen y ears a f ter t he a gree men t? On ly t he c o ins o f An twerp , wh ich ma tched t hose o f F landers, a nd t he c o ins o f Doua i , wor th h a lf t he F le m ish d en ier , a re men t ioned i n 187. A t t he e nd o f t he t welf th a nd i n t he t h ir teen th c en tury , t here a ppears a new s yste m o f mu l t ip les b ased o n t he s ter l ing. The money o f a ccoun t r ef lects t he u se o f s ter l ing a t av ery e ar ly s tage , b u t t he h oards d o s o e spec ial ly i nt he s econd h a lf o f t he t h ir teen th c en tury . The l ink b e tween t he c o inage o f Am iens a nd t he F le m ish s yste m d id n o t , a pparen t ly , r esu l t i n a n e n large men t o f t he a rea o f c ircu la t ion o f t he smal l d en ier. On t he o ther h and , t he c rea t ion o f a den ier p ar is is i n Ar to is h ad c learer c onsequences. Th is p ar is is o f Ar to is , a nd i t s i m i ta t ions , p enetra ted v ery d eep ly i n to t he r est o f t he k ingdo m.

Bu t f or most o f t he t ime i ti s a mat t er o f o ne , 2 , o r

3s pec i mens , a nd when t here a re more t hey r epresen t i n a ny c ase a v ery m inor p ropor t ion o ft he c o in s h oarded :

7 % a t L usignan , 3 .5% a t S a in t-Jean-

le le Breve lay , 1 .3% a t S a in t-Cla ir-sur-El , 8 % a t Pagny-sur- Mosel , 1 .5% a t les--Frd moy. The f Corcel our h oards w h ich c on ta in n umerous p ar is is a re I I t hose o f Co mp ie gne ( beg inn ing o f t he X I th c en tury : 3 14 s pec i mens ), G isors I I m id-X I th c en tury ( 6 9% , o f wh ich Arras c on tr ibu tes 4 2% ), Chappes ( second I I h a l f o f t he X I th c en tury :

6 6% o f w h ich A rras c on tr ibu tes 4 3% ), a nd ah oard

t any ( II f rom Br it l ast q uar ter o f t he X Ith c en tury :

2 1% , o f wh ich Arras c on-

4 t r ibu tes 1 0% ). 1

The h oards o f d en iers p ar is is d e monstra te t he a ct iv i ty o f t he m in t o f Arras, w h ich i s a l most a lways b et epresen ted t han t ha t o f Par is, wha tever t er r t he t o ta l n umber o f c o ins o r t he p lace o f c oncea lmen t . The p ar isis e ven r eached F landers i n smal uan t i t ies. l q

Two h oards,

o ne f ro m t he s econd q uar ter o f t he t h ir teen th c en tury , a nd t he o ther f ro m t he s econd h a lf o f t he c en tury , c on ta ined p ar is is a nd c o ins o f Champagne i n p rop or t ions e qua l t o o r l ess t han 1 0% o ft he t o ta l ( Berel lderbos ). l es, Pu

The

p roport ion i s g rea ter a t S a in t-O mer , w h ich h ad b een g iven b ack t o t he k ing ( 30% ). Impor tan t a s t h is e v idence i s r egard ing t he c ircu la t ion o f t he d en ier a r tds ien , a nd t hen t he p ar is is a r t6s ien , i ti s c ur iously i nco mp le te s ince i th as n oth ing t o s ay a bou t a ny a ccess t o t he f a irs o f Cha mpagne , A l t o ld , t he e v idence o ft he h oards s ee ms t o b e i nco mp le te , a nd o f l p ar t icu lar v a lue o n ly f or c er ta in t op ics : t he l arge d en iers o f Am iens i n t he t we lf th c entury ; t he c onven t ion b e tween t he emperor a nd t he c oun t o f F landers. For v ar ious r easons , i np ar t icu lar t he l ease o f s evera l m in ts t o t he moneyer S i mon , t he c ircu la t ing med iu m g ives a poor a ccoun t o f t he e x traord inary 4 3

d eve lop men t o f Ar to is i n t he t wel f th c en tury , o f i t s p ower i n t he t h ir teen th c en tury , a nd a bove a l o f t he i n terna t iona l c on tacts o ft he r ichest s ector o f l t he p opu la t ion . I ti s o n ar estr ict ive n o te , t herefore, t ha t Ie nd t h is s urvey .

I n t he

e xamp le t ha t w e h ave l ooked a t t oday , mone tary e vo lu t ion f a ithful ol ly f l owed p ol it ica l e vo lu t ion , e ssen t ial , n o d oubt , b ecause t he French k ing h ad a po l ily t i ca l p lan , wh ich h e p u t i n to a ct ion . On t he o ther h and , wh ile t he l inks b etween e cono m ic d eve lop men t a nd m in t ing a re p la in t o s ee , o ne c anno t r ely o n t he l at o d e ter m ine t he d irect ions o f t he f or mer. t er t

Co inage d id n ot p lay a p re-

em inen t r o le i n t ransac t ions wh ich wen t b eyond t he s ca le o f t he r eg ion . The n ecess i ty t o c rea te a m ore i mportan t c o in emerged.

I n a n e arly s tage , t he

s terl ing s uf iced . A t al a ter s tage , t he c rea t ion o f an ew d om ina t ion , o f a f d ist inct ly.h igher v a lue, was t o p rove n ecessary :

t he g ros.

Bu t t ha t i s a no ther s tory .

OUVRAGES A CONSULTER F . L . Gansho f.

L a F landre , d ans F . L o t e t R . Faw t ier , H isto ire d es I nst itu-

t ions f ranca ises a u Moyen Age , I , Par is , 1 957. le H . P la tel , d ans H isto ire d es Pays-Bas f ranca is.

Tou louse 1 972.

R . Foss ier , d ans H isto ire d e l a P icard ie , Tou louse , 1 974. J . La faur ie.

L es Monna ies d es r o is d e F rance , I , Par is , 1 951.

F . Poey d 'Avan t .

Monna ies f eoda les d e F rance.

Par is , 1 858-1862.

A . B lan .che t e t A . D ieudonne , Manue l d e N um is ma t ique f ranca ise , I V , Par is , 1 936. C . R icheb6. P . Cr inon .

L es Monna ies f eoda les d 'Ar to is.

Par is , 1 963.

L a Monna ie d e Re i ms a u Moyen Age V I-X IVes.

d octora t d e 3 e c ycle.

These p our l e

Par is-Nancy , 1 978 , d acty l .

l es Moneta Trouva il ires Por t6es s ur l a Car te 1 .

Avesnes ( Nord ) : E . Tordeux. Cambra i

Me mo ire d e l a S oc iete d 'e mu la t ion d e

1 833, 2 03-211.

or te s ur l a c ar te. ) 1 836, 2 50. ( Non p

2 .

Beaugency ( Lo iret ): RN

3 .

l es ( Berel Nord ): R .B. N ., 1 924, 2 06-209.

4 .

Beveren- Waas ( Be lg ique ) : RBN , 1 892 , 2 11-214-Ghyssens , 5 6.

5 .

Bre tagne : RN

6 .

l es ( Bruxel Belg ique ) :

7 .

lier Chappes ( Al ):

8 .

Char lero i ( Be lg ique ) : RBN , 1 948, 8 7-93 ;

1 976, 1 71-185.

RN

Ghyssens, 1 30-131.

( Nonc p ort es ur l a c ar te. )

RBN , 1 872, 2 95. 1 964 , 1 62.

9 7.

4 4

1 858 , 3 62-373.

Ghyssens

1 a ura

0

1

/. 9' • i

d

: • • 1% ' . 1 . ko 1.

oN. . #" ' "c . .

I , c r )

* : . . . .

. • • •. . . . ;

*

c O l i> N • G O

.2

i f s aw .& c °4 r

•

, ;:

e r

• •..... • C N

4 ) * :; *

( c ) .1

9 ,

*

40 1 /

' • : •

• I

• • ' . % • •. • • ... . •

•

* • : . * *•

5

.•

• - :.• ' .

•c n .• • . . .

.

• I r cl • r i -:

. . ' . . ', .

: . • ' ' . • . . . .. . . . .

I

e x cep t ion , a n ter ieur s a uX iveS .

. . . :

•

• . . . . . .. . . . .: .

* .

. ••• •

; /

C , 1

•

4 5

• .'

*r

. •

s auf

TRESORS MONE TA I RE S

* * ' ` . *c •-,

( 2 ,: r we • . • *

• • * •

•• 0 * • C V :

•

9 .

Co mp iegne ( O ise ):

s o c ie t e

le Bul t in d e l a

M. He mery.

h istor ique d e

Co mp iegne , 1 925. 1 0

.

Corcel Cote d 'Or ): l es--Fre moy (

RN

1. 1

D ieuze ( Mosel ): RN , 1 843, 1 85. le

1 2.

Do mbourg ( Pays-Bas ): t rouvees

1 3.

R . Macare , D isser ta t ion s ur l es monna ies

856. Do mbourg 51

Epagne ( So m me ): d e n um is ma t ique.

A . Van Roba is.

N o tes d 'archeo log ie , d 'h isto ire e t

le Abbev il , 1 877-1883.

1 4.

Erwetege m ( Be lg ique ):

1 5.

lier Gannat ( Al ): RN

1 6.

G isors ( Eure ):

1 7.

1 962, 2 37.

RBN , 1 880 , 2 16.

1 839 , 6 7 , 1 52, 2 16.

BNJ , 1 972, 2 2-43.

Gra m mon t ( Pas-de-Ca la is ):

L . Descha mps d e Pas.

d e l a s oc iete d es An t iqua ires d e Mor in ie , 1 879 , 2 81. 1 8.

l eux ( Grand-Hal Be lg ique ): Ac. r oya le d e Be lg ique.

l. h Bul istor ique Ghyssens 9 6-97.

G . P iot N ot ice s ur u n d epo t d e monna ies...

Me mo ires XXI.

l et Bul in mensuel d e N u m., 1 883 , 1 45.

1 9.

Huy ( Be lg ique ):

2 0.

J onzac ( Charen te- Mar it i me ):

2 1.

le ( La Bo issel So m me ) :

2 2.

le ( l et La Boute il A isne ): Bul in d e Nu m., 1 893,74.

2 3.

La Nocle- Maucla ix ( N ievre ):

2 4.

lu L e Po ire-sur-Vel ire ( Vendee ):

2 5.

L il Nord ) : le (

2 6.

L il Pas-de-Ca la is ): l ers ( 1 850 , 5 92.

ASFN , 1 878, 2 32.

ASFN , 1 877 , 1 84.

RN

1 916, 2 94.

BSFN , 1 959 , 3 32. Bul in d e N u m., 1 897 , 2 1. l et

Ghyssens, 9 5-6). M

m. d e l a S oc ietd d es An t iqua ires d e Mor in ie ,

2 7.

Lusignan ( V ienne ): RN

1 848 , 3 99.

2 8.

Marc inel Be lg ique ) : le (

2 9.

Mareu il ( Vendee ) : RN , 1 844, 3 74.

3 0.

Moh iv il Be lg ique ): le (

3 1.

N er is-les-Ba ins ( Al ): lier

3 2.

N oyon ( O ise ):

3. 3

Pagny-sur- Mosel Meur the e t Mosel ) : le ( le

3 4.

P icard ie : RN

3 5.

Pon to ise ( Va l d 'O ise ):

3 6.

Pu lderbosch-Zoerse l ( Belg ique ):

3 7.

R iec-sur-Belon ( F in istere ):

3 8.

R io m ( Puy-de-Do me ): RN

CE NB, 1 975, 3 -7.

Bul in mensuel d e Nu m., 1 883 , 1 0. l et Bul in d e N u m., 1 891, 1 84. l et

RN 1 841, 3 6.

1 842, 6 9.

RN

1 844, 4 64.

( non p orte s ur l a c ar te )

ASFN , 1 6, 2 75. RB N , 1 910 , 4 05.

Courr ier n um is ma t ique „ 1 925, 5 3. 1 842, 4 60. 4 6

3 9.

S a in t-Ayber t ( Nord ): RBN , 1 853, 1 7.

4 0.

S a in t-Cla ir-sur-El le : RN

4 1.

S a in t-Jean-de-Brevelay :

1 908, 4 99-521.

RN

1 867 , 1 35.

S a in t-O mer ( Pas-de-Ca la is ) :

RN 1 839 , 2 36; RN 1 923, 2 27 ; Bul in l et

4 2.

d e l a s oc ie te d es An t iqua iresde Mor in ie , 1 852-56 , 4 9.

4 3.

S a in t-Pardoux-les-Cards ( Creuse ) :

4. 4

S en il V ienne ): BSFN , 1 951, 3 . le (

4 5.

S ierck ( Mosel ): Melanges d e N um is ma t , 1 878-1882 , 2 40. le

4 6.

Smarves ( V ienne ): RBN , 1 873 , 2 29-230.

4 7.

S o m me :

4 8.

Thourot ise ) : t e(O 1 48

4 9.

RN , 1 868 , 2 32.

Bul in d e l a S oc iete d es An t iqua ires d e P icard ie , 1 2, 2 75. l et Bul in mensue l d e N um is ma t ique , 1 882, 1 63, 1 883 , l et

•

Wil Be lg ique ): RBN , 1 849 , 8 7. l ebroeck ( o n t

e t t

l es L a Plupar t d eces t rouva il

r eper tor i es p ar C . R ichebe ( .c it. s upra ). NOTES

1 .

J . F . L e mar ign ier , L e Gouverne men t r oyal a ux p re m iers t e mps c ape t iens 9 87-1108 , Par is, 1 965.

2 .

B igwood , L es F inanc iersd'Arras. Revue b e ige d e p h ilo log ie e t d 'h isto ire , 1 924, p p . 7 70-1.

3 .

G . Fourqu in , H isto ire e cono m ique d e l 'Occ iden t med ieva l , Par is , 1 969 , p . 2 59.

4 .

A . V erhu lst e t M. Gyse l ing , L e c o mp te g enera l d e 1 187...et l esinst it i ons f inancr eres d e l a F landre a u XI ièc le , Bruxel 962. Ie s l es, 1

5 .

P . Gu i lh ier moz e t A . D ieudonne , Chrono log ie d es d ocu men tsm one ta ires d e l a n um is ma t ique r oya le..., R .N ., 1 929 , p . 2 13, 2 6.

6 .

A . B lanche t e t A . D ieudonne , Manue l d e N um is ma t ique f ranca ise , Par is, 1 916, p . 2 03 e t 2 19.

7 .

A . V erhu lst e t M. Gysse l ing ,

8 .

J . Ghyssens, L es P et i ts d en iers d e t landre d es XI t X Ie s iecles. Ie e I I Bruxel 971 ( Cercle d letudesnu m is ma t iques, Travaux , 5 ) . l es, 1

9 .

L e d ro i t s 'apparen te a c elu t d e l ' ester l in ( S t-Quen t in ), d u d en ier g erman ique ( Peronne ) d u p ar isis ( Crepy ).

1 0.

I l aa ccorde d es c har tes d e c o m munes ' ad ifdren tes v i les : l

S a in t-

Quen t in ( 195 ), Roye ( 197 ), Crdpy ( 1215 ) e n s 'engagean t än e c hanger 1 1 l a monna ie q u ' a c er ta ines c ond it ions. En f a it , i ls 'est g arde d 'y mon' n ayer , c e q u i e ta it u ne h ab ile f a9on d e r esoudre l e p robr e me d e s es e ngage men ts. 3, 4 2. 3 1. 1

P . Gu i lh ier moz e t A . D ieudonnd ,

I b id., p . 2 13, 2 9 . 4 7

ci t . ,p . 2 14, 3 2,

1 2. .1 3.

M. Prou , RN

1 894 , p p . 5 25-26;

1 897 , p p. 2 29-230.

Tresors moneta ires a ' predo m inance f ranca ise l es, 1 Bruxel 967.

t r ouv es

t iques. ( Cercle d '6 tudes n um isima

e n Be lg ique ,

Travaux 4 ).

C f.

i n fra P .C r inon . 1 4.

2 1%

Beaugency ( f in M le ) ma is s eu le men t 1 monna ie d e S t Omer.

4 8

SOME CO INS OF S TEPHEN AND EUSTACE AND RELATED I SSUES OF WESTERN FLANDERS P . J . S eaby

The ' York g roup ' o f t we l f th-cen tury p enn ies , o f wh ich s o me 7 5 s pec i mens t a re k nown a t t he p resen t d ay , p resen ts i n tr igu ing p roble ms o f a tr ibu t ion .1 There a re e igh t ma in t ypes —the VIS ' v ar ian ts o f S tephen 's f irst i ssue , t he F lag t ype , t he L ozenge-scep tre c o ins, t he Two-f igure t ype ( S tephen a nd Ma t ilda ), t he Rodber t h orse man p enn ies , t he B ishop Henry c o ins, a nd t he t wo ma in t ypes o f Eustace ( t he S tand ing Kn igh t p enn ies a nd t he L ion c o ins ).

I t i s

c lear t ha t t hey a re a ssoc ia ted i ssues , b ecause o f t he ir u se o f c o m mon o rnamen ta t ion a nd o nt ypo log ica l g rounds. The c o ins h ave b een r ecorded o n ly f ro m Eng l ish f inds. s ing le f inds:

There a re t wo

aWIS v ar ian t f ro m Pe terborough ( Cambs.) a nd a Flag c u t h a lf-

p enny f ro m t he 1 977 e xcava t ions a t Warn o n t he Tees ( Cleveland ).

One F lag

p enny i s k nown t o h ave c o me f ro m t he p art ial ecorded 1 802 Win terslow ly r ( W il ts.) h oard.

Three c o ins , a nd p oss ibly a n u mber more , c o me f ro m a la te

1 7th c en tury h oard f ound a t Cat l , n ear Wetherby ( York s.). ta

I t i s o n ly t he

F lag p enny f ro m Win terslow t ha t i s k nown t o h ave o ccurred i n a ssoc ia t ion w i th o ther Eng l ish c o ins o f S tephen a nd t h is was a h oard f ro m t he l a test

y ears o f

150-53 ). S tephen 's r e ign ( 2..1 S o me o f t he Eustace ' Kn igh t ' c o ins d isp lay t he i nscr ip t ion EBORACI ( f ol y t he a dd i t iona l l et ters ED.TS o r TDEFL ) a nd , n o t u nreasonably , l owed b t he who le o rna men ted g roup o f c o ins h as b een a tr ibu ted t o t he m in t o f York t f or t h is r eason .

However , n o t o ne c o in o f t he g roup h as t he c onven t iona l

t moneyer-copu la t ive- m in t ' f or mula , i nvar iably u sed o n Eng l ish c o inage a t t h is p er iod , a nd t h is i s a ma jor o bstacle t o a tr ibu t ing t he m t o a regu lar t Engl ish m in t. The c o ins a re g eneral i gh ter i n we ight b u t o fb et ua l ity s i lver t han ly l t er q t he r un o f S tephen 's c o ins ( a l though t hey h ave b een c hecked o n ly a ga inst S tephen

e ar ly c o inage ), b u t w ith in t he o rnamen ted g roup t he F lag c o ins w ith

S tephen 's n ame a nd t he Kn igh t c o ins o f Eustace c an b e d iv ided i n to h eavy a nd l i ght i ssues. The l e ter ing emp loyed o n t he o rna men ted g roup h as c er ta in c haractert i st ics n o t p resen t o n o ther Eng l ish c o ins o f t he p er iod : c o ins , a chevron-barred

a n omega W

ar ounded E o n s o me

a nd a n u nc ia l U

I fo ne e xam ines t he c on te mporary ( or n ear c on te mporary ) c o inage o f w estern F landers, i nclud ing S tephen 's c oun t ies o f Bou logne a nd L ens, t he a s-

To f B ethune , a nd t he n e ighbour ing m in t s oc ia ted c oun ty o f S t . Po l , t he s eign ior S a t S t . Omer i ti s n o ted t ha t o rna men ts a re emp loyed t ha t a lso a ppear o n t he ' York Group ' c o ins :

i n p ar t icu lar ( 1 ) t he s h ield c harged w ith 3 o r 6r oundels ( a

4 9

d ev ice l a ter f ound o n t he a r mor ia l b ear ings o f t he c oun ts o f Bou logne ); ( 2 ) a c urved o rnamen t , s haped l ike a n o x-shoe w i th s ix n a i l h o les, f ound o n c o ins , o f L ens , S t . Omer a nd a n u ncer ta in m in t , a nd ( 3 ) a circu lar o rnamen t w ith c en tra l h o le a nd e igh t smal epress ions s et i n a circle. l er d The a ccompany ing t wo s hee ts o f i l lustra t ions d ep ict s ome o f t he e arly F le m ish p et its d en iers o r d en iers a r tes iens w h ich s how e i ther t he S t. Omer min a ure S 0 ( t s ignt 1 7 E, o r i t s a bbrev iae td f orms S P, ) S G Jo r SO . I t se e ms p oss ible t ha t t he SMor SWwas a dop ted a s ap unn ing d ev ice ( j eux d e mo ts ); l ables o t he f i rst t wo s yl f " o mega" a pprox i ma t ing t o t he s ound o f ' Omer '.

The

S P ) ( or S (J ), o r v ar ian ts s uch a s S 0, a re f requen t ly a rranged t o a ppear t t w ice , i n o ppos ing q uar ters o f t he r everse. Tha t t hese s ame l e ters, a rranged i n o ppos ing q uar ters , a lso a ppear o n s o me o ft he F lag t ype p enn ies o f S tephen a nd o n s o me o ft he S tand ing k n ight c o ins o f E us tace wou ld b e r e markable i f t here were n o t s ome k ind o f l ink b e tween t he m a nd t he m in t o f S t. Omer. ter f Perhaps a -d ie-cut ro m S t. Omer m in t was r espons ible f or p roduc ing t he d ies. N o c o ins o f S tephen a re k nown f rom t he m in t o f Bou logne , t hough t here t a re d en iers a tr ibu ted t o h is f a therin-law , Coun t Eustace I I , a nd t o S tephen 's liam s ons Eustace I V a nd Wil .

I ft he a rgumen t t ha t c er ta in S tephen a nd c er ta in

Eustace o rnamen ted c o ins w ere s o mehow c onnec ted w ith S t. Omer c an b e s ust a ined , t hen o ne wonders whe ther S tephen moved h is m in t f rom Bou logne ( and l en p oss ibly a lso f ro m L ens ) t o S t. Omer , a m a jor c en tre o f t he F le m ish wool i ndustry s i tua ted b eyond t he n or ma l b oundar ies o f t he c oun ty o f Bou logne. S o l f ar a s we k now , h owever , S t . Omer n ever o wed a leg iance t o S tephen o r Eustace. Var ious q uest ions a r ise : 1 .

I fs o me o f t he o rnamen ted ' York Group ' c o ins c an b e c onnected w ith S t. l Omer , c an a l t he c o ins o f t he g roup b e s o l inked , d esp ite t he word EBORACI f ound o n c er ta in c o ins o f Eustace?

2 .

t Are t he Eustace Kn ight a nd L ion t ypes c orrec t ly a tr ibu ted t o Eustace . F itz john r a ther t han t o Eustace o f Bo logne ?

3 .

t Can t he Rodber tus h orse man t ype , c urren t ly a tr ibu ted t o Rober t d e le S tu tev il , a m inor Yorksh ire b aron , b e r egarded a s a co inage o f Rober t V l e Roux , l ord o f B ethune a nd p ro tec tor o f t he a bbey o f S t. Vaast a t A rras a nd t he a bbey o f S t. B er t in a t S t. Omer.

4 .

Who i s t he B ishop Henry o f w ho m t wo c o ins a re k nown?

5 .

F or wha t p urpose c ou ld c o ins o f ' penny ' d enom ina t ion h ave b een s truck b y a Fle m ish m in t- master? F or p urchas ing Engl ish wool o r p ossibly f or p ay ing F le m ish mercenar ies emp loyed i n Eng land? Was t here a f orma l l ink b etween t he woo l merchan ts o f York a nd S t. Omer a t t h is p er iod? NOTE

1 .

D iscussed b y t he w r i ter i n a paper r ead t o t he Br i t ish N um is ma t ic S oc ie ty i n S ep te mber 1 977 , e n t i t led , ' The a no ma lous " York Group" c o ins o f S tephen 's r e ign '; t h is a r t icle i s ofered a s a su mmary a nd p ostscr ip t . 5 0

M. 2 17p

H .62

H .71

H .56

H .100

H .72

H .87

S o me 1 2th Cen tury c o ins o f F landers, a nd England.

5 1

M.220

H .69

H .108

R .38

l. Vern Col ier

R .36

l. Vern Col ier

R. 37var .

P .d 'A.6615

S o me 1 2th Cen tury c o ins o f F landers, a nd Eng land. 5 2

KEY TO THE PLATES S tephen ' f lag ' p enny

M217p M224a

Eustace ' s tand ing k n igh t ' p enny

H .6 4

S t . Omer

H .62

Uncer ta in ( S t . Omer? )

H .71

S t. Omer

H .56

S t . Omer

H .100

S t . Omer

H .K

S t . Omer

H .72

S t. Omer

H .87

S t . Omer

M.220

S tephen ' two f i gure ' p enny

H .108

S t . Omer

H .69

S t . Omer

R .38

L ens(? )

Col ern ier l. V

S t . Omer

R .36

L ens

l. V Col ern ier

L ens(? )

R .37

v ar

P .d 'A

L ens Bou logne

l t The i lus tra t ions a re d iagra m ma t ic a nd a re n o t t o s ca le a nd t he l e ters S , sm a nd SW

h ave b een s haded f or emphas is.

ABBREVIATIONS = R. P . Mack , S CBI 2 0 :

l ect R . P . Mack c ol ion , 1 973.

=A . Haeck , De Mun ten v an d e Graven v an F laanderen , Brussels 1 973. =C . R ichebe , L es monna ies f eoda les d 'Arto is d u Xe a u d ebu t d u X IVe s iecle , Par is 1 963. P . d 'A = F . Poey d 'A v an t , Monna ies f eoda les d e F rance , Par is 1 858-62.

5 3

THE C IRC ULAT ION AND I M ITAT ION OF STERL INGS I N THE LO W COUNTR IES N . J . Mayhew

A lthough my t i t le, a nd t he t er ms o f t he S ympos iu m , r estr ict t h is e nqu iry l t o t he L ow Countr ies , Imake n o a po log ies f or t he f act t ha t a t t imes w e w il l. h ave t o r ev iew t he e v idence f ro m F rance , Ger many a nd S cand inav ia a s w el A lso i ti s n ecessary t o e stab l ish a c lear p icture o f t he Eng l ish o u tpu t o f s terl i ngs.

The Eng l ish S hort Cross c o inage was a n e nor mous i ssue c o mpared

w ith a ny th ing wh ich h ad g one b efore.

Dur ing t he y ears f or w h ich S hort Cross

lion f i gures s urv ive , L ondon a nd Can terbury s truck s o me £ 667 ,000 o r 1 60 m il These y ears

lion p p enn ies , a t a n a nnua l a verage o f £ 33 ,000 o r 8 m il ence. 1

c orrespond t o t he i ssues k nown t o n um is ma t ists a s C lasses V I a nd V I ( 1218I I I et e ven b efore t he 1 220s t he e v idence o f t he h oards 3 i nd ica tes t ha t t he 4 7 ). 2 Y a nnua l f i gures o fp roduct ion w ere r unn ing a t h igh l evels , c er ta inly s ince J ohn 's h uge c o inage o f c . 1 205 , ( Class V 1 205-10 , C lass I V 1 210-17 ) a nd p oss ibly s ince t he l ast y ears o f H enry I 's r e ign.

Th is i s p erhaps n ot t he p lace t o e x-

p lore t he r ela t ionsh ip b etween p r ices a nd money s upp ly i n England , b u t i ti s i n p ass ing w or th n ot ing t ha t t he monetary e xp los ion o f t he S hort Cross c o inage d oes c o inc ide w ith a per iod o f a cute i n f lat ion c . 1 180-1220 ; b efore t h is a rgumen t c an b e t aken much f ur ther , much w ork n eeds t o b e d one o n p inpo int ing t he p rec ise c hrono logy o f t he g row th i n o utput . More im med ia tely r e levan t t o t he p resent e nqu iry i s t he q uest ion :

How

much o f t he h uge Eng l ish S hort Cross c o inage f ound i t s way t o Europe ? We c anno t r eal u t a figure o n t h is , b u t i ti s c lear t ha t , c o mpared w ith t he o verly p a l s ize o f t he S hort Cross c o inage a nd t he q uan t it ies o f L ong Cross a nd Edwardl i an s ter l ings wh ich l a ter c ircu la ted i n Europe , t he S hort Cross p resence was v ery modest .

I n o rder t o e stabl ish where S hort Cross s terl ings c ircu la ted i n

urn t o t he h oards. n or thern /1 Europe we must t i ng S hort Cross c o ins f ro m t he L ow Coun tr ies.

Ih ave f ound n o h oards c on ta inI n d ue c ourse s o me h oards w ith

S hort Cross c o ins may c o me t o l i gh t —or Imay h ave m issed s o me a lready k nown .

There i s f or e xamp le d ocu men tary e v idence o f ar en t i n U trech t i n

e o ther e xa mp les. 1 208 e xpressed i n s ter l ing. 5 There must b

I n g enera l I

imag ine s terl ings w ere more l ikely t o o ccur i n t he n or thern a nd e astern p arts o f t he L ow Coun tr ies t han i n t he s ou thern a nd w estern r eg ions.

6

H owever , i t

s ee ms c lear f i nds a nd d ocu men ts men t ion ing S hort Cross s ter l ing i n t he L ow Coun tr ies w il lways b e o u t-nu mbered b y t he e v idence f or t he c ircu la t ion o f l a s ter l ings i n France a nd Ger many i n t he f i rst p art o f t he t h irteen th c entury . The e xpansion o f t he Engl ish money s upp ly a n te-da tes t he a rr iva l o f Eng l ish c o in i n t he L ow Coun tr ies b y s o me f i f ty y ears, y et b u t f or t he s a le o f Engl ish w oo li n t he L ow Coun tr ies , t ha t e xpans ion c ou ld n ot h ave o ccurred. The e v idence f ro m F rance h as r ecen t ly b een s u m mar ised b y Yvon ,

7

wh i le s ter l ings i n Ger many h ave b een s tud ied b y Berghaus .8 I n France most 5 4

h oards c on ta in ing S hort Cross c an b e d a ted b efore 1 205 a nd o ccur i n r eg ions whose l inks w ith Eng land may f a ir ly b e d escr ibed a s p o l it ica l a nd m il itary r a ther t han e cono m ic. Gascony a nd F rench-Flanders d o n ot p rov ide S hort Cross p rovenances, a nd a f ter t he l oss o f N or mandy Eng l ish c o ins b ecame l ess c o m mon e ven i n t hose r eg ions where t hey h ad p rev iously b een p opu lar , t ha t i s n orth-west F rance.

There s ee m t o h ave b een n o im ita t ion S hor t Cross

s terl ings s truck i n F rance.

The a uthor ity o f t he K ings o f F rance , v igorously

e xerc ised b y P h il ippe-Auguste a nd h is s uccessors , i nsured t ha t t he c o inage r igh ts o f F rench f euda l magna tes w ere r estr icted t o t he i ssues o f d en iers i n l a s much a s t hey w ere t o lera ted a t a l. I n G er many t h ings w ere v ery d iferen t .

The Emperor e xerc ised o n ly

t he most n om ina l c ontro l o ver t he Ger man l ords s p ir itua l a nd t e mpora l who s truck money .

The a rr iva l o f Engl ish S hort Cross c o ins i n G er many , l i nked

ly f l p erhaps w ith d ip lo ma t ic p ay men ts, was g radual o lowed b y Ger man i m ita t ions. I n t he a bsence o f d ie-stud ies t he q uant it ies o f S hor t Cross im ita t ions s truck r e ma in u ncer ta in.

However , i ti s c lear t ha t im itat ions a ccoun t f or o n ly

l p a very smal roport ion o f t he c o ins i n S hort Cross h oards f ound o u ts ide Ger many .

They r arely e xceed 1 % , a nd f requen t ly d o n ot e ven r each t h is f igure ,

e xcep t f or S cand inav ian f i nds w h ich d o c on ta in a s l igh t ly l arger Ger man e le men t .9

The h oards c on ta in ing S hort Cross i n Ger many t end t o b e p re-

d om inan t ly Ger man s ter l ings w i th a smal l ish a dd it ion , e .g. Bru m merl Eng l ohe , B l instorf , F r iesoy the , a nd HesseIn .

H i ldeshe im a nd Wer l h ave a l arger

Eng l ish e le men t , c o m mensura te p erhaps w ith t he ir l a ter d a te.

S o me h oards ,

e .g. Coesfeld a nd L ech t ingen h ave n o Eng l ish c o ins , b u t o thers, e .g. Detmo ld a nd H il id a re p redo m inan t ly Eng l ish. lsche

I t w ou ld a ppear t ha t c . 1 230-40

Westpha l ian S hort Cross t ypes w ere p lent ifu l b u t i ti s h ard t o b el ieve t ha t Eng l ish S hort Cross c o ins e ver made u p a s much a s 1 % o f t he c ircu la t ion i n is impress ion i s c onf ir med b y t he s carc ity o f r efn orth-west Ger many . 1 ° Th e rences t o s ter l ing i n G er many i n t he d ocu men tary s ources o f t he f i rst h a lf o f t he c entury . Trad ing a nd d ip lo ma t ic l i nks b etween England a nd Westpha l ia u ndoubted ly e x isted , y et a t n o t ime c an t hese t i es h ave b een a s s trong a s t hose wh ich j o ined t he F le m ings a nd t he Eng l ish—a r ela t ionsh ip wh ich p roduced n o im ita t ions a nd n o s ter l ing h oards i n t he S hor t Cross p er iod.

Why t hen was t he s terl ing t ype

more r ead ily a dop ted i n Ger many e arly i n t he c en tury? a nd t he K ö ln p fenn ig i s o f p aramount i mportance h ere.

The p ar ity o f s terl ing S truck a t a l most t he

s a me w e igh t a nd f ineness , s ter l ing was a ble t o c ircu la te a longs ide t he Kö ln i ssues.

I ts hou ld a lso b e r e me mbered t ha t Westpha l ia was a lready f am il iar

w ith a c rowned f ac ing b ust a nd a cross a nd p el everse. l ets r

The e leven th-

c en tury Dortmund d en iers o f H e inr ich I V ( 1056-84 ) s pr ing t o m ind.

Ready

a ccess t o t he r ich n ew s upp l ies o f s i lver f ro m c en tra l Europe a lso f uel wo l ed t 2 a nd f our y ear c ycles o f Renova t io monete i n Osnabruch a nd Mi ;1 inster

was t hus a constan t n eed f or n ew v ar iet ies o f t ypes.

There

The d irect a ssoc ia t ion

o f s terl ing i m ita t ion a nd Eng l ish-based t rade i n t he S hor t Cross p er iod i s n o t r eal elpfu l . ly h

N e ither n eed t he d ropp ing o f t he im ita t ion o f t he S hor t Cross

t ype i n Westpha l ia a round 1 240 b e r egarded a s e v idence o f ac hange i n t he n a ture o f t he Ang lo-Germ a n t rade.

The p heno menon o f Westpha l ian s terl ings

n eeds t o b e e xp la ined w ith a v iew t o t he Ger man d o mest ic monetary s i tua t ion a s w el l. 5 5

S ince t he p resence o f s terl ings i n c er ta in p arts o f F rance a nd Ger many may b e ma in ly a t tr ibu ted t o s pec ia l f actors o ther t han t rade , t he a bsence o f s terl ings i n t he L ow Countr ies i n t he S hort Cross p er iod i s l ess e x traord inary . l ed t I ts hou ld a lso b e r ecal ha t i n t he f i rst p ar t o f t he c en tury most o f t he c en tres o f woo l a nd c loth t rade w ere i n F rance a nd s ub jec t t o t he monetary p o l ic ies o f t he F rench c rown wh ich e xcluded s ter l ing. Moreover i ti s p oss ible t hat t he ly e s terl ing c o inage was o n ly g radual stabl ished a s a n important i n terna t iona l t rad ing c urrency. I n t he f i rst h a l f o f t he t h irteen th c entury merchan ts t rad ing b etween Eng land a nd F landers may h ave r eco ined t he ir money a s t hey c rossed f ron t iers , o r k ep t a ppropr ia te b a lances i n e ach c ountry .

However i n t h is c on-

3 t ha t t he F le m ish n ect ion i ti s wor th r ecal ling Dr. Metca lf 's o bserva t ions 1 m in ts s i tua ted i n t he s outh , e .g. L il , w ere much b us ier t han t hose f urther le

n orth , e .g . Bruges.

I fs terl ing was c om ing t o t he L ow Coun tr ies i t was n o t

a pparen t ly r eco ined o n e n try n ear t he c oast i n a ny s ign if ican t q uan t ity , t hough p erhaps Eng l ish c o in d id c o me t o F landers f rom t he s outh , v ia t he Champagne f a irs. Ar ev iew o ft he c ircu la t ion o fS hort Cross i n Europe s hou ld n ot f orget t he S cott ish e v idence. Even i n S cot land where Eng l ish c o in was a lways r ead ily a ccep ted , L ong Cross was f ar more p len t ifu l t han S hort Cross . 1 4 I ts ee ms t ha t t he u se o f Eng l ish s ter l ing i nt rade o uts ide Eng land , t hough g row ing t hroughou t t he c en tury , o n ly r eal ook o n t he L ong Cross p er iod . A t a ny ly t f i r a te a f ter a bou t 1 250 , t he i n terna t iona l r o le o f s ter l ing d id b ecome e stabl ished a nd t he h oards d e monstra te t hat B r ita in , I reland a nd p art o f n orthern Europe made u p a Sterl ing Area w here Eng l ish c o in w as o nd a ccep ted r ead ily fered a f ro m S lype t o Ca ithness a nd f ro m Co. Mayo t o H ildeshei m a nd R ibe. The a ppearance o f l arge n u mbers o f L ong Cross s terl ings i n t he L ow Countr ies i s a very s ign if ican t d evelop ment . A l though p ar t ly t o b e e xp la ined i n t er ms o f c hang ing p at f u se a nd g row ing European f am il iar ity w ith t erns o Engl ish c o in , i tl ooks a s i ft he Engl ish may h ave b een s pend ing more a broad i n t he s econd h a lf o f t he c en tury . And y et t here i s n o e v idence o f a dec l ine i n t he f ore ign e xchange v a lue o f s terl ing i n t he t h irteen th c en tury , s uch a s o ccurr ed i n t he 1 3305; 1 5 a lso t he p ro l ifera t ion o f L ong Cross i m itat ions s uggests t ha t d e mand f or s ter l ing i n Europe c on t inued t o e xceed s upp ly .

A l t h is s ee ms l

t o i nd ica te t ha t Eng land 's t rade b a lance r e ma ined i n c red it , d esp ite t he a ppare n t i ncrease i n e xpend i ture a broad. O f c ourse i t was woo l wh ich made t h is p ossible. Bu t t here w ere o ther f actors wh ich c on tr ibu ted t o t he w idespread a ccept ib i l ity o f s ter l ing i n Europe. The p et it d en ier c o inage o ft he L ow Coun tr ies was r e markably l oca l i n c ircu lat i on , n o more t han a smal roport ion o f F lem ish c o ins o ccurr ing i n Braban t l p h oards, a nd v ice-versa .1 6 Bu t i n t he s econd h a lf o f t he c en tury i t was a lso b eco m ing n or ma l t o u se s ter l ings t hroughout t he L ow Countr ies. T he a dvant ages w ere n u merous;

s ter l ings w ere l arger c o ins, a nd more c onven ien t f or

u se i n c o m merce. Even w ith t he i n troduct ion o f S t . L ou is ' g ros t ourno is, t he s terl ing s t il ad ap lace i n t he d eno m ina t iona l s tructure; g ros , b audek in l h ( 2/3 g ros ), s ter ling ( 1/ 3 g ros ) , d en ier t ourno is ( 1/12 g ros ).

S ter l ings w ere

e qual ccep table i n F landers, Ha inau t o r Braban t , u n l ike t he l oca l d en iers. ly a N a tural hey w ere a lso a ccep table i n Eng land . ly t t i ca l c onven ience;

Th is was n ot merely ap rac-

i te nabled merchan ts t o a vo id wha t was i n efect a tol r l o

5 6

t ax o n i n terna t iona l t rade , wh ich f orced t he r eco inage o f money a t e ach f ron t ier. G iven t hese a dvan tages i ti s n ot s urpr is ing t ha t im itat ion L ong C ross s terl ings s oon c ame t ob e s truck i n t he L ow Countr ies. S tuden ts o f t he Braban t ine s er ies may b e i n terested i n t he Hazelr ig h oard f rom S co t land wh ich c on ta ined aWALT s ter l ing i n a con tex t o therw ise n o l a ter t han c . 1 272. 1 7 The g rea t ma jor ity o f t he L ong Cross s ter l ings s truck i n t he L ow Countr ies were p roduced n o t i n F landers, h eart o f t he woo l-cloth t rade w ith Eng land , b u t i n Braban t w h ich a t t h is d a te was , c o mpara t ively s peak ing , s ome th ing o f ab ackwa ter. N o d oubt t he Eng l ish embargo o n w oo l s a les t o F landers i n t he 1 270s c on tr ibu ted t o t he g row th o f Braban t a s a cloth maker a nd a sterl ing p roducer. 1 8 F landers a nd Ha inau t l aunched t he ir own h igh ly s uccessfu l a nd much i m ita ted b audek ins i nt he 1 270s. 1 9 Braban t l ess o f a m arket l eader i n i t s own r igh t , s truck s ter l ings b u t w ith t he h era ld ic o bverse b orrowed f rom i t s own d en ier c o inage . 2 0

Though d epend ing o n t he r epu ta t ion o f s terl ing t o e nsure ag ood

r ecep t ion f or t he n ew i ssues t he Braban t s terl ing w ith i t s d en ier o bverse o bv iously s ough t ap lace more i n t he L ow Coun tr ies ' monetary s yste m t han i n Eng land.

I n t he L ong C ross p er iod i n t he L ow Coun tr ies a l most n o r eal ly

1 d ecept ive im i ta t ions w ere p roduced .2

F rance , b ecause o f t he monetary p o l ic ies o f S t. L ou is wou ld a low n o l s terl ing i m itat ions t o b e s truck o n h er t err itory ( wh ich i ncluded most o f F landers ).

And t here i s o n ly o ne French L ong C ross h oard. 2 2

N evertheless

t he n ega t ive h oard e v idence s hou ld b e t rea ted w ith s o me c aut ion , a s t he d ocumentary e v idence s uggests s terl ings w ere i ndeed u sed t here. Whether F rench l eg isla t ion e xp l ic it ly p er m i tted o r p roscr ibed t he u se o f s ter l ing ( and a t d iff eren tt imes i n t he s econd h a lf o ft hecen tury i td id b oth ), t he imp l ica t ion i s 3 c learly t ha t s ter l ing was b e ing u sed .2

I n G er many t he d ocu men ts, t he h oards , a nd t he im itat ions a l l i nd ica te t ha t s terl ings w ere u sed . Hävern ick h as s hown t ha t i n t he t h ird q uarter o f t he c entury s terl ing was most w ide ly u sed i n t hose r eg ions b order ing o n t he L ow Coun tr ies.

However , Berghaus h as a lso s hown t ha t s terl ings w ere more

p opu lar where s trong Ger man c o inages w ere s carce.

I nterest ing ly t he S hort

Cross t rad it ion o f im ita t ion was d ropped i n Westpha l ia a f ter a bou t 1 240 , b u t c on t inued i n to t he Long Cross p er iod , s outh o f t he r iver L ippe. I th as t o b e r e membered t ha t when s terl ings w ere s truck i n r e mo te a reas , t he ir manu fact ure was a n importan t b us iness i n i t self . We a re s o u sed t o l ook ing a t c o ins a s e v idence o f t rade t ha t w e f orget t he ir manu facture a nd market ing was at rade i n i t sel f . 4 i n G er many a nd i n Cunre 25 i n O u tr igh t c op ies w ere made i n L ippe 2 Hol l and , a nd a s mal l h oard o f L ong Cross f orger ies —al l d ie-dupl ica tes —was

n Be lg iu m. F orger ies s ee m t o h ave b een p roduced most ly f ound a t L ede 26 i i n a reas w ith l i t t le e cono m ic importance o f t he ir own . S uch b ackwa ters a tf ly l t racted s i lver o n ly b y o fer ing a ccura te s terl ing c op ies a t s ubstan t ial ess t han s terl ing p r ices. b ecom ing s ign if ican t.

And t he q uan t it ies o f L ong Cross f orger ies w ere n ow I th as b een e st i ma ted t ha t s ome 5 % o f t he Eng l ish a nd

Ang loIr ish p ort ions o f t he Brussels h oard c ons isted o f f orger ies . 2 7

Th is f i g-

u re i s much h igher t han t ha t f or i m ita t ions i n t he Co lchester 1 969 h oard. 28 The e xp lana t ion f or t he d if ference may b e e xp la ined b y t he c o mpara t ive p rox im ity o f t he Brussels h oard t o t he s ource o f t he i m itat ions.

However , t hese im itat ions

a re g ood e nough t o f oo l modern n um is ma t ists , a nd c ou ld a nd p robab ly d id i nf i ltrate t he Eng l ish c ircu la t ion . Ano ther p oss ible e xplana t ion c ou ld b e t ha t s ince t he b u lk o f t he Co lchester h oard was p ut t ogether b efore c . 1 256 , t hese e xcel ita t ions b ecame more p lent ifu l l a ter i n t he L ong Cross s er ies i n l ent im t he 1 260s. These f i rst-ra te i m ita t ions d eserve more a ten t ion . Apparen t ly s truck t a t a respectable w e igh t a nd f i neness , a nd h av ing t he s ame l egends a s g enu ine Eng l ish c o ins , t hey a re n o t , e ven t oday , a lways r ecogn ised f or w ha t t hey a re. The modern n um is ma t ist n eeds t o s ee s evera l t housand g enu ine c o ins, p refera bly f ro m a large h oard , b efore t he a no ma lous i ssues b eco me a pparen t .

A

s im ilar s er ies o f im ita t ions a f l icted t he Edward ian c o inage b u t s tuden ts o f f t he S hort Cross c o inage h ave f ound t ha t a lthough im ita t ions o f t h is s ort d o e x ist , t hey a re n ot a s p len t ifu l a s 5 % o f t he Eng l ish c ircu la t ion . T he t wo h oards f rom R ibe i n Denmark a re i nterest ing i n t h is r espect. L ook ing o n ly a t i m i tat ions w ith Engl ish-type l egends , t he 1 911 h oard o f a bout 1 200 Engl ish S hort Cross c onta ined 1 0 i m ita t ions, b u t t he smal 958 h oard , w i th 1 65 Eng l ish l er 1 S hort Cross h ad 3 i m ita t ions. I f aD an ish h oard l a te i n t he S hor t C ross p er iod h ad 2% o f im ita t ions t hen t h is may s a fely b e r egarded a s a m ax i mum f or t he S hor t Cross c o inage. Th is r ev iew o f t he e v idence , c oun try b y c oun try , i n t he S hort Cross a nd L ong C ross p er iods imposes a r a ther r ig id f ramework o n t he e v idence. F or e xamp le t he d ist inct ion b etween F rance a nd F landers i s n ot a lways h e lpfu l , a nd a t t imes may b e p os it ively m islead ing.

Moreover , a sharp d ist inct ion

b etween S hort a nd L ong Cross p er iods may make s ense i n Eng l ish n um is ma t ics, b ut i n Europe t he t wo c o inages o ver lapped.

N ot o n ly d o S hor t C ross c o ins o c-

u t a lso many o f t he t rends wh ich Ih ave c ur i n European h oards a f ter 1 247 , 29 b c haracter ised a s e ssent ial ong Cross d evelop ments —for e xamp le t he i nly L c reased c ircu la t ion o f Eng l ish money i n Europe—w il ave b een u nder way f ro m l h t he 1 230s a nd 1 240s.

The a ccep tance o f s ter l ing i n Europe was ag radua l

p rocess —hastened i n s o me a reas b y f actors s uch a s t he a bsence o f r igorous monetary c on tro ls o r t he c onven ience o f t he K ö ln p ferm ig—sterl ing p ar ity , a nd d elayed i n o ther r eg ions b y t he e x istence o f t hr iv ing c o inages o n q u ite d iferen t s tandards, b ut y t he a u thor ity o f p owerfu l r u lers o r e stabl ished t rad ing tressed b c en tres. Bu t g iven Br i ta in 's n ear monopo ly p os it ion i n t he woo l t rade, a nd t he i n tr ins ic q ua l ity o f t he s ter l ing , t he i n terna t ional r o le o f t he c urrency was f i rm ly e stabl ished b y t he 1 270s . 3 0 Th is b r ings u s t owards t he p o in t when Edward I ' s r eco inag ,e , a nd h is s ubsequen tb an o nt he e xpor t o f s terl ing 3 1 o f European t rade.

r ad ical l tered t he g round r u les ly a

I n 1 280 t here w ere t housands o f p ounds w orth o f Eng l ish

s terl ings i n Europe; most o f i t was c oncen tra ted i n t he L ow Coun tr ies , b u t s ign if ican t q uan t it ies w ere a lso t o b e f ound i n France, Ger many a nd S cand ina v ia .

I th as b een c a lcu la ted t ha t a t l east £ 1,000 ,000 wh ich h ad b een m inted

a s Eng l ish L ong Cross S terl ing was n o t a va ilable t o b e r eco ined i n Eng land i n t he y ears a f ter 1 279. 3 2 S o me o f t he m issing c o in w il ave b een l ost o r l h h oarded o r s i mp ly w orn away , b u t t he v ast ma jor ity o f t hese L ong Cross s ter l ings w il i mp ly h ave b een e xported f rom Eng land . A s much a s £ 100 ,000 l s w orth may h ave b een i n S co t land ;3 3

s o me £ 900 ,000 must h ave t ravel led t o

ma in land Europe, t hough much o f i t may h ave b een r eco ined t here, r a ther t han

5 8

k ep t a s s terl ing.

A t t h is t ime , most o f t h is Eng l ish c o in i n Europe s ee ms t o

b e a ssoc ia ted w i th Engl ish t rade—so meth ing wh ich w as n o t n ecessar ily t rue o f s ter l ings a broad e arl ier i nt he c en tury.

A lthough s o me s terl ing w il ave b een l h

h eld i n Europe a s a conven ien t med ium o f i nterna t iona l p ayment , much o f i t w il ave b een i nt he h ands o f merchan ts who r equ ired i tt o p urchase B r it ish l h e xports. I ndeed much o ft he r ead iness o f o ther merchan ts t o a ccep t s ter l ing w il ave d epended o n t he r egu lar d e mand f or i tc aused b y t he n eed t o p ay f or l h woo l . F or European merchan ts h o ld ing s terl ing i n 1 279 , t he c hange o f t ype was s o meth ing o f ab low . S udden ly t he ir c o in was n o l onger a ccep table i n Eng land w ithou t t he p aymen t o f d ues a ssoc ia ted w ith r eco inage.

O f c ourse t he s ign o f

t he L ong Cross was s t il uaran tee o f g ood we igh t a nd f ine s i lver , a nd a s l ag s uch t he L ong Cross t ype c ont inued t o b e u sed i n Europe o n s h ield-sterl ings a f ter 1 279.

L ong Cross s terl ings c ircu la ted i n Europe s ide b y s ide w ith t he

n ew Edward ian t ype . 3 4

Bu t a s f ar a s u se i n Eng land w as c oncerned l arge

q uan t it ies o f L ong Cross s ter l ing k ep t i n Europe w ere f rozen .

Th is may b e

t he e xp lana t ion o f t he d iferen t ia l s ter l ing e xchange r a te—new s ter l ings a t 5 4 Braban t d en iers , o ld s terl ings a t 3 .3

T h is v ery l arge d iscount i s f ar more

t han c an b e e xp la ined b yt he p oss ible l i gh ter w e igh t o f t he o lder worn c o ins a nd must r ef lect g rea ter d e mand f or t he n ew t ype a ccep table i n Eng land . Mercha n ts w ish ing t o a cqu ire n ew s terl ing t o c arry o ut t he ir b us iness i n Eng land w ere f urther h ampered b y t he i n troduct ion o f n ew measures wh ich p roh ib i ted t he e xport o f s ter l ing f ro m England. s ter l ing c annot b e d oubted .

Tha t t hey d id i n f act c on t inue t o e xport

The F rench m in t a u thor it ies b e l ieved t ha t s o me

£ 50 ,000 o f s terl ing h ad e n tered F rance i n t he 1 280s. 36 Bu t t he p ossib il ity o f s earches , f ines a nd c on f isca t ions must h ave b een a fac tor i n t he m inds o f lingness t European merchants, a nd must h ave c ontr ibu ted t o t he ir w il o b uy ly c on t inen ta l s ter l ings. The f act t ha t i n t he e arly 1 280s s terl ing was s pec if ical e xe mpted f rom ab an o n f oreign c o in i n F rance 37 manufac turers o f c on t inen ta l s terl ings.

c an o n ly h ave h elped European

A part f rom p repar ing t he g round f or t he i n f lux o f f ore ign s terl ing t he r ec o inage a nd a ssoc ia ted r u les o f f ore ign e xchange may b e p resumed t o h ave h ad f l ore ign s o me e fect o n p r ices. Certa in ly w oo l p r ices f e l i n t he e arly 1 280s;38 f l e l h b uyers w il i ther h ave h ad l ess n ew s terl ing t o h and , o r w il ave h ad t o meet min t c harges t o c onver t t he ir o ld c o in t o n ew . E i ther way t he woo l g rowers may b e e xpected t o h ave f e l t t he p inch. De f la t ion i n t he e cono my a t l arge a t t h is t ime c annot p robably b e d issoc ia ted f rom t he f reez ing o f s ubstan t ia l s ter l ing a ssets i n Europe. Those h o ld ing L ong Cross i n Eng land h ad n o c ho ice b u t t o r eco in a t Engl ish m in ts, b u t t he c hange o f t ype may w el l h ave p reven ted L ong Cross c o ins i n Europe f ro m f l ow ing i n a nd o u t o f Eng land a s r equ ired , a nd a s t hey h ad p robably b een d o ing f or s o me 3 0 y ears b y 1 280. l Thus t he t h ird q uar ter o f t he c en tury emerges a s a n importan t , a nd a l t oo b r ief p hase o f o pen monetary p o l icy , when Eng l ish s ter l ing was f reely o fl f ered a nd r ece ived a l o ver Br ita in a nd t he L ow Coun tr ies , c ross ing f ron t iers w ithou t l e t o r h indrance , a nd f l ow ing wherever t he c urren ts o f t rade m igh t t ak e i t . England may h ave b een c loser t o European monetary u n ion i n 1 270 ly a t han s he i s t oday ! S uch f reedo m f ro m t he r estra in ts more u sual ssoc ia ted w ith med ieva l monetary p o l icy must h ave c on tr ibu ted t o t he p rosper ity o f

5 9

c o mmerce , a nd o n ly b een p oss ible a t a time w hen s i lver s ee med p len t ifu l a nd t rade was f a irly b a lanced . H owever , a n a l terna t ive i nterpreta t ion i s p oss ible. I ft he l arge q uan t it i es o f L ong Cross i n Europe d o i nd ica te a ser ious d eter iora t ion i n t he Eng l ish b a lance o f t rade , t hen t he b an o n t he e xport o f s ter l ing may h ave b een a del ibe ra te a t te mp t t o c heck e xcess ive Eng l ish s pend ing a broad . t e mporary p aral pr ing t o m ind . l els s

Once a ga in c on-

On b a lance, h owever , t he e v iden t p opu-

l ar ity o f t he s ter l ing i n Europe t hroughou t t he s econd h a l f o ft he t h ir teen th c en tury w ou ld s ee m t o p rec lude an ega t ive b a lance o f p aymen ts a rgumen t . Moreover i ti s i mprobable t ha t t he Eng l ish g overnmen t o f 1 280 h ad a ny i dea o ft he s ta te o f t he c oun try 's b a lance o f p aymen ts . 3 9 The a t te mpt t o c on ta in s i lver w ith in n a t iona l b oundar ies i s p robably b etter s een a s at yp ica l p iece o f lion l a te med ieva l b ul is m . I ndeed t he Eng l ish r eco inage o f 1 279 may i t self h ave b een p romp ted b y t he p oor mint o u tput o f L ondon a nd Canterbury i n t he 1 270s , w h ich i nt urn c ou ld l h w el ave b een b rough t a bou tb y t he s uccess o f t he n ew F rench g ros , t he b audek ins o f Ha inau t a nd F landers, a nd t he s terl ings o f Braban t.

There may a lso

h ave b een f i sca l mot ives f or Edward 's r eco inage w h ich was c er ta in ly v ery fic p rof itable. Thus i t may b e t ha t t he c l ipp ing a nd t he u nof ia l d ebase men t o f f c urrency—the o f ic ia l j ust if ica t ion f or t h is r eco inage, s hou ld b e s een more lion a s a n e xcuse r a ther t han a s a cause. A t a ny r a te, t he b ul is m o f t he 1 280s, wha tever i t s c ause , i n i t s t urn b rough t i m ita t ions , c urrency smugg l ing , s earches , d ebase men t a nd f orgery o n as ca le h ither to u nknown , a nd f rom t he l 1 280s t i l t he e nd o f t he s ter l ing p er iod , monetary p o l icy i n Eng land , F rance a nd t he L ow Coun tr ies was i nex tr icably l inked w ith m il itary a nd p o l it ica l a s l a w el s f i sca l a nd e cono m ic p o l icy .

To s ome e x tent t hen , Eng land b rough t t he

p roble ms o f i m ita t ions o n h er own h ead. Min t o u tput i n Eng land i n t he 1 290s was p robably l ower t han a t a ny o ther t ime i n t he t h irteen th c en tury .

Th is c an p ar t ly b e e xp la ined b y t he d isrupt ion

o f t rade c aused b y war , b u t e ven b e fore war b roke o u t , t he l evel o f m in t o u ttled a p u t s ee med s et t n ew l ow l evels. "

Th is i s p robably l inked w ith t he v ery

s ign if ican t o u tput o f c on t inenta l s ter l ings f rom L ow Coun tr ies m ints . 4 1

Most

ly u nusual , s o me t h irteenth c entury m in t f i gures s urv ive f rom Ha inaut w h ich s how t ha t i n l a te 1 297 a nd e arly 1 298, 1 7 ,940 mares o f s terl ings w ere s t ruck a t Mons a nd 3 8 ,000 mares w ere s truck a t Va lenc iennes ( 8 d en iers f ine , 1 5s 55 ).42 t o t he marc, = £ 41, 9 The s ter l ings o f J ean d 'Avesnes h ave b een a rranged i nto f our c lasses. 43 The h oard e v idence makes i tc lear t ha t c lasses 1 , 2a nd 3 w ere i n c ircu la t ion b efore

1 297 , w h ile c lass 4 was n ot .

I ti s a pparen t t ha t t he £ 42 ,000 o f s ter l ings

men t ioned i n t he d ocu men tary e v idence a s b e ing s truck a t Va lenc iennes f rom J u ly 1 297 a nd a t Mons f ro m A ugust t he s ame y ear w ere i n f act c lass 4 c o ins. From t h is p osit ion i to ugh t t o b e as i mp le s tep t o c a lcu la te t he c lass 4 i ssues a s ap roport ion o f J ean d 'Avesnes , o ther i ssues , a nd t hence t o c a lcu la te h is t o ta l s ter l ing o u tput . s uch c a lcu la t ions.

l p U nfortuna tely t here i s o n ly o ne h oard w h ich w il er m it t The Eng l ish r eco inage o f 1 300 a te mpted t o r e move c rock-

l ards f a rds a nd p ol rom t he c ircu la t ion s o t he p roport ions o f t hese c o ins i n tish h p ost 1 300 h oards a re n o t r el iable. The t hree l arge S cot oards d a ted c . l ards —Ga 1 300 a nd c ons ist ing a l most e nt irely o f c rockards a nd p ol lston , K irk-

6 0

u dbr igh t , a nd C leuchead s hou ld p rov ide i dea l d a ta , b u t s ad ly o n ly Ga lston was fic r ecorded i n s uf ien t d eta il t o p er m it t he c a lcu la t ions Ih ave i n m ind . 44 L ess t han aq uar ter o f J ean d 'Avesnes c o ins i n t h is h oard were c lass 4 , b u t w i th n o o ther h oards f or c ompar ison , t h is f i gure may n o t b e r epresen ta t ive o f t he c irc u la t ion a t l arge.

But i fc lass 4 i n f act made u p a s much a s o ne t h ird o f J ean

d 'Avesnes ' s terl ing i ssue t hen h is t ota l s ter l ing o utput w il l h ave b een £ 125 ,865. l l ards I fJ ean d 'Avesnes was r espons ible f or o ne t h ird o f a l t he c rocka rds a nd p ol made i n t he L ow Countr ies , ap ropos it ion s upported b y t he h oards, i tw ou ld iml ards s p ly at o ta l o utput o f £ 377 ,595 o f c rockards a nd p ol truck i n t he L ow Countr ies i n t he 1 290s.

Th is c a lcu la ted g uess, f or i ti s n o more t han t ha t , c o m-

pa res i n terest ingly w ith t he f i rm f i gure o f £ 37,990 o f s terl ings m inted a t L ondon a nd C an terbury b etween J u ly 1 290 a nd Oc tober 1 298. A method o f e st i ma t ing t he n umber o f c rockards a nd p ol l ards c ircu la t ing i n Eng land i s t o l ook a t t he m in t o u tpu t f i gures f or 1 300 when t hese c o ins w ere f orced t o t he mints a nd b ooked i n t he a ccoun ts a s Eng l ish s i lver.

S ince n o o ne

t ook E ng l ish c o in t o t he m ints e xcep t when t he t ypes w ere c hanged , o r t he lion h w e igh t o ft he n ew i ssues g ave b ul o lders a n i ncent ive t o r em in t o ld Engl ish c o in , i ti s c lear t ha t t he " Eng l ish s i lver" p assing t hrough t he m ints must e ither b e p la te , o r c rockards a nd p ol l ards. An i dea o f t he amount o f p la te g o ing t o b e c o ined c an b e g a ined f rom t he q uan t it ies o f " Eng l ish s i lver" o ccurr ing i n t he m in t a ccoun ts b etween r eco inages; i ti s g eneral l y sma1 1. 45 O f t he £ 136 ,341 wh ich p assed t hrough t he m int s o f L ondon , Can terbury , Br isto l , Chester , Exeter , N ewcast le , York a nd Hul l a s Eng l ish s i lver a t t h is t ime , i ti s l ikely t ha t , s ay £ 130 ,000 c ons isted o f c on t inen ta l s terl ings.

However many c rock-

a rds a nd p ol l ards may h ave e scaped r eco inage ( t here a re a few i n a l most e very 1 300-30 Eng l ish h oard ), o thers may h ave b een r e-exported t o S cot land o r Europe , o r h ave a rr ived a t t he m in ts a f ter Michaelmas 1 300 , o r h ave b een v olu ntar i ly r eco ined a s f ore ign s i lver b efore 1 300. I ts hou ld a lso b e r e me mbered t ha tb ecause o f t he b aseness o r p oor w e igh t o f s ome o f t he c ont inen ta l s terl ines, o ne h undred o f t hese c o ins when r eco ined wou ld make f ewer Eng l ish p enn ies . 4 6 N ever the less, i t may b e t ha t o n ly h a lf t he c rockards a nd p ol l ards s truck i n t he L ow Countr ies w ere i n c ircu la t ion i n Eng land i n 1 300. Many c ont inen tal s terl ings w ere r eta ined f or u se i n t he L ow Coun tr ies. The h oards, 47 a nd t he d ocumen tary e v idence 48

wh ich i s s carce s ince many c rockards a nd p ol l ards

w ere o f ten s i mp ly c al s ter l ings' a nd s o a re i nd ist ingu ishable f ro m Eng l ish l ed ' c o in , make i tc lear t ha t c ont inen ta l s ter l ings h ad a n i mportant t hough s hor tl i ved r o le i n Europe. 49 Crockards a nd p ol , a nd i legal xported Edwardl ards l ly e i an t ypes , t oge ther f i led t he r o le p rev iously p layed b y L ong Cross a lone — l p rov id ing t he l i qu id ity w ithou t wh ich t he w oo l t rade must h ave g round t o ah a lt . Moreover , t he v ery l arge n umber o f c on t inen ta l c o ins wh ich d id c ircu la te i n England i n t he 1 290s s uggests t ha t a l most a l l t he s i lver wh ich m igh t n or mal ly b e e xpected t o h ave c o me t o t he Eng l ish m in ts

was i n f act c o ined o n t he c on-

t i nen t f or u se i n Eng land. The c ircula t ion o f c on t inenta l c o inage i n Eng land was b ound t o c ause d iff icu l t ies , f or t he monetary s yste ms o f ma in land Europe w ere much more c o mp l ica ted t han t he Eng l ish. I ti s l ikely t ha t i n t he 1 290s t he s ame c o ins c ircu lat ed i n d iferen t ways o n d iferen t s ides o ft he Channel. The March ienne h oard g ives a n i n terest ing p icture o f s ter l ing c ircu la t ion i n t he L ow Countr ies i n a

6 1

v ery s hor t p er iod c . 1 296-7 , a nd p rov ides a n i n terest ing c on trast w ith t he n ear ly l endean 50 h oard f ro m t he S cot tish b order. Whereas Mel l enc on te mporary Mel d ean h as e xamp les o f t he who le r ange o f c rockards a nd p ol l ards s truck b efore i t s d a te o f d epos it , March ienne h as a l most n one o f t he e ar l ier i ssues o f Gu i d e Damp ierre o r J ean d 'Avesnes, t hough t he ir 1 296-7 i ssues a re p len t iful eprely r s en ted .

March ienne a lso c on ta ined e xa mp les o ft he c onte mporary c ont inen ta l

c op ies o f c rockards a nd p ol l ards 21

These a re i mportan t i n t he f i rst p lace

b ecause i ti s i n terest ing t ha t m ints o f t he Cunre t ype s hou ld c hoose t o im ita te c rockards a nd p ol l ards when t hey c ou ld p roduce a ccura te c op ies o f Eng l ish s terl ings; t h is may b e f urther e v idence o f t he d o mest ic r o le o f c rockards a nd p ol l ards i n t he L ow Coun tr ies; t ha t t hey w ere a co inage c o mmon e nough , a nd g ood e nough t o b e worth im ita t ing. But t hese c op ies a lso r a ise t he t op ic o f d ebase ment , f or t hey , a nd t he l a ter t ypes o f s ter l ing p resen t i n March ienne , w ere i ncreas ing ly d ebased . H ere in l i es t he e xp lana t ion f or t he v ery t i gh t c hrono log ica l p arcel d epos ited a t March ienne , a nd f or t he c ompara t ive s carc ity o f L ow Coun tr ies f i nds o f c rockards a nd p ol l ards wh ich w ere i n f act b r ief ly p len t ifu l t here.

Whereas i n Eng land s ter l ings w ere t he i nvar iable med ium o f

e xchange , o fg ood w e igh t a nd p ur ity , t he monetary p at n t he L ow Coun tr ies terns i w ere much more c o mpl ica ted. S terl ings w ere o n ly o ne o f many d enom ina t ions f rom a wide r ange o f c o mpet ing m ints o f d iferen t n a t ions. Moreover s ome s ter l ings w ere o fb etter w e igh t a nd/or f i neness t han o thers.

Accord ing ly i n

Europe t he l i fe-span o f c rockards a nd p ol ave b een s hor ter , a s i t l ards may h more f requen t ly b ecame a dvan tageous t o r e-co in e x ist ing c o in . Thus t he c ircu la t ing med iu m i n t he L ow Countr ies i n t he 1 290s s ee ms t o h ave b een v ery l arge.

Moreover t he v ar iety o f i ssues a nd t he r ap id ly c hang ing

t erms o n wh ich b ul ough t b y h a lf a dozen c o mpet ing m in ts a l w ith in lion was b l 5 0 m i les o f o ne a nother p resen ts ap icture o fb ew ilder ing c o mplex ity w hen c omp ared w ith t he i nf lex ible s tab il ity o f Engl ish m in t p o l icy.

Th is s tab il ity e xp la ins

w hy Engl ish m in ts w ere s uch e asy p rey f or t he m ints o f F rance a nd t he L ow Coun tr ies i n t he 1 290s , b u t i ta lso e xp la ins t he r enewed p rosper ity o f t he Eng l ish m in ts i n t he e ar ly 1 300s a nd t he n ew wave o f c on t inen ta l i m i ta t ion wh ich f o l lowed i t . W ith t he F rench d ebase men t o f t he m id 1 290s, r ap id ly f o l lowed b y d ebased s ter l ing i ssues f ro m J ean d 'Avesnes a nd Gu i d e Da mp ierre ,5 2 s im ilarly o ccasi oned b y t he e xpenses o f war-t i me f i nance , i t was s carcely s urpr is ing t ha t t he Engl ish m in ts s hou ld b e s tarved o f s i lver.

Bul olders n a tural ough t lion h ly s

t he b est p r ice t hey c ou ld g et , wh ich i nev itably was ofered b y t he d ebas ing min ts. H owever, i n d ue c ourse d ebase ment b rought d iscred i t t o ac o inage. Moreover , a s c on t inenta l m ints d ecreed e ver h igher f ace v a lues f or ag iven q uan t ity o f s i lver , t he European f ace v a lue o fg ood s ter l ing a lso r ose.

I n t he

s hort r un m in ts a nd merchan ts, who c ashed i nb efore t he t rue v a lue o f d ebased c o in b ecame w ide ly k nown , c ou ld t ake s ubstant ia l p rof its.

Y et i n t he l ong r un

d ebase men t s p ira ls h ad a damag ing e f fect o n c onf idence a nd o n t rade.

T he

b ul o lder s oon l earned t o t urn a ga in t o t hose m int s a nd c o inages wh ich lion h w ere u n ta in ted b y t he s t ig ma o f e xcess ive d ebase men t ,

5 3

wh ile merchan ts a nd

r en t iers a l ike c r ied o ut f or a r eturn t o s trong money. Thus, wh ile a ccep t ing t ha t ap r inc ipa l c ause o f t he b oo m i n t he Eng l ish m in ts c . 1 302-10 was t he r ev iva l o f t he woo l t rade ,

6 2

5 4

t he importance o f a

r eact ion a ga inst d ebase ment s hou ld n ot b e f orgot . t en

Th is was p erhaps o ne

o f t he l ast o ccas ions when a pronounced sw ing t o s trong money was p oss ible; l a ter i n t he f our teenth c en tury t he European s hor tage o f s i lver made d ebasemen t , a nd/or w e igh t r educt ion t he n or m , e ven i n Eng land . Y et K u tna Hora , t he l ast g rea t Bohe m ian f i nd o f t he p er iod , a nd w oo l t ogether made p oss ible a l ast p ro l if ic f lower ing o ft he Eng l ish s terl ing ( 1 302-10 ) , a nd F rench m in t o f if c ia ls c ompla ined t ha tb ecause o ft he h igh v a lue p u t o n s terl ing i n t er ms o f money o f a ccoun t i n F rance , t he Eng l ish m in ts c ou ld ofer a higher m in t p r ice 5 5 By a n i n terest ing i nvers ion f or s i lver t han t he d ebas ing European m in ts . w h ich w ou ld h ave i nt r igued G resham , g ood money c ou ld d r ive o u tb ad . T he r ev iva l o f Engl ish s terl ing b rough t ar enewed wave o f c on t inen tal im ita t ions. A s w ith t he p re-1300 i ssues, t he m ints p roducing i m i tat ion s terl i ngs s how ap ronounced c orrespondence w ith t hose im ita t in g b audek ins. The most p ro l if ic i m ita tors o f s ter l ing i n t he 1 4th c entury s ee m t o h ave b een a s f o lows : Rober t d e Bethune w hose F landers s terl ings a re a l o f g ood meta l , l l L ou is o f B avar ia who s truck s ter l ing o fg ood meta l a t Aachen ,

5 6

Va leran d e

L igny a nd Gaucher d e ChAa t il truck l arge n umbers o f s terl ings , p robl on who s a bly o n ad ecl in ing s tandard , i n t he p er iod b efore c . 1 320. T ogether w ith im i ta t ion s terl ings i n t he n ame o f Edward o f Eng land s o me o f wh ich a re a tr ibut t able t o Gaucher a nd o thers ,

5 7

a l t hese c on t inen ta l i ssues s ee m t o h ave s upl

p l ied a bou t 5% o f t he Eng l ish c ircu la t ion i n t he f i rst q uarter o f t he f ourteen th c en tury , wh ich s uggests t ha t v ery a pprox i ma tely a bou t £ 50 ,000 o f f ore ign s terl ing was c ircu la t ing i n Eng land a t t h is t ime. F erry o f L orra ine a nd J ohn t he B l ind may p rov ide a l i nk b etween t he r ela t ively p ure s i lver i ssues made b efore c . 1 320 a nd t he much b aser L ushb ourn s made i n L uxe mburg , L orra ine a nd Tou l i nt he 1 330s. J ohn t he B l ind 's b ase i ssues s ee m t o h ave b een e spec ial lent ifu lb u t t he ir r epu ta t ion p robly p a bly e xcluded t he m t o s o me e x tent f rom Eng l ish h oards a nd q uan t ita t ive a ssessmen ts a re t herefore d if f icu lt . These b ase i m ita t ions may h ave c on tr ibuted t o t he c r is is o f c on f idence wh ich af l icted s ter l ing i nt he 1 330s . 5 8 However o ther f actors were p robably more i mportan t. The b eg inn ings o f a severe s i lver s hortage a l l o ver Europe , t ogether w ith t he e xpense o f war i n S cot land e arly i n t he d ecade , a nd w ith F rance a f ter 1 337 p laced c ons iderable p ressure o n t he Eng l ish c urrency.

I n

1 335 t he g overn men t d id i n f act d ebase h a l fpenn ies a nd f ar th ings ( t o 1 0 o z f ine i nstead o f 1 1 o z 2d v t ). Th is i s a n i n terest ing e ar ly Engl ish e xamp le o f a n v a t te mpted d o mest ic d ebase men t i ntended t o l eave t he i n terna t iona l med ium u nta inted . European c onf idence was s haken n onethe less. Moreover when t he ma jor European war d id b reak o u t t rade i n g enera l s uf fered , a nd e ven F lorence a nd i t s i n ternat iona l c urrency e xper ienced ap er iod o f c r is is. I n 1 344 t he i nev i table r educt ion i n t he w e igh t o f t he p enny t ook p lace , t hough a n a t te mpt was made t o s a feguard i n terna t iona l t rade a nd t o i ncrease t he d omest i c s upp ly b y t he i n troduc t ion o fg o ld .

A f ter t he B lack D ea th , t he i n terna t iona l

r o le o f s ter l ing was f ur ther r educed b y t he i n troduct ion o f t he g roa t ( made p oss ib le b y t he f ur ther w e igh t r educt ion o f t he p enny a nd t he i ncreased p er c ap ita money s upp ly ). I n t he s econd h a lf o f t he f ourteen th c entury , t he i n terna t iona l r o le o f s ter l ing was more a nd more r estr icted t o S cot land a nd S cand inav ia . 59

6 3

To s um u p , t he Eng l ish s ter l ing was made p oss ible b y s ilver t ha t was b rough t t o Eng land b y t he woo l t rade.

A s ar el iable s i lver c o inage i t was much

l im i ta ted i n Europe , b u t i t was t he i l-adv ised Eng l ish a tte mpt t o r estr ict t he i n terna t iona l r o le o f s ter l ing i n t he 1 280s w h ich b rough t a bou t t he g rea test wave o f s ter l ing im i ta t ion .

When s i lver b ecame s carce , a nd t he w oo l t rade

d ied , t he p er iod o ft he Eng l ish s ter l ing a nd i t s i m ita t ions c ame t o ac lose.

NOTES 1 .

For L ondon a nd Canterbury m int o utput i n t he S hort a nd L ong Cross p er iods, s ee C . E . B lunt a nd J . D . Brand , ' M int Ou tput o f Henry I I ' BNJ x xx ix ( 1970 ), p p. 6 1-6.

For t he Edward ian c o inage s ee C . G .

lion c Cru mp a nd C . J ohnson ' Tab les o fb ul o ined u nder Edward I , I a nd I I , NC 1 913, p p . 2 00-245. 2 .

L . A . L awrence , ' The S hort Cross Co inage 180-1247 ' BNJ x i , ( 1915 ), p p. 5 9-100.

3 .

F . Du mas a nd J . D . Brand , ' The Br i t ish Co ins i n t he G isors ( 1970 ) Hoard ', BNJ x l 1 971, p . 2 9 , where a number o f S hort Cross h oards l amenable t o d eta iled c lass if ica t ion a re s et o u t , c lear ly i lustra t ing t he l arge s ize o f c lass V a nd V I.

I t s hou ld b e r e me mbered t ha t wastage

l h f w il ave a fected t he e ar l ier c lasses more t han t hose i ssued n earer t he t ime o f c oncea l men t o f t he h oard .

Moreover c lasses I IV may h ave

fered p s uf art icu larly h eavy wastage b ecause o f R ichard 's Crusade , a nd J ohn 's r eco inage o f l i gh t w e igh t c o ins. 4 .

The c urrency o f s ter l ing i n s ou thern Europe i s a nother q uest ion . D . M. Metca lf , Co inage i n t he Ba lkans 8 20-1355 , p p. 1 39 , 1 42, 1 64, 1 83, 2 29 , 2 30.

5 .

S ee

( Thessa lon ik i 1 965 )

S ee a lso t he N axos h oard.

W. Hävern ick , D er M i lner P fenn ig im 1 2 u nd 1 3 J ahrhundert ( Be ihef t 1 8 , z ur V iertel jahrschr if t f ur S oz ia l u nd W irtscha f tsgesch ich te,

t gar S tut t

1 930 ), p . 1 08. 6 .

The N etherlands, l y ing c loser t o s ter l ing-produc ing Westpha l ia , must b e a more l ike ly u ser o fS hort Cross s ter l ings t han t he p rov inces n earer F rance.

l and d l d The Hol en iers, u s ing s terl ing t ypes o n smal en ier-s ized

c o ins, wou ld a rgue t ha t t h is r eg ion a t l east was f am il iar w ith t he S hort l and i Cross s terl ing. The c hrono logy o f t hese H ol ssues i s , h owever , b y n o means c er ta in , a nd i ti s p oss ible t ha t S hor t Cross d en iers may h ave l and u c on t inued t o b e s truck i n Hol n t il a s l a te a s a bou t 1 265.

( I am most

g ra tefu l t o Prof . Dr. H . Enno v an Gelder a nd Drs. A . T . Pu ister f or t he ir a dv ice o n t h is p roble m.)

Thus Iam u ncerta in h ow f ar t he u se o f

t he s hort c ross o n a co inage o f d iferen t w e ight s tandard may b e t aken a s e v idence o f t he c ircu la t ion o f t he p ro totype. 7 .

J . Yvon , ' Esterl ins ' al a Cro ix Courte d ans l es T resors F ranca is d e l a Ie e I I F in d u XI t d e l a P re m iere Mo it ie d u X Ie s iec le.' p p. 2 4-60.

8 .

BNJ x xx ix , 1 970 ,

P . Berghaus, ' D ie P er ioden d es S ter l ings i n West fa len , d e m Rhe in land u nd i n d em N iederlanden '.

HBnN I( 1947-51) , p p. 3 4-53. 6 4

9 .

S ee ' France ' h oard NC 1 897 , p p. 2 35-44. 2 2-43.

G isors, BNJ x l , 1 971, p p.

lier Montpel , Yvon 2 p.c it ., a nd a lso Brand a nd Dup lessy BNJ

i, 1 x lvi 977, p p. 7 7-91.

Colchester NC 1 903, 1 11-176.

x i xv i, 1 954, p p. 3 59-61.

R ibe INC 1 916, p p. 3 78-98.

N orrbys BNJ R ibe

NNA

1 971, p p. 3 8-59. 1 0.

For Ger man h oards s ee W. Hävern ick , o p.c it ., a nd P . Berghaus, 2 2 . c it .

A lso s ee P . Berghaus Westfäl ische Münzgesch ich te d es Mittela l-

t ers, ( Landes museu m f ür Kunst u nd K u lturgesch ich te Münster 1 974 ). 1 1.

The d ocu mentary e v idence i s s u m mar ised b y W. Hävern ick , o p .c it ., p . 1 32.

1 2.

l., H . Buchenau , o n t he L ech t ingen h oard , Mitt . d . Bayer Nu m. Gesel 4 2, 1 924, p . 5 3.

1 3. 1 4.

S ee a bove , p p . 1 4-15. N . J . Mayhew , ' Money i n S co t land i n t he t h irteen th c entury ' i n D . M. 1 Metca lf ( ed. ) Co inagein Med ieva l S cot land ( 100-1600 ), BAR 4 5, 1 977 , p p . 8 5-102.

1 5.

E . Ames, ' The S ter l ing Cr isisof 1 337-1339 ', J . o f Econ. H ist .,

2 0 (V,

( 1965 ), p p . 4 96-522. 1 6.

Th is p o in t i s i lustra ted b y t he h oards s u m mar ised b y J . Ghyssens i n l L es P et its Den iers d e F landre d es XI t X Ie S fecles, Brussels, 1971. Ie e I I

1 7.

D . M. Metca lf , ' An Annota ted B ibl iography o f S cott ish Co in Hoards, c . 1 100-1600 ' i n D . M. Metca lf ( ed .) Co inage i n Med ieva l S co t land ( 11001 600 ), p . 2 6.

1 8.

On t he g row ing importance o f Braban t s ee J . d e S turler , L es r elat ions p ol it iques e t l es

e ch ang es

c o m merc iaux e n tre l e d uche d e Braban t e t

l 'Angleterre a u moyen a ge, ( Par is ), 1 936. 1 9.

J . Duplessy , ' Chronolog ie e t c ircu la t ion d es Baudek ins ic heva l ' , RBN 1 971, p p. 1 69-234.

2 0.

A . d e Witte , H isto ire moneta ire d es Co mtes d e L ouva in , Dues d e Braban t e t Marqu is d e S a in t Emp ire Ro ma in , I( An twerp 1 894 ), p ls.vi i , i 2 13-229 , a nd i x , 2 30-247 b is.

2 1.

On Cunre , a n e xcept ion , s ee b elow .

2. 2

Pontcha teau h oard , s ee Yvon , o p. c it .

2 3.

RN 1 929 , p p. 2 20-222, 2 26, 1 930 , p p. 8 5, 8 8, 1 10.

2 4.

gen P . Weweler , ' L ipp ische S ter l inge ' i n Festschr if t z ur Fe ier d es 2 5 j ahr-i Bestehens d es V ere ins d er Munzforscher u nd Munzfreunde f ür West fa len u nd Nachbargeb iete , ( Münster 1 938 ), p p . 4 1-53.

2 5.

J . Chautard , Im itat ions d es monna ies a u t ype e sterl in f rapp es e n Europe p endan t l e X Ie e t l e X IVe s iecle, Nancy 1 871, p p. 3 16-22. I I

2 6.

J . Baerten ,

CENB

3( 1966 ), p p. 7 0-2.

2 7.

R . L . Dav is i n a p aper r ead t o t he Br i t ish Nu m is mat ic S oc iety o n 2 5 Apr il

6 5

1 978.

On im ita t ions o f t he Ang loIr ish t ype s ee M ichael Dol l ey a nd

W. A . S eaby ' The Ano ma lous L ong-Cross Co ins i n t he Ang loIr ish P ort ion o f t he Brussels Hoard ' i n R . A . G . Carson ( ed. ) M in ts, D ies a nd Currency :

E ssays d ed ica ted t o t he me mory o f A lbert Ba ldw in

1 971, p p. 2 91-318. 2 8.

I n for ma t ion k ind ly s upp l ied b y M iss M . M. Arch iba ld .

2 9.

f. F or e xamp le , t he H i ldeshe im h oard HBN I I,3 5f

3 0.

te, Econo m J . A . Van Hout ic H istory o f t he L ow Countr ies 8 00-1800 L ondon , ( 1977 )

P .

5 0 a rgues t ha t s terl ing c a me p len t iful ly

t o F landers u n t i l a bou t 1 250.

Thereaf ter i n t he a bsence o f ar egu lar

s upp ly o f Eng l ish s terl ing , t he L ow Coun tr ies b egan t o p roduce im itat ions. 3 1.

I n my o p in ion t h is a ssess men t i s n o t s upported b y t he f inds.

M. Ma te , ' Monetary Po l ic ies i n Eng land , 1 272-1307 ' BNJ x l i , 1 972, p . 5 6.

3 2.

M. M. Arch iba ld , ' Wastage f ro m Currency :

L ong Cross a nd t he r e-

fa c o inage o f 1 279 ' i n N . J . Mayhew ( ed . ) Edward ian Monetary Af irs ( 1279-1334 ) BAR 3 6 , 1 977 , 3. 3

P .

1 84.

N . J . Mayhew , ' Money i n S co t land i n t he t h irteen th c en tury ' i n D . M. Metca lf ( ed . ) Co inage i n Med ieva l S co t land ( 1100-1600 ),

3 4.

P .

9 2.

E .g. t he D iest h oard , s u m mar ised b y J . Dup lessy 22 .c it., p p . 2 25-7 , a nd t he Grand-Hal t ix h oard , RB N 1 891 p . 2 40 , a lso s u m mar ised i n le Duplessy .

3 5.

A . d e Wit , 9 _ 2 .c i t . ,p p. 6 8-9. te

S ee a lso P . S puf nd Wendy ford a

Wi lk inson , I n ter im L ist ing o f t he Exchange Ra tes o f Med ieva l Europe , K eele , 1 977 , p . 2 60 where o ld s terl ings a t Ro me i n 1 285 w ere c ited a t 1 60 s o l id i t o t he p ound , a nd n ew s terl ings a t 2 00 s o l id i. 3 6.

R . a nd M. Dhen in , ' Le Tresor d e Bou logne-sur- mer ' , Revue d u N ord LV , 1 973, p . 2 46 , q uo t ing RN , 1 924, p p. 1 09-28.

3 7.

RN 1 930 , p . 8 5.

3 8.

T . H . L loyd , The Move men t o f Woo l Pr ices i n Med ieva l Eng land , ( Econo m ic H istory Rev iew , S upp l . 6 .

3 9.

Ca mbr idge , 1 973 ).

Much o f t he i n for ma t ion r equ ired t o a ssess t he n a t ion 's b a lance o f p ay men ts d id i n f act l i e i n g overn men t f i les , b u t i ti s u n l ikely t ha t t hey u sed t hese a ccoun ts f or a ny th ing more t han a c heck o n t he h onesty o f t he ir o f f ic ia ls.

4 0.

I ts hould b e n o ted t ha t woo l p r ices d ecl ined 1 290-4 , b u t t here was n o a pparen t f al n t he v o lu me o f e xports , s ee L loyd 2 2 .c it. l i

4 1.

F landers a nd Namur , Ha inau t , Braban t a nd L oos, a nd Cambra i , t o ment ion o n ly t he l arger c o inages.

4 2.

J . Ghyssens, ' La Monna ie d e Ha inau t s ous J ean d 'Avesnes d 'apres l e r eg istre B .3268 d es Arch ives d epar te menta les d u N ord ä L il l e.' RBN 1 973 , p p . 9 0-1.

6 6

4 3.

N . J . Mayhew , ' La Chrono logy d es E ster l ins d e J ean d 'Avesnes Co mte d e Ha inau t ( 1280-1304 ) ' RN 1 975 , p p. 1 72-181.

4 4.

Ga lston h oard , NC 1 923 , p p. 2 60-74. p p . 8 6-94.

4 5.

K irkcudbr igh t , NC x ii i , 1 851,

—c hhead , PSAS x xxi i, 1 898, p p . 2 95-6. C le-n

The f act t ha t when n on- mone tary s i lver w as c onverted t o monetary u se ly r i tp assed t hrough t he m in t a ccoun ts i s n ot g eneral ecogn ised b y t he s upporters o f t he ' a ccu mula ted s ilver s tocks ' t heory .

4 6.

C . J ohnson , The De Moneta o f N icho las Ores me a nd Eng l ish M in t l ards Docu men ts , ( 1956 ), p . = ix , h as c a lcu la ted t ha t c rockards a nd p ol w ere o n a verage 7 2.5% f ine o n t he b as is o f f igures i n t he L iber Quot id ianus

4 7.

b u t t h is may b e u ndu ly p ess im ist ic.

Hoogstraeten , RBN 1 866 , p p . 4 34-6. 7 7-81.

March ienne , RBN I , 1 845, p p.

Geel , RBN 1 949 , p p. 1 28-156 a nd Pu lderbosch-Zoersel , RB N

1 910 , p p. 4 05-10. 4 8.

te ( For a r are men t ion o f e sterl in a ti este let 1295 ) s ee J . Ghyssens ' Essa i d e d a ta t ion d es P re m iers Esterl ins d e Braban t ' Anna les d u Congres d e L iege d e l a Fddera t ion Archeo log ique e t H istor ique d e Be lg ique I ( L i 4 ' 3ge 1 971 ), p p. 5 67-72.

4 9.

I ti s worth n ot ing f ro m t he European h oards t ha t whereas L ong Cross s h ield-type s terl ing im ita t ions c ircu la te a longs ide t he l oca l d en iers, l ards g ly d c rockards a nd p ol eneral id n o t.

Had t he d en ier i ssues c eased

b y t he 1 290s o r w ere t he s h ie ld a nd t he h ead-type s ter l ings a ss igned d iferen t r o les i n t he monetary s yste m? 5 0.

l endean h Mel oard , NC 1 913, p p. 5 7-118.

5 1.

l er s For a ful tudy o f t hese c o ins, Chau tard 's ' En ig ma t ic ' t ypes, s ee N . J . Mayhew ' The s ter l ings o f Gu i d e Damp ierre , a nd r ela ted e n ig mat ic i ssues.'

NC 1 978 , p p. 1 16-125.

5 2.

For a s tudy o f Gu i d e Da mp ierre 's d ebase ment s ee Mayhew , i b id .

5 3.

Th is i s n ot t o d eny t he c ase f or c on tro lled r espons ible d ebase men t i n s o me c ircu mstances.

5 4.

T . H . L loyd , ' Overseas Trade a nd t he Eng l ish Money S upp ly i n t he fa Four teen th Century ' i n N . J . Mayhew ( ed . ) Edward ian Monetary Af irs ( 1279-1344 ), p p . 9 7-9.

5 5.

S ee J . Dup lessy ,

. c i t . , p p. 2 16-7 , Docu men t n o . V I , t hough t he I

p rec ise d a te o f t h is d ocu men t i s u ncer ta in. 5 6.

There a re s o me i n terest ing p roble ms d a t ing t he s ter l ings o f L ou is o f Bavar ia .

N . Kl issendorf , Der Aachener Wechster-Process p . 7 1,

n ote 3 6 , c ites d ocu men tary e v idence o f Aachen s terl ings i n 1 319.

How-

e ver , t he Eng l ish h oard e v idence a nd t he u se o f t he t i t le Impera tor s uggest a d a te a f ter 1 328. 5 7.

N . J . Mayhew , Vaucher d e Chä t il nd t he im ita t ion o f s ter l ings i n l on a t he n a me o f Edward o f Eng land ' RBN c xx i , 1 975 , p p. 1 09-116 , a nd ' The S ter l ings o f Gu i d e Da mp ierre a nd r ela ted e n ig ma t ic i ssues ' l oc . c it .

6 7

5 8.

E . Ames , 2 p .c it .

5 9.

S ee f or e xamp le t he t wo h uge p ost 1 350 h oards K ir ia l NNA , 1 970 , p p . 3 7-168 a nd Mon trave , PSAS x v i , 1 882, p p . 4 66-71.

But s ee a lso

Kl issendorf p i .c it . f or d ocu mentary e v idence f or t he f requen t u se o f s ter l ing i n Aachen i n t he m idd le o f t he f ourteenth c entury .

6 8

DEVALUATION , CO INAGE AND S EIGNORAGE UNDER LOU IS DE NEVERS AND LOU IS DE MALE, COUNTS OF FLANDERS , 1 330-84 1 F . a nd W. P . B lock rnans

' Th ir ty y ears a go , P rofessor Hans v an Werveke c a lcu la ted , i n an ow f a mous l ecture t o t he Roya l H is tor ica l S oc ie ty o f L ondon , t he v o lu me a nd p rof i t o f t he c o inage u nder Coun t L ou is d e Ma le o f F landers, 1 346-84.

He c la i med

t ha t t h is Pr ince d rew a pprox i ma tely o ne f i f th o f h is i nco me f ro m h is s e ignora ge a nd t herefore p roceeded r epea ted ly t o d eva lue.

He s uggested a lso t ha t t he

c onsiderable d eva lua t ions i n i t ia ted b y t he Coun t h ad a n u n foreseen b u t n everthel ess f avourable e fect u pon F le m ish e xpor ts. 2 f A n u mber o f weaknesses i n t h is a rgumen t c an h owever b e p o in ted o u t. F irst ly , n o a ccoun t h as b een t aken o f t he e ffect o f d eva lua t ions i n o ther c oun tr ies; n ot o n ly a s f ar a s t he a tract ion o f p recious meta ls i s c oncerned , b u t a lso a s t r egards t he c o mpet it ive p os it ion o f F le m ish i ndustry.

I n f act t he l at uf t er s fered

more h ar m f ro m t he e xorb itan t i ncreases o f woo l-expor t d u t ies . 3 I tc anno t b e p roved t herefore t ha t t he p ro f i t-seek ing o f t he Pr ince was t he p r inc ipa l d e term in ing f actor i n t h is mone tary p o l icy.

Further more , t he p ropor t ion o f p rof its

o bta ined f ro m t he s e ignorage i n r e la t ion t o t he t o ta l i nco me o f t he Coun t , c ann o t b e p rec isely a ssessed d ue t o t he a bsence o f i n for ma t ion o n t he l at ubt er s j ect .

F inal , t he c orre la t ions b e tween m in t o u tpu t , i n tr insic v a lue a nd t he ly

s e ignorage r ece ip ts h ave n ever b een s ta t ist ical e monstra ted. ly d

N ever theless,

t he s tud ies o f S puf nd Munro h ave c on f ir med t he i mportance o f t he p rocef ord a d ures i n i t ia ted b y v an Werveke. I t i s f or t hese r easons t ha t Is hal te mp t i n t he f ol ing p aper t o e labol a t l ow r a te u pon t he d a ta c ol ted b y v an Werveke , a lso t ak ing i n to a ccoun t t he p er iod l ec o f t he p reced ing s ix teen y ears.

Apart f ro m g a in ing a dd i t iona l i n for ma t ion , t h is

p er iod ( 1330-46 ) o fers a n umber o f i n terest ing a spects : f 1 . An a cu te c r is is was d evelop ing i n terna t ional , w i th in t he p o l i t ica l , c o mly merc ia l , m i l itary a nd monetary s yste ms.

These f ac tors i n f luenced t he

p os it ion o f t he c urrency i n West European c oun tr ies. 2 . F ro m 1 338 o nwards t he Coun t was a l most c o mp letely p owerless i n n t he h ands o f a co m merc ia l e l i te w ith F landers , t he g overnmen t b e ing i

uest ion a s t o t he e x ten t t o a popu lar b ase i n t he l ead ing t owns. 4 The q wh ich a p art icu lar mone tary p o l icy a ctual r ig ina tes f ro m t he p ersona l ly o a i ms o f aPr ince a nd h is c ounc il s n ow o pen t o i nvest iga t ion . l ors i 3 . Exact i n for ma t ion c oncern ing t he Coun t 's i nco me i s a va ilable f or t he p er iod o f

1 332 t o 1 336 , t hus e nabl ing t he p roport ion o f t he s e ignorage

t o b e c a lcu la ted .

6 9

Our d ata a re b ased u pon a n u mber o f a ccoun ts o f t he masters o f t he m in t a nd t hree s ta te men ts o f t he c o inage b y t he wardens.

These d ocu men ts w ere

nd a re t he o ldest k nown d ocu men ts o f p art ial ubl ished b y Ga il n 1 857 5 a ly p l ard i t h is t ype i n t he L ow Coun tr ies. u se o f t he m ,

Both v an Werveke a nd Ghyssens 6 h ave made

a l though o n ly p ar t ial . ly

t o r eturn t o t he o r ig ina l d ocu men ts,

I ta ppears,

h owever , t o b e n ecessary

n o t o n ly f or t hese a ccoun ts,

7

b u t a lso

f or t he i nstruc t ions , c omm iss ions , c on trac ts a nd o rd inances wh ich h ave b een t raced i n t he c hancery r ecords. 8

My i n for ma t ion c oncern ing t he Coun t 's

i nco me i s a lso b ased u pon t wo u npubl ished a ccoun ts

9

a nd o ne u npubl ished s ur-

v ey o f t he Coun t 's f inances d ra f ted b y t he Genera l Col n 1 332 a nd b rought l ector i u p t o d a te u n t il t he y ear 1 336. 10

S o me n ew i n for ma t ion i s n ow a va ilable f or

t he p er iod b efore t he o ldest p reserved a ccoun ts.

I ti s q u i te c er ta in t ha t b oth

t he master f or t he s i lver a nd t he warden w ere i n o f ice l ong b efore t he b eg inf n ing o f t he ir o ldest p reserved a ccoun t ( 13 S ep te mber , 1 334 ) s ince o n .2 Apr i l , 1 334 t hey w ere a lowed t o c on t inue i n G hen t , o n t he r ight b ank o f t he l S che ld t , i n t he Ger man Emp ire , t he f unct ions f or wh ich t hey h ad b een a ppo in ted The master o f t he m in t f or g o ld , Fa lco d a L ampagg io f ro m P is to ia

1 a t Aa lst. 1

i s k nown t o h ave b een a ppo in ted o n 2 8 J une 1 335 , o ne y ear e arl ier t han h is o ldest a ccoun t.

The c on tract h ad a dura t ion o f t hree y ears, a nd c ons ider ing t he

f act t ha t h e s topped m in t ing g o ld i n J une 1 338 , o ne may a ssume t ha t t here h ad b een o ne y ear o fg o ld m in t ing f or wh ich we l ack s ta t ist ica l e v idence ( June 1 3352 J une 1 336 ). 1

Fur ther i nd ica t ions p er m i t t he a ssu mp t ion t ha t t he s a me man

o ccup ied t he p osi t ion o f master f or g o ld a s e arly a s 1 331. 1 3 The f i rst s tage o f t he mone tary p o l icy o f Coun t L ou is d e N evers , f or w h ich n ew e v idence i s a t o ur d isposa l , d a tes b ack t o 8 A ugust , 1 331.

A t t ha t

mo men t n ew i nstruct ions f or t he p roduct ion o f s i lver c o ins were i ssued , " p rov id ing f or a s evere r educt ion i n f ineness, o f 1 2 g ra ins.

S i mu l taneously , t he

v a lue o f t he g o ld c o ins was l owered a l though t he ir i n tr insic v a lue r e ma ined u na l tered .

Th is p o in ts t o a double p re m iu m g iven t o s i lver , more t han o ne

migh t e xpect o n t he b as is o f t he g enera l s i lver s carci ty a lone.

1 5

The t hree

l argest t owns , ( Ghen t , Bruges, a nd Ypres ) s oon b ecame aware o f t he d ebasemen t , s ince t hey o rdered i n Dece mber 1 331 " the a ssay o f t he n ew c o ins s truck a t A alst" a nd i nv i ted a G hen t g o lds m ith t o b r ing t he r esu l ts t o t he Coun t 's l ector. 1 6 g enera l c ol

O ther i nst itu t ions s im i lar ly r eac ted w ith r eserva t ion .

I n February 1 332 t he Coun t a f f ir med t he n ew v a lua t ion a s f o l lows : 17 ig roa t t ourno is

=1 2 d . p ar is is

1 fl or in

=1 2 g roa ts t ourno is

1r oya l

=1 5 g roa ts t ourno is

The t own a ccoun ts o f Ghen t s how a n a na logous s h if t i n t he r a tes e xact ly i n t he f irst h a lf o f August 1 331, t hus w ith in a w eek a f ter t he p roclama t ion o f t he n ew 8 o rd inance. 1

The f lor in was p rev iously v a lued a t 1 3

1/ 3

r oya l a t 1 7 g r. t ourn ., wh ich mean t ar ise o f 1 0 t o 1 2%.

g r. t ourn . a nd t he The Coun t t hus c on-

f or med w i th t he r a tes p rescr ibed i n F rance a f ter t he r eva lua t ions o f Apr il ly s more t o t h is h owever. S ince r en ts a nd f ines were n or mal 1 330. 19 There i e xpressed i n money o f a ccoun t o n a si lver b as is a nd were p a id i n g o ld , t he Coun t 's i nco me must h ave b een c ons iderably a ug men ted b y t he imposed i nc rease i n v a lue o f t he n ew s i lver c o ins.

Th is e xp la ins t he p ro mp t r eact ions

f ro m t owns a nd c lergy , f or i ti s t o b e n o ted t ha t t he Coun t e xpressly men t ioned l t he c o mpu lsory a pp l ica t ion o f t he J ew r a tes f or a l d ebts owed t o h i m. 7 0

Th is o pera t ion , c ons is t ing i n as trong e nhance men t o f t he v a lue o f s i lver b oth b y a l ter ing t he s i lver t o g o ld r a t io a nd b y l ower ing t he i n tr ins ic v a lue o f s i lver c o ins, t ook p lace i n ap er iod o f monetary s tab il i ty i n France a nd mass ive s ilver e xports f ro m England t hrough a n a dverse b a lance o f t rade. 2°

The

d eva lua t ions c anno t u nder t hese c ircu mstances b e c onsidered a s d efens ive, b u t must b e r egarded a s p ure ly v o lun tary.

The t wo a spects o f t he measure

o f 8August , 1 331 must h ave b een i n tended t o r a ise t he Coun t 's i nco me t hrough h igher s e ignorage p rof its a nd a p re m iu m o n a l d eb ts t o h i m. l Th is i n terpre ta t ion i s s uppor ted b y t he e x tre mely p recar ious s ta te o f t he Coun t 's f inances i n t h is p er iod.

I n t he s urvey o f Apr il 1 332 d rawn u p b y t he

t hree mos t p ro m inen t f inanc ia l c ounc il he o rd inary i nco me i s c o mpu ted l ors, t a t £ 10 ,418 p ar isis, a nd t he e x traord inary a t £ 15 ,112 p ar isis, t he l a ter b e ing t mos t ly d er ived f ro m t he r epress ion o ft he r evo l t o f 1 323-8.

Dur ing a per iod

o f t hree y ears, f ro m S ep te mber 1 328 t o S ep te mber 1 331, £ 300,000 h ad b een c ol n F landers a nd c o mp letely s pen t. l ected i Coun t amoun ted t o more t han £ 360 ,000. w ith a w arn ing :

The t o ta l d ebts c on tracted b y t he

The a u thors o f t he r eport c oncluded

" S i e st n ostre c onclus ion q ue , s e v ous v ou lez mener t e il ie le v

1 e t c on t inuer , f a i tes p ourcach ier p ar a u tres q ue p ar n ous." 2

Ef ively , t he fect

Coun t p er m it is c ounc il o l evy more t axes a nd c harge more f ines , t ed h l ors t t hus r a is ing h is t o ta l y early i nco me f ro m £ 10 ,418 b e fore 1 328 t o £ 25 ,530 i n 2 1 332 a nd t o £ 64,279 i n 1 335-6. 2

Even t hough t he 1 335-6 a ccoun t was c losed

w ith a prof it , t he o veral ebts t o t he g enera l c ol e ma ined a s h igh a s l d l ector r £ 8 ,792.

The f ines i mposed o n t owns a nd i nd iv idua ls a s p ar t o f t he r epress ion

a f ter t he r evo l t o f 1 323-8 c on tr ibu ted t he most i n r a is ing t he Coun t 's i nco me , a s i s s hown i n t he f o low ing t able : l D iv is ion o f t he Coun t 's i nco me 7 .9.1335-7.11.1336 d o ma in

£

8 ,0 22

1 0: 6%0

t ranspor t2 3

4 ,359

5 .7

j us t ice

8 ,550

1.25

2 6,786

3 5.25

n ew r en ts a nd f ines o n i nsurgen ts a id d iverse

1 ,298

1 .7

2 6,977

3 5.5

£ 75,992

1 01.3%

I n t h is c on tex t , t he p rof it-seek ing mo t ive f or t he monetary measures o f August 1 331 i s b eyond d oubt :

e very s e ignora l r igh t was e xp lo i ted t o t he max i mu m i n

o rder t o r a ise t he Coun t 's i nco me. Bu t t he Coun t was n o t a ble t o p ursue h is p o l icy a s h e m ight h ave w ished. Probably t he a ssay b y t he t hree t owns made t he d ebase men t o bv ious. On t he 1 3 March , 1 332, h e h ad t o s end n ew i nstruc t ions t o h is warden o f t he m in t a t Aa ls t.

Rea l is ing t ha t t he r educt ion o f t he a l loy h ad b eco me c om mon k now-

l edge , t he Coun t n ow o rdered t he s tr ik ing o f g roa ts a nd h a l f g roa ts w i th 6 gra ins more s i lver t han t hose s truck s ince Augus t 1 331.

The warden was a lso o rdered

t o c u t o ne g roa t a nd t wo h a lves more o u t o f a mare o f Troyes. 4 b lack s i lver p enn ies h ad t o b e l owered b y t hree g ra ins. 2

t hus l im i ted a nd a cknow ledged b u t n everthe less c on t inued.

l The a loy o f t he

The d eva lua t ion was A bou t t he g o ld c o in-

g e , w e k now o n ly t ha t i t wen t o n s i mu l taneously f ro m t he 8 A ugust , 1 331 , nwards.

I n N ove mber 1 334, h owever , i t s o u tpu t s ee ms t o h ave c eased. 7 1

L ou is d e N evers ' e ndeavour f a iled s o e ar ly b ecause o f i t s l ack o f r e f inemen t ; c hang ing t oo much a t o nce. N ever the less, i ti s h igh ly p robable t ha t h e t ook l arge p rof its f ro m h is d ebase men ts f rom 1 331 t o 1 337 , a per iod o f g ood money i n F rance a nd o f a l most n o c o inage i n England.

H is a c t ion may h ave

l arge ly c on tr ibu ted t o t he d if f icu l t ies o f Par is a nd L ondon i n ma in ta in ing t he ir s tandards. A s i s s hown i nt ables 1 , 2a nd 3 , t he French d ebase men t o f J anua ry 1 337 f orced L ou is d e N evers t o a defensive d eva lua t ion o f b . o th h is g o ld a nd s i lver c o inage wh ich c an b e p roved t o h ave b een e x tre mely p rof itab le d ur ing s o me e igh t mon ths u n t il F ebruary , 1 338. F ro m t hen o nwards t he r eturns d im in ished a nd t he q u icken ing French d ebasemen ts were n o l onger f o l lowed i n F landers f or r easons wh ich w e s hal l e xp lore f ur ther. L et u s n ow t urn t o t he s urv iv ing a ccoun ts f or t he p er iod 1 334-46.

Cons id-

l l s e r ing t he f act t ha t a l o f t he d ocumen ts men t ioned a bove , c o mb ined , s t il how l arge g aps, t he q uest ion a r ises a s t o t he c o mp leteness o f o ur d a ta . The a ccoun ts f or t he g o ld c urrency c over a per iod o f o n ly 2 years ( 1 336-8 ); w e h ave a lready p o in ted o u t t ha t g o ld was p robably s truck u nder t he s ame c ond i t ions o ne y ear e ar l ier. a lso d ocumen ted i n 1 343;

Ano ther p er iod o f n ear ly f our mon ths i s

f or t he wh ite s i lver 4 y ears a nd 2 mon ths a re c overed , f ur ther a per iod o f 6 mon ths i n t he y ear 1 343 a nd 1 1 mon ths i n 1 346; f or b lack s i lver t he a ccoun ts c over a consecu t ive p er iod o f 3 years a nd 9 m on ths ( 1334-8 ). l o I n a to ta l p er iod o f wel ver t welve y ears, d ue t o t he f act t ha t t he d a ta d o n o t c over t he who le p er iod , t he s uppos i t ion o f more m issing a ccoun ts a r ises f or t he p er iod a f ter N ove mber 1 338. Th is s usp ic ion i s s upported b y t he t ex t o f t he t rea ty o f 3D ece mber , 1 339 b e tween t he Duke o f Braban t a nd t he Coun t o f F landers, wh ich p rov ided f or t he i ssu ing o f a jo in t c urrency , a l though we h ave n o a ccoun t f ro m t h is p er iod a t o ur d isposa 1 . 25 l v Is hal en ture t o a nswer t he q uest ion o f t he c o mp leteness o f o ur d a ta b y d iscuss ing t he p er iod f ro m N ove mber 1 338 t o D ece mber 1 339.

N o a ccoun ts

f or t h is p er iod h ave b een p reserved a nd t here a re n o s er ious i nd ica t ions c onc ern ing a ctua l c o inage i n F landers.

Moreover , s uch a ct iv ity s ee ms t o me t o

b e e x tre mely u n l ikely c ons ider ing t ha t Coun t L ou is d e N evers h ad l os t a l most l a l c on tro l o ver h is c oun ty a nd t ha t f ro m 1 2 F ebruary u n t il 5 O ctober 1 339 h e h ad r e trea ted t o F rance l eav ing t he r ea l p ower i n t he h ands o f J acob v an Ar tev elde a nd h is f o l lowers . 2 6 Dur ing t he t wo mon ths i n wh ich L ou is d e N evers r eturned t o F landers h e was f orced t o s anc t ion t he p o l ic ies o f h is o pponen ts , i nclud ing t he s ea l ing o f t he p rev iously men t ioned t rea ty w ith Braban t. The Coun t f l ed t o F rance o ne d ay l a ter h owever , o n 4 Dece mber , 1 339 a nd was n ever t o r ega in h is p ower i n F landers.

Under t hese c ircumstances ( t ak ing

i n to c ons idera t ion t ha t o ne o ft he p ar t ies i m med ia tely w ithdrew ), o ne c an a sk o neself what s or t o f e xecu t ion t he t rea ty must h ave r eceived. Th is q uest ion b eco mes e ven more importan t b ecause o f t he a bsence o f a ny a ccoun ts c oncern ing t he j o in t F le m ish-Braban t ine c o inage. There a re h owever s urv iv ing c o ins o f a co mmon t ype i ssued u nder t he n ame o fb o th Pr inces, ment i on ing t he m in ts o f G hen t a nd L euven . 27

Ghyssens s uggests , o n t he b as is o f

t he l i gh t w e ight a nd n um is ma t ic c haracter ist ics , t ha t t he c o mmon c urrency

7 2

n c ou ld n o t h ave b een b rought i n to c ircu la t ion e arl ier t han F ebruary 1 341. 28 I my o p in ion , t he men t ion o f t he n a mes o f t he Coun t a nd t herefore a lso o f h is m in t o n t he s urv iv ing c o ins d oes n o t n ecessar i ly i nd ica te t ha t L ou is d e N evers a ctual ly p layed a n a ct ive r o le.

Co ins were a lso m in ted i n Ghen t i nh is n ame

i n 1 343 a nd 1 346, b u t r eal ly u nder t he a u thor i ty o ft he r evo lu t ionary g overnmen t o f t he t hree t owns. Was t h is a lso t he c ase i n 1 339 a nd/or 1 341 ? I ti s a poss ib i l ity , b u tt hen o ne must a ssume t ha t t he a ccoun ts o f t he c o inage were l ost b y c hance , wh i le a ccoun ts f or t he y ears 1 343 a nd 1 346 were d eposi ted i n t he c oun t 's a rch ives. S o me o f t hese f actors l ead t o t he f or mu la t ion o f an ew h ypot hes is , n amely t ha t t he c onven t iona l g roa t was n ot c o ined i n F landers a t a l l b u t o n ly i n Braban t , w i th o f c ourse a lega l t ender i n F landers a nd a lso i n o ther p r incipa l it ies , s uch a s Ha inau t.

The f o l low ing f ac ts s uppor t t h is p ossi-

b il ity : —A c o in o ft he ' soc ius ' t ype , wh ich h ad b een a dop ted i n t he F le m ishBraban t t rea ty , h ad b een s truck i n F landers s ince 1 337. 29

Because o f t he mass ive p roduct ion o ft h is c o in ( t able 2 ) , i ti s p oss ible t ha t t here was n o d irect n eed f or n ew p roduc t ion . —As a r esu l t o f t he r e trea t o f t he c oun t , t he r evo lu t ionary l eaders w ere c on fron ted u nexpected ly w i th a leg it i macy p roble m ; s hou ld t hey u se t he ir own a u thor ity t o m in t c o ins?

I ts ee ms u n l ikely t ha t t hey wou ld

h ave d ec ided t o d o s o a s e ar ly a s D ecember 1 339.

ly s General peak ing

s uch a si tua t ion wou ld l ead t o r eservedness, h es ita t ion a nd d e lay . —The master o f t he m in t , Fa lco d a L a mpagg io f rom P isto ia , who h ad worked u n t il N ove mber 1 338 f or t he Coun t o f F landers, wen t o n ly a short wh ile a f terwards i n to t he s erv ice o f t he Duke o f Braban t , a nd t hus emb od ied t he u n ity o f t he c o inage f ol l ow ing t he F le m ish e xa mp le. I ti s p oss ibly f or t h is r eason t ha t t he F le m ish p u t t he ir c on f idence i n t he Brabant i ne c o in .

I t must b e n o ted h owever , t ha t o n ly a very smal umber o f l n

g roa ts o f t he c onven t iona l t ype a re p reserved. —The t ex t o n a l l t he p reserved c o ins s hows t he n ames o f t he m in ts o f Ghen t a nd L euven , i n t h is o rder. Th is u ndoubted ly p o in ts t o t he ir p roduct ion i n Braban t. Fur ther more , wh i lst t he f or mu la I MONETA FLAND ' was c urren t i n F landers, i tr e ma ined t he p ract ice i n t he Duchy t o men t ion t he n ame o f t he m in t ingp lace. A g rea ter n umber o f t he l at t er r e ma ined i nu se , e spec ial l y An twerp , Brusse ls a nd L euven , b u t a lso Maastr icht a nd Ha len .

Th is d eta il e qual ly i nd ica tes p roduct ion i n Braban t , a lbe it

f o low ing t he F le m ish e xamp le. The men t ion o f Ghen t a s o ne o f t he m in ts l i s p ar t o f t he f i ct ion a lready i n troduced b y u s ing t he Coun t 's n ame. I fi tn ow a ppears p lausible t o s uggest t ha t n o c o ins were m in ted i n F landers e ither d ur ing t he y ear 1 339 , o r a f ter t he t rea ty i n D ece mber o f t he s ame y ear , t hen o ne c an e labora te t h is a rgumen t t o c over t he e nd o f t he p er iod u nder d isc ussion , n amely t he y ear 1 346. The Coun t h ad c eased t o p lay a po l it ica l r o le i n t he c oun ty .

I t was n o t u n t i l y ears l a ter , i n Apr il 1 343, t ha t t he r evo lu t ion-

a ry l eaders b egan i ssu ing money i nh is n a me , a nd t hen o bv iously o n ly when t hey w ere f orced i n to t h is p os i t ion b y t he s pectacu lar d eva lua t ions o f t he F rench c urrency ( t able 1 ) .

7 3

Table 1 .

Debase men t o f s i lver c o inage i n Eng land , France a nd F landers 1 330-46 France

Eng land

F landers Ag-Au

t 1 330 1 331

2 43d.

t 4 8

f 1d . 1 2g. 1

1 334

t ? 5 7 5 7 1 -

1 335

f 1d. 1 1 0d. 1 2g. 10d , 6 g.

r a t io ? ? 1 2.6

2 53d.

J an . 1 337 May 1 337

9 6

1 0d . 1 6g. 6q -

O ct . 1 338

9 6

J an . 1 340

1 05

7 d.

Apr. 1 340 J an . 1 341

1 08 8 4

6 d . 6 d .

9 6

6 d .

J une 1 342 Apr. 1 343

1 20

6 d.

Oct . 1 343

6 0

1 2d.

F ebr. 1 341

J u ly 1 344 1 345 J an . 1 346 Apr. 1 346

9d .

1 0.9

6 6

8 d.

1 2.1

6 6

7 d. 16g .

1.3

8 d.

2 66d . 2 68d . 2 70d . 1 80

3 d. 1 8g.

t= ta il le f= f ineness

Mak in g a lowance f or g o ld c o ins s truck i n 1 335 , we c an s um u p o ur h ypo thesis l a s f o lows : l Co inage was n o t n ecessar ily s truck d ur ing t he p er iods b etween 1 334 t o 1 346 f or wh ich t here a re n o s urv iv ing a ccoun ts.

An e xp lana t ion a s t o why t here

s hou ld h ave b een n o m in t ing e ven a ppears t o b e p ossible.

Th is wou ld i mp ly

t ha t t he d a ta s hown i n t ables 2 , 3a nd 4 r ef lect t he c o mp lete min tage i n F landers f or a per iod o f ag ood t welve y ears, w ith t he e xcep t ion o f o ne y ear a s f ar a s g o ld i s c oncerned.

On t he o ther h and , we c an a scer ta in t ha t c o inage o f wh i te a nd

b lack s i lver wen t o n c on t inuously f ro m 1 331 o nwards u nder t he c ond i t ions s hown b y t he o rd inances a nd a ppo in t men ts. c urred b e tween 1 332 a nd 1 335. 30

For g o ld , a n i n ter m iss ion may h ave o c-

On t he b as is o f t h is i ti s p oss ible t o make a

c o mpar ison w ith t he d a ta c o mpu ted f or t he r e ign o f Coun t Lou is d e Ma le ( t able 5 ).

t er h I t a ppears t hus , t ha t t he l at ad much more g o ld a nd wh i te s i lver m in ted ,

l c b u t f our t imes l ess smal hange.

Th is c on trast p robably a lso a pp l ies t o t he

p er iod 1 331-34 f or wh ich o n ly q ua l i ta t ive e v idence i s a va i lable. A l though t he p rof it mo t ive a s a n e xp lana t ion f or t he monetary p o l icy o f fic L ou is d e Ma le h as b een s een t o b e i nsuf ien t , i ts hou ld n ot o n t he o ther h and b e n eg lec ted .

Ah igh i nco me f ro m m in t ing made i tp oss ible t o u rge t he master

7 4

1 l c o ft he min t t o s tr ike smal hange o n wh ich n o s e ignorage was t aken .3

We

h ave a lready emphas ised t he f act t ha t d ur ing t he t h irt ies L ou is d e N evers f ound h i mse l f i n g rea t f inanc ia l d if icu l t ies a nd t ha t h e u sed e very means a va i lable t o r a ise h is i nco me.

I tb eco mes d if icu l t t o i gnore t he e le men t o f

p rof it-seek ing when o ne t akes i n to c onsidera t ion h ow t he Coun t , who was r ep roached b y h is f inanc ia l c ounsel or wastage , managed i n 1 337 t o i ncrease l ors f h is s e ignorage o ng o ld c urrency t hreefo ld a nd o n s i lver c urrency s even fo ld. Espec ial or s ilver , t he d ebase men t o f t ha t y ear r esu l ted i n c ons iderly f a ble s e ignorage r ece ip ts d ur ing s o me e ight mon ths , af ter wh ich p er iod t he Coun t was f orced t o r educe h is p rof it marg in i n o rder t o c on t inue t o a tract t b ul . lion

A s f ar a s t he v o lu me o f t he s ilver c o inage i s c oncerned , p roduct ion

was h ighest d ur ing t he e ight mon ths f ol ing t he d ebase men t o f 2 5 May , 1 337 l ow a nd t herea f ter s tead i ly s lowed d own , a s i s s hown i n t he f ol ing a verage p rodl ow u ct ion f i gures p er d ie m : 1 6.9.34 26.4.37

8 6.6 p ure mares

2 5.5.37 15.2.38

1 27.6 p ure marcs

1 9.2.38 10.6.38

6 5.2 p ure mares

2 4.6.38 - 7.11.38

4 9.3 p ure mares

The t o ta l p rof i ts f ro m t he s e ignorage d ur ing t he most a ct ive p er iod o f L ou is d e N evers ' c o inage r epresen t , o n t he o ther h and , n o more t han a modest p rop or t ion o f h is i nco me.

Dur ing a g ood f our y ears , 1 334-8, t he p rof its f ro m t he

s e ignorage amoun ted t o £ 18 ,192 p ar is is , o u t o f wh ich 9 0% was d er ived f ro m t he c o inage o f s i lver.

Th is f i gure c an b e i ncreased t o £ 18 ,267 p ar is is i fo ne

a dds a n e x trapo la ted f i gure f or t he s e ignorage o n g o ld i n 1 335-6. b as is t h is amoun ted t o r oughly £ 4,407 p ar is is.

On a y early

These r ece ip ts c an b e c o m-

p ared w i th t he Coun t 's t o ta l y ear ly i nco me i n 1 335-6 a nd w ith t he g enera l s urv ey o f 1 332: t o ta l i nco me

a verage s e ignorage r ece ip ts a s %

1 332

£ 25 ,530

1 7.26

1 335-6

£ 64,279

6 .86

Between t hese v ery d ivergen t f igures, t he c ho ice i s d if icu l t .

S ince t he c ons-

i derab le i ncrease i nt he c oun t 's t o ta l i nco me a f ter 1 332 was l ess t han p roport ional roduced b y s e ignorage r ece ip ts, t he r a t io o f n ear ly 1 7% f or 1 332 ly p s ee ms c loser t o n or ma l t han t he l a ter f i gure. I ti s a ga inst t h is b ackground t ha t t he m in t ing p rof i ts o f L ou is d e Ma le c an b e c o mpared w ith t hose o f h is f a ther ( t ables 5 to 8 ).

F ro m 1 346 u n t il 1 354,

h is p rof its s tayed a t a pprox i ma tely t he s a me l evel a s t hose o f h is f a ther d ur ing t he p er iod 1 334 t o 1 338.

Fro m 1 354 u n t il 1 362 h owever , h e c ol our t imes l ected f

a s much s e ignorage; f ro m 1 362 t o 1 366 t hree t imes a s much , a nd f ro m 1 366 t o 1 374 , t w ice a s much. 32

I n ten t ional r u n in ten t ional , b u t d ef in itely n o t ly o ly

u nno t iced , t he c o inage mean t a subs tan t ia l s ource o f i nco me a nd r ep laced t he c ons iderable f ines wh ich h ad b een l ev ied b y h is f a ther. The c orrela t ion c oef ic ien ts b etween c o in o u tpu t a nd s e ignorage r ece ipts f ( 1334-84 ) a re p os i t ive a nd s ign if ican t :

7 5

g o ld

0 .744

s i lver

0 .651

The w eaker c orrela t ion f or s i lver t han f or g o ld c an b e e xp la ined b y t he f ac t ' t ha t t he i n tr ins ic v a lue o f s i lver was much more o f ten , a nd more d rast ical ly , a l tered ( near ly 1 :20 a s a ga inst 3 :4 ). On t he o ther h and i n t he c ase o fg o ld , t he s e ignorage r a te was c hanged w ith n early a l l t he mu ta t ions a nd s omet i mes i n a drama t ic way ( near ly 1 :22 ) a s i s s hown i n t he f ol l ow ing t able.

( based u pon t he d a ta i n t ables 2 , 4 , 6 and 7 ) Tota l n u mber o f mu ta t ions u nder r ev iew

Go ld

S ilver

3 2

2 3

A l tera t ion o f i n tr ins ic v a lue a lone

2

5

A l tera t ion o f s e ignorage r a te a lone

2 2

A l tera t ion o fb o th

7

A l tera t ions o f : f ineness : n u mber e x tre me v a lues t a il le : n u mber e x tre me v a lues a

e x tre me v a lues

1 0

9

1 2

1 8-24

5 d.-11d.

4 ( 35 k )52-63

s e ignorage r a te : n u mber

( a ) I nb rackets :

8

1/ 3( 66 )

5 5 7 1-72

2 9

1 8

6 -1301

110

ly i v a lues o f e xcep t ional n troduced t ypes o f c o ins

ly o I ti s e qual bv ious t ha t f or g o ld t he r educ t ion o f t he i n tr ins ic v a lue c orrela tes s trong ly w i th a n i ncrease o f t he s e ignorage r a te.

On t he c on trary , f or s i lver

a l tera t ions o f t he i n tr ins ic v a lue i n mos t c ases d o n o t c orrela te w i th a n a dap t ion o f t he r a te o f s e ignorage ; when i to ccurs , t he c orrela t ion i s n o t a lways n ega t me , l a s s hown i n t he f o low ing t able : Go ld

S ilver

5

5

Corre la t ion o f t he a l tera t ions: I .V . —and S . R. +

2

I .V . —andS.R. n o c orrela t ion ( I .V .:

2

i n tr ins ic v a lue ; S . R. : s e ignorage r a te;

7 6

1 0 : d ecrease ;

+:

i ncrease,)

F ro m t h is w e may c onclude t ha t t he man ipu la t ion o fg o ld c urrency was ma in ly o pera ted b y c hang ing t he r a te o f s e ignorage wh ile t he i n tr ins ic v a lue was t he ma in v ar iable f or s i lver.

N ever the less i nb o th c ases t he s e ignorage r ece ip ts

o f t he c oun ts u nderwen t a fi rm i mpulse f ro m t he v o lume o f m in t o u tpu t . The c orrela t ions b etween t he r a te o f s e ignorage a nd m in t o u tpu t a re d e monstra ted i nt he n ex t t able. The o u tpu t h as b een a na lysed t hrough b o th t he p er d ie m f i gures a nd t he d ura t ion o f e ach i ssue. I th as t o b e n o ted t ha t t hese l asted much l onger f or s i lver t han f or g o ld , a nd t ha t t he q uan t it ies o f s i lver a l loy m in ted were a lso c onsiderab ly h igher.

I ssue l ast ing : S .R.

S ilver

Go ld < 3 mon ths 3 mon ths

, • r n , a )• c o › .• 0 . . 0

e under L ou is d e Ma le

, a ) › r „

e

I t S 0 e C D P C 1 i r 3 . = 0 -ce ) U ) 44 , • . _ , u ) . 4 1 • 4 C D U ) • •

3 .7 . (1) N

0 2 o e . o

a ) ; . • 4 " . 4

C O

t ' l

C e

2

. C D U )

c d

, . . , . 2 • . . . C d

0 C

C r D

.

. ; ,

u )

0 •b i ,.. 0 , . . . . , , , .. _ , . =„ › ,a) o 73 o

r c s e C d a )

=

Table 6 . Go ld c o in

c i „ ) = c d c o . . G . )

C • D •

. ,

_ • , . . . m . f N L . C \ 1

" C : i

C O

•

cd

r 4

C L )

42

0 " C I c d

• . g . 4 .2 ( 3 )

C 2 4 " C S

„ e

4 > A I

.

e P o < a ) cy , g ) . ; , a ) , . 1• C • 4 : • " I , an c) 1

_

j H o -

4 -

0

5

iP . e 4 )

C f 2 > >

4 ) A

.e I

G I .

r i N

•4 I cm

• • N N 0 0

e c s,

N

i n C V

C Z C l

C 7)

C D 0 0 C I

L f3

\

C • 1

A

,: f 4

A

CD C r 3

A

N

e

A

A

N

.

• c )

C D

c d

e

• •

" C I 0

o

a,

c 2 0

w c o u

C V

o e c i )

e ( X ) C V C V

( X ) C X ) C V N

0

. 4 . ,

o 0 , P e X — s 4 C L ) C D D C C S

c i 2

• • N • N 0 N °

•

P C S 0

( L )0

0

N 0

4 °

0

e c'

N 0

0 0

—

4C 1 5

o

u )

t z i

0 m 1

•

C V

4 ) Q C D

a ) ' 1 • •& 4

c o

; i .

0 9 › 4

0 0P e N0CD . . c a 4 ( 2 )

C

. 5

4 c q ' ' 2a ). . t —, 2 ,

. . " > c l )

. 4 )

•P . 4

. 0

M S

I

e L c z e N a )

„ e

e

C i . )

a ) 0 2 a)

c ,. , ,, 4 1

C d •

: 1

. e

.

C IC I L C i n

d c D C

I n

e z

e l el L r z

0

C D

u) 0 c e

. 0 C

c d

( 1 )

c i ) c d. .g C . ) C . )

4 A

t o'

r i )

A 4>

c ol

C I ) C I ]

d c 0

4 e

4 1 c d

dC Z 5 "

g 0

c i ) 4 ) -

" . . 0 e

4 0

c n

c l ) c d . . C I ) 4 c o 4

Q ) >

' C .) g '

C

a ) Pe r n . c r i 0

L e 3

C \ 1 C\ I

C Z

i C D 0 C

C D

u e g C d i s , .

M

• . '

0

e C . ) U) c d r • i

. 1 2 :

5,r.•I

Q . )

> i , GT

1 4

4 1 ) . › n c

.

C Z . 4

0

e

• • N gl i .

C D

0

02 0

U )

C . 0

f , 0 u o

. e

4 ad . g 4 Z 4 O

e

43

2

=

m 1 4

e

o

• . x 4 , .a ) e a ) e — . c l i a) 0 * 5 c e g ec q : 4 -, . . 5

C O

c q N

z s ;

I

) b l ! 1 -

•q

O D C O

. . e 4 C D ,

: 1 $

0

C D

1 0 0

c r ) c p -

C D

0

0

' e '

a ) 3

5 1 ;

MI

C D C D

c i )

4.3

C i > C Z

0 0 ( 3 )

g 4

c i s. il . f

0 . o . _

4 . ) .

C D

z i U I 4 C D I A J 4 . -

g N

a )c d

c a

a )

3 g 2 c . ) c d 0 c e i ' s— t

T . , ,

g

4 f

0 D C

e "e

t f )

4 1 C 4 0

CI )


)

0

I X ) CD C O r" . '4 e I N. c n c m c o c o u e

C'

D

.4

1

W

N

Cl

C l

▪

N

N,«« I

C I

O D

e

• e t

e

• C l

C M94 ”,I C Y ) C e e l C l C l C

,: t1 C l C V C l Cl C l Cl Cl

0 0 C V

0 0 0 0 0 0 C l Cl Cl

0 O D 0 Cl Cl

0

2 4.8.58-22.10.59

2 2.10.59-1.2.60

1 1.11.57-24.8.58

1 1.3.57-4.11.57

1 9.9.57-12.10.57

5 •8 5 5

C l

c 0 0

N 0

N 0

N 0

. t c q

r i

C O

" IN C l i n L' '

C l e e

i n c o o

C l i n 0 0 C l c 7 ) (7 )

W

e

e C l

e C l

e C l

N C l

N C l

N tC l Cl

• c . )

c . )

C . )

C

Cd

0

N N 0 0

• • N N 0 0

C l C D Cl o e t 0 c o re c -

› ) 0 0 00 2 EE E E 1 6.9.61-4.12.61

0

e

C n i n

• N 0

C C W

C O C l

2 5.7.60-16.9.61

0

0

8 .2.60-14.3.60

0

1 4.3.60-25.7.60

0

9 .11.59-8.2.60

0

ue

C ' " D i n

e t e C l Cl

C l

C l

C l CO . 4 0 0 C l . ,

e ., .

. 4

e 4

C " ) C D

• 0

C I

c r )

C n 0 o

0 0

W

C l .4

C. › Cn

O. J

0 )

C l

C l

41

i n e i

3 0,622 6 o z.

r e co

C D i n

C l

r e . .,

4 .3.64-11.5.64

in Cl

V D i n

1 1.11.63-29.1.64

4N C l

) C D C D a. C• C ) 0 0 c q c . i cn

0 . /r 1

, -f iN 1-f iNi-l IN ,-( I CI

2 9.1.64-4.3.64

w t

e t ° . L i e

. N

. "4 C l "

1 2.9.63-23.10.63

• • . . • N N N N N 0 0 0 0 0

« c t, C l

2 3.10.63-11.11.63

C e J i n

L X )

W

Table 6 c on t inued

C I i n

M c e

P 4

C e D i n

C Y J

e C e 3

7 : 5 0

C Z i n

C l

A 2 2.7.63-12.9.63

C O C O

C l

7 .1.63-14.3.63

C I

1 4.5.63-21.7.63

• • • N . . N 0 N N N 0 0 0 -0 T-Icv

I N c o c o 0 c m

1 2.-27.9.62

Cl

r l i C1 P IN C l C l Cl i n t n i n

i n

e

A 1 5.10.62-22.12.62 franc

• e t

1 6.9.61-13.9.62

c o

c v

L r z 0 c y z . N

0 c e 0 t - in C O rl • • c e C D i n

N C D C e • i •

c o r l N • C o , . 4

c o C Z C o O D C O I n • • r4 rl C• I

c o C e. ) V ) • C q C9

C • I C o L -- V D e l e

c D CO C q el c n c 3-› 0 0 CI , 4 c n , 4

0 0 r i cy z

C O C • I . 1

C D i n . 1

1

e l

c o

l

I c o

N

C O

i n

C D C q C 0

C O U) I S ) . ( O D O D 4 ) 0 0 .

e l

. 1-1

"... I

. . 1

C D , . 1

e t

C D 0) o z LC ) C ' )

c o

0 c o

0 c o

C O •

CT ' .e .e . . . . ,', ,', „ H i C \ I r l . 9-I c n C) L C i n L C Z . ) m e c e c.

•

N O

•

N O

• N

0

H im . r icv c e r 4 N c p N c e J

c e e i n . 1 1

• N

0 e l

c e N t- e C o . C D

C• I N

v r in c z, cY z

N

7 11 C O c q

,A

c o , . 4 . C D • 4 . .

I

O Z U Z . 4 . c o c o

e . I . C i . C I . 4

l e a z C \I . c e

0 0 c z 0 co

i n V D . 4 , 1co, O b C D • • e l e l

C Y Z L C D

0 C q cq

b - ',. . e l rl I r l

0 0 Cq C ) e C O C * 3 . c \ I . 4

H ic v 0

i n c o C . C . • 0 0

I

i

0 0 e C .0 0r ) .4-I r l r 4 rl

Cq u z C\ I . e

c o 1, 4 V ' P • . i i .

e i c o e l N

I

co

0 0 4 I

e l O D rf rl

C O C D CO

I I

,4 C o C e ) . c o

0 0

C M c v rl • C I D

N

. 1 . 4 . 4

CZ ri

0 ) . . f . 4 . 4 N O D e 4 . A i n C • I rl

0 ) et i cq

C • I C • I 0 c0

.

c n co C q

00

9 -I

e . 4 1n

c,1 . 41 o o VD e 4 I n e in

•

• N

N 0

0

p r ! el r i C o . 1 0 C. . V D

' e l 0

. 4-1

C \ I

e i n

el

i n c 0 L . 0 cn C• I

L . C J

• • • N N N

. • N N

0

i n

0

0

0

0

In

Cq

C O

e

t c o . 1 4 . c e

r 4 e i I n . 0

C C c v z C Z . i n

N N C D • c • I

, 1

! r f icv . !cv

r f

e L C D

e e l LC Z in

. N

0

.[ c 1 C .

' e l i n

• •C i)

N

•

N

0 0 N 0 . ,; IN IN e C - OZ

ri N " Z t 4

N c n c o . ,f -

c " › c e . + . e

C D 0 c o . C q

C . ) c d

P 1

mt4

5c« 0 c - cm in C o c. C ) 0 0 . . c n 00

cn el — 4

I ” r i cm e l C \ I

c o

e

C • I

e C • I

e C • I C• I

e C

e C V

‘ r ic v C i ' D C C

e C V

: I: 3

. .. .I

; . 4 g l

rn C . )

A22.11.73-28.3.75

2 .4.70-5.8.70

2 2.9.69-5.8.70

1 9.12.67-21.1.68

1 9.12.67-18.6.68

A8.2.66-12.3.67

c l )

A10.2.65-28.6.65

Table 6 c on t inued

S

C . )

C . )

C )

C.)

sc . )

' c? )

• c c i ) )

b L -.

. i C D c 0 • 0 • e 0 0 • • o p c - N

48 % 8

. ) ( D 4c

c l ) v( i )

S 4


C D

, . . . ' , ez2 U 1

6 3 N

C Z c e D

0

• 9 . • 1

C e j

• I •

., . 1 • • 0• . • C l 0 N . .4 e i c. i l

•

. e . I C l

t r -

.

C O C l

C l

C l

,1 CO

N

0 2 G O

1

• c o • t C l

• o p . . e l • a n C l • u p . • 0 0 • . i C r ) N o ') . 1 C l

' C Z t •

CI D .II C l I CID 0 0 0 0 0 O D 0 • • • •

:: . ,

2

2

: i

C I I

4 . f

O D C l

C l

. , 4

I r g

r .A -le 8 .

Co in o u tpu t a nd s e ignorage r ece ip t f or g o ld a nd s ilver p er y ear , 1 334-1384 Go ld

c o in o u tpu t i n

S ilver s eignorage

c o in o u tpu t i n

p ure mares o f

r ece ip t i n

p ure mares o f

r ece ip t i n

Troyes

£ p ar is is

Troyes

£ p ar isis

1 334 5

?

s e ignorage

8 ,010

4 00

?

2 7 ,071

1 ,354 1 ,357

6

1 023

4 60

2 7 ,145

7

2 029

1 070

2 0,520

8 ,376

8

3 98

2 83

4 0,349

4 ,894

2 7

1 6

3 ,768

3 77

4 3 4 6

9 ,763

4 34

7

2 6,838

4 48

8

2 6,912

4 49

9 5 0

3 326

9 98

2 6,838

4 48

4 687

1 406

2 8,680

8 16

1

4 687

1 406

1 9 ,649

2 ,314

2

4 631

1 872

2 9 ,534

5 ,907

3

3 294

1 332

2 1,641

4 ,364

4

3 36

2 02

2 ,902

6 72

5

9 193

5 516

2 9,225

5 ,845

6

8 677

1 4791

3 4,611

7 ,020

7

1 8729

2 7421

4 3,016

4 ,300

8

9 403

6 887

2 8,031

4 ,151

9

1 0828

8 504

2 7 ,726

4 ,116

6 0

9 173

1 2860

2 7 ,723

4 ,158

1

9 869

1 3522

2 6,695

4 ,004

2

1 0148

1 7752

1 1,267

1 ,690

3

1 4114

1 1548

?

4

2 219

1 214

?

5

9 869

9 870

6 2,442

9 ,366

6

1 2026

1 1264

5 7 ,586

6 ,706

7

1 1300

1 1308

5 1,180

5 ,632

8

9 012

1 1089

1 4,843

3 ,994

9

1 688

1 351

3 4,472

6 ,440 7 ,394

7 0

? ?

3 838

3 133

3 6,972

1

?

?

?

?

2

?

?

?

?

3

4 325

1 6400

7 ,286

7 29

4

8 152

2 7958

1 3,500

1 350

5

4 567

1 2578

1 3,500

1 350 ( con td.)

9 0

Table 8 ( con t inued )

S ilver c o in o u tpu t i n

s e ignorage

c o in o u tpu t i n

p ure marcs o f

r ece ip t i n

p ure mares o f

Troyes

7

r ece ip t i n

£ p ar isis

Troyes

£ p ar is is

556 5

1 3,537

1 354

1 542

2 506

6 ,5 46

6 55

1 777

3 093

1 3,689

5 ,491

2 451

1 376

s eignorage

8 9 8 0 1

1 698

2 593

1 5,346

5 ,090

2

1 790

2 517

1 5,428

3 , 7 47

3

2 650

9 806

1 5, 8 72

4 ,613

4

7 87

4 252

2 ,312

1 ,156

NOTES 1 .

The g rea ter p art o f t he d ocu men ta t ion f or t h is p aper was a sse mbled d ur ing t he y ears 1 960-2 b y my f a ther , t he l a te Professor Frans B lockmans.

My c on tr ibu t ion h as c ons isted ma in ly i n wr it ing t he i n terpreta-

t ion , t ak ing i n to a ccoun t r ecen t v iews o n t h is s ub ject.

Imust a dd , t ha t

t he o p in ions e xpressed h ere a re i n s evera l r espects a dverse t o t hose o f my f a ther , d ue t o t he c r it ic is m wh ich h as b een f or mu la ted d ur ing t he l ast d ecade a ga inst t he p urely v o lun tary a pproach t o med ieva l d eva luat i ons.

Iam v ery much i ndebted t o Dr. Maur ice Vander maesen who h elped

me s ubstan t ial ith t he c onsu l ta t ion o f t he c hancery r eg ister f or t he ly w p er iod 1 331 t o 1 332 ( A . D. N ., B 1 595/2 ) , wh ich was u nknown t o p rev ious s tuden ts. 2 .

H . v an Werveke , " Currency man ipu la t ion i n t he midd le a ges :

t he c ase

o f L ou is d e Ma le , Coun t o f F landers," i n Transact ions o f t he Roya l H ist or ica l S ociety , 4 th s er ies, XXX I , 19 49 , 1 15-127 , r epr in ted i n h is l anea med Miscel iaeva l ia , Ghen t , 19 68, 2 55-267; De Mun tslag i n V laand eren o nder L odew i jk v an Male ,"Mededel ingen v an d e Kon ink l i jke V laamse t eren e A cade mie v oor Wetenschappen , L et n S chone Kunsten v an Be lg iU , I , 5 , Brusse ls, 19 49 , 2 7 p . t erent;X K lasse d er L et 3 .

a nd p o l icies i n t he Burgund ian N e therP . S pu fford , Mone tary p roble ms . l ands, 1 433-1496. g o ld.

L eyden , 19 70, 1 4-15;

J . H . Munro , Woo l

c lo th a nd

lion i The s truggle f or b ul n Anglo-Burgund ian t rade 1 34014 7 8.

Brussels-Toron to , 1 973, 5 -6, 3 9-41. 4 .

M. Vander maesen , L odew i jk I v an N evers, i n NatIonaal Biografisch Woordenboek , 5 , Brussels, 1 972, 5 23-534.

5 .

V . Ga il , Recherches s ur l es monna ies d es c o mtes d e F landre d epu is l ard l es t e mps l es p lus r ecu le s j usqu tä . l 'avene men t d e l a ma ison d e Bourgogne. Ghen t , 1 857 , P ieces j ust if ica t ives XVI I, 3 1-63. I -XX I I 9 1

6 .

J . G hyssens, " Le monnayage d 'argen t e n F landre , Ha inau t e t Braban t a u d ebu t d e l a Guerre d e Cen t Ans," i n Revue b e ige d e Num is ma t ique , =

7 .

, 1 974, 1 09-191.

Brusse ls, A lge meen R i jksarch ief , Rekenka mer , Ro lreken ingen ( ARA , RR ) 7 88-793; H . N e l is, Chambres d es Co mp tes d e F landre e t d e Braban t. I nven ta ire d es Co mp tes e n r ou leaux.

8 .

Brusse ls, 1 914 , 5 4.

le L il , Arch ives d eparte men ta les d u N ord , s er ie B , ( ADN , B ) 1 595 2 , 1 565 , 1 566.

9 . 1 0.

Brusse ls , ARA , RR 4 a nd 5 ;

N e l is , 9 _ 2 .c it ., 9 .

L il , ADN , B 1 569 ; t h is impor tan t d ocu men t h as b een d iscussed b y P . le Tho mas, " Une s ource n ouvel our P h isto ire a dm in istra t ive d e l a le p F landre. N evers ,

L e r eg istre d e Gu il 'Auxonne , c hance l ier d e L ou is d e l aume d c om te d e F landre , " in Revue d u N ord , X , 1 924, 5 -38.

1. 1

° 6 3r ° . L il , ADN , B 1 565 , n r. 4 04, f le

1 2.

° 7 0 v ? L il , ADN , B 1 565 , n r. 4 56 f le

1 3.

Af irst i nd ica t ion i s t he d ura t ion o f t hree y ears;

f ur ther more , t he t o ta l

a bsence o f f or ma l ity o r p ersona l d e ta ils i n t he c on tract o f 2 8 J une , 1 335 c oncern ing Fa lco d a L a mpagg io ( "nostre am eF .L ." ), whereas s even mon ths e ar l ier t he a ppo in t men t o f t he master o f t he min t f or s i lver was f or a per iod o f o ne y ear o n ly , f or mu la ted more p rec ise ly :

" nostre amg

v al t Perch iva l d u Porche d e Lukez." Most impor tan t a re t he t wo f ragle men ts o f t he s urvey o f t he Coun t 's f inances i n 1 332 ( see N o te 1 0 ) where c o ins a re d escr ibed a s " t ierce le t d e Faucon" a nd " Faucon f or" , ( ADN , B 1 569 f ° 6 2 ).

They p robably p o in t t o t he m in t master 's f i rst n ame , t he

l a ter q uo ta t ion s uggest ing a s trong c o in d a t ing f ro m e i ther b e fore t he t d eva lua t ion o f August 1 331, o r a f ter t he r eva lua t ion o f March 1 332 ( see

p . 7 1 ) . I n a ny c ase , t he f lor ins h ad , s ince mid-August 1 331, t he s a me v a lue o f 1 2 g roa ts t ourno is a s i n t he c on tract o f 2 8 J une 1 335. t eke , Gen tsche s tads-e n b a l juwsreken ingen 1 280-1336. 1 900 , 7 46 1 . 1 4.

I.

( J . Vuy lsGhen t ,

1 -2 a nd 7 50 , 1 . 3 9-40 ).

° 8 2v ° 83r ° : i nstruc t ions t o t he master a nd t he L il , ADN , B 1 592 2 f le

warden o f t he m in t a t Aa lst a nd t o t he l oca l b a il if o e nsure t he a pp l icaf t t i on o f t he n ew o rd inance. 1 5.

J . Day , i n Past a nd P resen t , 1 978.

1 6.

Vuy lsteke , o p.c it ., I 8 05 1 . 4 -8 a nd 1 7-18.

1 7.

On 1 1 February 1 332, t he Coun t i n for med t he Abbo t o f S a in t N icho las a t Tourna i , a t t he r equest o f t he Dean o f S a in t Dona t ian a t Bruges , a bou t -t hese

e xchange r a tes wh ich were t o b e a pp l ied t o a l d ebts t o t he Coun t l

( ADN , B 1 592 2 f o 1 17r 0 ) . 1 8.

Vuy lsteke , o p.c it ., I 7 46, 7 50 a nd A . Van Werveke , i de m , I I Reg ister , 1 256-7 , 1 269.

1 9.

E . F ourn ia l , H isto ire mon6ta ire d e l 'Occ iden t m6dr eva l .

9 2

Par is, 1 970.

2 0.

S ee t ab le 1 a nd T . H . L loyd , The Engl ish woo l t rade i n t he Midd le Ages. Ca mbr idge , 1 977 ;

a lso h is " Overseas t rade a nd t he Engl ish money s upp ly

i n t he Fourteer th Cen tury ," i n N . J . Mayhew ( ed. ), Edward ian monetary afa irs ( 1279-1344 ), Br it ish Archaeo log ica l Repor ts , 3 6, Ox ford , 1 977 , 1 04. 2 1.

° 6 0r°-70v° ; Tho mas, 2 2 .c it., 1 2 a nd 2 7 ; le L il , ADN , B 1 569 , f

F .

B lockmans, "Le c on tr c i le p ar l e p r ince d es c o mp tes u rba ins e n F landre e t e n Braban t a u Moyen ä ge , " in F inances e t Co mp tab i l ite u rba ines d u u XV Ie s iecle. X Ie a I I

Pro C iv ita te.

Brusse ls , 1 964, 3 07-8, 3 15-319.

2. 2

Brussels , ARA, RR 5 ; t o a ch ieve a year ly i nco me , t he s u mof t he a ccoun t o f 7 .9.1335-7.11.1336 h as b een r educed t o 1 2/ 14.

2 3.

The ' t ransport ' i s a genera l t ax o f £ 8,000 p ar is is p er y ear o n t he c oun ty o f F landers d ue t o t he Coun t o n t he o ccas ion o f t he r est i tu t ion t o t he K ing o f F rance o f t he Caste lr ies o f L il , Doua i a nd Bp ' thune i n a pp l ica t ion o f le t he t rea t ies o f A th is-sur-Orge ( 1305 ) a nd Pon to ise ( 1312 ).

2 4.

L il , ADN , B 1 595 2 f ° 8 4r ° . le

2 5.

P laccaer ten e nde o rdonnan t ien v an d eher togen v an Braban t , 1 , An twerpBrussels, 1 648 , 5 46.

2 6.

Vander maesen ,

2 7.

Descr ip t ion b y Ghyssens, 2 p .c it ., 1 30-5.

2 8.

I b id., 1 23-4, 1 32.

2 9.

I b id.,

3 0.

1 86-7.

On 8 A ugust , 1 331

J acques d e Beerne m was a ppo in ted a s t he warden

o f t he min t a t Aa lst ; h is i nstruc t ions t hen c oncerned b o th g o ld a nd wh ite s ilver c o ins.

The i nstruc t ions a ddressed t o h im o n t he 1 3th o f March ,

1 332, h owever , d o n o t men t ion g o ld .

H is a ppo in t men t a s t he warden

o ft he m in t i n Ghen t o n 2 4 N ove mber , 1 334 i s f or s i lver , ° 8 3r° a nd 8 4r° ; wh i te ( ADN , B 1 595 2 f 3 1.

b lack a nd

1 565 n r. 4 75 f° 7 4v ° ) .

L ou is d e N evers u rged t he masters o ft he m in t J ehan d e S ep tare a nd Percheva l d u Porche o n 8 A ugust 1 331 a nd 1 3 N ove mber 1 334 i n t he s a me t er ms :

" Et e st a ssavo ir q ue d e p e t ites ma il o ires d essus n o m me es l es n

istres d essus d iz n e s era t enu d e n ous r endre n ul hose , ma is i i ma le c s era t enus d e f a ire e n t e t o uvrer c onvenable men t , t an t q u ' i l d evra s ouf ire f

i .n ostre d it p ays."

L il , ADN , B 1 565 n r. 4 74 f ° 7 4r° a nd 1 595 2 f ° le

8 2v° . 3 2.

Van Werveke , De mun tslag , 2 7. .

3. 3

Munro , 2 p .c i t., 2 3-4, 3 4.

3 4.

J . Cra ig , The Min t. A h istory o f t he L ondon m in t f ro m A .D . 2 87 t o 1 948. Ca mbr idge , 1 953 ,61-4 a nd 4 10-1; L loyd , " Overseas t rade ," 9 8.

5 .

E . B . Fryde , " F inanc ia l r esources o f Edward I I i n t he N e therlands, 1 337-40 ," i n Revue b e ige d e Ph i lo log ie e t d 'Histo ire , XLV , 1 967 , 1 1576 9.

9 3

3 6.

Ghyssens, 22 .c it., 1 36.

3 7.

Cra ig, o p.c it ., 6 5-7.

3 8.

Ghyssens, 22 .c it., 1 27 a nd 1 35.

3 9.

L loyd , " Overseas t rade ," 9 8.

4 0.

Ghyssens, 22 .cit., 1 67-71.

9 4

MONETARY CONTRACTION AND I NDUSTR IAL CHANGE I N THE LATE- MEDIEVAL LO W COUNTR IES , 1 335-1500 J ohn H . Munro

I Monetary C on trac t ion i n L a te- Med ieva l E urope a nd t he L ow C oun tr ies On ly a minor i ty o f e cono m ic h is tor ians wou ld a rgue t ha t l a te- med ieva l E urope e xper ienced a s evere mone tary c on trac t ion , s evere e nough t o h ave b eco me a t l eas t ap ar t ia l c ause o f t ha t e ra 's ' grea t d epress ion '.

The p repon-

d eran t ma jor i ty o f t hose h is tor ians who s uppor t t he t hes is o f al a te- med ieva l d epress ion o r s ecu lar e cono m ic d ec l ine c on tend t ha t i t s f unda men ta l c auses were ' rea l ' , n o t mone tary : a bove a l Ma l thus ian c r ises a nd a s harp d e mol g raph ic d ec l ine ; a nd/or s evere e cono m ic d is loca t ions f ro m a s uccess ion o f f am ines , p lagues , o ther e p ide m ics , a nd a w idespread war fare t ha t E urope h ad n o t e xper ienced s ince l a te C arol ing ian t imes .

When W. C . R obinson

r ash ly a rgued , i n 1 959 , t ha t mone tary f orces were c h ie f ly r espons ib le f or t ha t d epress ion , t he a cknow ledged a nd mos t e loquen t c ha mp ion o f t he ' rea l ' s choo l , P ro f . Michae l P os tan , r esponded w i th a d evas ta t ing c r i t ique t ha t s i lenced R obinson , e v iden t ly f orever .

1

S ince t hen t hose f ew h is tor ians who

h ave d ared e spouse a ' mone tar is t ' p os i t ion i n t he d epress ion d eba te h ave p roc eeded w i th g rea ter c au t ion t han R ob inson .

I ndeed t he mos t n o tab le o f t hese

h is tor ians , P rof . H arry M isk im in o f Ya le , h as a dro i t ly a nd imag ina t ive ly c o mbined t he c h ie f ' rea l ' a nd mone tar is t a rgu men ts b y a ccord ing p r i macy o f i mpor tance t o P os tan 's d e mograph ic t heses a nd a ss ign ing mone tary f actors o n ly a .s econdary r o le i n d eepen ing a nd p ro long ing t he l a te- med ieva l d epress ion .

2

N icho las Mayhew o f Ox ford o n t he o ther h and h as a tacked P os tan 's t

k ey a rgu men ts much more d irec t ly i n as em ina l a r t ic le o f 1 974 t ha t c onv inced me a t l east t o d eser t t he Postan c a mp o n monetary i ssues —ans s o c on trad ict t Mayhew h as w isely r efra ined f ro m s upport ing my own e arl ier w r i t ings. 3 Bu a l o f Rob inson 's a rgu men ts o n t he d irect r o le o f monetary f orces i n c aus ing l t he d epression a nd h as c h ief ly c onf ined h is a rgu men ts o n monetary c on trac t ion t o Eng land . The mos t r ecen t c on tr ibu t ion t o t he d eba te i s J ohn D ay 's " The G rea t B ul lion F am ine o f t he F i f teen th C en tury" , P as t a nd P resen t , n o . 7 9 ( May 1 978 ) , wh ich p rov ides t he mos t e labora te ly d ocu men ted a nd c onv incing e v idence y et t ha t most o f l a te- med ieva l w es tern E urope e xper ienced s uch a mone tary c on tract ion .4 Thus , wh i le Misk im in a nd Mayhew u t i l ized o n ly Eng lish min t d a ta , Day h as p resen ted g raphs a nd o ther i nd ices t o d e mons tra te r ough ly s im i lar t rends i n t he c o inage o u tpu ts o f Eng land , t he L ow C oun tr ies , F rance , I ta ly ( Florence , Genoa ) , S pa in , ( Aragon , N avarre, Va lenc ia ) S ard in ia a nd L t ibeck .

For o ther

p ar ts o f Europe h e h as f urn ished c onsiderable l i terary e v idence o f a' bul lion f am ine '.

Bu t i nh is v iew t h is f am ine b eca me w idespread a nd s evere o n ly f ro m

t he 1 390s , a much l a ter d a te f or t he o nset o f c on tract ion t han t ha t s uggested b y Misk im in , Mayhew , o r b y s evera l e arl ier h istor ians —pr inc ipal loch , l y Marc B Henri L auren t , a nd A lbert F eavearyear. 5 9 5

Further more , s ince Day 's p r i mary

lion f o b jec t ive was t o d ocumen t t he e x istence o f t h is b ul am ine a cross Europe, s evere l im ita t ions o f s pace i n a n a lready c ondensed a r t icle o f 5 2 p ages p reve n ted h im f ro m ofer ing more t han ab r ief e xp lana t ion f or t he monetary c ont rac t ion . H is p r inc ipa l e xp lana t ion , t hough l a ter c o mb ined w ith o ther a rgu men ts, i s i nf act t he t rad it iona l o ne: a l arge d ef ic i t i n Europe's b a lance o f p ay men ts l y impossib w ith t he I sla m ic N ear East. A l though i ti s s ta t ist ical le t o p rov ide ac o mp lete a nd a ccura te a ccoun t ing o f Europe 's b a lance o f p ay men ts i n t he t ressed l a te Midd le Ages , Day 's c ase i s a thoroughly s ound o ne, i n my v iew , b ut b y c onsiderable e v idence.

ly s Further more i ti s f ul uppor ted b y t he p rod ig ious ,

met icu lously r esearched p ubl ica t ions o f t ha t em inen t O r ien ta l ist E l iyahu A sh tor. For t he l a te f i f teen th c en tury , A shtor e st i ma tes t ha t western Europe imported a n a pprox i ma te a nnua l a verage o f 6 60 ,000 d uca ts wor th o f o r ien ta l s p ices a nd o ther merchand ise f ro m S yr ia a nd E gyp t ;

a nd t ha t t o o bta in t hese e as tern

l es g oods merchan ts f ro m V en ice , G enoa , Marse il , a nd B arce lona e xpor ted a bou t 2 60 ,000 d uca ts wor th o f European manu fac tures a nd t he r e ma in ing 4 00 ,000 d uca ts , i n s pecie .

6

T ha t s pec ie d rain t o t he N ear E as t wou ld h ave

amoun ted t o r ough ly 1 ,420 k g o f g o ld o r 1 6 ,500 k g o f s i lver a y ear .

As t ables

3 -5 a nd 8i nd ica te , o n ly v ery r are ly i n t he f i f teen th c en tury d id t he a ggrega te min t o u tpu ts o f Eng land a nd t he Burgund ian L ow C oun tr ies c o mbined ma tch s uch a v o lu me o f p rec ious meta l e xpor ts . N ever the less , a s t he f unda men ta l c ause o f l a te- med ieva l Europe 's monetary c on trac t ion , an u mber o f q ues t ions a bou t t h is s pecie o u t f low r e ma in t o b e a nswered .

Why d id Day 's ' bul am ine ' c o m mence o n ly i n t he l a te lion f

f our teen th c en tury?

D id wes tern Europe b eg in t o i ncur l arge t rade d e f ici ts

w i th t he N ear E as t o n ly f ro m t ha t t ime , a s Ash tor h i msel f v ery c au t ious ly s ugges ts?

Ash tor h as c er ta in ly d e mons tra ted t ha t Vene t ian impor ts f ro m

S yr ia a nd Egyp t g rew b y a t l eas t at h ird o ver t he f i f teen th c en tury . s pec ie e xpor ts may t hus h ave moun ted p ropor t iona te ly ;

Vene t ian

b u t s o me o f t ha t

Venet ian c o m merc ia l e xpans ion , t o a ccoun t f or o ver t wo t h irds o f E urope 's t rade w i th t he L evan t b y 1 500 , was a t t he e xpense o f G enoa , Marse il , a nd l es B arce lona .

7

D id t he I s la m ic N ear E as t d im in ish i n r e la t ive impor tance a s

a marke t f or h igher p r iced European manu fac tures i n t he c ourse o f t he f i f teen th c en tury? B o th Ash tor a nd U dov i tch h ave d e mons tra ted t ha t Ma m luk Egyp t s uf epopu la t ion , c on tract ion , d e f la t ion , a nd s evere d epress ion i n t ha t f ered d e ra .

Ash tor n o tes t ha t t he c o mpos i t ion o f I t a l ian e xpor ts t o t he L evan t c hanged

i n t h is e ra t o b eco me ' main ly o l ive o i l, c heap a nd d r ied f ru i ts , c opper ( f or smal o ins ) , a nd c heap c lo th '. U dov i tch b e l ieves t ha t t he L evan t i t se l f l c s uf n o veral a lance o f p ay men ts d e f ic i t a s p rec ious me ta ls p oured f ered a l b i ncreas ing ly e as twards t o b uy s pices a nd o r ien ta l l uxury g oods f or b o th d o mes t ic c onsump t ion i n t he N ear E as t a nd r e-expor t t o t he Wes t .

8

H ad

wes tern E urope , o n t he o ther h and , p rev ious ly b een a ble t o b a lance i t s d e f ic i ts w i th t he N ear E as t b y t rade s urp luses w i th Tun is ia , t he Maghreb , a nd Morocco , o nce a c o m mercia l s ource o f c ons iderab le amoun ts o f ' Sudanese ' g o ld f ro m id t hose s upposed s urp luses d im in ish o r d isappear f ro m t he t he N iger? 9 D l a ter f our teen th c en tury? F ur ther more d id wes tern Europe a lso d eve lop b a lance o f p ay men ts d ef ic i ts w i th t he B a l t ic r eg ions a nd Russ ia in p urchasing g ra in , l umber , n ava l s tores , a nd l uxury f urs e special , a s Misk im in ly s ugges ts? "

F inal , d id wes tern E urope 's b a lance o f p ay men ts d e f ic i ts ly

9 6

b eco me a s er ious p rob le m , i n a bso lu te o r r e la t ive t er ms , o n ly i n c on junc t ion w i th o ther l a te- med ieva l e cono m ic d if l t ies? ficu The o n ly h is tor ian who h as o fered a v iab le , a l-enco mpass ing e xp lana t ion f l f or t he g row th o f aE uropean b a lance o f p ay men ts d e f ici t a nd a c onsequen t mone tary c on trac t ion i n t he c on tex t o f t he l a te- medieva l d epress ion i s H arry Misk im in .

I n f ul ccordance w i th P os tan , h e f irs t c on tends t ha t d e mograph ic l a

d isrup t ions a nd s harp p opu la t ion d ec l ines p roduced a s evere a grar ian d epress ion d ur ing t he f our teen th c en tury , a l ter ing t he t er ms o f t rade i n f avour o f t he u rban i ndus tr ia l s ec tor , t hus ' mak ing i t a magne t f or t he n a t ion 's b ul '. lion H e a lso a rgued , w i thou t c on trad ic t ing t he P os tan t heses , t ha t t he d epopu la t ions ' l ed t o a n i ncrease i np er c ap i ta wea l th ' a nd p er m it o me s urv ivors t o t ed s b eco me p ar t icu lar ly wea l thy f ro m i nher i ted c ash b a lances .

When s o many

r eac ted t o t he v ar ious p lagues a nd o ther l a te- med ieva l c a tas trophes , a nd t o t he ir s udden ly a cqu ired wea l th , i n as p ir i t o f h edon is m b y i ncreas ing t heir c onsu mp t ion o f l uxury g oods , e spec ial hose impor ted f ro m t he Near E as t ly t b y t he I t a l ians , t he i nev i tab le r esu l t i n M isk im in 's v iew was a g row ing ' ot uf low o f b ul ha t i n t urn g enera ted t he mont e ary s hor tage s o much lion t c o m men ted u pon a f ter t he B lack D ea th '.

I n b as ing h is t heory s o d irec t ly

u pon Eng l ish e v idence h e d id i ndeed d irec t ly c on trad ict P ostan 's s trong ly s ta ted v iews t ha t l a te- med ieva l Eng land c ons is ten t ly e n joyed a f avourab le b a lance o f t rade a nd t hus ( presu mab ly ) ab ul n f lux . lion i

1 1

I n ar ecen t a r t icle , f ro m t he p roceed ings o f t he F irs t Ox ford S y mpos iu m , Mr. T . H . L loyd h as l argely s uppor ted Postan 's c on ten t ions a bou t med ieva l Eng land 's f avourab le t rade b a lances , a t l eas t f or mos t o f t he f our teen th c en tury .1 2

Mr . L loyd 's a r t ic le i s a br il lian t t our d e f orce , a nd h is c on ten-

t ions may wel l b e c orrec t ;

b u t If ind s o me o f h is a ssu mp t ions a nd e spec ial ly

t he p r ice mu l t ip l iers r a ther t oo a rbi tary .

F ro m my own r esearch i n t he

e nrol l ed a nd ' par t icu lar ' c us to ms a ccoun ts f ro m E dward It o H enry V I II , I am n o t s o c on f iden t t ha t a ccura te t rade b a lances c an b e c o mpu ted f or a ny p er iod . I n t he f irs t p lace , Eng land 's ma jor e xpor ts ( woo l , c loth , t in ) a nd a ma jor impor t ( wine ) a re r ecorded o n ly b y v olu me . H ow c an t he v a lue o f woo l e xpor ts b e a ccura tely c a lcu la ted when t he b es t o f s o me 3 0 v ar ie t ies o f woo l c os t o ver f our t imes a s much a s t he c heapes t , a nd when p r ices f luc tua ted f ro m y ear t o y ear ;

o r t he v a lue o f c lo th e xpor ts , o f many v ar ie t ies , when

p r ices r anged f ro m 1 0s 15s a c lo th t o £ 3 o r £ 4,

e xc lud ing s car le ts ( f ro m

£ 8 £12 )? H ow c an e xpor t a nd i mpor t v a lues f or o ther g oods b e d is t ingu ished ly c ty C when t he ir v a lues a re g lobal o mbined i n t he 3 d P et us to m a nd t he P oundage a ccoun ts?

ty H ow u se fu l i ndeed a re t hese a ccoun ts when t he P et

C us to m o f 1 303 a ppl ied o nly t o a l ien merchand ise , when P oundage c o m menced o n ly i n 1 347 a nd was c ons is ten t ly imposed o n ly f ro m t he 1 370s , when s evera l l g oods a nd a l merchand ise o f t he H ansards , t he l arges t g roup o f f oreign merMuch l ess c an we a ccuraly e c han ts , were u sual xe mp ted f ro m P oundage? 13 t ely c o mpu te t he more impor tan t b a lance o f p ay men ts , i nc lud ing r em it t ances o f p apa l t axes a nd o ther e cc les ias t ica l d ues -wh ich P ar l ia men t s o v igorous ly c onde mned i n t he l a te Midd le Ages mi l i tary a nd d ip lo mat ic e xpend i tures a broad , s pend ing b y t ravel nd p i lgr i ms , a nd b ul ts i ns t iga ted l ers a lion move men b y v ar ious monetary a nd p r ice s t i mu l i?

I n a ny e ven t , L loyd a dm i ts t ha t

Eng land 's ' f avourab le ' t rade b a lances were p robab ly d im in ish ing f ro m t he 1 360s o r l a ter .

H e t hus imp l ici t ly o fers u s t he p oss ibi l i ty t ha t Eng land d id s uf f f er

9 7

t rade d e f ic i ts i n t he f i f teen th c en tury , when t he a ggrega te v o lu me o f woo l a nd c lo th e xpor ts , d esp i te s o me u psurges i n t he 1 420s a nd e ar ly 1 440s , l. i nd ispu tab ly f el

They r eached t he ir n ad ir i n t he e ar ly 1 460s , w i th a v o lu me

t ha t was o n ly 4 7 p ercen t o f t ha t a ch ieved i n t he 1 390s .

1 4

Wh i le Misk im in was a lso u nab le t o p rov ide s ta t is t ica l p roo f f or h is a sser t ions o n Eng l ish b a lance o f p ay men ts , h e d id s uppor t t he m b y c it ing a c ons iderab le v o lume o f b ul is t a nd a n t iluxury , a n t i-I ta l ian l eg is la tion . lion I ndeed h is l i s t c an b e amp li f ied c ons iderab ly b y many more s uch s ta tu tes a nd o rd inances t o d e mons tra te t ha t f ro m a t l eas t t he 1 330s p ar l ia men ts were f requen t ly a lar med b y t he ' grea t d ear th o f money '. The p er iod o f mos t i nt ense b ul is m was f ro m t he 1 360s , when p ar l ia men t f irs t b anned t he e xpor t lion o f b o th p rec ious me ta ls i n a l f or ms w i thou t r oya l l i cences ,to a bou t t he 1 490s , l a s Ih ave a rgued e lsewhere 75

As e ar ly a s 1 381 , ap ar l ia men tary c o mm iss ion

d ec lared t ha t ad e f ic i t i n t he b a lance o f p ay men ts was d irec t ly r espons ib le 6 L a tef or t he c urren t d ear th o f c o inage ( a long w i th f oreign d ebase men ts ) .1 med ieva l p ar l ia men ts a nd p opu lar l i tera ture i ng enera l b la med most e spec ial ly

I ta l ian merchan ts, b ankers , a nd p apa l t ax c ol tors f or a c onstan t a nd most l ec d eleter ious o u tf low o f p rec ious meta ls.

C learly t hey d id n o t s hare t he ' rea l '

s choo l 's e bul t o p t im is m o n mat n l ate- med ieva l Eng land . lien t ers monetary i T o c oun terac t t hese s upposed s pec ie o u t f lows , p ar l ia men ts r esor ted c h ie f ly t o t wo ma jor r e med ies ;

as er ies o f Emp loy men t A c ts r equ ir ing a l iens t o

e xpor t a s much i n v a lue i n g oods a s t hey impor ted o r r em it broad b y b il t ed a ls o f e xchange ; a nd s evera l b ul is t impos i t ions o n t he woo l t rade , Eng land 's lion d om inan t e xpor t , wh ich v ar ious ly f orced t he w oo l S tap lers t o s upp ly t he min ts w i th s o me o f t he ir r ece ipts i nb ul nd t o e xac t f ul ay men t i n r eady lion a l p Eng lish money .

1 7

There i s n o e v idence t ha t t hese measures were a t a l l

s uccess fu l i n p rotect ing a nd a ugmen t ing Eng land 's money s upp ly .

Bu t t hey

a re s ign i f ican t i n r evea l ing l a te- med ieva l b ul is t c oncerns a nd a lso f or lion t he h ar m t ha t t hey c aused Eng l ish t rade , a s w il e n oted i n P ar t I . l b A cross t he c hanne l , t he l a te- med ieva l L ow C oun tr ies e v iden t ly a lso e xper ienced c hron ic d ef ici ts i n t he ir b a lance o f p ay men ts w i th I t aly , a ccording t o R ay mond d e R oover , who u t i l ized t he more c oncre te e v idence o f I t a l ian b il f e xchange t ransact ions . ls o

B u t h e a lso d iscovered t ha t F landers u sual ly

e n joyed a s urp lus i n i t s t rade w i th S pa in , p er m it o me merchan ts t o s et ting s tle t he ir I t a l ian d eb ts w i th c red i ts a ccu mu la ted i n S pa in , v ia t r i la tera l b il . 18 ls Bu t i th ard ly s ee ms p oss ib le t ha t S pan ish t rade b e fore t he s ix teen th c en tury was a s impor tan t a s t he I t a l ian .

Whe ther o r n ot t he L ow C oun tr ies h ad a n

o veral e f ic i t o r s urp lus i n t he ir b a lance o f p ay men ts c anno t , o f c ourse , l d b e a scer ta ined . A c on t inuous b a lance o f p ay men ts d e f ici t wou ld n o t h ave p roduced mone tary c on tract ion h ad l a te- med ieva l Europe b een a b le t o r ep len ish i t s p rec ious meta l s tocks f ro m w i th in , b y min ing ( and o f c ourse h ave t he m d is tr ibu ted t hrough i n terna t iona l t rade ). Bu t t he g enera l c onsensus o f h is tor ians i s t ha t E uropean s i lver min ing , h av ing r ece ived n o s ign i f ican t t echno log ica l i mprove men ts s ince R o man t imes , e xper ienced s harp ly d im in ish ing r e turns i n v ar ious p ar ts o f E urope f ro m t he l a te t h ir teen th a nd e ar ly f our teen th c en tur ies .

Many

mines s hu t d own e n t irely b ecause o f r is ing c os ts , v ir tua l d ep let ion , o r f l ood ing , To b e s ure , s o me n ew s i lver a nd e spec ial o ld mines were d eve loped i n ly g

9 8

f our teen th-cen tury B ohe m ia , H ungary , B osn ia , a nd S erbia ;

b u t t he ir c o m-

b ined a dd i t iona l o u tpu t gd o n o t a ppear t o h ave c oun terac ted t he p reva i l ing ling me t rend e lsewhere o f f al ta l o u tpu ts , a ccord ing t o N e f a nd o thers .

N o t

u n t i l S ou th G er man e ng ineers d ev ised t wo t echno log ica l b reak throughs , mechan ica l d ra inage p u mps t o e l im ina te f lood ing a nd a l ead-che m ica l p rocess t o s epara te t he me ta ls i n a rgen ti ferous c upr ic o res , s o p len ti fu l i n c en tra l Europe , d id s i lver min ing a ga in e n joy a ma jor b oo m , f ro m t he 1 460s t o t he 9 1 530s .1 The wel ocu men ted s lu mp i n l a te- med ieva l min ing was i ndeed t he ma jor l d a rgu men t f or a monetary c on trac t ion p u t f orward b y t he e ar l ier g enera t ion o f ' mone tar is ts '.

N o t e ven t he c urren t p roponen ts o f t he ' rea l ' s choo l w il l

d eny t he e x ten t o f t h is s lu mp .

Bu t t hey h ave r e jec ted i t s s ign i f icance o n t wo

s ee m ing ly u nassa i lab le g rounds .

P ro f . P os tan h as c on tended , i n t he f irs t

p lace , t ha t b y t he 1 320s o r s o , a f ter t hree c en tur ies o f r is ing min ing p roduct i on , ' t he t ota l s tock o f s i lver i n E urope , i n r e la t ion t o t he a nnua l o u tpu t , mus t h ave b een t ru ly e nor mous ': min ing .

2 00-300 t imes t he a nnua l i ncre men ts f ro m

S econd ly a ny min ing o u tpu t s lu mp was more t han c oun teracted b y

t he d evas ta t ing d epopu la t ions , o f 3 0 t o 4 0 p ercen t o r more , i n f our teen thc en tury E urope .

2 0

' Men w ere d y ing ' , c o m men ts Dav id H er l ihy , ' bu t c o ins

were n ot ' , s o t ha t p er c ap i ta c oinage s upp l ies s hou ld h ave r isen .

2 1

Or , i n

t er ms o f t he a ggrega tes o f t he F isher E qua t ion o f E xchange , M . V =P .T , t he v o lu me o f t ransac t ions wou ld h ave d ecl ined much more t han M , p er m it ting a more t han a dequa te money s upp ly f or a h igh ly c on trac ted e cono my if o ne i gnores p oss ib le b a lance o f p ay men ts d e f ic i ts , a nd V e loci ty c hanges . Bu t r ecen t ly o ne 's c on f idence i n t he t heor y o f l arge a ccu mu la ted meta l s tocks , t hose im mor ta l moneys , h as b een u nder m ined b y an u mber o r a r t icles b y C . C . P at , Mar ion Arch iba ld , a nd N icho las Mayhew , e special t erson l y. F or t hey h ave d e mons tra ted t ha t p rec ious meta l l osses f ro m wear a nd t ear i n c ircu la t ion , u nretr ieved h oards , s h ipwrecks , a nd s o f or th mus t i nev i tab ly p roduce d ras t ic r educ t ions i n ac oun try 's c oinage s upp ly u n less t ha t c oinage t erson was f requen t ly a nd a bundan t ly r ep len ished b y f resh min tings . P at b e l ieves t ha t i n med ieva l E urope t he a verage a nnua l r a te o f meta l l oss f ro m c oins was p erhaps 1 .0 p ercen t ;

e ar l ier S ir J ohn C ra ig h ad e s t i ma ted s uch

ting t we igh t l osses a t a more c onserva t ive 0 .2 p ercen t , t hough a dm it ha t i t c ou ld h ave r eached 1 .0 p ercen t a t t imes .

Mayhew , a dopt ing t he more c on-

s erva t ive e s t i ma te , a rgues t ha t ad ecenn ia l l oss r a te o f 2 .0 t o 2 .75 p ercen t i n e ar ly f our teen th-cen tury E ng land wou ld h ave mean t t ha t ' seven t ons o f s i lver v an ished i n to t h in a ir t hrough wear a lone e very d ecade '. H e f ur ther p o in ts o u t t ha t r ecoinages t o r es tore t he l os t we igh t s i lver l osses ' i n t he f ire ' f ro m t he min t ing p rocess .

e r c oin mean t f ur ther z 2 C o ins d o d ie .

P hys ica l d e ter iora t ion o f t he c o inage b y wear a nd t ear , a nd e special y ly b t he c o m mon , n e far ious p rac t ices o f c l ipping a nd ' swea t ing ' , c ou ld f ur ther c on trac t a nd d a mage t he money s upp ly b y c ur ta i ling min t p roduc t ion a nd b y e ncourag ing t he e xpor t o f p rec ious meta ls .

Thus , s o l ong a s l arge n u mbers

o f u nderwe igh t o r f raudu len t c oins c ircu la ted a t t he ir d ecreed v a lues , b y t a le , merchan ts wou ld i nev i tably r espond b y d iscoun t ing t he e n t ire c oinage , g ood a nd b ad a l ike .

They wou ld t hus b id u p t he marke t p r ice o f b ul n moneylion i

o f-accoun t v a lues , t hereby e l im ina t ing t he a g io o r p re m iu m t ha t c oins n or mal ly c o m manded o ver b ul , b y v ir tue o f t he ir p or tabi l i ty , c onven ience , a nd lion 9 9

p re-es tabl ished v a lues .

S uch a p re m iu m was n ecessary t o c over t he c os ts

o f min t ing ( brassage a nd s e ignorage ) ; a nd w i thou t i t , merchan ts wou ld i ns tead t ake t he ir b ul o f ore ign m in ts o fer ing more a tract ive p r ices . Or t hey lion t f t wou ld u t i l ize g ood c o in w i th p la te a nd b ul n f oreign t rade , r eserv ing t he lion i i n fer ior c oins f or d o mes t ic t rade .

B y s uch p rocesses o f G resha m 's L aw ,

t he c oinage s tandard a nd money s upp ly wou ld t hus c on t inue t o d im in ish u n t i l t he p rince e i ther imposed a t o ta l r ecoinage a nd r en force men t o n h is s ub jec ts , a t t he ir e xpense , o r t ook t he e as ier r oad o f d ebas ing t he c o inage i n weigh t a nd/or f ineness t o ma tch t he c urren t i n fer ior s tandard , a nd s o r es tore t he c oinage p re m iu m .

The l a ter me thod a lso h ad t he a dvan tage o f a trac t ing t t

f ore ign b ul , i ft he p r ince o fered more c o ins , ab et r ice f or t he me ta l lion f t er p c oncerned , t han c o mpe t ing min ts .

C onsequen t ly many l a te- med ieva l

2 3

c oun tr ies p er iod ical lev ia ted a s carc i ty o f c o inage t hrough d ebase men ts ly a l even t hough many were a c tual nder taken f or f isca l mo t ives ( se ignorage ly u p ro f i ts ) r a ther t han mone tary o nes .

B u t t hese d ebase men ts i n t urn wou ld

worsen t he mone tary p l igh t o f t heir n e ighbours , p rovok ing t he m i n t urn t o e ngage i n g uerres mong ta ires .

I ndeed wes tern Europe , a f ter h av ing e n joyed

mone tary s tabi l i ty f or a l mos t a l t he t h ir teen th c en tury , was t hen p lagued l b y o ver t wo c en tur ies o f s uch g uerres mong tar ies , f irs t p rovoked b y P h i l ip t he F a ir 's d ebase men ts o f 1 295-1306.

Fur ther more v ery s evere d ebase-

2 4

men ts a nd t he r a mpan t i n f la t ions t hey g enera ted s o me t i mes e nded u p e xacerb a t ing Europe 's mone tary s tr ingency .

B y u nder m in ing f a i th i n t he c oinage ,

t hey p rovoked ' f l igh ts f ro m money ', i ncreased h oard ing , a nd d isrup ted t rade . C on trary t o s o me o p in ions , med ieva l merchan ts c ons is ten t ly d e manded s ound money .

C er ta in ly i n l a te- med ieva l F rance a nd t he L ow C oun tr ies

d ebase men ts s o e nraged n ob les a nd merchan ts a l ike t ha t t he p r ince was o f ten f orced t o r es tore a ' s trong c o inage ' , wh ich n ecessar i ly c on trac ted t he money s upp ly , w i th o f ten b ru ta l d e f la t ionary c onsequences , a s i n F landers i n t he 1 390s a nd 1 430s . Ano ther d a mag ing way b y wh ich min t man ipu la t ions a fected t he money f s upp ly was i n ' f avour ing ' o ne meta l o ver t he o ther a t t he min t b y d ebas ing i t more h eav i ly , o r b y r aising i t s o f icia l money-of-accoun t p r ice , a nd t hus f b y i ncreas ing i t s min t r a t io .

An i n f lux o f t he o ne me ta l a tracted b y d ebaset

men t c ou ld b e mirrored b y a n o u t f low o f t he o ther ' d is favoured ' me ta l , i n a v ar ian t o f G resha m 's L aw .

Thus P rof . Andrew Wa tson h as c on tended t ha t

l a te- med ieva l E urope s uf arge o u t f lows o f s i lver t o t he I s la m ic N ear f ered l E as t b y a dop t ing s trong ly p ro-go ld min t r a t ios , wh i le Mus l i m min ts were f avour ing s i lver ( excep t i n f ac t f ro m c . 1 400 t o 1 410 , when t he ir g o ld p r ices The t heory t ha t min t-ra t io a l terna t ions c ou ld i ns t iga te r ose s trong ly ) . 25 l arge-sca le i n terna t iona l b ul ts h as b een d ispu ted b y many lion move men em inen t h is tor ians , H arry M isk im in a nd Ash tor i n p ar t icu lar .

2 6

C er ta in ly

here w ere many b arr iers i nh ibi ting t he c r i t ics a re c orrec t i n c on tend ing t ha t .t a rb i trage t rades i n p rec ious me ta ls :

t he r e fusa l o f min ts t o e xchange meta ls

i nb ul or m , a nd t he b ul f o ne me ta l f or c oin o f t he o ther , o f ten ; lion f lion o t he c os ts o f b rassage a nd s eignorage i n min ting ; money-changers ' f ees , a nd t ranspor ta t ion c os ts ; a nd t he p rospec ts o f b ul eizures a t t he f ron t iers lion s o r o f r ece iving f raudu len t c oin when mak ing e xchanges .

The o pera t ive min t

r a t io was n o t o ne o f t he o f icia l v a lues ( coinage ' t ra i tes ' ) b u t o f t he r at io o f t he f b ul r ice o f o ne meta l t o t he c oined v a lue o f t he o ther . lion p

To a ccoun t f or

a l t hese c os ts , t he d if e tween s uch r a t ios a t t wo o r more min ts h ad l f erences b t o b e l arge t o p ro mo te b ul lows . lion f 1 00

l d f erences i f N ever the less e ven smal if n min t r a t ios c ou ld a fec t t he i n tern a t iona l d is tr ibu t ion o f p rec ious meta ls b y e ncourag ing merchan ts t o h ave t he ir f meta ls min ted i n t hose c oun tr ies o fer ing t he h ighes t e xchange v a lues f or g o ld a nd s i lver r espec t ive ly i n t er ms o f o ther c o m mod i t ies .

Thus merchan ts were

a ble t o r ea l ize s o me a rbi trage p ro f i ts t hrough n or ma l f ore ign t rade i n g oods , ling t b uying s o me f or s i lver i n o ne c oun try , s ay , a nd s el he m f or g o ld i n a no ther .

The a va i lab le e v idence d oes n o t i nd ica te t ha t t he v ery imper fect

marke t e cono m ies o f medieva l E urope were a b le t o e s tabl ish e qu i l ibr ium p r ices f or b o th meta ls a nd g oods s oon e nough t o e l im ina te s uch a rbi trage p ro f i ts .

2 7

T o s uppor t t he c on ten t ion t ha t t hese min t-ra t io a l tera t ions d id i n f luence lion move men t he d irec t ion o f i n ternat iona l bul ts , as i mple s ta t is t ica l t es t may b e emp loyed :

C h i-Square c on t ingency t ables .

The o ne p resen ted h ere

i n t ab le 9 e xpress t he q u inquenn ia l a verage v a lues o f c oinage o u tpu ts i n e ach me ta l , i n Eng land a nd t he L ow C oun tr ies , i n c ons tan t p ounds s ter ling ( 14116 3 v a lues ) o ver t he 8 0 y ear p er iod 1 420-99 .

Over t h is e n t ire p er iod , g o ld

a ccoun ted f or 6 6.1 p ercen t o f t he t ota l v a lue o f Eng l ish min t o u tpu t a nd 4 4.1 p ercen t o f t he Burgund ian o u tpu t ( co mpared t o 8 2.9 a nd 7 0 .8 p ercen t r espect ive ly i n t he p rev ious e igh ty y ears , 1 340-1420 ) .

Accord ing t o t he r e la t ive

min t r a t ios s hown i n t ab les 6 -7 , g o ld was more h igh ly v a lued b y t he Eng l ish min ts u n t i l J une 1 425 , t hen b y t he Burgund ian min ts u n t i l March 1 465 , a nd ly o t hen f inal nce more b y t he Eng l ish min ts .

T ab le 6 also i nd ica tes t ha t d ur ing

t t he d ecade 1 485-95 Max im i l ian 's min ts a gain a te mp ted t o a sser t t he s tronger c la im t o g o ld .

f B u t mone tary a fa irs i n t he L ow C oun tr ies were t hen g rea t ly

d is turbed b y t he c hao t ic c iv i l wars o f 1 483-5 a nd 1 488-92 , wh ich i nc luded min t c o mpe t i t ion f ro m t he r ebe l F le m ish t owns .

The a ccoun ts o f t he Dordrech t

a nd Mechelen min ts s how t ha t Max im i l ian 's p ro-gold p o l icy , w i th s o me d ras t ic i ncreases i n t ha t meta l 's p r ice , was o n ly mo men tar i ly i f impress ive ly s uccessMuch o f t ha t h igh o u tpu t may o f c ourse l arge ly r epresen t f u l i n 1 488-90 . 28 d o mes t ic r em in t ings ; d ebase men ts .

a nd t ha t c ou ld b e t rue o f mos t p er iods o f e x tens ive

I f we a re t o a ssume t ha t s uch d ebase men ts a nd min t-ra t io

f a l tera t ions h ad n o s ign i f ican t e fec t o n t he r e la t ive f low o f t he t wo meta ls t o t he t wo c oun tr ies ' min ts , t ha t o ther f ac tors , s uch a s t he s truc ture o f f ore ign t rade , q u i te i ndependen t ly d e ter m ined wha t p ropor t ions o f min t o u tpu ts wou ld b e i n e ach meta l , we s hou ld e xpec t t ha t t he r a t ios o f t he v a lues o f t he g o ld a nd s i lver c o inages i n e ach o r mos t o f t he q u inquenn iums , i n b o th c oun tr ies , s hou ld v ery r ough ly c orrespond t o t hese l ong t er m ( 80 y ear ) r a t ios .

T o t es t

l -hypothes t h is n ul is o f i ndependence , we u se a c on t ingency t able w i th e xpec ted a nd a c tua l min t o u tpu t v a lues f or e ach q u inquenn iu m .

I ft he c o mpu ted

e ) E(0ff 1 -

2

l, a i s smal s t es ted b y C h i-Square s ign i f icance t ables , t hen we e l h mus t a ccep t t he n ul ypo thes is o f i ndependence ( f ro m min t-ra t io a l terat ions ) . X

2

=

The c h i-square s ta t is t ics c o mpu ted h ere f or b o th t he Eng l ish a nd Burgund ian min ttab les a re s o v ery h igh , f ar b eyond t he r ange o f t he s ign i f icance t ables , l h ly t ha t we h ave n o h es i ta t ion i n r e jec t ing t h is n ul ypothes is . 29 F inal , a nd l more i mpor tan t ly , t ab le 9 s hows t ha t f or a l mos t a l o f t he q u inquenn iu ms , e xcep t f or t ha t o f t he p rev ious ly men t ioned c iv i l war e ra , e ach c oun try min ted more o f t he ' f avoured ' me ta l t han t he amoun t e xpec ted b y t he c on t ingency t es t , a nd i n r ough a ccordance w i th t he r e la t ive min t r a t ios .

N o te i n p ar t icu lar , f or

i ts impor tance i n t he a na lys is o f P ar t I , h ow t he p reponderance i n g o ld min ting s h i f ted f ro m Eng land t o t he L ow C oun tr ies a f ter 1 425 , a nd t hen b ack t o Eng land f t er 1 465 . 1 01

As Wa tson h as p o in ted o u t , mos t n or thern European c oun tr ies p ursued f p ro-go ld p ol icies d ur ing t he l a ter Midd le-Ages , t hough o fer ing much h igher g o ld p r ices i n t he midd le d ecades o f t he f our teen th c en tury t han t herea f ter . Eng land was p erhaps t he mos t c ons is ten t a nd r eso lu te i n ' f avour ing ' g o ld , f ro m t he f irs t s uccess fu l s tr ik ing o f t ha t c o inage i n J anuary 1 344 u n t i l t he e ar ly s ix teen th c en tury .

3 0

S ince g o ld was o bv ious ly a cqu ired a t t he e xpense

o f s i lver , a nd s ince s i lver was t he b as is f or r ms t c oun tr ies ' d o mes t ic c o m merce , wages a nd s a lar ies , a nd money-o f-accoun t s ys te ms , n or thern Europe 's p ro-go ld mone tary p o lic ies may h ave b eco me , t o s o me e x ten t , a gen ts o f mone tary c on tract ion a nd d e f la t ion , e xcep t when a nd where c oun terac ted b y s i lver d ebase men ts . A tr ibu t ing s uch d e f la tion t o p ro-go ld p o l ic ies i n b o th t Eng land a nd t he L ow C oun tr ies s ee ms t o b e p ar t icu lar ly p er t inen t f or t he midd le t h ird o f t he f i f teen th c en tury , f ro m 1 435 t o 1 465 , a s w il e d iscussed l b i n P ar t I .

Ye t i t wou ld b e u n fa ir t o p lace t he e n t ire b la me u pon t he Eng lish

a nd Burgund ian g overnmen ts ;

f or i n t h is p er iod , a s t ab le 7 s hows , t he f ree

marke t p r ices f or g o ld a t An twerp were g eneral is ing , i nd ica t ing t ha t ly r merchan ts a nd o ther p r inces were o f ten o u tb idd ing t he m f or g o ld . Why merchan ts o r p r inces s hou ld h ave p laced s uch h igh v alues o n g o ld h as y e t t o b e f ul xp lained . G o ld p rov ided , t o b e s ure , a far more s u i tab le ly e med iu m f or l ong-d is tance t rade t han s i lver .

I th ad a f ar h igher p urchas ing

p ower p er o unce t han s i lver , a nd a f ar g rea ter i n terna t iona l a ccep tance , s ince i t was much l ess s ub jec t t o d ebase men t , i fo n ly b ecause i n terna t iona l merchan ts were much more l i ke ly t o t es t h igh-va lue c oins t han r e ta i l merc han ts i n d o mes t ic t rade were t o e xa m ine p et i lver c oins . ty s

Desp i te t hese

u nques t ionab le a dvan tages , i ti s d if l t t o c on tend t ha t i n terna t iona l t rade ficu g rea t ly e xpanded i n t he l a te m idd le a ges i n g enera l , o r e ven c a me t o c o m mand ag rea ter s hare o f mone tary e xchanges , t o j us ti fy t hese s trong p ro-go ld p o licies .

I n a ny e ven t i n terna t iona l merchan ts f ound e ven more e fect ive f

me thods o f t ransac t ing t he ir t rade , i n b il f e xchange a nd l e ters o b liga tory , ls o t e xcep t when t hey s uf rade d e f ic i ts . f ered t

I fi n terna t iona l t rade d id n o t n ec-

e ssar i ly d e mand more g old , t hen war fare , d iplo macy , a nd o ther s ta te a nd e ccles ias t ica l e xpend i tures o bv ious ly d id , a nd a t ar is ing r a te i n t he l a ter Midd le Ages .

When s uch s ta te e xpend i tures were i n terna t iona l , g o ld a ga in

was t he p re ferred med iu m .

F inal , b ecause g o ld d id s erve a s t he p redo m inan t ly

i n terna t iona l med iu m , a nd b ecause i th ad l ong s y mbo l ized imper ia l g randeur , g o ld o fered b et roo f o f s overe ign ty a nd p ower t han d id t he f requen t ly f t er p d ebased s i lver c o inage

3 1

The c h ie f mot ives b eh ind n or thern Europe 's

p ro-go ld p o l ic ies were p robab ly more p o l i t ica l t han p ure ly e cono m ic ;

t he

e cono m ic c onsequences were p robab ly more h armfu l t han b ene f icia l . The r e main ing p oss ible c auses o f mone tary c on trac t ion i n l a te- med ieva l E urope a re a l c lose ly r ela ted a nd may b e more s uccinc t ly s u m mar ized : l

a

r educ t ion i n t he c o inage v e loci ty , i ncreased h oarding , a nd a g rea ter u se o f g old a nd s i lver a s i ndus tr ia l ma ter ia ls f or l uxury d isp lay. p urpor ted c auses c an , t o b e s ure , b e s ta t is t ical er i f ied . ly v

N one o f t hese J . D . A . Tho mpson

a nd o thers h ave ma in ta ined t ha t p ropor t iona te ly more c o in h oards c an b e d a ted t o v ar ious p er iods i nthe l a te Midd le Ages t han t o t he a d jacen t e ras , t hough o thers h ave c o m men ted u pon t he a bsence o f c o in h oards d uring t he mos t 2 C oinage v e loci ty s evere f i f teen th-cen tury ' bul am ine ' o f c . 1 440-65 .3 lion f c hanges a re t he mos t d if l t o f a l t o d ocu men t . ficu l

Ye t i t s ee ms a l mos t c er-

t a in t ha t many f orces c o mbined t o d epress c oinage v e loci ty a t c er ta in p er iods : 1 02

t he s harp f a l l i n t he n umber o f s penders w i th d epopu la t ions ;

t he d isrup t ions

a nd c on trac t ions o f t rade , i n terna t iona l a nd r eg iona l , b y f a mines , p lagues , war fare , r ebel , p iracy , a nd b r igandage , w i th t he c ol f e fect ive lions l apse o f o rder i n many p ar ts o f E urope ;

a nd t hen t he r e trea t o f p ar ts o f d epressed

a grar ian E urope f ro m a mone t ized marke t e cono my . F inal , v ar ious ly g overnmen t r eac t ions t o mone tary s carc i ty a nd f isca l s tr ingency i n t he f or m o fb ul lion is t l eg is la t ion , e special ly t he a l mos t u n iversal l y imposed b ans o n p recious- me ta l e xpor ts , u ndoub ted ly h ad s o me e fec t i n c urbing t he i n terna t iona l f f l ow o f s pec ie . A t t he s a me t ime , s uch b ul is t measures a lso e ncouraged lion t he u se o f t he a fore men t ioned b il f e xchange a nd l e ters o b l iga tory t o ls o t o bv ia te t he t ranspor t o f s pecie ; wh i le a lso r es tr ic t ing me ta l f l ows , t hey may h ave a ugmen ted c oinage v e loc i ty , a s s evera l h is tor ians a rgued , b y e cono m iz ing o n t he u se o f s pec ie w i th in c oun tr ies .

Bu t s ure ly a ny w idespread u se

o f t hese b il l s was r es tr icted t o av ery f ew i n terna tiona l t rading c en tres d om in a ted b y I t a l ians . I tr e mains t o b e p roved t ha t c red i t , whose u se s t il l r e ma ined ad irec t f unc t ion o f t he s pec ie s upp ly , e xpanded s uf t ly t o c oun teract ficien t he e v iden t

c on trac t ion i n l a te- med ieva l E uropean c oi n age s .3 3

A s pec ia l a nd s evere c ase o f r educed c oinage v e loc i ty was h oarding , wh ich was a per fec t ly n a tura l a nd o bv ious r eac t ion t o t he many s evere c r ises , d is loca t ions , a nd g enera l i nsecur i ty t ha t f requen t ly a f f l ic ted l a te- med ieva l Europe . H oard ing was a lso a r a t iona l r esponse t o f a l l ing p r ices a nd d epressed marke t c ond i t ions i n g enera l .

S uch v iews o n c o inage v e loci ty a nd h oard ing

d o n o t , h owever , a ppea l t o t hose who e spouse t he t hes is t ha t a n i ncreased c onsump t ion o f e as tern ( and R uss ian ) l uxury g oods , p roducing b a lance o f p ay men ts d e f ic i ts , was t he c h ie f c ause o f mone tary s carci ty. Ye t t he t wo t heses a re n ot c on tradic tory a nd mu tual ly e xc lus ive. S ome s egmen ts o f s ocie ty -a r is tocra ts , t he r ich o r wel l -to-do b urghers m ay h ave e ngaged i n t h is ' c onsp icuous c onsump t ion ' , wh i le o thers , t he p easan try e special ly , r esponded t o c r ises b y h oarding ;

a nd a n e ra marked b y h edon is t ic s pend ing

s prees , i np ar t icu lar t he v ery i n f la t ionary p os t-P lague e ra o f t he 1 350s a nd l 1 360s , may h ave b een f o lowed b y a n e ra o f d o lorous p ars i mony a nd h oard ing b y t he ma jor i ty , a s s ugges ted b y t he s ubsequen t d e f la t ions f ro m t he 1 370s t o t he e ar ly f i f teen th c en tury .3 4 F ur ther more , t he i ncreased u se o f g o ld a nd s i lver i n r esp lenden t l uxury d isp lay , a p heno menon a t tes ted t o b y mos t a r t h is tor ians , i s h ard ly i ncons is ten t w i th t he Misk im in t hes is . 35 Tha t i s c er ta in ly a r a t iona l a nd a es the t ic f or m o f h oard ing .

A t t he s a me t ime ,

h owever , we mus t a lso a dm i t t he l i ke l ihood as P os tan r igh t ly e n jo ins u s t o d o -t ha t p er iod ical l y war-t i me t axa t ion , g overnmen t b orrow ings , a nd e ven t hose l a te- med ieva l c ycl ica l move men ts t ha t t e mporar i ly r es tored s o me p rosper i ty , wou ld h ave s t i mu la ted s o me d ishoard ings .

3 6

One p roble m c oncern ing c oinage v e loc i ty r e mains : t o wha t e x ten t was a ny d ec l ine i n c oinage v e loci ty i n l a te- med ieva l Europe mere ly a pass ive r esponse t o e cono m ic c on tract ion i n g enera l , t o d ec l in ing e cono m ic t e mp i ; a nd t o wha t e x ten t w as monetary s carc i ty a c on tr ibu tory c ause o f d epress ion o r ' secu lar d ec l ine '? Tha t q ues t ion i s o bv ious ly i mposs ib le t o a nswer w i th a ny c er ta in ty . Bu t i fh oarding i s ar at iona l r esponse t o f al ling p r ices , e x tens ive h oard ing wou ld c er ta in ly h ave a cce lera ted t ha t d e f la t ion , wh ich i n t urn wou ld h ave s queezed p ro f i t marg ins , c urta i led i nves t men ts , a nd b red a pess im is t ic b us iness p sycho logy .

I ndeed a ny f or m o f monetary c on tract ion c ou ld h ave

1 03

i nduced d e f la t ion w i th s uch c onsequences .

I n more c oncre te t er ms , d ef la t ion

wou ld h ave i ncreased t he b urden o f d ebts , t he c os ts o f b o th p rev ious ly b orrowed c ap i ta l ( i n r epay men ts ) a nd t hen f u ture b orrow ings ( i n r is ing i n teres t r a tes ) . De f la t ion a lso e v iden t ly i ncreased t he r e la t ive c os ts o f s k il abour i n t hose l ed l g u i ld p rotec ted i ndus tr ies i n wh ich wages f el ess t han who lesa le p r ices . l l I ndeed h is tor ical eneral ess t han t he c hanges i np r ice l y wages g l y move much l l eve ls .

These f ac tors t oge ther i n l a te- med ieva l Europe wou ld h ave f ur ther

e ncouraged a r e trea t f ro m t he money e cono my a nd h ave e xacerba ted , i fn o t c aused , t he p er iod ic c ycl ica l d epress ions o f t ha t e ra .

Thus we c an o n ly

a gree w i th Marc B loch t ha t mone tary p heno mena mus t b e c ons idered ' a s a s e is mograph t ha t n ot o n ly r eg is ters e ar th t re mors , b u t s o me t i mes b r ings t he m a bou t ' .

3 7

My t ask i n t h is mone tar is t d eba te f or t he Th ird Ox ford S y mpos iu m o n C oinage a nd Mone tary H is tory i s much l ess ambi t ious t han J ohn Day 's o r Harry M isk im in 's .

I ti s mere ly t o d e mons tra te f ur ther e v idence o f mone-

t ary c on trac t ion i n t he l a te- med ieva l L ow C oun tr ies i n P ar t Ia nd i n P ar t I t he i ndus tr ia l c hanges t ha t v ar ious b u t r ela ted mone tary f orces migh t h ave i nduced a nd e ncouraged. My own s ta t is t ica l c a lcu la t ions f or b o th t he L ow C oun tr ies a nd Eng land h ave l ed me t o c hoose a n e ar l ier d a te t han Day 's ( bu t l a ter t han Mayhew 's ) f or t he c o m mence men t o f ag enera l a nd p ers is ten t , e l ne i upu l ongt - er m dci n mit n ot ts :

370s 3 . 8 I n my v iew ta ht d eci l ne t he 1

r eached i t s n ad ir i n t he 1 460s ( coincid ing t hus w i th t he n ad ir i n Eng l ish woo l a nd c lo th e xpor ts ) ;

b u t n o t u n t i l t he e ar ly s ix teen th c en tury d id b o th c oun tr ies

f ul ecover t he c oinage v o lu mes o f t he t h ir teen th a nd e ar l ier f our teen th ly r c en tur ies .

S ince If ul gree w i th P ro f . P os tan a nd many o thers t ha t t he ly a

European e cono m ic c on trac t ion c o mmenced l ong b e fore t he 1 370s , Imus t t herefore d isagree w i th R ob inson i n a ss ign ing a ny p r i mary r o le t o mone tary f orces i n d irec t ly p recip i ta ting t ha t s ecu lar e cono m ic d ec l ine .

S ta t is t ica l

j us ti f ica t ion f or my c onc lus ions a bou t l ong-ter m monetary t rends a nd monet ary c on trac t ion c an b e f ound f irs t i n t ab le 1 0 , wh ich s hou ld t hen b e s upp lemen ted b y t he q u inquenn ia l a verage c o inage o u tpu ts i n T ab les 2 -6 , 8 -9 . A l though my min t d a ta a re n ecessar i ly c on f ined t o Eng land a nd t he L ow C oun tr ies , my s ta t is t ics d o c over a l onger p er iod o f t ime ( Eng land , f ro m 1 235 ;

F landers , f ro m 1 335 ) t han Day 's , a nd a re more c o mple te f or b oth

c oun tr ies , e spec ial n t he f our teen th c en tury . ly i

3 9

L ike D ay , Ih ave g iven

g o ld a nd s i lver min t ings i n k i logra ms o f p ure me ta l .

T o p resen t a ggrega te

c o inage o u tpu ts i n u n i ts r e f lec t ing t he we igh t o f me ta ls s truck a nd n o t j us t i n money-o f-accoun t v a lues , wh ich a re d is tor ted b y p er iod ic d ebase men ts a nd r en force men ts , e special n t he L ow C oun tr ies , a nd t o p rov ide a c o mly i p arab le measure men t f or b o th c oun tr ies , Ih ave u sed a c ons tan t p ounds s ter l ing : t h is t ime Eng l ish g o ld a nd s i lver v a lues f or 1 351-1411 , t he l onges t p er iod o f mone tary s tabi l i ty o f t he e n t ire p er iod a na lyzed , a nd o ne d iv id ing i t i n t wo . Then l ong t er m a verages , u p t o 1 00 y ears , were c o mpu ted . I f we l ook f irs t a t t he Eng l ish d a ta , a nd c hoose a ny c o mb ina t ion o f p er iods o fered f i n t he t ab le , we c an d iscern a v ery c lear a nd c ons is ten t p at f m in t ing t ern o d ec l ine f ro m t he t h ir teen th t o t he e nd o f t he f i f teen th c en tur ies , w i th a much g reater d ecl ine i nd icated i n t he f i f teen th t han i n t he f ourteen th c en tury . The mos t s evere d ec l ine , e spec ial or s i lver , o ccurred i n t he 1 00 y ears ly f 1 370-1469 .

T ota l c o inage o u tpu t i n c ons tan t p ounds s ter l ing a veraged o n ly

5 9 .1 p ercen t o f t ha t o f t he p rev ious 1 00 y ears , 1 270-1369 , a nd o n ly 4 5 .3 o f 1 04

the 1335-69 average; and even when measured in current pounds sterling (not given in the table), the average coinage output of 137 0-1469 was only 76.8 percent of the preceding 100 years' mean.40 If the greater part of the popu­ lation decline had occurred by the 1370s - and admittedly some historians now dispute that - it would seem difficult to argue that per capita coinage supplies in debased currency were maintained, let alone increased, over the late Middle Ages.41 The statistics for the Low Countries, despite the much dif­ ferent, debasement-ridden monetary history of that region, demonstrate an even starker coinage decline, especially when one notes that up to the 142 0s only Flemish mint outputs are given, while thereafter virtually all of the Burgundian Low Countries' mint outputs are included. Thus the mean of the total coinage struck in 1370-1469 was only 38.8 percent of the 1335-1369 mean; and the mean of 14 00-1499, the lowest of the four periods given in the table, was only 32 . 9 percent of the 1335-1369 mean. If one were to contend that the earlier period is too heavily biased by the debasements of Louis de Mdle, it is instructive to compare their power to draw metals into the Flemish mints with the debasements of Philip the Good, Charles the Rash, and Maximilian in the fifteenth century:42

Prince

Decade of Debasement

Mean Annual Value of Mint Output in constant £ sterling

Percentage of Value of 1355-64 Mint Output in constant £ sterling

Louis de Mdle Philip the Good Charles the Rash Maximilian

1355-64 1425-34 1470-79 1480-89

143,545.4 82 ,738.3 45,036.4 33,12 0.2

100.0 57.6 31.4 2 3.1

Those who would deny any connection between mint outputs and the money supply would have to explain why so much less metal was evidently passing through the Burgundian mints in the fifteenth century than in the Flemish mints alone in the fourteenth. Finally, the accompanying graphs present both the volumes and values of Burgundian mint outputs in the fifteenth century and their long-term trends (1420-1499), using 'least-squares' regression lines. All four trend lines are downward sloping: kilograms of gold and silver, current pounds groot values, and values in constant pounds sterling. The rates of decline would appear to be greater than that of the Low Countries' population, as projected by historical demographers.4 3 Nevertheless it would admittedly be quite dangerous in principle to use mint outputs as anything more than very general indicators. They should not be taken as statistical proxies of the money supply. In the first place, one must clearly distinguish between mint outputs resulting from trade and balance of payments surpluses or the level of economic activity on the one hand, and those from debasements and recoinages on the other. A renforce­ ment-coinage, for example, might result in very large coinage outputs yet actually contract the money supply by reminting many inferior coins into fewer good ones. A debasement would of course expand the money supply, but not necessarily proportionately, for several reasons: (1) by reminting some part or most of the current circulation into a greater number of coins (2) by attracting foreign bullion to the mints, in offering better prices for 105

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Graph I :

Qu inquenn ia l Averages o f t he To ta l Va lues o f Go ld a nd S ilver Co inages S truck i n t he Burgund ian L ow Countr ies , i n Curren t Pounds Groo t , 1 420-4 t o 1 495-9

1 50

8 0

6 0

4 0

2 0

1 410

2 0

3 0

4 0

5 0

6 0

1 07

7 0

8 0

9 0

1 500

8 0

Graph I I : •

• •

Means ( Y =x +bX ) •

' " " •• • • •

Trend L ines o f t he M int Ou tputs o f t he Burgund ian L ow Coun tr ies b y L east-Squares Regress ions o f Qu inquenn ia l

•

•

•

•

•

• • •• • •

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_ 4 0

•

MN.

• •

•

Tota l Go ld a nd S ilver i n Curren t Pounds Groo t Tota l Go ld a nd S ilver i n Constan t

2 0

• • •

• S . •

Pounds S ter l ing ( 1411 :6 4 v a lues ) Tota l Go ld i n K ilograms Pure Meta l -

•

•

T ota l S ilver i n K i lograms Pure Met a l • 1_

1 420

4 0

6 0

1 08

8 0

1 500

t he me ta l t han c o mpe t i tors , ( 3 ) ( 4 )

b y s im i lar ly e ncourag ing d o mes t ic d ishoard ings ,

b y p ro mo t ing a f avourab le t rade b a lance , f ro m t he r esu l t ing f al n t he l i

e xchange r a te , wh ich wou ld c heapen e xpor ts a nd r a ise t he c os t o f impor ts . B u t t ha t mone tary e xpans ion migh t wel e s hor tl ived . l b

Many o f t he n ew ly

d ebased c o ins migh t b e s en t a broad , e spec ial ft hey were c oun ter fe i ts o f ly i g ood f ore ign c oins , t o p laces where i gnorance o f t he d ebase men t wou ld f ac i l i ta te t heir a ccep tance . 44

F ur ther more , a s n oted i n a na lyzing m in t-

r a t ios , ad ebase men t o f o ne me ta l wou ld l i kely c ause s o me o u t f low o f t he o ther me ta l .

On t he o ther h and , ac oun try 's money s upp ly migh t b e t e mporar i ly

e xpanded b y a n i nunda t ion o f d ebased f ore ign c oins a nd c oun ter fe i ts whose f c ircu la t ion a nd i n f la t ionary e fects wou ld e l im ina te t he p re m iu m o n t he d o mest i c c o inage , a nd s oon f orce a c losure o f t he min ts . i n i t sel f r e f lec t a monetary c on trac t ion ;

S uch a c losure wou ld n o t

b u t a ny l ong-ter m f a i lure t o r es tore

min t ing , t o 'rep len ish t he c o inage , wou ld u ndoub ted ly p roduce s uch a c on tract erson- Mayhew L t i on , s o p ower fu l were t he f orces o f was tage ( Pat aw ) a nd o f G resha m 's L aw , a lready d iscussed . ly F inal , we s hou ld n ot e xpec t t o f ind t ha t a ny c hanges i n t he money s upp ly wou ld p roduce p roport iona te c hanges i n t he p r ice l eve ls a nd , c on trary t o 4 5 F or r e la t ive f requen t ly e xpressed o p in ion , n o t au n ifor m c hange i n p r ices . p r ice c hanges a nd c hanges i n t he p r ice l eve l d epend u pon a c o mb ina t ion o f

f ac tors ; ( 3 )

( 1 )

c hanges i n c oinage v e loc i ty , ( 2 )

c hanges i n t he v o lu me o f t ransac t ions ,

( 4 )

c hange i n s upp ly o f c red i t , t he i nco me e las t ic i t ies o f

d e mand f or v ar ious c o m mod i t ies o n t he p ar t o f t hose whose money i nco mes l r ose o r f e l f ro m c hanges i n t he money s upp ly , ( 5 ) v ar ious c o m mod i t ies s o d e manded ,

( 6 )

e las t ic i t ies o f s upp ly o f t he

p r ice e las t ic i t ies o f d e mand a nd s upp ly

o f v ar ious c o m mod i t ies w i th a ny s ubsequen t e cono m ic c hanges i nduced b y t he f orego ing .

I ndeed we c an n ever h ope t o d isen tang le t he r ea l a nd mone tary

f orces a t work i n p r ice-leve l c hanges , whe ther t he c hanges a re i n f la t ionary o r d e f la t ionary , w i th c ons tan t c hanges i n r e la t ive p r ices . l F or a l t hese r easons a lone , t here fore , i t wou ld s ee m q u i te p o in t less t o s eek a ny c orre la t ion b e tween m in t o u tpu ts a nd p r ices .

Ye t s urpr is ing ly s uch

l en ma the ma t ica l c orre la t ions , w i th g ood t o e xcel t l eve ls o f s ta t is t ica l s ign if icance , c an b e f ound i n t he f i f teen th-cen tury B urgundian L ow C oun tr ies . F or i n tens ive e xa m ina t ion Ih ave c hosen t he p er iod 1 420-99 , when t he Burgund ian m in t a ccoun ts a re r easonab ly c o mple te , a nd when a g ood p r ice s er ies i s l ed d a va i lab le i n t he Van d er Wee p r ice i ndex , model irec t ly o n t he f a mous P he lps B rown a nd H opk ins i ndex f or s ou thern Eng land . 46

Ih ave t hus c orre-

l a ted t he c urren t v a lue o f t he a ggrega te min t o u tpu ts i n c urren t F le m ish p ounds g roo t ( X ) w i th t he Van d er Wee p r ice i ndex ( Y ) , l agged b y o ne y ear t o a low l c hanges i n t he money s upp ly t o t ake e fec t . f

As t ab le 1 7 s hows , t he c orre la t ion

i s t he weakes t f or t he e n t ire p er iod , 1 420-99 , y e t i s s t il ta t is t ical ign i f il s ly s c an t a t ar espec tab le 3p ercen t l eve l . Tha t t he c orre la t ions a re s tronger f or a l t he p ost-1435 p er iods i s n o t s urpr ising , b ecause t he V an d er Wee i ndex i s l b ased e n t ire ly u pon Braban t ine p r ices ;

a nd n o t u n t i l t he mone tary r e for m o f

f 1 434-35 was t he B raban t ine mone tary s ys te m e fect ive ly i n tegra ted w i th t ha t o f F landers a nd t he o ther B urgund ian L ow C oun tr ies . F or t he p er iod 1 420-34 , V an d er Wee 's p r ices were c onver ted i n to F le m ish g roo ts a t e xchange r a tes t ha t may h ave b een , moreover , a r t i f icia 1 . 47

The s tronges t c orre la t ion a ppears

t o h ave b een t ha t f or t he p er iod 1 435-63 , o ne o f mone tary s tab il ity , w ith o n ly

1 09

o ne s ign i f ican t d ebase men t , o f g o ld i n 1 454 .

r c oef ien t o f d e terfic The r2 o

mina t ion o f 0 .323 means t ha t v ir tual h ird o f t he v ar ia t ion i np r ices c an ly at b e e xp la ined b y t he v ar ia t ions i n min t o u tpu ts ;

a nd t he s ign i f icance l eve l ,

o r p robabi l i ty o f e rrors , i s l ess t han 1 percen t .

Bu t e ven t he p er iod 1 435-99 ,

marked b y 2 3 d ebase men ts a nd t wo r en force men ts , p rov ides v ery r espec tab le c orre la t ions w i th a n e ven l ower s ign i f icance l eve l , o f 0 .22 p ercen t .

F inal , ly

t able 1 8 s hows v ery h igh c orre la t ions o f t he V an d er Wee p r ice i ndex ( i n f ivey ear a verages ) w i th t he o f ic ia l v a lues o f s i lver a nd g o ld , s ign i f ican t a t t he f 0 .06 a nd 0 .001 l eve ls r espect ive ly , i nd ica t ing t ha t p r ice l eve ls were v ery r espons ive t o d ebase men ts a nd r en force men ts .

We a re t hus e n t i t led t o u se

s uch mone tary a nd p r ice d a ta w i th s o me r easonab le c on f idence a s a na ly t ica l t oo ls t o a id i n i n terpre t ing t he L ow C oun tr ies ' e cono m ic h is tory i n t he f i f teen th c en tury . I

I ndus tr ia l C hange i nt he L a te- Med ieva l L ow C oun tr ies :

T ex t i les

I n v iew o f t he a na lys is i n P ar t I , h ow d id mone tary c hanges a nd mone tary p ol ic ies i n f luence t he c ourse o f c hange i n o ne o f t he L ow C oun tr ies ' p r incipa l i ndus tr ia l s ec tors , a nd t he mos t f a mous o ne , t ex t i les?

The g enera l o u t l ines

o f t he t rans for ma t ions t ha t o ccurred o ver t he f our teen th a nd f i f teen th c ent ur ies h ave b eco me a c o m monp lace o f E uropean e cono m ic h is tory :

t he d ec l ine

a nd f al f t he t rad i t iona l u rban l uxury d raper ies , b ased o n Eng l ish woo ls , l o wh ich h ad o nce d om ina ted European a nd Med i terranean marke ts ; a nd t he ir u l t i ma te r ep lace men t b y t he s o-cal ouvel raper ies a nd d raper ies l ed n l es d l egeres , b o th l arge ly r ura l i n o r ig in , p roduc ing med iu m q ua l i ty w ool nd l ens a c heap , c oarse wors ted o r s ergetype f abr ics r espec t ively . The F le m ish l uxury d raper ies i n p ar t icu lar s uf er ies o f d isas ters f ered a s i n t he c ourse o f t he f our teen th c en tury : i nvas ions , r ebel , a nd c iv i l lions wars i n F landers f ro m 1 297 i n ter m it t ly t o 1 320 ; a nd t hen i n 1 323-28 , t en 1 338-49 , 1 359-61 , 1 367 , 1 370 , 1 377 ;

a nd wors t o f a l 1 379-85 . 48 l

A t t he

s a me t ime , t he i ndus try s uf osses o f marke ts i n France , I t a ly ,a nd f ered l Eng land ;

d isrup t ions , t hen c on tract ions o f o ther e s tab l ished marke ts b y

p lagues , war fare , a nd p er iod ic d epress ions ;

mu tual es truc t ive d ispu tes ly d

w i th t he G er man H ansea t ic L eague , wh ich h ad b eco me t he F le m ish i ndus try 's c h ie f c us to mer .

P erhaps t he mos t s er ious b low o f a l c a me f ro m E ng land : l

f irs t , f ro m t he 1 330s a t re mendous i ncrease i n e xpor t t axes o n woo ls , a vera g ing 4 0 p ercen t o f t he who lesa le p r ice ;

a nd , a s ap ar t ia l c onsequence ,

t he g row th o f E ng l ish c o mpet i t ion i n t he c lo th t rade .

The g rea tes t a dvan tage

o f t he Eng l ish c lo th iers was n o t t he much v aun ted f ul r ar ura l ling mil l o i ndus tr ia l l oca t ion b u t as harp d if t ia l i n e xpor t d u t ies . f eren

F or t heir c lo ths

b ore o n ly a min i ma l 2 p ercen t d u ty , wh i le t he ir woo ls were p urchased d o me s t ical ax f ree . ly t

C oun t ing n o t o n ly e xpor t t axes b u t s h ipp ing a nd f re igh t

c harges , a nd t he p r ices c harged b y t he q uas i- monopo l is t ic C a la is S tap le C o mpany , t he F le m ish f ound t ha t t hose s a me f ine Eng l ish woo ls c os t t he m more t han t wice a s much .

Th is Eng l ish woo l , i t mus t b e s tressed , was t he

p r i me d e ter m inan t o f l uxury q ua l i ty i n t hese t ex t i les , a long w i th d yes tuf ; fs a nd , a par t f ro m ' gra in ' i n s car le t d ye ing , t h is woo l was t he s ing le mos t c os t ly i npu t f or t he L ow C oun tr ies ' d raperies , a ccoun t ing f or 6 5-75 p ercen t o f t he who lesa le p r ice b e fore f in ish ing .

4 9

Thus e ven t hose o ther r iva ls o f

t he F le m ish l uxury d raper ies , p er iod ical ak ing a dvan tage o f t he l a ter 's ly t t

10 1

ly a d isrup t ions , f inal lso s uccumbed t o t he Eng l ish c o mpe t i t ion ; h ad made t he mse lves t oo d ependen t o f f ine Eng l ish woo ls .

f or t hey t oo

Ye t i t wou ld b e

d angerous t o e xaggera te t he r o le o f Eng l ish c lo th c o mpe t i t ion ;

b ecause t hen

o ne h as t he d if ficu l ty o f e xp lain ing why t h is c o mpe t i t ion t ook more t han a c en tury t o r u in i t s r iva ls , f ro m t he midfour teen th t o t he l a tef i f teen th c ent ury . I t wou ld a lso b e q u i te u nwise t o p re tend t ha t monetary f orces were t he l o c rucia l f ac tor i n t he d own fal f t he L ow C oun tr ies ' l uxury d raper ies . Undoub ted ly v ar ious ' rea l ' f ac tors , i nclud ing i ndeed t he c onsequences o f d e mograph ic d ecl ine , were more impor tan t .

Ye t mone tary f orces a nd p o l i-

c ies d id h ave s o me r o le t o p lay i n t hese c o m merc ia l-indus tr ia l t ransfor ma t ions t ha t i s wor thy o f i nves t iga t ion .

I f we may c o m mence w i th F landers i n t he

1 330s , t he ir i n i t ia l r o le s ee ms t o h ave b een b ene f icia l , a ccord ing t o P ro f . H ans Van Werveke .

5 0

H e a rgued t ha t t he F le m ish c lo th i ndus try r ece ived

ac ons iderab le e xpor t s t i mu lus f ro m t he s evera l s i lver c oinage d ebase men ts o f C oun ts L ou is d e N evers ( 1322-46 ) a nd L ou is d e Mä le ( 1346-84 ) , e ven t hough mos t were u nder taken f or p ure ly f isca l mo t ives . The ma jor d ebase men ts , t en o f t he m , o ccurred b e tween May 1 337 a nd D ece mber 1 363 , r educ ing t he s i lver c on ten t o f t he d ouble g roo t b y 5 6 .8 p ercen t ( 3 .484 g t o 1 .504 g ) .

I n Apr i l

1 365 t he c oinage was s treng thened i n f ineness ( 6t o 8d en iers a rgen tle-roy ) ; a nd b e tween t hen a nd 1 384 , t he c o inage was d ebased f ive more t imes a nd t wice s treng thened , w i th a n o veral educt ion i n f ineness ( mos t o f t he weigh ts a re l r u nknown ) o f 2 5 p ercen t .

5 1

l i I n g enera l , t he c onsequen t f al n e xchange r a tes

s hou ld h ave t e mporar i ly s t i mu la ted c lo th e xpor ts . •I n p ar t icu lar , Van Werveke a rgued , t he F le m ish d rapers g a ined b y p aying t he ir a r t isans i n s i lver c oin ling t o f r ap id ly d im in ish ing v a lue , wh i le s el he ir c lo ths f or s table f oreign g o ld . Bu t s ince Eng l ish woo l c o m manded s uch a v ery l arge p ropor t ion o f p roduct ion f c c os ts , a nd s ince b oth wool a nd d yes tuf os ts were r is ing w i th d eva lua t ion , o ne wonders wha t c ush ion t he d rapers g a ined f ro m d ebase men ts , a nd t o wha t f l f e x ten t t hey c ou ld a ford t o s el or l ess i n t er ms o f g o ld , a t l eas t o nce p rev ious i nven tor ies h ad b een e xhaus ted .

Fur ther more , ac hron ic s trugg le o ver wages

l ers b e tween t he weaver-drapers a nd t he f ul ' g u i ld s ee ms t o h ave b een a ma jor 2 lions o f ac tor i n s evera l o f t he v ery d es truc t ive F le m ish u rban r ebel f t his e ra .5 N ever the less c ons iderable s uppor t f or V an Werveke 's c on ten t ions c an b e f ound

i n t ab les 1 a nd 2 , wh ich p resen t q u inquenn ia l a verages o f t he v ar ious Ypres c lo th s ea ls ( wh ich mus t n o t b e a ggrega ted t o a vo id d oub le o r t r ip le c oun t ing ) ,

5 3

s a les o f t he G hen t d rapery t ax f ar ms , Eng l ish woo l a nd c lo th e xpor ts , a nd t he min t o u tpu ts o f Eng land a nd F landers .

They c er tain ly i nd ica te a c ons iderable

ly r ecovery a nd b oo m f or a t l eas t t he Ypres c lo th i ndus try , a nd a lso g eneral b uoyan t Eng l ish w ool e xpor ts , f ro m t he 1 350s t o t he 1 370s ;

t he G hen t c lo th

i ndus try s hows n o r ea l s igns o f d ecl ine b e fore t he l a te 1 360s .

l t Overal h is

ly l was t he v ery e ra o f i n tens ive d ebase men t t ha t p roduced e xcep t ional arge min t o u tpu ts i n F landers .

Bu t f or Europe a s a w ho le , t h is was a lso a v ery

i n f la t ionary e ra i n g enera l , a nd e v iden t ly o ne o f g enera l c o m mercia l b oo m t f t ha t migh t b e a tr ibu ted i n ter a l ia t o t he a fore men t ioned ' i nher i tance e fec ts ' f a nd p os t-P lague s pend ing s prees , a nd p erhaps t o t he ' mu l t ip l ier ' e fec ts o f mi l i tary f in ancing .5 4 F ro m t he l a ter 1 370s a v ery s harp d e f la t ion b ese ts Eng land , t hen S pa in a nd I t a ly , s pread ing t o o ther p ar ts o f E urope o ver t he n ex t d ecades a nd o n i n to

1 11

t he f i f teen th c en tury .

5 5

F or Eng land i t se l f d e f la t ion a nd l ow s tagnan t p r ices

g eneral ly p reva i led ( excep t i n t he 1 430s , 1 480s ) u n t i l t he e ar ly s ix teen th c en tury .

I n F landers , a s t ab les 1 a nd 2 s ugges t , av ery s harp f al l i n F le m ish

min t o u tpu ts i n t he 1 370s was f ol l owed b y a n e v iden t ly s er ious d ec line i n Ypres ' c loth p roduc t ion .

The d ec line o f t he G hen t d rapery , a s i nd ica ted b y

t he t ax f ar ms , b egan e ar l ier , i n t he mid 1 360s , a nd was much more p rec ip it ous , a s t ax f ar ms s a les f e l l 7 6 p ercen t b y t he mid 1 380s .5 6 S im i lar ly , b u t ly l 3 l ess d ras t ical , Eng l ish woo l e xpor ts f el 7 p ercen t f ro m t he l a te 1 360s t o t he mid 1 380s , a nd t hen a nother 6 p ercen t b y 1 400 .

l ling A l o f t hese f al

i ndices c orre la te w i th o ther e v idence , mone tary a nd r ea l , f or a s evere c yc l ic a l d epress ion i n n or thern E urope d ur ing t he l as t t hree d ecades o f t he f ourt een th c en tury .

5 7

Un for tuna te ly t he G hen t a nd Ypres s ta t is t ics b o th t er m ina te i n 1 384 , l ed s lion t owards t he e nd o f t he s o-cal econd Ar teve lde r ebel , l ed b y G hen t . Tha t s ix-year c iv i l war , wh ich c a me t o i nvo lve Eng l ish a nd French mi l i tary l, was t f orces a s wel he mos t d isas trous b y f ar t o af l ict f ourteen th-cen tury F landers ;

a nd u ndoub ted ly i t mus t b ear c ons iderab le r espons ibi l i ty f or t he

l i s harp f al np roduc t ion i nd ices a f ter 1 379.

5 8

The a f ter ma th o f t he c iv i l

war f ur ther worsened t he p l igh t o f t he F le m ish c lo th i ndus try :

ah arsh p eace

imposed i n Dece mber 1 385 , p rovok ing c on t inued u nres t , t he r e fusa l o f many f ore ign merchan ts t o r e turn t ot he s tap le p or t o f Bruges u n t i l t he 1 390s , a nd ac o mp lete H ansea t ic embargo o f F landers , o ver r epara t ions c la i ms a r is ing f ro m t he war , f ro m 1 388 t o 1 392.

ly h Tha t embargo was e special ar m fu l i n

ting t p er m it he Eng l ish a nd Du tch c lo th t rades t o make d ec is ive b reak throughs i n to H anse marke ts i n n or thern G er many , t he B a l t ic , a nd e as tern E urope .

5 9

ly c Af ina l i fn ot t er m inal r ipp l ing b low c a me f ro m Duke P h i l ip t he B o ld 's mone tary p o l icy .

A f ter f our d ebase men ts i n g uerre mong ta ires w i th F rance ,

Braban t , a nd o ther n e ighbours , Duke Ph i l ip r e for med t he c o inages i n 1 389-90 , ly s b ru tal treng then ing s i lver b y 3 1.8 p ercen t a nd g o ld e ven more , b y 4 1.7 6 0 p ercen t ( t hus a l ter ing t he min tr a t io i n f avour o f s i lver . )

Wha tever t he

t ern o p reced ing p at f p r ices , F landers t hen j oined Eng land a nd o thers i n a l s harp d e f la t ion a nd f a l ing min t o u tpu ts t ha t l as ted u n t i l t he n ex t r ound o f ly d ebase men ts i n 1 416-18 a nd t he 1 420s e spec ial .

6 1

F or t he F le m ish c lo th

i ndus try , t he c onsequences o f Duke P h i l ip 's 1 390 monetary r e for m were d irect ly o ppos i te t o t hose o f d ebase men t . r a is ing c lo th e xpor t p r ices ;

Thus e xchange r a tes r ose , s harp ly

o r a l terna t ive ly , t hose d rapers p r ic ing t he ir

c loths i n g o ld n ob les wou ld h ave s uf evere l osses b y t he d uca l f i a t f ered s r educ ing t he n ob le f ro m 8 s 6 d g roo t t o 6 s O d g roo t .

Fur ther more , s ince mos t

d rapers were d eb tors , r equ ir ing e x tens ive c red i t t o f inance t he ir o pera t ions , t hey were a lso b urdened i n h av ing t o r epay d eb ts a nd i ndeed a lso i n h av ing t o p ay wages in t he n ew s trong s i lver g roo ts , o ccas ion ing b it u tcr ies t er o f ro m t he F le m ish b urghers i n t he 1 390s .

A te mp ts t o f orce d own wages t

c er ta in ly p rovoked s er ious r io ts i n F landers ;

a nd wages g eneral id n o t ly d

f al np ropor t ion t o t he r en force men t a nd g enera l f al n p r ice s .6 l i l i

I n t he

mean t i me , d esp i te a g enera l e cono m ic c on tract ion , t he Eng l ish c lo th t rade was c lear ly b ene f i t ing f ro m t he F le m ish p rob le ms :

a s t ab le 1 s hows , i t s

e xpor ts h ad c l i mbed more t han t hree-fo ld f ro m t he 1 370s t o t he l a te 1 390s . l l s A l t h is migh t wel ugges t t ha t t he F le mish c lo th i ndus try was o n t he v erge o f e x t inct ion b y t he e nd o f t he f our teen th c en tury , a s s o me h is tor ians , 1 12

i n jud ic ious ly e x trapo la t ing f ro m t he Ypres s ta t is t ics , h ave a sser ted .

Bu t

t he G er man h is tor ian H ek tor Am mann h as p a in ted a r a ther d if t p ic ture , f eren b ased u pon v o lu m inous r esearch i n s ources emana t ing f ro m t he B a l t ic , G er many , c en tral a nd e as tern E urope , a nd c over ing wha t h ad b eco me t he ma jor marke t f or t he L ow C oun tr ies ' d raper ies .

F or t h is who le a rea i n

g enera l , h e r a ther s urpr ising ly ma in ta ined t ha t t he F le m ish d raper ies , h aving f al eh ind t he B raban t ine i ndus tr ies d ur ing t he f our teen th c en tury , h ad l en b r ecovered t o r ec la im f irs t p lace d ur ing t he e ar ly f i f teen th c en tury ;

t he o lder ,

t rad i t iona l d raper ies , moreover , were s t il ro m inen t t han t he smal l more p l er n ouvel raper ies . l es d

A f ter t he n ow s econd-rank ing B raban t ine d raper ies ,

l ed b y Meche len , B russe ls , V i lvoorde , a nd L ier , c a me t he Du tch d raper ies , h eaded b y L e iden . The Eng l ish , t here fore , r anked a n a s ton ish ing ly p oor T ab le 1 2 d oes n o t c on trad ic t Am mann 's c on ten t ions f or t he f irs t f our th . 63 t hree d ecades o f t he f i f teen th c en tury .

Thus t he n u mber o f d rapers ' s tal ls

r en ted a t t he Y pres c loth h al hows a l arge i ncrease i n t he s econd d ecade ; ls s a nd a l though t he n umber d id f al ga in i n t he 1 420s , t he 1 425-29 a verage was l a s t il 0 p ercen t o f t he mean p r ior t o t ha t u psurge . The v a lue o f t he a nnua l l 9 t ax f ar m-sa les f or t he Y pres d rapery s hows a n e ven g en t ler d ec l ine , o f o n ly 6 .5 p ercen t f ro m 1 410 t o 1 429 , wh i le t he v a lues o f t he t axfar m s a les o f t he G hen t a nd Mechelen d raper ies ( ad m it ly much smal han i n t he e ar ly t ed l er t f our teen th c en tury ) s how i ncreases o f 7 7 p ercen t a nd 2 8 p ercen t r espec t ively o ver t hese f irs t 3 0 y ears o f t he f i f teen th c en tury.

On ly t he L euven d rapery 's

t ax f ar m , f or t he smal t a nd w eakes t o f t he o ld u rban i ndus tr ies , d oes n o t l es c on for m t o t hese t rends ;

a nd e ven t here t he d ec l ine d oes n o t ( aga in ) b eco me

s ign i f ican t ly worse u n t i l t he 1 420s .

6 4

The Eng l ish c us to ms a ccoun ts f or t hese t hree d ecades , o n t he o ther h and , d o p rov ide f ur ther s uppor t f or t he F le m ish e v idence . T hus Eng l ish woo l e xpor ts t o C a la is , n ow a ccoun t ing f or mos t o f t he woo l s h ip men ts , n o t o n ly c ease d ec l in ing , b u t e ven e n joy a modera te r ise o f 6 p ercen t , wh i le Eng lish c lo th e xpor ts o n t he o ther h and s uf harp s e t-back d ur ing t he e ar ly f er a s i f teen th c en tury , d ec l in ing a t h ird f ro m 1 395-99 t o 1 410-14. f

Th is t e mporary

r eversa l i n f or tunes a ga in s ugges ts t ha t Eng l ish c lo th c o mpe t i t ion was n o t t he i nexorab le e xecu t ioneer o f t he L ow C oun tr ies ' d raper ies .

B u t t ha t r eversa l

was o n ly t e mporary. Eng l ish c lo th e xpor ts b egan t o r ecover a f ter 1 415 , a f ter t he Eng l ish v ic tor ies i n F rance ; a nd b y t he l a te 1 420s t hey managed t o s urpass t heir p eak o f t he 1 390s , t hough j us t b are ly .

P erhaps a h igher p ro-

p or t ion o f E ng l ish c lo th e xpor ts was n ow d irec ted t o t he L ow Coun tr ies, t he e xpand ing B raban t ine F a irs o f An twerp a nd B ergen-op-Zoo m e special l y. Tha t i n f lux g rea t ly a lar med t he d rapery t owns o f B raban t a nd H ol , p ar t il and c u lar ly b ecause t hese F a irs g ave t he Eng l ish c lo th t rade d irect a ccess t o t he impor tan t S ou th G er man a nd c en tra l European marke ts .

The Du tch a nd

B raban t ine t owns t hus c la moured f or a nd won t he s a me p ro tec t ion l ong e n joyed b y t he F le m ish d raper ies :

b ans o nthe .i mpor ts o f a l Eng l ish wool , l l ens

imposed i n J u ly-Augus t 1 428 , b u t s ubsequen t ly a lowed t o l apse . l

6 5

Desp i te t he f ears o f t hese d raper ies , a l t he e v idence s ugges ts t ha t t h is l d ecade o f t he 1 420s was o ne o f r e la t ive p rosper i ty f or t he L ow C oun tr ies ; a nd e v idence e lsewhere s ugges ts a g enera l c yc l ica l u psw ing , d ev ia t ing f ro m t he s ecu lar t rend o f e cono m ic d ec l ine.

6 6

S ign i f ican t ly a s t ab les 8a nd 3 -5

s how , t he min ts i nb o th Eng land a nd t he L ow C oun tr ies were o nce more e n joy ing

13

v ery l arge c o inage o u tpu ts . mid-four teen th c en tury ;

C er ta in ly t hey were n ot a s l arge a s t hose o f t he

b u t , a s Day h as a lso s hown f or o ther p ar ts o f E urope ,

. 1. 6 7 fic lion f t hey were s uf ien t t o r el ieve t he b ul am ine a t l eas t t e mporar iy B o th c oun tr ies e v iden t ly b ene f i ted e cono m ical ro m t he Trea ty o f Troyes ly f a l iance ( 1420 ) a nd t he v ic tor ies i n F rance . B u t t he l arge Eng l ish m in t o u tl p u ts o f t he e ar ly 1 420s a lso r e f lect t he g enera l r eco inage o f 1 421-22 a nd t he r eopen ing o f t he C a la is m in t i n J u ly 1 422 .

I n t he Burgund ian L ow C oun tr ies ,

t he e ven l arger min t o u tpu ts o f t he l a ter 1 420s were t o ac ons iderab le e x ten t t he p roduc t o f d ras t ic d ebase men ts b egun i n 1 425 -p ar t ly f or f isca l r easons , p ar t ly a s d e fens ive r eac t ions a ga ins t f oreign d ebase men ts . Thus Duke P h i l ip t he G ood , a r med w i th n ew m in ts a t N a mur a nd D ordrech t , h ad d ebased s i lver 1 6.1 p ercen t a nd g o ld 2 9.6 p ercen t , v as t ly more , b y 1 429 .

6 8

As t ab les 3 -5 a nd 8 -9 s how , Eng l ish min t o u tpu ts , g o ld e special , f el ly l e ven f as ter t han t he r ise i n Burgund ian min t o u tpu ts d ur ing t he l a ter 1 420s a nd i n to t he e ar ly 1 430s .

The c rown a nd P ar l ia men t o nce more b eca me

g rave ly c oncerned a bou t b ul carc i t ies a t t h is v ery c rucia l s tage o f t he lion s French wars , t he t ime o f J oan o f Arc . Bu t d ebase men t was a r ecourse t ha t 9 I ns tead , c rown a nd P ar l ia men t P ar l ia men t h ad l ong o pposed s trenuous ly. 6 r eta l ia ted a ga ins t t he L ow C oun tr ies i n S epte mber 1 429 b y r esurrec t ing b ul is t impos i t ions o n t he v i ta l woo l t rade k nown a s t he C a la is S tap le Bul lion lion l aws .

They were t he mos t s evere e ver e nac ted .

S tap lers ( 1 )

I n s um , t hey r equ ired t he

t o i ncrease woo l p r ices , r epu ted ly b y at h ird ,

( 2 )

t o s el l l woo

o n ly f or g ood Eng l ish c oin o r b ul , p er m it o s a les c red i t , a nd ( 3 ) lion ting n d e liver a t h ird o f t he p r ice i nb ul o t he C a la is min t . lion t

t o

T o e n force t hese

measures a nd t o r eward a smal l ique o f S tap lers s uppor t ing t h is b ul is t l c lion p o licy , t he c rown a lso h ad P ar l ia men t e nac t t he s o-cal ar t i t ion L aw r el ed P q u ir ing t he S tap lers t o p ar t i t ion o r d iv ide u p s a les r ece ip ts n ot i n a ccordance w i th t he ir i nd iv idua l s a les b u t r a ther w i th t he amoun t o f woo l s tocks b y c oun ty t ha t e ach merchan t h ad b rough t t o t he S tap le . E ven i fa l s a les were f or c ash , l t hose smal ts wou ld h ave h ad t o wa i t , p erhaps f or y ears , t o g e t l er merchan t he ir f ina l p enny .

C onsequen t ly t h is p ar t i t ion s ys te m f orced o u t o f b us iness

t he smal ea lers w i th min i ma l work ing c ap i ta ls who h ad d epended u pon r ap id l d t urnovers t o b uy n ew s tocks . A ccord ing t o Du tch c harges , ag roup o f 2 0 t o 3 0 S tap lers g ained f ul on tro l a nd imposed a r ig id monopo ly o n woo l s a les .7 0 l c F or t he l uxury d raper ies o f t he L ow C oun tr ies , e n joying a br ief I ndian S u m mer o f p rosper i ty , t he C a la is Ord inances were a c rue l b low .

The s harp

i ncrease i n woo l p r ices was d es truc t ive e nough , e special ince t he ir E ng l ish l ys d rapery r iva ls were t hen e n joy ing f al l p r ices a t h o me , a s t ab le 1 2 ling woo i nd ica tes .

B u t u ndoubted ly more c rucia l were t he o nerous b ul e mands lion d

a nd t he b an o n c red i t a t t he S tap le .

C red i t h ad b een t rad i t ional ran ted f or ly g

t wo t h irds o f t he woo l p r ice , i n t wo b il r l e ters o bl iga tory r edee mab le i n ls o t s ix mon ths a nd a y ear , i n a ny g ood c urrency , a t t he f airs o f t he L ow C oun tr ies . When t he S tap lers , a nd a lso t he Merchan ts A dven turers i n t he c loth t rades , c ol ted t he ir b il t t hese f a irs , t hey d id n o t u sual r ing b ack t he p roceeds l ec ls a ly b i n s pec ie ;

i ns tead t hey l en t t he f unds t o L ondon Mercers a t t he f a irs b y b uying

f ro m t he m b il f e xchange p ayab le i n s ter l ing a t L ondon . ls o

The Mercers

t hen u sed t he b orrowed f unds , i n F le m ish c urrency , t o impor t g oods f ro m t he L ow C oun tr ies i n to E ng land , u s ing t he ir s a les p roceeds t o r edee m t he ir S im i lar ly t he S tap lers b ough t w oo ls f ro m t he Eng l ish g rowers b y p aying o ne

14

ls t h ird d own i n c ash so me t i mes r a ised b y t he s a le o f b il a nd b y s upp ly ing t l e ters o b l iga tory f or t he r e ma inder .

S ince t h is c redi t s ys te m o bv ious ly

lion c urbed t he i n f lux o f p rec ious me ta ls , o ne n eed n o t wonder why b ul is t- m inded 1 Bu t w i thou t c red i t t he woo l Eng l ish p arl ia men ts were s o h os t i le t o c red i t .7 a nd c lo th t rades , i ndeed l a te- med ieva l c o m merce a nd i ndus try i n t he a dvanced

r eg ions c ou ld n ot h ave f unc t ioned a s t hey d id . H ad t he F le m ish a nd B raban tine d rapers o f t he 1 430s b een t he s a me r ich , p ower fu l merchan ts who h ad d om ina ted t he t h ir teen th-cen tury i ndus try a nd t owns , men w i th l arge c ap i ta ls , t hey migh t h ave b een a ble t o mee t t he S tap le 's b ul is t d e mands w i thou t f acing r u in . lion

Bu t n o t t he smal nd c ap i ta l-poor l a

weaver-drapers o f t he f i f teen th c en tury , who t hen s erved a s t he i ndus tr ia l e n trepreneurs .

Merchan t-do m ina ted L e iden , w i th a n a c t ive , a ggress ive c lo th

t rade , a nd t he g row ing Du tch f l ee ts a t t heir d isposa l , was p erhaps t he e xcept i on ;

a nd t h is d rapery f ared t he b es t i n t he p ost 1 430 e ra.

7 2

E lsewhere t he

smal lready h eav i ly d ependen t u pon merchan ts f or l weaver-drapers were a c red i t , c h ie f ly H ansards a nd I t a l ians , b u t s o me d o mes t ic o nes a s wel l.

I n

a ny c ase , t o h ave b orrowed e ven f ur ther s o much more Eng l ish c o in a nd b ul especial n t he e ra o f mone tary c ons tr ict iontha tfol w ou ld lion ly i l owed c er tain ly h ave mean t p un i t ive i n teres t a nd e xchange c harges ( i nb uying Eng l ish c oin a nd i n s el ther c o in a s b ul ) o n t op o f p roh ibi t ive w oo l p r ices ling o lion e x tor ted b y t he c rown-backed monopo ly a t C a la is . ,

Duke P h i lip t he G ood 's s ubsequen t mone tary p o l icy o n ly s erved t o e xacer-

b a te t he p l igh t o f h is d raper ies . f ro m 1 429 t o 1 433 ;

T o b e s ure , h e d id c on t inue h is d ebase men ts

a nd p erhaps t hese d eva lua t ions d id a ss is t c lo th e xports

a nd e ased t he i n i t ia l b urden o f t he C a la is l aws f or h is d rapery s ub jec ts ( t hough a lso r a ising t he ir woo l a nd d yes tuf os ts ). f c

Bu t t hen f ro m O ctober 1 433 t o

mid-1434 h e u n i f ied t he s evera l c o inages o f t he Burgund ian L ow C oun tr ies ; a nd i n r e la t ionto h is l as t N a mur d ebase men t o f May 1 433 h e s treng thened g o ld b y 3 8 .5 p ercen t a nd s i lver b y 2 9 .6 p ercen t , t hus e fec t ive ly r a is ing c lo th f e xpor t p r ices b y t he f or mer o r l a ter , d epend ing o n wha t p r icing s ys te m was t u sed .

A l though s i lver was s treng thened b y al esser d egree , t he monetary

p o l icy s t il e ma inedpro-go ld i n r ela t ion t o t hepre-1425 r a t ios a nd t he c urren t l r Eng l ish o nes . 73 Ano ther s ign i f ican t a spec t o f t he 1 433 mone tary r efor m was a n o rd inance s everely c urb ing t he a ct iv i t ies o f d eposi t b ankers, who h ad b een s uspected o f t rans m it o in a nd b ul o f oreign m in ts. ting c lion t

Accord ing t o d e Roover a nd

Van d er Wee, a s er ies o f s uch o rd inances s ubsequen t ly e x t ingu ished d eposi t b ank ing i n t he Burgund ian L ow Coun tr ies.

I n a ny e ven t , t h is b ru ta l r en force-

men t o f 1 433-34 wou ld h ave c aused t he m s er ious d a mage b y s everely c on trac ti ng t he money s upp ly , a s a na lyzed i n Part I , i n t urn r educ ing t he b ankers ' c ash 4 r eserves a nd c red it r esources. 7

I nt h is mone tary r efor m , Duke P h i l ip h ad p ro m ised n o t t o a l ter t he c oinages f or t wen ty y ears ;

a nd i n s ubs tance h e ma in tained t h is a us tere mone tary p o licy

f or e ven l onger , u n t i l May 1 466. I ndeed h is g overnmen t made i te ven more p ro-go ld b y r a is ing g old p r ices i n March 1 443 , a nd t hen b y d ebas ing g old a no ther 5 .3 p ercen t i n J anuary 1 454 .

7 5

The o n ly c oncess ion h e p er m it t ed

s i lver was a minor d ebase men t o f mi tes , t he smal b lack ' c o inage , i n Oc tober l ' 1 456.

7 6

Tha t s ingu lar c oncess ion was c lear ly i n r esponse t o as evere mone-

t ary s carci ty a f l ic t ing t he g enera l p opu lace . f

I ndeed a s t ables 3 -5 s how , o nce

t he r ecoinages o f t he mid-1430s h ad b een c o mp le ted , min t o u tpu ts f el ery l v 15

s harp ly i n t he 1 440s ;

a nd wh i le d ebase men t p roduced r espec tab le g o ld o u tpu ts

i n t he mid-1450s , s i lver o u tpu ts c on t inued t o s lu mp , c eas ing e n t ire ly i n 1 458 . F inal , a f ter r ece iv ing o n ly a t r ick le o f g o ld , t he Burgund ian min ts c losed ly i n 1 462 , r eopen ing o n ly w i th t he 1 466 d ebase men t . was h ard ly u n ique t o t he L ow C oun tr ies .

7 7

Th is mone tary s tr ingency

As t ab les 8 -9 s how , Eng l ish min t

ly i o u tpu ts a lso p lunged d ras t ical n t he l a ter 1 430s a nd 1 440s .

I n t he 1 445

p ar l ia men t a pe t i t ioner c o mp la ined t ha t t he ' de fau te ' o f s i lver was c aus ing t he r ea lm ' gre te h ur t '. The c rown t hen h ad t he T ower Min t s tr ike h a l f-pence t b u t t o l i t le a va i l .

a nd f ar th ings 1 0 p ercen t l igh ter ; 78

Eng l ish min t ing r eached

ly v i ts d is ma l n ad ir i n 1 448 , a nd r e ma ined g eneral ery l ow u n t i l E dward I V 's d ebase men ts o f Augus t 1 464 M arch 1 465 .

7 9

f ord P e ter S puf , f ur ther more ,

l lion h as s hown t ha t t he Rhen ish e lec tora l min ts were a l c losed f or l ack o f b ul f ro m 1 443 t o 1 455 a nd 1 461 t o 1 463 .

8 1

Mos t r ecen t ly J ohn Day , c i t ing a v as t

amoun t o f e v idence , h as a rgued t ha t wes tern E urope a s a who le s uf t s f ered i mos t s evere a nd w idespread b ul am ine o f t he Midd le Ages d ur ing t hese lion f v ery y ears , ' c irca 1 440-60 '.

8 0

F inal lear r e la t ionsh ip b e tween min t ly a c

o u tpu ts a nd p r ice l eve ls i n t h is s a me p er iod c an b e s een i n t ab le 1 1: f or b o th Eng land a nd t he B urgund ian L ow C oun tr ies , t he s harp s lu mp i n min t ing was f ol y s ign i f ican t d e f la t ion . l owed b

And a s n o ted i n P ar t I , t ab les 1 7 a nd 1 8

p resen t ma the ma t ica l c orre la t ions b e tween Burgund ian c oinage o u tpu ts a nd t he Van d er Wee p r ice i ndex , a l o f t he m s tat is t ical ery s ign i f ican t . l ly v Wha t , t here fore , were t he i ndus tr ia l c onsequences o f t he C a la is b ul lion l aws , P h i l ip t he G ood 's mone tary p o l icies , t he ' bul am ine ' , a nd t he c onlion f s equen t d ef la t ion?

S ince Michae l P os tan , E i leen P ower , R ose- Mar ie Th ie le mans ,

l myse l f , a nd mos t r ecen t ly T erence L loyd h ave a l d iscussed t he h is tory o f t he ly c C a la is o rdinances , a nd s ince L loyd e special on f ir ms my v iew o f t he ir e cono m ic impor tance , o n ly t he b ares t o u t l ine o f s ubsequen t d evelop men ts n eed t o g iven h ere .

8 2

N o t u n t i l J une 1 434 , a f ter c o mp le t ing h is monetary r efor m ,

d id Duke Ph i l ip f inal eta l ia te , b y b ann ing a l E ng l ish c lo th i mpor ts i n to t he ly r l L ow C oun tr ies .

The Ang lo-Burgund ian a l iance s oon c ol ; l l apsed

a nd a f ter

Ph i l ip h ad made h is p eace w i th F rance , Eng land a tacked t he Burgund ian L ow t C oun tr ies .

The e nsu ing war o f 1 436-39 v ir tual a l ted t he w oo l t rade a nd d id ly h

c ons iderable d a mage t o t he L ow C oun tr ies ' d raper ies .

Throughou t a l t h is l

c on f l ic t t he C a la is Ord inances r e ma ined i nf orce , e ven a f ter t he 1 439 p eace . F inal o mb ined d o mes t ic Eng l ish a nd Burgund ian o ppos i t ion , w i th s tr ingen t ly ly c e n forced b ans o nb ul xpor ts , f orced t he c rown t o r enounce t he C a la is lion e Ord inances i n 1 442. Bu t w i th in t hree y ears o r s o t he Eng l ish h ad s urrep t i t io us ly r es tored s o me p ar t o r f or m o f t hese o rd inances , p rovok ing y e t a no ther Burgund ian b an o n Eng l ish c lo th i n 1 447-52.

ly F inal , t we lve y ears l a ter , i n

1 459 , a n Ang lo-Burgund ian a gree men t was r eached r equ ir ing t he Burgund ians l t o e xc lude a l n on-S taple woo ls i n r e turn f or c o mp le te a broga t ion o f t he h a ted C a la is l aws . B u t j us t f our y ears l a ter , i n 1 463 , t he n ew York is t monarchy o f E dward I V , f ac ing b o th f isca l a nd mone tary s tr ingency , e nac ted a mod i f ied v ersion o f t he Ca la is l aws, p rovok ing t he t h ird Burgund ian b an o n Engl ish c lo th i n 1 464.

N o t u n t il 1 473, a f ter Ph il ip 's s on Charles h elped r estore Edward I V

ly r t o h is t hrone , c reat ing a d ebt t o r epay , d id Parl ia men t f or mal evoke a nd f orever a bo l ish t he Ca la is o rd inances, a nd e xp l ic i t ly p er m it t he u se o f c red i t a t t he S tap le 8 3

F ro m s ubsequen t , o f ten v oc iferous c o mp la in ts a bou t h igh woo l

p r ices a t t he S tap le, h owever , o ne s uspects t ha t t he monopo l ist ic o rgan iza t ion may h ave b een l argely l ef t i n tac t. "

1 16

ly r B y t he t ime t ha t t he C a la is Ord inances were f inal epea led , t he d a mage d one t o mos t o f t he F le m ish a nd B raban t ine d raper ies d e l uxe was c lear ly i rreparab le . I n t he l ong i n ter i m many more o f t heir marke ts h ad b een l os t f orever t o t he Eng l ish c lo th t rade , a nd many d rapers a nd a r t isans h ad b een p er manen t ly f orced o u t o f t he i ndus try b y h igh c os ts . Undoubted ly a r epor t o f t he H ansea t ic k on tor a t B ruges h ad g rea t ly e xaggera ted i n c on tend ing , s o e ar ly a s 1 433 , t ha t b ecause o f ' t he t err ib ly s evere ' C a la is Ord inances , ' and t he c os t l iness o f woo l , more t han h a l f o f t he d rapery i ndus try

[ i n F landers]

h as p er ished . ' 8 5 Ye t i n v iew o f t he s ta t is t ics p resen ted i n t ables 1 2 a nd 1 4-16 , t ha t H anse r epor t p rov ides a v ery p rescien t d escr ip t ion o f t he i ndus try 's p ligh t o ver t he n ex t f orty y ears. Thus b y t he m id-1470s , t he n umber o f d rapery s tal ls r en ted a t t he Ypres c lo th h al ls h ad f a l len t o j ust 1 6 p ercen t o f t he n umber o ccup ied o n t he e ve o f t he Ca la is l aws. The mean v alue o f t he v ar ious d rapery t ax-far m s a les f or Ypres, Ghen t , Mechelen , a nd L euven , wh ich c an b e t aken o n ly a s g enera l i nd ica tors , s im ilar ly s how s harp d ecl ines a f ter 1 430 , e spec ial ly f ro m t he 1 440s , t hough v ary ing i n d egree , a nd t hough p art ly a t tr ibu table t o d epopu lat i ons a s w el l. 8 6 Even more e loquen t e v idence o f d ecl ine, a nd a much more p rec ise measure , c an b e f ound i n t he s teep p lunge o f t he Eng l ish woo l t rade t o Cala is a f ter 1 430 , b y a lmost o ne h a l f ; a nd e xpor ts f or t he r es t o f t he c ent ury a veraged j ust 5 5 p ercen t o ft he p re-1430 v o lumes. C erta in ly t he v ery h igh c ost o f Eng l ish woo ls i s c lear ly e v iden t i n t he s harp ly r ising p r ices o f F le m ish l uxury wool l ens a f ter 1 430—desp i te t he s ubsequen t g enera l d ef la t ion— a s i nd ica ted b y t ables 1 4 a nd 1 5. These t wo t ables a re e qual ly i nstruct ive i n d e monstra t ing t ha t c erta in c lo ths made f ro m n on-Engl ish wools a t L euven , l es d N euve-Eg l ise , a nd s o me o ther n ouvel raper ies b y n o means e xper ienced l t he s a me r ise i n p r ices; i ndeed t heir p r ices b arely r ose a t a l , a nd t hen f el l w ith t he g enera l d ef la t ion . The n ex t t ab le , t able 1 6 , b y c o mpar ing E ng l ish a nd F le m ish c lo th p r ices v ery a pprox i ma te ly i n e qu iva len t p ounds s ter ling , c er ta in ly i nd ica tes a v ery l arge a nd g rowing g ap b e tween t hese p r ice s er ies , g iv ing t he Eng l ish a n i nsuperab le a dvan tage . On ly i n t he l as t q uar ter o f t he f i f teen th c en tury , when t he f ina l v ic tory o f t he Eng lish c lo th t rade h ad b een f ul ly a ssured , d id Eng l ish c loth p r ices r ise s ign i f ican t ly . E ven t hen t hese p r ices a veraged o n ly a bou t a th ird o f t he F le m ish p r ices , wh ich o n ly t he v ery r ich c ou ld a f ford . Ye t t he Eng l ish c lo th t rade 's r oad t o v ic tory was f ar f ro m b eing s tra igh t a nd smooth a f ter 1 430 , a s t ab le 1 2 i nd ica tes . Though c lo th e xpor ts c on t inued t o e xpand r apid ly , t hey r eached t he ir p eak i n t he e ar ly 1 440s , h av ing d oubled t he ir v o lume i n j us t t h ir ty y ears ; t hey t hen q u ick ly l os t a l mos t a l l t hese g ains , a s c lo th e xpor ts f e l l 4 6 p ercen t b y t he e ar ly 1 460s . These t wen ty y ears were o f c ourse t he v ery e ra o f med ieva l E urope 's w ors t b ul lion f a mine , t he e ra o f d e f la t ion , a nd a ccord ing t o s evera l h is tor ians , o f s evere d epress ion .

8 7

T he

Eng l ish c lo th t rade a lso s uf f ered f ro m t he L ancas tr ian g overnmen t 's p ol i t ica l a dven tures a nd mi l i tary d e fea ts , wh ich c u t E ng l ish merchan ts o f f f ro m c lo th marke ts i n G ascony , S cand inav ia , a nd t he B a l t ic . 8 8 The F le m ish d raper ies were o f c ourse much t oo w eak b o th t o wea ther t he s torms o f t h is d epress ion a nd t ake a dvan tage o f t he E ng l ish s e tbacks .

E ven worse , t he F le m ish a nd

Braban t ine d raper ies a lso s uf f ered s evere ly f ro m a d ispu te w i th t he H ansea t ic L eague . I n t ry ing t o e x tor t n ew p r iv i leges f ro m F landers a nd Braban t , t he

17

H anse imposed a s even-year embargo a ga ins t t he m , f ro m 1 451-57. I ns tead , i t was t he Du tch c lo th t rade , c onduc ted b y a ggress ive , e n terpr is ing merchan ts a nd e xpand ing f l ee ts , wh ich t ook d ec is ive a dvan tage o f t he Eng l ish a nd F le m ishficu Braban t ine d if l t ies t o i nvade t he B a lt ic , N or th G er man , a nd P o l ish-Russ ian marke ts .

8 9

As t ab le 1 2 i nd ica tes , f ro m t he 1 460s , a n e ra o f g enera l i fg en t le e cono m ic r ecovery , t he Eng l ish c lo th t rade r esu med i t s e xpans ion , wh i le mos t o f t he F le m ish a nd B raban t ine u rban d raper ies c on t inued t o d ecl ine . t ary p o l icy may h ave i n tervened t o a cce lera te t hese c hanges .

Aga in moneI n Augus t 1 464

E dward I V d ebased t he s i lver s ter l ing c o inage b y 2 0 p ercen t a nd t he g o ld c o inage , b y March 1 465 , e ven more , b y 2 5 p ercen t . "

The s udden u psurge

i n Eng l ish c loth e xpor ts s ugges ts t ha t t hey h ad r ece ived a s trong t on ic f ro m t hese d eva luat ions .

When Duke P h i l ip t he G ood f o lowed s u i t i n May 1 466 , l

h e d ebased s i lver b y o n ly 1 2.7 p ercen t , f ar t oo l i t le t o ma tch Eng land 's t n ew e xpor t a dvan tage .

Bu t b ecause h e d ebased g o ld b y e ven l ess , 3 .3 p ercen t ,

h is c o inage a l tera t ions i n c on junc t ion w i th Eng land 's h ad t he e fec t o f a l ter ing f 1 Tha t t he min t r a t ios t o f avour s i lver s trong ly o nce more ( as b efore 1 425 ). 9 d ec is ive c hange o ccurred a t t he s a me t ime t ha t r ad ical ew m in ing t echly n

n o log ies , d iscussed i n P ar t I , h ad s ucceeded i n p roducing a ma jor s i lverc opper min ing b oo m i n S ou th G er many a nd C en tra l Europe .

The Burgund ian

min ts , a ided b y s evera l more d ebase men ts , n ow a tracted n o t o n ly c ons iderab le t q uan t i t ies o f s i lver , a s t ab les 3 -5 s how , b u t a lso , a s Van d er Wee h as n o ted , S ou th G er man merchan ts t o An twerp , where t hey e ager ly s ough t o u t Eng l ish c lo th a s t he ir r e turn c argo .

9 2

A t t he s a me t ime , Eng l ish c lo th merchan ts ,

h av ing b een e xc luded f ro m G ascony , H ansea t ic t err i tor ies , a nd a lways F landers , j us t a s e ager ly f locked t o An twerp a s t he ir c h ie f r e ma in ing g a teway t o t he c on t inen t .

S ign i f ican t ly L ondon , a ccoun t ing f or t he b u lk o f Eng land 's

t rade w i th An twerp , i ncreased i ts s hare o f t o ta l c lo th e xpor ts f ro m 4 0 p ercen t i n t he 1 450s t o 7 0 p ercen t i n t he 1 480s a nd 1 490s .

Th is S ou th G er man

9 3

t rade i n E ng l ish c loths f ro m An twerp was e spec ial isas trous f or mos t o f ly d t he Braban t ine d raper ies , wh ich h ad s trong ly d epended u pon t he Rhen ish , S outh G er man , a nd c en tra l European markets . E qual n jur ious f or a l t he L ow ly i l C oun tr ies ' d raper ies was t he d eve lop men t o f d ye ing a nd s hear ing i ndus tr ies i n An twerp a nd c er ta in Du tch t owns t o f in ish Eng l ish c lo ths , t hereby r obbing t he L ow C oun tr ies ' d raper ies o f t heir l as t r e ma in ing a dvan tage : f in ish ing t echn iques f or wh ich t hey h ad l ong b een wor ld f a mous . t he s tory c an b e s een i n t ab le 1 2 :

t hose c rucia l The r es t o f

e special he 2 .5 f o ld g row th o f Eng l ish ly t

c lo th e xpor ts f ro m t he e ar ly 1 460s t o t he e ar ly 1 500s .

E ven i n t he 1 480s ,

Eng l ish c loth impor ts i n to t he B raban t F a irs a nd H ol ons idered l and were c v er i tab ly a n i m mense f l ood - i nundac ion i man s i m mens i .

9 4

The o ther major i ndus tr ia l t rans for ma t ions t ha t were a cce lera ted no t c aused -b y t he c o mbina t ion o f mone tary a nd e cono m ic f ac tors j us t d iscussed were t he e xpansions o f t he s o-cal ouv 'el raper ies a nd t he d raper ies l ed n l es d lebres o r s ayet ies . t er

These t wo t ex t i le i ndus tr ies mus t n o t b e c on fused

a s i s s o o f ten d one i n t he h is tor ica l l i tera ture .

The l a ter were e i ther wort

s teds o r mixed s tuf i th a wors ted warp ( l ong-s tap le ) a nd a wool f t fs w l en we ( shor t-s tap le ) ;

a nd were g eneral ery l igh t , c oarse ly t ex tured , o n ly p ar t ily v

a ly f ul , u nsheared , a nd were r easonably c heap . l l ed

They were

n fac t t he

p rogen i tors o f E l izabe than E ng land 's ' New Draper ies ' , t hough n ever u sing Eng l ish w oo ls b u t c oarser woo ls o f t he L ow C oun tr ies , France , a nd G er many . 18 1

9 5

The F le m ish n ouvel raper ies o n t he o ther h and were t otal nre la ted . l es d ly u L ike t he t rad i t iona l l uxury d raper ies , t hey b e longed f ul o t he wool ranch ly t l en b o f t he i ndus try , u s ing f ine , s hor t-s tap led g reased woo ls f or b o th warp a nd we f t .

They were i n f ac t med ium-pr iced c oun ter fe i ts o f t he t rue l uxury woo l-

l ens , p roduced b y d rapers who d e l ibera te ly e cono m ized o n t he s evera l s tages o f p roduc t ion : a nd d ye ing .

e spec ial , f ul , t en ter ing a nd t ease l ing , s hear ing l y weaving ling

They c er ta in ly a lso e cono m ized o n woo l , t he mos t c os t ly i npu t

o f a l , b y u s ing smal ts , f ewer wef ts , a nd c heaper g rades o f l l er warp-coun E ng l ish woo l .

9 6

Eng l ish woo ls were f ar f ro m b e ing h o mogenous ;

a nd t he mos t

e xpens ive s o ld a t C a la is i n t he f i f teen th c en tury , f ro m H erefordsh ire a nd S hropsh ire , c os t o ver f our t imes a s much a s t he ' M idd le woo ls ' f ro m Ru t land 7 S o me o f t he n ouvel raper ies a lso u sed S cot a nd H ol , L incs .9 l and l es d tish woo ls , o nce p r iced n o t t oo f ar b e low t he Eng l ish , o r e ven s o me d o mes t ic woo ls

f or t heir l esser g rade c loths .

B u t , i n my v iew , t he v ar ious a dverse c ond i t ions

o f t he l a te- med ieva l e cono my h indered t he s a le o f c heap t ex t i les b eyond t he l oca l marke t a nd t hus f avoured l uxury p roduc t ion f or e xpor t : s kewed i nco me d is tr ibu t ions ;

more h igh ly

c on trac ted a nd s cat ts ; t ered marke

v ery h igh

c os ts o f t ranspor ta t ion a nd marke ting , e spec ial i th t he v ar ious d isrup t ions ly w o f e s tab l ished t rade r ou tes ;

h igh l abour c os ts;

w ork ing c ap i ta l , w i th mone tary c on tract ion .

a nd p oss ib ly h igh c os ts ,o f

C er ta in ly w i th l ower v o lu mes

o f s a les a nd h igher u n i t c os ts o f p roduc t ion a nd marke t ing , l uxury p roduc t ion was e cono m ical iab le t han t he v ery c heap-line t ex t i les . l y much more v

9 8

Thus i ft he n ouvel raper ies were t o c o mpe te e fec t ive ly w i th o ther l uxury l es d f wool n i n terna t iona l marke ts , t he ir c ho ice o f woo l was r eal ery c ircu ml ens i ly v s cr ibed . s i lver .

The c oun ter fe i ter o f c o ins , a f ter a l , d oes r equ ire s o me g o ld o r l S o me n ouvel raper ies , t he more p res t ig ious o nes , a dopted t he l es d

s a me r egu la t ions a s t he t rue l uxury d raper ies i n s tr ic t ly f orbidding t he u se o f a ny b u t f ine Eng l ish woo ls :

i n p art icu lar , Werv ik , Kor tr i jk , D iks mu ide ,

a nd L anghe marck , a t l eas t u n t i l t wo o f t he m were f orced t o c hange i n t he c ourse o f t he f i f teen th c en tury .

9 9

C er ta in ly t he L ow C oun tr ies ' d raper ies n ever c ons idered s ubs t i tu t ing t S pan ish woo ls f or Eng l ish woo ls when t he l a ter b eca me s o h eavi ly b urdened w i th e xpor t d u t ies f ro m t he 1 330s .

S pan ish mer ino woo ls , t o b e s ure , c a me

t o b e r egarded a s t he wor ld 's f ines t i n e ar ly modern t i mes .

Bu t t he F le m ish

a nd Ar tes ian d rapery r egu la t ions o f t he t h ir teen th a nd f our teen th c en tur ies c on te mp tuous ly c lassed S pan ish woo ls o f t he d ay w i th t he v ery wors t -wa terwul , v locken , a nd o ther f au lx l anages ; a s s uch , t heir u se i n a ny o f t he le r egu lar c o m merc ia l d raper ies , e ven t he c heap o nes , was s tr ict ly f orb idden These were n o t mer ino woo ls .

1"

Accord ing t o t he mos t r ecen t s cholarsh ip ,

f mer ino s heep , o r ig ina t ing w i th t he B an f Mari n o r Mer in id t r ibes o f N or th A fr ica , c onquerors o f t he A l mohad emp ire , were n ot i n troduced i n to S pa in tle o u n t i l a f ter 1 340 , when t he l as t Mer in id i nvas ion was r epu lsed a t t he B at f Undoubted ly s o me c ons iderab le t ime was r equ ired t o d evelop R iver S a lado . 101 t he f iner b reeds o f mer inos , l arger f l ocks , a nd t he p roper r ou tes o f t he v ar ious t ranshuman tes a cross S pa in ; f or t erra in , c l i ma te , a nd g razing c ond i t ions were e qual tan t i n p roduc ing t he f ines t s hort-stap led f leeces. l y impor N o t u n t i l t he l a te s ix teen th o r s even teen th c en tur ies d o mer ino woo ls s urpass t he b es t H ere fordsh ire a nd S hropsh ire woo ls i n f ineness . 1 °2 Bu t b y t he 1 380s S pan ish mer ino woo ls were c ons idered g ood e nough t o b e u sed i n t he I t a l ian c lo th i ndus tr ies o f Verona a nd P ra to , t hough r ank ing a p oor f our th i n v a lue .

1 19

1 03

I n t he Low C oun tr ies t he ir u se c anno t b e d ocu men ted f or s o e ar ly a d a te . Undoub ted ly c en tur ies o f c on te mp t f or S pan ish woo ls g rea t ly h indered a ccep tanc _ e o f t he n ew mer ino woo ls ;

a nd o ver s uch a l ong d is tance , i n for ma t ion wou ld

h ave b een much l ess t rus twor thy . r esor t ing t o mer ino woo ls b y 1 420 ;

Bu t e v iden t ly s o me F le m ish d raper ies were f or i n t ha t y ear a p e t i t ioner i n Parl ia men t

c o mp la ined t ha t S pan ish a nd S cot tish wools were n ow b eing s o ld i n F landers i n v io la t ion o f as upposed a gree men t t o e xc lude n on-Eng l ish woo ls s o l ong a s Eng l ish c lo th r e ma ined b anned f ro m F landers .

1 °4

The f irs t e x tan t r egu la t ion

c oncern ing S pan ish woo ls was i ssued i n S ep te mber 1 428 b y t he l i t le r ura l t n ouvel raper ie o f E s ta ires o n t he L ys , wh ich p er m it heir u se i n s econd le d t ed t g rade c lo ths , b u t s t il equ ired t he b es t c lo ths t o b e made e xc lus ive ly f ro m l r t he f iner Eng lish woo ls .

The n ex t mon th t he F le m ish a nd C as t i l ians s igned

1 °5

t he f irs t o f t heir t rade t rea t ies t o c on ta in s pec i f ic a nd p ro m inen t men t ion o f S pan ish w oo ls .

1° 6

I n my own v iew t he n ecessary c a ta lys t o f c hange t o o verco me t he r es idua l p re jud ices a ga ins t S pan ish woo ls a nd t o a cce lera te t he ir a dop t ion b y a t l eas t t he n ouvel raper ies was t he s harp r ise i n E ng l ish woo l c os ts , r esu l t ing l es d f ro m t he i mpos i t ion o f t he C a la is b ul aws i n 1 430 , a nd t hen f ro m P h i lip 's lion l s ubsequen t p o l ic ies a nd t he Ang lo-Burgund ian war .

Thus i n March 1 436 ,

d ur ing t ha t war , t he S overe ign B a i l if f F landers d ec lared t ha t : 1 °7 f o Eng l ish woo l h as b eco me s o c os t ly t ha t merchan ts c anno t p rof i t b y i t ... And my l ord [ Duke Ph i l ip ] h as f ound t ha t t he woo ls o f S pa in a nd S co t land a re b eg inn ing t o b e a dop ted i n c on for mance w i th Eng l ish woo ls , a nd t hese s a id w oo ls a re n ow b e ing u sed t o a l mos t t he s a me e x ten t a s t he Eng l ish woo ls u sed t o b e . Then d ur ing t he Ang lo-Du tch p eace n ego t ia t ions o f 1 438 , t he Du tch ambassadors ma in ta ined t ha t a s ad irec t r esu l t o f t he C a la is Ordinances Eng l ish woo ls s a les h ad f al y o ne h a l f wh i le S pa in a nd S co t land were s el hree t imes a s much l en b ling t woo l i n t he ir t owns a s b e fore .

1 08

F inal , d ur ing t he 1 467 t rade n ego t ia t ions ly

w i th Eng land , t he Burgund ian ambassadors warned t ha t u n less t he C a la is l aws were r evoked t he ir d raper ies c ou ld n o l onger s us ta in t he woo l c os ts :

t hey

wou ld e i ther c ol r h ave t o o bta in t he ir woo ls f ro m e n t ire ly d if t l apse o f eren s ources .1 °9 The t rue l uxury d raper ies n ever the less s t il e fused t o c ons ider t he l a ter l r t o p t ion , f or f ear t ha t u se o f n on-Eng l ish woo ls wou ld r u in t he ir r epu ta t ion a r c i s o c r ipp le t he ir r e ma in ing s a les i n a r is trocra t ic marke ts . Bu t s ince t he n ouvel raper ies were i n e ssence c oun ter fe i t ing l uxury c lo ths a lready , l es d a nd s ince t hey h ad l ong b een c ut orners , t he s ubs t i tu t ion o f S pan ish f or ting c Eng l ish w oo ls was a much l ess p ain fu l s acr i f ice f or t he m , e special ft he ly i a l terna t ive w as e x t inc t ion .

Mos t o f t he m , moreover , were s t il oo y oung l t

t o h ave t he r ig id g u i ld s tructures a nd c o mp lex p roduc t ion c odes t ha t s o i nh ibi ted t echno log ica l c hange i n t he o ld e s tab l ished u rban d raper ies , c odes t ha t were d es igned t o g uaran tee t rue l uxury q ua l i ty . N e i ther N euve-Eg l ise n or Ar mentAres , t he mos t f a mous o f t he n ouvel raper ies , who b o th c a me t o u se l es d S pan ish woo ls t o g rea t a dvan tage , h ad s uch i ns t i tu t iona l b arr iers b e fore t he s ix teen th c en tury ) - 10

The f ol ing n ouvel raper ies h ave a lso b een d ocul ow l es d

men ted a s a dop t ing S pan ish woo ls i n t he c ourse o f t he f i f teen th c en tury : P oper inge , Aa ls t , D ender monde , Oudenaarde , Menen , G eraardsbergen ,

1 20

l eu C o mines , Werv ik , K or tr i jk , Warne ton , B ail l , N inove , T ourcoing , N ieppe , Me teren , Eecke ,

G odeswaersve lde , F le tre , E ek lo , Dranor der , Ke m me l ,

Wu lverge m , a nd t he n ieuwe d rapper ie o f t he 1 440s a t B russels a nd L euven 11 i n Braban t .1

woo ls :

S o me n ouvel l es d raper ies e v iden t ly n ever d id t ake u p S pan ish

D iks mu ide a nd L anghe marck i n p ar t icu lar .

1 12

Their o u tpu t d ec l ined

d ras t ical ly o ver t he f i f teen th c en tury , a s d id p roduc t ion a t t he p ro m inen t n ouvel le d raper ie o f Werv ik , wh ich t ook u p S pan ish wools t oo l i t t le a nd t oo l a te .

I n 1 458 , ag roup o f Werv ik d rapers p e t i t ioned t he d uke f or a r epea l o f

t he ir d rapery o rd inance r equ ir ing t he m ' t o s wear a h o ly o a th y ear ly u pon t he c ross t o u se n one b u t E ng l ish woo ls '.

I n 1 463 , a f ter a l eng thy i nves t iga t ion ,

f d uca l o f ic ia ls r epor ted t ha t t he e x tre me ly h igh c os t o f Eng l ish woo ls n ow tish woo j us t i f ied t he u se o f S pan ish a nd S cot ls .

Bu t Duke P h i lp wou ld a gree

t o a u thor ize t he u se o f s uch woo ls f or o n ly p et i ts d raps made b y t hose d rapers a gree ing t o h ave n o c on tac t w i th Eng l ish woo ls .

1 13

A pparen t ly a bou t t h is

t i me Kor tr i jk a lso made a v ery b e la ted a nd i nco mple te s w i tch t o S pan ish woo ls .1 14 l es d As t ab les 1 2 , 1 4 , a nd 1 5 s ugges t , t hose n ouvel raper ies t ha t h ad a dopted S pan ish o r o ther med iu m q ua l i ty n on-Eng l ish woo ls much e ar l ier a nd ling ly more w il ly were a b le t o ma in ta in much l ower p r ices a nd f ared s ubs tan t ial t er t b et han t he l uxury d raper ies o ver t he f i f teen th c en tury .

P ar t icu lar ly

s tr ik ing a re t he c o mp le tely o ppos i te t rends o f t he t ax f ar m s a les f or t he l uxury l en t d raper ies o n t he o ne h and a nd f or t he v ar ious n on-wool ex t i le i ndus tr ies o n t he o ther , a s s hown i n t ab les 1 2 a nd 1 3 .

t F or t he l a ter , t he h igh c os t o f

Eng l ish w oo ls wou ld h ard ly s ee m t o b e ar e levan t c ons idera t ion .

Ye t o ne may

a rgue t ha t t he C a la is o rd inances a nd a ssocia ted e cono m ic f ac tors d id a ss is t l es d l en t t er b o th t he n ouvel raper ies a nd t he n on-wool ex t i les , t he s ayet ies a nd o ther d raper ies l ggeres i np ar t icu lar , b y e ncourag ing a t rans fer o f c api ta l , l abour , a nd e n trepreneursh ip f ro m t he o ld d raper ies t o t hese n ewer , more a ggress ive a nd f lex ib le i ndus tr ies . l O f a l t hese f i f teen th-cen tury e cono m ic t rans for ma t ions , t he o ne r equ ir ing , t he l eas t c o m men t i s t he d ec line o f t he Eng l ish woo l t rade .

Ye t i t mus t n ot

b e t hough t t ha t t he Eng l ish woo l t rade d isappeared , n or e ven t ha t t he e xpans ion l es d l i o f t he n ouvel raper ies a nd d raper ies Mgeres mean t ap ropor t iona l f al n Eng l ish woo l e xpor ts .

l es d F or , i n t he f irs t p lace , many o f t he n ouvel raper ies

f' b f ound t ha t t he o p t i mu m ' t rade-of e tween q ua li ty a nd p r ice f or t he l uxury marke t was a ch ieved b y mix ing S pan ish a nd Eng l ish woo ls .

The mid-f i f teen th

c en tury a u thor o f t he L ibel o f Eng l ishe P o lycye , d esp i te h is n a t ional is t b ias , f le was n o t e n t ire ly o f t he mark i n ma in ta in ing t ha t S pan ish woo l ' i s o f l y tel 1 15 le b v a leue , t rus t u n to me , wyth E ng lysshe wol u t i fi t menged [ m ixed l b e . '

E ven i n t he s ix teen th c en tury , when t he q ua li t ies o f S pan ish merino woo ls h ad u ndoubted ly improved , t he l eading n ouvel raper ie , t he f a mous Ar men t ieres , le d r equ ired t ha t i t s d raps o u l tre fins b e made o f t wo p ar ts S pan ish a nd o ne p ar t Eng l ish woo l , o f t he b est q ua l i ty ( Co tswo lds , Berksh ires, L indseys ). 1 16 I n t he s econd p lace, s o me r e mnan ts o f t he o ld l uxury d raperies d id s urv ive i n to t he s ix teen th c en tury , p r inc ipal ly a t Mechelen ? Ghen t , a nd Brussels, a nd a bove a l l 17 a t L eyden ( whose h istory i s ac ase a part ). 1

There were a nd a lways w il l b e t he

v ery r ich a nd t he v ery p owerfu l who w il l d e mand n oth ing b u t t he b est a t wha tever c ost.

Undoubted ly t hese s ix teen th-cen tury d raper ies s t il l p roduced t he b est c lo ths,

s tead fas t ly ma in ta in ing t hose h igh s tandards o f e xcel l ence t ha t h ad e arned t he m

1 21

s o much g lory a nd s o many c us to mers i n t he p as t . g lory r e ma ined , mos t o f t he c us to mers d id n o t .

Bu t i n t he f u ture , i ft he

The f u ture h ad b een c la i med

f irs t b y t he Eng lish d raper ies a nd n ouvel raper ies i n t he L ow C oun tr ies ; l es d a nd t hen s ubsequen t ly b y t he d raper ies Mgeres , s ayet ies , a nd t hen f inal t er ly b y t he a ssoc ia ted N ew Draper ies o f E l izabe than a nd S tuar t Eng land .

These

l a ter d raper ies p roduced f or much b roader , v ir tual ts i n t he t l y mass marke s ix teen th a nd e ar ly s even teen th c en tur ies , whose e xpans ionary e cono m ic move men ts , a nd i ndeed i n f la t ion , c ons t i tu ted a d ecis ive r eversa l o f a l t hose l f orces o f c on tract ion t ha t a f l ic ted l a te- med ieva l Europe . f C lear ly t he s truc tura l c hanges i n t he e cono m ies o f Eng land a nd t he L ow C oun tr ies , a nd e spec ial hanges i n t he s truc ture a nd o r ien ta t ion o f E uropean ly c marke ts p rov ided t he f unda men ta l c auses o f t hese i ndustr ia l t ransfor ma t ions. I n p ar t icu lar t he r eb ir th o f t he s ayet ies , o nce s o p ro m inen t i n t we l f th a nd t er t h ir teen th-cen tury F landers , c er ta in ly d epended u pon a mass ive i ncrease i n d e mand f ro m t he midd le c lasses a nd a r enewed a ccess t o t he Med i terranean 18 How d ra ma t ic t hese f i f teen th-cen tury i ndustr ia l t ransfor ma t ions markets. 1 were c an b e s een i n t he f ina l g raph I V, wh ich p rov ides p roduc t ion i nd ices o f t he Ypres l uxury d rapery a nd t he H ondschoo te s ayet t er ie .

N ote t ha t t he l ong-

t er m t rend l ines , l inear r egress ion l ines , i n tersec t i n t he 1 440s .

Those

r egress ion l ines p rov ide f ur ther i nd ica t ion o f t he r o le p layed b y t he Ang loBurgund ian mone tary c onf l ic ts .

F or b efore t he impos i t ion o f t he C a la is

b ul lion l aws i n t he 1 430s , t he Ypres p roduc t ion i nd ices were a bove t he t rend l ine , wh i le t he H ondschoo te i nd ices were b e low t he t rend l ine ;

a nd c onverse ly

f ro m t he 1 430s , t he Ypres i nd ices f el l b elow t he t rend l ine, wh i le t he Honds choo te i nd ices r ise a bove t he t rend , e xcep t d ur ing t he c iv il war y ears o f t he l a te f i f teen th c en tury , when e ven e x tens ive c o inage d ebase men ts c ou ld n o t e nc ourage e xpor ts e nough t o c oun teract t he d isrup t ive c onsequences o f t he F le m ish r ebel lion f or Hondschoo te 's s ayet t erie t rade.

1 22

V :

Qu inquenn ia l Averages a nd Trend L ines o f t he Nu mber o f Drapers ' S tal l s Ren ted a t Ypres a nd Va lue o f

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Tax Far ms f or t he Hondschoote S ayet ie 1 400-04 t o 1 505-09 t er 5 0 •

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1 23

8 0

1 500

NOTES

PART I 1 .

W. C . Rob inson , ' Money , Popu la t ion , a nd Econo m ic Change i n La teMed ieva l Europe ' , Econo m ic H istory Rev iew , 2 nd s er. XI ), 6 3-76, I(1959 f ol y Michael M. Postan , ' No te ', 7 7-82. l owed b

S ee a lso M. M. Postan ,

' So me Econo m ic Ev idence o f Decl in ing Popu la t ion i n t he La ter M idd le Ages ', Ec.H. R. 2 nd s er. I ( 1950 ), 2 21-46, r epr in ted i n h is Essays o n Med ieva l Agr icu l ture a nd Genera l Proble ms o f t he Med ieva l Econo my ( Cambr idge , 1 973 ), p p. 1 86-213;

Postan , ' Rappor t ' , I xe c ongres

i n terna t iona l d es s c iences h istor iques ( 2 v ols. Par is, 1 950 ), I , 2 25-41, r ev ised a nd r epubl ished a s ' The Econo m ic Founda t ions o f Med ieva l S oc iety ', i n Essays, p p. 3 -27; i t s Pr i me :

Postan , ' Med ieva l Agrar ian S oc iety i n

Eng land ' , Ca mbr idge Econo m ic H istory o f Europe , I (2nd

e d. 1 966 ), 5 60-70; Camb. Ec. H ist. a nd S oc iety :

Postan , ' The Trade o f Med iev a l Europe :

t he N orth ',

1952 ), 1 91-256; Postan , The Med ieval Econo my I (

An Econo m ic H istory o f Br ita in , 1 100-1500 ( London , 1 972 ),

p. 2 7-40, 2 24-46; p

Rober t L opez, ' The T rade o f Med ieva l Europe :

S ou th ' , Ca mb. Ec. H ist . I , 3 38-54.

t he

The l a test , most impress ive a nd

c o mpel esta te men ts o f t he ' rea l ' s choo l 's t heses a re J ohn Ha tcher, ling r P lague , Popu la t ion , a nd t he Engl ish Econo my , 1 348-1530 ( London , 1 977 ) a nd Postan a nd Ha tcher ,

Popu la t ion a nd C lass Relat ions i n F euda l

S oc iety ' , Past a nd Presen t , n o. 7 8 ( Feb. 1 978 ) , 2 4-37. 2 .

Harry A . Misk im in , ' Monetary Move men ts a nd Market S tructures: Forces f or Contract ion i n Fourteenth-and F if teen th-Century Eng land ', J ourna l o f Econo m ic H istory , )X IV ( 1964 ), 4 70-90;

Misk im in , The

fs, Econo my o f Ear ly Rena issance Europe , 1 300-1460 ( Eng lewood C l if ly p r e issued Ca mbr idge, 1 975 ), e spec ial p. 2 5-72, 1 32-57;

N .J . 1 969;

R . S . L opez, H . A . Misk im in , a nd A . L . Udov itch , ' Eng land t o Egyp t , 1 350-1500 :

L ong-ter m Trends a nd Long-d istance Trade', S tud ies i n

t he Econo m ic H istory o f t he M idd le East , e d. M. A . Cook ( London , 1 970 ), p p. 9 3-106.

C f . a lso R . S . L opez a nd H . A . Misk im in , ' The Econo m ic

Depress ion o f t he Rena issance ' , Econo m ic H istory Rev iew , 2 nd s er. la X IV ( 1962 ), 4 08-26; Car lo C ipol , R . S . L opez, a nd H . A . Misk im in , ' Econo m ic Depress ion o f t he Rena issance?

Re jo inder a nd Rep ly ', I b id.

2 nd s er. XV I ( 1964 ), 5 19-29. 3 .

ling Pr N icho las Mayhew , ' Nu m is ma t ic Ev idence a nd Fal ices i n t he I ( Fourteenth Cen tury ', Econo m ic H istory Rev iew , 2 nd s er. 2 CXVI 1974) , 1 -15.

S ee a lso h is ' The Monetary Background t o t he York ist Reco inage

o f 1 464-1471' , Br it ish Nu m is ma t ic J ourna l , XL IV ( 1974 ), 6 2-73.

For

my e ar l ier , a n t i- monetar ist v iews, s ee J ohn H . Munro , Woo l , C lo th , a nd Gold :

The S truggle f or Bu ll ion i n Ang lo-Burgund ian Trade, 1 340-

1 478 ( Brussels a nd Toron to , 1 973 ), p p. 1 1-18.

1 24

4.

This issue of Past and Present r eached me two days be fore I flew to England to de live r this paper. Our conclusions, though similar, we re re ached independently; and my basic ideas on mone tary contraction were present ed last year (30 Aug. 1977) to the Confe rence on Pre-Modern Mone tary History, 1200-1750, at the University of Wisconsin, in my pape r entitle d 'Mint Outputs, Mone tary Change , and Economic Contrac­ tion in Late -Medie val England and the Low Countries.' See also John Day, 'The Decline of a Money Economy: Sardinia in th e Late Middle Ages', Studi in memoria di Federigo Me lis, III (1978), 155-76.

5.

Cf. Marc Bloch, 'Le probleme de l'or au moyen age ', Annale s d'histoir e economique et sociale, V (1933), 1-34, reprinte d as 'Th e Problem of Gold in the Middle Age s', Land and Work in Me diaeval Europe : Se lected Papers by Marc Bloch, trans. J. E. Anderson (London, 1967), pp. 186229; Bloch, Esquisse d'une histoire mon�taire de l'Europe (Paris, 1954) pp. 35-77 [written before 1940]; Henri Laurent, 'Crise monetaire e t difficultes economique s e n Flandre aux XIVe et XVe siecle s', Annale s d'histoire economigue et sociale, V (1933), 156-61; Alb ert Feavearye ar, The Pound Sterling: A History of English Money, 2nd e d . re v. E. V. Morgan (Oxford, 1963), pp. 10-15. Cf. also W. A. Shaw, The History of Currency, 1252-1894 (London, 1896), pp. 1-60; A. Girard, 'Un phenom�ne economique : la guerre monetaire, xrve -xve si"ecles', Annales: E.S.C., II (1940); F. Graus, 'La crise monetaire du XIr siecle ', R e vue beige de philologie et d'hi.stoire, XXIX (1951), 445-54; Johan Schreine r, 'Wag es and Prices in the Late r Middle Ages', Scandinavian Economic History Re vie w, II (1954), 61-73; R. Caz elles, 'Quelque s reflexions propos de s mutations de la monnaie royale fran�aise (1295-1360)', Le moyen age, LXXII (1966), 83-105, 251-78; E. Fournial, Histoire monetaire de l'occid ent m�dievale (Paris, 1970).

a

6.

_Subsequently, howe ver, Day does suggest that the balance of payments 'de ficit b ecame a se rious proble m for Weste rn Europe only when de cline s in European mining and West African gold supplie s re duced the available metal stocks. 'The Great Bullion Famine of the Fifteenth Century', Past and Present, no. 79 (1978), 3-12, 35-40, Cf. Eliyahu Ashtor, 'Obse rvations on Venetian Trade in the Levant in the XIVth Century', Journal of European Economic History, V (1976), 533-86; Ashtor, Les -­ metaux pr�cieux et la balance des payements du Proche-Orie nt a la basse epoque (Paris, 1971), pp. 65-96; Ashtor, 'The Vene tian Suprem­ acy in Levantine Trade : Monopoly or Pr e-Colonialism?', Journal of European Economic History, III (1974), 5-53; Ash tor, 'The Volume of Levantine Trade in the Later Middle Ages (1370-1498)', Ibid. IV (1975), 573-612; Ashtor, A Social and Economic History of the Ne ar East in the Middle Ages (London, 1976), pp. 319-31. The V e ne tian ducat= 3.56 g.

7.

Ashtor, 'Venetian Supremacy', pp. 5-17, 23-40, 46-53; Ashtor, 'Volume of Levan tine Trade ', pp. 605-12, e sp. p. 609 n. 94.

8.

Abraham Udovitch (with R. S. Lope z and H. A. Miskimin), 'England to Egypt, 1.350-1500: Long-term Trends and Long-distance Trade', Studies in the Economic History of the Middle East (1970), pp. 115-28; Ashtor, 125

'Vene tian Trade ' (1976), pp. 574-86 (quotation on p. 586); Ashtor, Economic History, pp. 280-331. In Le s metaux precie ux (1971), pp. 13, 41-53, 97-110, Ashtor had attribute d the increasingly severe mone ­ tary scarcity of fifteenth-century Egypt to Mamluk military expenditure s abroad and e specially to hoarding, not to the balance of trade , which he belie ve d remaine d favourable ove rall for the Le vant (p. 96). But sub­ se que ntly, in 'Volume of Levantine Trade ' (1975), he seems to be agree ing with Udovitch in stating that 'one cannot be lieve that the balance of trade for the Levant itse lf was favourable ' (p. 612). See also the other source s cite d in n. 6 above . 9.

Cf. Robert Lopez, 'Back to Gold, 1252', Economic History Re vi ew, 2nd ser. IX (1956), 232-40; Bloch, 'Proble m of Gold' (n. 5 above ), pp. 21218; Ashtor, Les me tauxprecie ux, pp. 15-29, 97-108; v. Magalhaes­ Godhino, L'economie de I'empire portugais aux XVe e t XVIe siecles (Paris, 1969); Marian Malowist, 'Quelqu es observations sur le com­ merce de l'or dans le Soudan occidentale au moye n age ', Annale s: E. S. C. , XXV (1970), 1630-36; E. W. Bovill, The Golden Trade of the Moors, 2nd e d. (London, 1968), pp. 13-44, 79-131; Pierre Vilar, A History of Gold and Money, 1450-1920 (London, 1976), pp. 30-61; Day, 'Bullion Famine ', pp. 36-40, providing e vidence of se rious disruptions and dim­ inutions of African gold flows to Europe from the later fourtee nth ce ntury.

10.

H. A. Miskimin, 'Long-term Trends' (n. 2 above ), pp. 102-04; Miskimin, Economy (n. 2 above), pp. 138-42. In support of this vie w, see Artur Attman, The Russian and Polish Marke ts in International Trade , 15001650 (Gl1teborg, 1973), pp. 103-93, esp. pp. 103-18 on the influx of pre cious metals into Russia from the 11th century.

11.

Cf. the publications of Miskimin, Postan, and Hatcher cite d in notes 12 above .

12.

Tere nce H. Lloyd, 'Overseas Trade and the English Mone y Supply in the Fourteenth C entury', Edwardian Mone tary Affairs (1279-1344), e d. NicholasMayhe w (BAR 36, Oxford, 1977), pp. 96-124.

13.

Public Record Office, Lord Tre asure r's Remembrancer Exche quer, E.356/1-27, E. 372 (various); King's Remembrancer Exche quer, Accounts Various, E. 122 serie s. Cf. also N. S. B. Gras, The Early English Customs System (Cambridge, Mass. 1918), pp. 59-139; H. L. Gray, 'Table s of Enrolle d Customs and Subsidy Accounts, 1399 to 1482' ,' in Studies in English Trade in the Fiftee nth Ce ntury, ed. Eilee n Power andMichae l Postan (London, 1933), pp. 321-30; E. M. Carus-Wilson and Olive Coleman, England's Export Trade , 1275-1547 (Oxford, 1963), pp. 1-33, 194-207.

14.

Lloyd, 'Overseas Trade ',pp. 121-22. Cf. also G. A. Holmes, 'Floren­ tine Merchants in England, 1346-1436', Economic History Re vi e w, 2nd ser. XIII (1960), 193-208; E. B. Fryde , 'Anglo-Italian Commerce in the Fifteenth C entury', Revue belge de philologie et d'histoire , L (1972), 345-55. See also my table s 1 and 12 be low.

15.

38 Ed. III stat. 1 c. 2 in Statutes of the Re alm, I, 383. 126

Cf. John Munro,

' Bul is m a nd t he B il f Exchange i n Eng land , 1 272-1663: lion l o

AS tudy i n

Monetary Manage men t a nd Popu lar Pre jud ice ' , i n The Dawn o f Modern Bank ing , e d . F red i Ch iappell i ( New Haven a nd L ondon , 1 978 ), p p. 1 692 43. 1 6.

Rotu l i Par l iamen toru m , I I , 1 26-27 : n os. 1 -2. C f . F eavearyear , Pound S ter l ing ( n. 5 a bove ), p p . 3 3-36; J acob V iner , S tud ies i n t he Theory o f I n terna t iona l Trade ( London , 1 955 ), p p. 6 -15;

Munro ,

' Bul is m ' , p p . 1 69-90 f or i t s s ign if icance. lion 1 7.

C f . Munro , ' Bul is m ' , p p. 1 69-243; lion ( n . 3a bove ), c hap. 1 , 2 , 4 ;

Munro , Woo l , C lo th , a nd Go ld

E ileen Power , ' The Woo l Trade i n t he

F if teenth Century ' ,Stud ies i n Engl ish Trade ( n. 1 3 a bove ), p p . 7 9-90. 1 8.

Raymond d e Roover , ' La b a lance c o m merc ia le e n tre l es Pays-Bas e t iècle ' , R evue b eige d e p h ilo log ie e t d 'h isto ire , XXXV II a u XV e s ( 1959 ), 3 74-86 ;

d e Roover , L 'evo lut ion d e l a l et tre d e c hange , X IV e -

XV Ie s iecles ( Par is, 1 953 ), p p . 6 4-5; I I

d e Roover , The Bruges Money

Market A round 1 400 ( Brussels, 1 968 ). 1 9.

J ohn U . N ef , ' S ilver Product ion i n Cen tra l Europe, 1 450-1618' , J ourna l o f P o l it ica l Econo my , XL IX ( 1 941 ), 5 75-91;

N ef , ' M in ing a nd Metal l urgy

i n Med ieva l C iv il isa t ion ' , Ca mbr idge Econo m ic H istory , I , 4 56-73; Graus , ' Cr ise moneta ire ' ( n . 5a bove ), p p. 4 50-52; D . K ovacev ic , ' Les m ines d 'or e t d 'argen t e n S erb ie e t e n Bosn ie med ie va les ' , Anna les : I Postan , ' The N orth ' , C .E .H . ,I , 2 11-12;

E .S.C., XV ( 1960 ), 2 48-58;

Misk im in , Econo my ( n . 2a bove ), p p. 1 12-15;

Day , ' Bul lion Fam ine '

( n . 6a bove ), p p. 3 5-36, a rgu ing t ha t t he n ew mines may h ave c o mpansat ed f or t he d ecl ine o f t he o ld u p t o a bou t t he 1 360s. 2 0.

Postan , ' The N orth ' , p p . 2 11-12 a nd h is o ther p ubl ica t ions c ited i n n . a bove , e sp . ' Note ' , p p . 7 7-82;

2 1.

Ha tcher , P lague , p p . 5 2-54.

Dav id Her l ihy , Med ieva l a nd Rena issance P isto ia : The S oc ia l H istory o f a n I ta l ian Town , 1 200-1430 ( New Haven a nd L ondon , 19 67 ), p . 1 25. For t he im med ia te p ost-Plague e ra , t he c o m men t i s p erfect ly v a l id.

2. 2

C . C . Pat , ' S ilver S tock s a nd L osses i n Anc ien t a nd Med ieva l terson T i mes ', Econo m ic H istory Rev iew , 2 nd s er. 2 0 (1 / ( 1972 ), 2 05-35; Mar ion Arch iba ld , ' Wastage f ro m Currency :

L ong-Cross a nd t he Re-

c o inage o f 1 279 ' , Edward ian Monetary Af irs ( n . 1 2 a bove ), p p . 1 67fa 8 6 ; J ohn Cra ig , The M int :

AH istory o f t he L ondon M in t f ro m A .D .

2 78 t o 19 48 ( Ca mbr idge , 1 953 ), p p . x v i, 6 0 ;

Mayhew , ' Nu m is ma t ic

Ev idence ' ( n . 3a bove ), p p . 1 -15. 2 3.

C f . F eavearyear , Pound S ter l ing , ( n . 5a bove ), p p. 1 0-15;

Munro ,

Woo l , C loth , a nd Go ld ( n . 3a bove ), p p . 2 5-30 ; J ohn Munro , ' An A spect o f Med ieva l Publ ic F inance :

The Pro f its o f Coun terfe it ing i n t he F if teen th-

Century L ow Coun tr ies ' , Revue b e ige d e n um is ma t ique , CXV I ( 1972 ), I I 1 27-48.

For a n a na lys is o f s uch d iscoun t ing a nd c onsequen t p r ice i n-

c reases, s ee Mav is Ma te , ' Monetary Proble ms i n Eng land , 1 272-1307 ', Br it ish Nu m is ma t ic J ourna l , XL I ( 1972 ), 3 7-45. 2 4.

C f. A . B lanchet a nd A . D ieudonn6 , Manuel d e n um is ma t ique f ranca ise, Par is , 1 916 ) , c haps. 3 -7; I (

A . Grunzwe ig , ' Les i nc idences i n ter im1 27

t i ona les d es mu ta t ions moneta ires d e Ph i l ippe l e Bel ' , L e moyen a ge , L IX ( 1953 ), 1 17-72; Cazel l es , ' Mu ta t ion s d e l a monna ie ' ( n . 5a bove ), p . 8 3-105. p : 25. t •

Andrew Wa tson , ' Back t o Go ld—and S i lver ' , Econo m ic H istory Rev iew ,

2 6.

Harry A . Mis ld .m in , Money , Pr ices, a nd F ore ign Exchange i n F our teenth-

2 nd s er. XX ( 1967 ), 1 -34, a nd e sp. p . 1 8.

Century F rance ( New Haven , 1 963 ), p p . 1 17-19 ;

A sh tor , L es metaux

p rec ieux , p p . 3 1-36 ( bu t a q ua l if ied a gree men t w ith Wa tson o n p . 5 1); A sh tor , ' Recen t Research o n L evan t ine Trade ', J ourna l o f European Econo m ic H istory , 1 ( 1973 ), 1 93.

lion Fam C f . a lso Day , ' Bul ine ' , p . 6 .

2 7.

C f . Munro , Woo l , C loth , a nd Go ld ( n . 3a bove ), c hap. 2 ; g raphs I -V I.

2 8.

f ord C f . t ables 3 -9 b elow ; Peter S puf , Monetary Prob le ms a nd P o l ic ies i n t he Burgund ian N ether lands, 1 433-1496 ( Le iden , 1 970 ), a ppend ix I I , p p. 1 83-85.

Between J u ly 1 487 a nd J anuary 1 490 , Max im il ian r a ised t he

v a lue o f t he g o ld marc ( 244.753 g .) f ro m £ 26.400 g roo t t o £ 50.087 g. a l most d oubl ing i t . n o. 4 ; 2 9.

1 8 ,242 :

A lge meen R i jksarch ief , Rekenka mer , n o. 1 7 ,882 :

n o . 3 .

A t t he 1 % l evel o f s ign if icance ,

X

2

w ith 1 4 d egrees o ff reedo m [ ( n r1 )

1 )] h as a cr i t ica l v a lue o f 2 9.14. ( ne•

Another , d er ived measure i s t he

Cont ingency Coef ien t , fic

C IX

,

2

X •

,

+N

i n wh ich 0 = p erfect a gree men t .

Va lues o f C a re g iven i n t able 9b e low .

C f . Roder ick F loud , An I n troduct ion t o Quant ita t ive Me thods f or H istori ans ( London , 1 973 ), p p. 1 28-34 , 1 38-9. 3 0.

Wa tson , ' Back t o Go ld ', ( n . 2 5 a bove ), p p. 2 1-31;

Cra ig , M in t ( n . 2 2

a bove ), p p . 3 6 , 5 9-75. 3 1.

C f . B loch , ' Proble m

o f Go ld ' ( n . 5a bove );

Munro , Woo l

C lo th , a nd

Go ld , p p. 4 3-64; Munro , ' Bul is m ' ( n . 1 5 a bove ), p p. 1 69-243. lion 3 2.

J . D . A . Tho mpson , I nven tory o f Br it ish Co in Hoards, 6 00-1500 A .D . ( Ox ford , 1 956 ), p . x xv i a nd p ass im ; r o is d e F rance :

J ean La faur ie , L es monna ies d es

Hughes Capet ä L ou is XI Par is, 1 951); I (

Day , ' Bul lion

Fa m ine ' ( n . 6a bove ), p p. 4 4-5; S puf , Monetary P roble ms ( n . 2 8 f ord a bove ), p p. 5 5-73. 3. 3

Most h istor ians a gree t ha t med ieva l f or ms o f c red it , i n t he a bsence o f t rue n ego t iab il ity a nd d iscoun t ing , e xpanded V r a ther t han M;

b u t c red it

i nstru men ts were c er ta in ly i n more w idespread u se t han i s c o m mon ly t hough t .

C f . Michael Postan , ' Cred it i n Med iera l Trade ' a nd ' Pr iva te

F inanc ia l I nstru men ts ' i n h is Med ieva l Trade a nd F inance ( Cambr idge , 1 973 ), p p . 1 -64; d e Roover , L et e c hange ( n . 1 8 a bove ) a nd h is t re d Money , Bank ing a nd Cred i t i n Med iaeva l Bruges ( Ca mbr idge , Mass., 1 948 );

d e Roover , ' New I nterpreta t ions o f t he H istory o f Bank ing ' ,

J ourna l o f Wor ld H istory , I ( 1954 ), 3 8-76.

1 28

3 4.

C f . E . H . Phelps Brown a nd S he ila Hopk ins, ' Seven Cen tur ies o f t he Pr ices o f Consu mables , Co mpared w ith Bu ilders ' Wage Ra tes ' , Essays i n Econo m ic H istory , e d. E . M. Carus- W i lson , I ( London , 1 962 ) , 1 83, 1 94;

H erl ihy , P ist ,o ia ( n . 2 1 a bove ), p p. 5 5-120 , 1 22-30;

Money ( n . 2 6 a bove ), p p . 5 3-71;

M isk im in ,

E . J . Ham i lton , Money , P r ices, a nd

Wages i n Va lenc ia , Aragon , a nd Navarre, 1 351-1500 ( Ca mbr idge , Mass., 1 936 ), g raphs o n p p. 5 3, 5 5 , 5 7 , 6 0 , 1 02, 1 04, 1 06 , 1 60 , 1 63 , 1 91; s ee a lso p p . 1 89-269 ;

L eopo ld Ggn icot , ' Cr is is :

F ro m Midd le Ages t o

Modern T i mes ' , Ca mbr idge Econo m ic H istory , I( 2nd e d. 1 966 ), 6 77-94. 3 5.

C f . Misk im in , E cono my ( n . 2a bove ), p p. 1 34-43;

J ohan Hu iz inga , The

Wan ing o f t he M idd le Ages ( London , 1 926 ), e sp . p p. 1 40-52; Z ieg ler , The B lack Dea th ( London , 1 969 ), p p. 2 40-88;

Ph il ip

R . S . L opez,

' Hard T i mes a nd I nvestmen t i n Cu lture ' , The Rena issance :

AS ympos iu m

( New Y ork , 1 953 ), p p . 1 9-32. 3 6.

Postan , ' No te ' ( n . 1a bove ), p . 7 8.

3 7.

B loch , ' Proble m o f Go ld ' ( n . 5a bove ), p . 1 86.

3 8.

N icho las Mayhew h as p rov ided a v ery p ersuas ive c ase f or t he c onten t ion t ha t t he 1 320s mark t he r ea l b eg inn ing o f t he l a te- med ieva l monetary c on tract ion , i n ' Nu m is ma t ic Ev idence ' ( n . 3a bove ), p p. 1 -15.

H is

a rgu men ts h ave b een s upported b y Michael Prestw ich , ' Currency a nd t he Econo my o f Ear ly Fourteenth Cen tury England ' , Edward ian Monetary fa Af irs ( n . 1 2 a bove ) , p p . 4 5-58;

a nd t here c an b e n o d oubt t ha t t he e ra

1 320-1345 was f or Eng land o ne o f s evere monetary s carc ity .

But , l ike

t f t ha t o f t he 1 290s , t h is o ne may a lso b e a tr ibu ted t o t he e fects o f f ore ign d ebase men t a nd c oun terfe it ing a nd t he c rown 's m il itary a nd d ip lo ma t ic e xpend itures a broad.

I n a ny e ven t , t he im mense m in t o u tpu ts t ha t e n-

s ued i n t he 1 350s a nd 1 360s i n Eng land , t he L ow Coun tr ies, a nd France make i td if f icu l t t o a rgue t ha t t he p reced ing e ra marked t he o nset o f a lion f l ong-ter m , European w ide b ul am ine —un less o ne were t o a rgue t ha t t he v ast m in t ings o f t he m id-century were au n ique, u nrepea tab le p henf omenon r esu lt ing f ro m t he ' i nher itance e fect ' o f t he P lague a nd d ishoardi ngs n ecess ita ted b y t he Hundred Years ' War.

S ee t able 1b elow a nd

Misk im in , Money ( n . 2 6 a bove ), p p. 8 7-88 , 9 0 , 9 3-4, 1 00-15 , 1 43-44 , 1 59 ;

les Cazel , ' Mu ta t ions ' ( n . 5a bove ), p p . 8 8-94, 2 56-62;

Edward

Ames, ' The S ter l ing Cr is is o f 1 337-1339 ' , J ourna l o f Econo m ic H istory , XXV ( 1956 ), 4 96-522. 3 9.

Day d id n o t i ncorpora te t he Ca la is mint a ccoun ts o f 1 387-1403, r ecen t ly p ubl ished b y L loyd , t he o ther p rov inc ia l Engl ish m in ts, a nd t he e x tra min t a ccoun ts o f L ou is d e Mu le ( Flanders ) p ubl ished b y Van Werveke. S ee t he s ources t o t ables 2 -9 b elow ;

4 0.

a nd n . 5 1.

Mean o f 1 270-1369 = £ 47 ,661.88 ( curren t ); £ 36 ,617.3 ( curren t ).

mean o f 1 370-1469 =

Fro m 1 344 t o March 1 465 t he Engl ish s i lver c o in-

a ge was d ebased b y 4 0.8 p ercen t a nd t he g o ld b y 4 1.8 p er c en t.

S ee

lion Munro , ' Bul is m ' ( n . 1 5 a bove ), t able I . 4 1.

F or a c on trary v iew , s ee Ha tcher , P lague ( n . 1a bove ), p p . 3 1-63.

4 2.

S ee t ables 2 -9 a nd n otes 5 0-51 b elow . 1 29

4 3.

C f . Hans V an Werveke , De Zwarte Dood i n d e z u idel i jke N ederlanden , 1 349-1351 ( Brussels , 1 950 );

Her man V an d er Wee , The Grow th o f t he

An twerp Market a nd t he European Econo my , Four teen th t o S ixteen th C entur ies ( 3 v o ls. The Hague , 1 963 ), I , a ppend ix 4 9 , 5 45-48; I , 7 -9 , 3 1-7 , 6 1-7 ;

J oseph Cuve l ier , L es d eno mbre men ts d e f oyers e n Braban t ,

XV Ie s iecles ( Brussels, 1 912 ); X IV e men ts d e f oyers d ans l e 4. 4

c om t e

Maur ice Arnou ld , L es d eno mbre-

d e Ha inau t , X IV e XV Ie s iecles ( 1956 ).

S ee Munro , ' Prof its o f Coun terfe it ing ' ( n . 2 3 a bove ) a nd P ierre Cockshaw , ' De q uelques im ita t ions d e monna ies a u XVe s iècle ' , Revue b elge d e n um is ma t ique , CXV I ( 1972 ), 1 49-63; B loch , Esqu isse ( n . 5a bove ), I I p. 4 0-70. p

4 5.

S o p reva len t i s t h is v iew t hat t o c o mba t i ts ee ms a l most f ut ile.

Bu t s ee

Anna J acobson S chwar tz 's r ev iew o f F . C . S pooner , The I nterna t iona l Econo my a nd Monetary Move men ts i n F rance, 1 493-1725 ( 1972 ) i n J ourna l o f European Econo m ic H istory , I I ( 1974 ), 2 53: ' He s ubscr ibes t o af am il iar f al , n amely , t ha t a monetary e xp lana t ion o f i nf la t ion l acy t o b e v a l id r equ ires t ha t a l p r ices move i n u n ison .' l 4 6.

Her man Van d er Wee , ' Pr i jzen e n l onen a ls o ntw i ldel ingsvar iabelen : Een v ergel i jkend o nderzoek t ussen Engeland e n d e z u idel i jke N ederlanden , 1 400-1700 ' , Hu lde a an Char les V er l inden ( 1976 ), p p. 4 13-47 , f orthco m ing i n a n Eng l ish t ransla t ion i n Acta H istor iae N eerland ica ;

Phelps Brown

a nd Hopk ins, ' Seven Cen tur ies' ( n . 3 4 a bove ). 4 7.

Ih ave u sed t he e xchange r a tes i n Van d er Wee , Antwerp Market , I , t able X I , 1 24-5. Exchange r a tes d o n ot n ecessar ily r ef lect d o mest ic p r ice I I r a t ios b e tween c oun tr ies.

PART I 4 8.

S ee i n p ar t icu lar Dav id M. N icho las , Town a nd Countrys ide :

S oc ia l ,

Econo m ic, a nd Po l it ica l T ens ions i n Four teenth-Cen tury F landers ( Bruges, 1 971); 3 2;

Henr i P irenne , I l isto ire d e Be lg ique ( eds. 1 -5 , 1 902-

n ew e d . i n 4v o ls. Brussels, 1 956 ), I , 2 25-56 , 2 87-94, 2 97-326 ,

39-40 , 3 52-62; Hans Van Werveke , Gand : Esqu isse d 'h isto ire s oc ia le 3 ( Brussels , 1 946 ), p p. 2 9-69 ;

Van Werveke, J acques Van Artevelde

( Brussels, 1 943 ), p p. 2 3-119. 4 9.

S ee J ohn Munro , ' I ndustr ia l Protect ion is m i n Med ieva l F landers :

U rban

o r N a t iona l? ' , The Med ieva l C ity , e d . H . A . M isk im in , D . H erl ihy , a nd A . L . Udov itch ( New Haven a nd L ondon , 1 977 ) , p p . 2 30-55 a nd t ables 1 3.1-5 , p p. 2 54-68;

Munro , ' Woo l-Pr ice S chedu les a nd t he Qua l it ies

o f Eng l ish Woo ls i n t he L a ter Midd le Ages , c a. 1 270-1499 ' , Tex t ile H istory , I X ( 1978 ), a nd Munro , ' The Med ieva l S carlet a nd t he Econo m ics o f S ar tor ia l S p lendour ', C loth a nd C loth ing i n Med ieva l Europe :

Essays

i n Me mory o f E . M. Carus- W ilson , e d . K . P on t ing a nd N . Har te ( London , 1 979 );

l er a nd Edward Mil , ' The Fortunes o f t he Early Engl ish T ex t ile

I ndustry i n t he Th irteen th Cen tury ', Econ . H ist. Rev. 2 nd s er. XVI I ( 1965 ), 6 4-82. 5 0.

Hans V an Werveke, ' De e cono m ische e n s oc ia le g evo lgen v an d e mun t-

1 30

p o l it iek d er g raven v an V laanderen ( 1337-1433 )' , Anna les d e l a S oc ieth d 'E mu la t ion d e Bruges , LXX IV ( 1931 ), 1 -15 a nd h is ' Currency Man ipu lat ion i n t he Midd le Ages :

The Case o f L ou is d e Ma le , Count o f F landers ',

aI ( 1949 ), 1 15T ransact ions o f t he Roya l H istor ica l S oc iety , 4 th s er. 2 0‚ 2 7 ;

l anea Med b oth r epr inted i n h is M iscel iaeva l ia ( Ghen t , 1 968 ), p p.

2 43-67. 5 1.

H ans V an Werveke , De mun tslag i n V laanderen o nder L odew i jk v an Ma le l ard ( Brussels, 1 949 ); V ictor Ga il , e d . Recherches s ur l es monna ies d es c o mtes d e F landre , I ( Ghen t , 1 856 ).

5 2.

ly t C f . t he s ources c ited i n n otes 4 8 a nd 5 0 a bove , e spec ial hose b y Van Werveke;

a nd a lso H . S . L ucas , The L ow Countr ies i n t he Hundred

Y ears ' War , 1 326-1347 ( Ann A rbor , 1 929 ), p p . 4 38-56 , 4 80-93 , 5 16-22. 5 3.

C f . Hans V an Werveke, De omvang v an d e I eperse l akenproduct ie i n d e v eert iende e euw ( Brussels , 1 947 );

Ray mond V an Uy tven , ' Techn ique ,

p roduc t iv ite , e t p roduct ion a u moyen t . ge :

l e c as d e l a d raper ie u rba ine

a ux Pays Bas ', P rodu tt iv ita e t ecno log ie n e i s eco l i XI Terza I -XVI I ( S et i S tud io ' Francesco Da t in i ' , Pra to , Apr il 1 971 ), f orthco m ing. ti mana d H e e st i mates t hat Ypres ' max i mu m c loth p roduct ion was n o more t han l ens p 4 0 ,000 wool er a nnum. 5 4.

S ee t he s ources c ited a bove i n n o tes 2 , 3 4-35.

5 5.

S ee t he s ources c i ted i n n otes 3 4 a nd 4 6 a bove , a nd Tables 2 -5, 7 -8 b elow .

5 6.

I n March 1 367 , L ou is d e Ma le g ran ted t he r equest o f t he Ghent w eavers t o r estr ict e ntry i n to t he ir g u ild t o l oca l c it izens, af ter t he weavers h ad c o mp la ined a bou t t he c urren t i ndustr ia l c r is is , s tat ing ' da t d er n er inghe v an h aren ambochte z ere v ercranet e nde v erarech t e s '.

Georges Esp inas

a nd H enr i P irenne , e ds. Receu i l d e d ocu ments r ela t ifs ' a Ph isto ire d e P industr ie d rap iere e n F landre,

i re

p art ie ( 4 v o ls. Brussels, 1 906-20 ) ,

I , 5 16-17 , n o. 4 77. 5 7.

l ens i C f . E . M. Carus- W ilson , ' Trends i n t he Export o f Eng l ish Wool n t he Four teen th Century ' , Econo m ic H istory Rev iew , 2 nd s er. ( 1950 ), r epr in ted i n h er Med ieva l Merchan t V enturers ( London , 1 954 ), p p . 2 526 1;

G . A . Ho l mes , The Esta tes o f t he H igher N ob il ity i n Fourteen th -

Century Eng land ( Ca mbr idge, 1 957 ), p p. 1 15-20 ;

Van d er Wee , Antwerp

Market ( n . 4 3 a bove ), I , 7 -18 , 2 8-30 , 2 89-95 , 3 09-14;

a nd t he s ources

c i ted i n n . 3 4 a bove o n d ef la t ion , a nd n . 5 8 b elow . 5 8.

C f . N icho las, Town a nd Countryside ( n . 4 8 a bove ), p p. 2 03-21, 3 31-51; R ichard Vaughan , Ph i l ip t he Bold :

The F or ma t ion o f t he Burgund ian

S tate ( London , 1 962 ), p p . 1 9-50 , 1 68-73 , 1 80-2;

F r itz Qu icke , L es

le d Pays Bas a l a v e il e l a p er iode ,b ourgu ignonne , 1 356-1384 ( Brussels , 1 947 ), p p . 2 97-355. 5 9.

Vaughan , Ph il ip t he Bo ld , p p. 1 68-82; ( n . 4 3 a bove ), I , 1 4-18 ;

p p . 2 35-39.

V an d er Wee , Antwerp Market

Munro , ' I ndustr ia l Pro tec t ion is m ' ( n . 4 9 a bove ),

For a n ' upzet te v an d en wevers ' i n 1 387 , e xodus o f f ore ign

merchan ts , a nd Hansea t ic r epara t ions c la i ms , s ee L ou is G il liod ts-Van S evereren , e d. I nven ta ire d es c har tes e t d ocu ments d e l a y ule d e Bruges

1 31

( 6 v ols. Bruges, 1 871-76 ), I I , 2 33, n o. 7 38 ( 1387 );

2 24-35 , n o. 7 34

liodts-Van S G il everen , e d . Car tula ire d e Panc ierme e stap le d e

( 1392 );

Bruges ( 6 v ols. Bruges, 1 904-08 ), I , 3 24, 3 29 , 3 35 , 3 42-4, 3 59-61, 3 65, 3 67-68. 6 0.

Hans Van Werveke, ' De V laa mse mun thervor m ing v an 1 389-90 ', i nh is l anea Med Miscel iaeval ia ( Ghen t , 1 968 ), p p . 2 68-80 ;

P ierre Cockshaw ,

' A p ropos d e l a c ircu la t ion mongta ire e n tre l a F landre e t l e Braban t d e 1 384 ä 1 390 ', Con tr ibu t ions h Ph isto ire

e c on om iqu e

L ibre d e Bruxel ), V I ( 1970-71), 1 07-41; l es Market , I , 1 4-15; 6 1.

e t s oc ia le ( Un ivers itg

Van d er Wee , Antwerp

Munro , Woo l , C loth , a nd Gold , p p . 4 3-55, 1 98.

N icholas , Town a nd Coun trys ide ( n . 4 8 a bove ), p p. 3 38-39 ; Wee, Antwerp Market , I , 1 4-18, 2 8-41. i n i b id. Ia nd I I r espect ively ;

V an d er

C f. t he p r ice-tables a nd g raphs

a nd Charles Verl inden e t a l ., e ds.

Doku menten v oor d e g esch ieden is v an p r i jzen e n l onen i n V laanderen e n Ie e euw ( 2 v o ls. Bruges, 1 959-65 ); Braband , XV e -XV I I

a nd t he s ources

c ited i n n otes 3 4 a nd 4 6 a bove. 6 2.

V an Werveke , ' Mun tpo l it iek ' ( n . 5 0 a bove ), p p. 2 46-54 ( esp. g raph o n p . 2 48 );

Van Werveke, ' Mun thervor m ing ' ( n . 6 0 a bove ), p p. 2 74-75; Van d er Wee , Antwerp Marke t , I , 1 41-18 , 2 9-30; d e Roover, Money ,

Bank ing, a nd Cred it ( n . 3 3 a bove ), p p. 2 27-29;

G il ts-Van S everen , liod

Arch ives d e Bruges ( n . 5 9 a bove ), I I , 1 34-5, n o. 7 06; 6 3.

Hek tor Am mann , ' Deu tsch land u nd d ie Tuch industr ie N ordwesteuropas im Mittela lter ' , Hans isches Gesch ichtsblät , = ter

6 4.

1 40-2 ( Jan . 1 390 ).

U T ( 1954 ), 1 -61.

On t he L euven a nd o ther Braban t ine d raper ies , s ee Raymond Van Uy tven , S tadsf inanc iVn e n s tadsekono m ie t e L euven v an d e X l Ide t ot h et e inde d er XV Ide e euw ( Brussels, 1 961), p p. 3 37-91, 4 71-639;

Van Uy tven , ' De

omvang v an d e Mechelse l akenproduct ie v ana f d e X IVd t ot d e XV Ide e euw ‚, Noordgouw : 1 -22;

c u l tureel t i jdschr if t v an d e p rov incie Antwerpen , V ( 1965 ),

u V an Uy tven , ' La d rape ne b raban2onne e t ma l ino ise d u X lI e a

r ecle : XVI I e s

g randeur e pheni ere e t d ecadence ', Produzione, c o m merc io ,

e t c onsu mo d e i p ann i d i l ana ( Seconda S et i S tud io ' Francesco ti mana d Da t in i ' a t Pra to , Apr il 1 970 , F lorence , 1 976 ), p p. 8 5-97;

Rober t-Henr i

c orme e t p lus p ar t icu l iere ment Bau t ier , ' La p lace d e l a d raper ie b rabanb ruxel ise d ans l ' industr ie t ext ile d u moyen a ge ' , Anna les d e l a s oc iete lo r oya le d 'archeo log ie d e Bruxel I ( 1966), 3 1-63. l es, L 6 5.

Munro , Woo l , C loth , a nd Gold , p p . 6 -9 , 6 9-70 ;

Munro , ' I ndustr ia l

Protect ion is m ' ( n . 4 9 a bove ), p p . 2 29-48. 6. 6

Van d er Wee , Antwerp Market ( n . 4 3 a bove ), I , 3 1-59 , 3 14-17; Woo l , C loth , a nd Gold , p p. 7 3-75;

6 7.

Day , ' Bul ' ( n . 6a bove ), p p. 3 2-35, 4 0-44. lion Famine

6 8.

Munro , Woo l , C loth a nd Gold , p p. 6 5-92, 1 98-211.

6 9.

I b id., p p. 3 4-45;

7 0.

Munro ,

Munro ,

a nd s ources c ited i n n . 3 4 a bove.

' Bul is m ' ( n . 1 5 a bove ), p p. 1 69-243. lion

8 H en. V I c . 1 8 i n S . R., I , 2 54-55;

Rot . P arl., I V , 3 59 :

n o. 6 0.

C f .

Munro , Woo l , C loth , a nd Go ld , p p. 8 4-92 a nd t he s ources c ited i n n . 8 2 b elow . 1 32

7 1.

lion C f . Munro , Woo l , C loth , a nd Gold , p p . 8 8-91; Munro , ' Bul is m ' ( n. 1 5 a bove ) , p p . 1 69-243; P ostan , ' Cred it ' ( n . 3 3 a bove ), p p. 1 -27; Power , ' Woo l Trade ' ( n . 1 7 a bove ), p p . 4 8-72; Bourgogne e t Angleterre :

Rose- Mar ie Th iele mans,

Re la t ions p o l it iques e t e cono m iques e n tre l es

Pays-Bas b ourgu igno rme e t PAng leterre , 1 435-1467 ( Brusse ls , 1 966 ), p p . 3 49-61. 7 2.

C f . N icho las Posthu mus, De g esch ieden is v an d e L e idsche l aken industr ie, I : De middeleeuwen , v eer t iende t ot z est iende e euw ( The Hague , 1 908 ) a nd Posthu mus, e d . Bronnen t ot d e g esch ieden is v an d e L e idsche t ex t ieln i jverhe id , 1 333-1795 ( 3 v o ls. The Hague , 1 910-1939 ).

C f . a lso Hans

V an Werveke , De k oop man-onderne mer e n d e o nderne mer i n d e V laa msche l akenn i jverhe id v an d e middeleeuwen ( Antwerp , 1 946 ) , w i th F rench r dsu me. 7 3.

Munro , Woo l , C loth , a nd Go ld , p p. 9 4-104;

7 4.

Ray mond d e Roover , Money , Bank ing , a nd Cred it ( n . 3 3 a bove ), p p . 2 37-39 , 3 38-41; d e Roover , G resham o n Fore ign Exchange ( Ca mbr idge , Mass., 1 949 ), p p. 3 5-36 , 8 2; a bove ), 3 33-68 , e sp. 3 57-58;

a ppend ices p p. 1 98-201.

Van d er Wee , An twerp Market ( n . 4 3 a nd most r ecen t ly V an d er Wee , ' Monetary ,

Cred i t , a nd Bank ing S yste ms ' , Cambr idge Econo m ic H istory , V ( 1977 ), 3 22-24. 7 5.

Munro , Woo l , C loth , a nd Go ld , p p. 1 34-35, 1 49-51;

ford S puf , Monetary

Proble ms ( n . 2 8 a bove ), p p. 1 13-22. 7 6.

A lge meen R i jksarch ief v an Belg iV , Rekenka mer , n o. 1 8 ,105 , c it ing a le p d uca l o rd inance o f 1 5 O ctober 1 456 t ha t r a ised t he t a il er marc ( 244.753 g ) o f c our tes o r d oub le m ites , a t 1 2 g ra ins f ineness a rgen t-ler oy ( 0 .040 f ine ), f ro m 2 16 t o 2 40 c o ins , t hus r a ising t he t ra ite o f t he s ilver mare f ro m 3 6s.0d. g root t o 4 0s.0d. g root , ad ebase men t o f 1 0%. Bu t t he d ebase men t o f c ourtes ( and m ites ) d id n o t t ake p lace u nt il a f ter 3S ep te mber 1 457 , when t h is a ccoun t c o m menced .

7 7.

Munro , Woo l , C lo th , a nd Go ld , p p . 1 50 , 1 57-58, 1 93-95;

f ord S puf ,

Monetary Proble ms ( n . 2 8 a bove ), p p . 1 18-22, 1 76-78. 7 8.

Rot . Par l . V I , 1 08-09 ;

n o. 3 6;

Cra ig , The Min t ( n . 2 2 a bove ); Munro ,

Woo l , C loth , a nd Go ld , p p . 1 28-31. 7 9.

Mayhew , ' York ist Reco inage ' ( n . 3a bove ), p p . 6 2-73; ( n . 2 2 a bove ), p p. 9 1-92, 4 12;

Cra ig , The Mint

Munro , Woo l , C loth , a nd Go ld , p p . 1 55-

6 2. 8 0.

f ord S puf , Monetary Proble ms ( n . 2 8 a bove ), p p . 1 15-21.

8 1.

lion Fam Day , ' Bul ine ' ( n . 6a bove ), p p . 4 0-46.

8 2.

Postan , ' Cred it ' ( n . 3 3 a bove ), p p . 7 -10 ; Power , ' Woo l Trade ' ( n . 1 7 a bove ), p p. 7 9-90 ; Th iele mans , Bourgogne e t Ang leterre ( n . 7 1 a bove ), p p . 5 6-61, 9 0-107 , 1 49-212, 3 65-424;

Terrence H . L loyd , The Eng l ish

Woo l Trade i nt he Midd le Ages ( Cambr idge , 1 977 ) , p p. 2 57-87. Woo l , C lo th , a nd Go ld , c haps. 4 -6.

ford On Ca la is s ee a lso S puf ,

Monetary Proble ms ( n . 2 8 a bove ), p p. 9 5-105.

1 33

Munro ,

8 3.

By t he A ct o f Reta iner f or t he Ca la is S tap le , F eb. 1 473, p er m itt ing b il ls o f e xchange t ransact ions a t t he S tap le , a ny a cts t o t he c on trary n otw iths tand ing. V I , 6 0 :

Tha t a ct was r econ f ir med i n 1 487 , 1 503, a nd 1 515.

n o. 5 9 ;

3 95-97;

n o. 1 4;

5 25 : n o. 3 .

Ro t . Par l .,

For ma l r enunc ia t ion o f

t he Ca la is l aws t ook p lace o n ly w ith t he Anglo-Burgund ian t rea ty o f 1 2 J u ly 1 478.

Tho mas Ry mer , e d . Foedera , c onven t iones , e t a cta p ubl ica

( 2nd e d . 1 2 v o ls. L ondon , 1 727 ) , XI 7-86. I, 7 8 4.

Munro , Woo l-Pr ice S chedules ' ( n . 4 9 a bove ), ( ca. 1 499 ); Posthu mus, Bronnen ( n . 7 2 a bove ), I , 2 94-5 , n o. 8 67 ( 1518 ); n o. 8 69 ;

8 5.

3 16-17 , n o. 9 03 ( 1522 :

2 97-9 ,

L eyden ).

Gosw in v on d er Ropp , e d . Hanserecesse , 1 431-1476 ( Second S er ies , 7 v o ls. L e ipz ig , 1 876-92 ) , I , 1 35 , n o . 1 92 ( 22 Oct . 1 433 ).

C f . a lso t he

l et ter o f t he F le m ish t owns t o t he Hanse D iet , 2 0 Oct . i n i b id . I , 1 33, n o. 1 91. 8 6.

S ee t he s ources c ited i n n otes 4 3 a nd 6 4 a bove.

8 7.

Van d er Wee , An twerp Market ( n . 4 3 a bove ), I , 6 1-73; H . L . Gray , ' Eng l ish Fore ign Trade f ro m 1 446 t o 1 482 ' ,S tud ies i n Eng l ish T rade ( n . 1 3 a bove ), p p . 1 -38;

M ichael Postan , ' Econo m ic a nd Po l it ica l Re-

l a t ions o f England a nd t he Hanse , 1 400-1475 ' , i b id., p p. 1 50-53;

Postan ,

' Trade ', C .E.H., I , 2 46-56; Munro , Woo l , C loth , a nd Go ld , p p . 1 315 4. 8 8.

S ee t he s ources c ited i n n . 8 7 a bove a nd a lso E . M. Carus- W ilson , ' The I ce land Trade ' a nd ' The Overseas T rade o f Br isto l ' , S tud ies i n Eng l ish Trade ( n . 1 3 a bove ), p p . 1 55-246.

8 9.

l, D S ee E . R . Daenel ie B luteze it d er d eu tschen Hanse ( 2 v o ls. Ber l in , 1 905 ), I , 3 97-440 ; I , 7 3-5, 1 14-16 , 1 21-23 , 1 40-66 , 1 85-95, 2 35-68; linger l eI e s Ph i l ippe Dol , L a Hanse , Xl XVI f ecles ( Par is , 1 964 ), p p . 3 091 0 , 3 51-71; 5 7;

Posthu mus, L e idsche l aken industr ie ( n . 7 2 a bove ), I , 2 38-

Am mann , ' Tuch industr ie ' ( n . 6 3 a bove ), p p . 4 9-52, 5 8-61.

F .

K etner , Handel e n s cheepvaart v an Amsterda m i n d e v i jf t iende e euw ( Le iden , 1 946 ), p p . 9 5-129.

On Du tch e xpansion i n to t he Ba l t ic s ee a lso

l ando-wende ( T . S . J ans ma , ' Ph il ippe l e Bon e t l a g uerre h ol 1438-1441 )' , I ( Revue d u N ord , XLI 1960 ) , 5 -18. 9 0.

S ee t he s ources c ited i n n otes 7 9 a bove , 9 2 b elow .

9 1.

Munro , Woo l , C loth , a nd Go ld , p p. 1 56 ( graph V I ), 1 68-70 ;

a ppend ices

p p. 1 98-200 , 2 02-04 , 2 09-11. 9 2.

V an d er Wee , Antwerp Market ( n . 4 3 a bove ), I , 8 0-83.

Bu t t h is mone-

t ary p o l icy e v iden t ly p roved s uccessfu l o n ly w ith Duke Char les ' s ubseq uen t d ebase men ts o f 1 467 a nd 1 474. p p . 1 70 , 1 99 , 2 03-04.

Munro , Woo l , C loth , a nd Go ld ,

te C f . a lso t he importan t a rt icle o f J . A . Van Hout ,

' La g ed ese d u g rand march ei n terna t iona l d 'Anvers ä l a f in d u moyen ^a ge ' , Revue b e ige d e p h ilo log ie e t d 'h isto ire , XD ( ( 1940 ), 8 7-126. 9 3.

Carus- W ilson a nd Co le man , Eng land 's Export Trade ( n . , 1 3 a bove ), p p. 9 5-111;

Munro , ' I ndustr ia l Pro tect ion is m ' ( n . 4 9 a bove ), p p . 2 45-51,

2 64-67 ;

a nd s ources c i ted i n n otes 8 7-88 a bove.

1 34

9 4. Dietr ich S chä fer , e d . Hanserecesse , 1 477-1530 , I , 1 05, c ited i n Henr i I P irenne , ' Une c r ise i ndustr iel u XV I s f ecle : le a

l a d raper ie u rba ine e t

l a " nouvel raper ie" e n F landre ', i n H isto ire e cono m ique d e Pocc iden t le d med ieva l , e d . E . Coornaer t ( Par is , 1 951), 9 5.

P .

6 25.

C f . Em ile Coornaer t , ' Draper ies r ura les, d raper ies u rba ines :

Pevo lu-

t i on d e P industr ie f la mande a u moyen " a ge e t a u XV I s iecle ' , Revue b eige I ( d e p h i lo log ie e t d 'h isto ire, XXV II 1950 ), 5 9-96; i ndustr iel d 'au trefo is :

Coornaert , Un c en tre

l a d raper ie-sayetter ie d 'Hondschoote , X IV e -

r ec le ( Par is, 1 930 ), p p. 1 -22, 1 89-254; XV Ie s I I i ndustr iel ' ( n . 9 4 a bove ), p p . 6 31-43. le

a nd P irenne , ' Cr ise

O r ig inal ubl ished i n 1 905, ly p

P irenne 's a rt ic le s hou ld b e u sed w ith g reat c are, b ecause h e h as c on fused t he n a ture a nd t echno logy o f t he t wo t ypes o f d raper ies. 9 6.

C f . Coornaer t , ' Draper ies r ura les ' , p p . 7 2-86 , 9 0-95; a nd Coun trys ide ( n . 4 8 a bove ), p p . 7 6-116, 2 03-231;

N icho las, Town

H er man Van d er

Wee , ' S tructura l Changes a nd S pec ia l iza t ion i n t he I ndustry o f t he S ou thern N ether lands , 1 100-1600 ' , Econo m ic H istory Rev iew , 2 nd s er. XXV II I ( 1975 ) , 2 07-15;

F el ic ien Favresse , ' Ls d ebu ts d e l a n ouvel le d raper ie

lo I I b ruxel ise ' , Revue b e ige d e p h ilo log ie e t d 'h isto ire , XXV I ( 1950 ), r ep r inted i n E tudes s ur l es met iers b ruxel lo is a u moyen ä ge ( Brussels , 1 961), p p. 7 5-84. 9 7. 9 8.

Munro , ' Woo l-Pr ice S chedu les ' ( n . 4 9 a bove ). C f . Munro , Woo l , C loth , a nd Go ld , p p. 1 -9 ; Changes ' , p p. 2 05-11; 1 34-44;

V an d er Wee , ' S tructura l

Misk im in , Econo my , ( n . 2a bove ), p p. 8 6-105 ,

H erl ihy , P isto ia ( n . 2 1 a bove ), p p . 5 5-120 , 1 80-212;

L opez ,

' Hard T i mes ' ( n . 3 5 a bove ), p p . 1 9-32. 9. 9

Henr i De S agher e t a l . e ds. Recue il d e d ocuments r e la t ifs ä Ph isto ire d e P industr ie d rap iere e n F lan .dre , 2me p ar t ie ( 3 v o ls. Brussels , 1 9516 6 ) , I , 8 5-97 , 9 9-102, n o. 2 42 ( D iks mu ide ); ( Lange marck );

6 25-35 , 6 49-50 , n o. 3 77

I I , 5 21, 5 64, n o. 5 86 :195 ( Werv ik );

c hoote ( n . 9 5 a bove ), p . 1 91 n . 2( Kor tr i jk ).

Coornaer t , Honds-

F or b ans o n t he u se o f a ny

b u t f ine Engl ish woo ls i n t he l uxury d raper ies c f . 0 . De lep ierre a nd l e ms, e l ect M. F . Wil ds. Col ion d es k euren o u s ta tut s d e t ous l es met iers 380 ); Posthu mus , Bronnen ( n . 7 2 d e Bruges ( Ghen t , 1 842 ) , p . 4 2 ( L a.. 1 a bove ), I , 2 0-21, n o. 1 2 ( Le iden , 1 396 ); 7 4, n o. 7 4 :17 ( 1418 ); 1 32 , n o. 1423 ); S tadsarch ief t e L euven , n o. 7 22 , f o . 3 r. ( ar t. 9 : 1 442 ); 15 ( S tadsarch ief t e Brussel , n o. XV I:

h et w it Correct ieboek , f o. 1 93r. ( 1444 );

E sp inas a nd P irenne , Recue il ( n . 5 6 a bove ), I I , 6 33-38 , n o. 7 92 ( Ypres, c a . 1 390 ). S ee b elow n otes 1 11-13. 1 00.

E sp inas a nd P irenne , Recue il ( n . 5 6 a bove ), I , 4 9 , n o. 2 0 ( Aardenburg , c . 1 350 );

1 59 , n o. 6 3 ( Arras, 1 367 );

1 68 , n o . 6 6 :5 ( Arras , 1 377 );

3 77 ,

n o. 1 39 :54 ( Bruges , 1 282 ); 4 00 , n o. 1 41:25 ( Bruges, 1 284 ); 4 56-7 , n o. 1 42 :22 ( Bruges, 1 290 ); I I , 4 76, n o. 1 58 :14 ( Ypres, c a . 1 280-1300 ); Miche l Dubo is, ' Tex tes e t f rag men ts r ela t ifs 1 .l a d raper ie d e Tourna i a u moyen a ge ', Revue d u N ord , XXXI 1950 ), 1 47 , n o. 3 ( ear ly 1 4th c en tury , I ( T ourna i ) , 1 60 , n o. 1 66 ( 1367 ).

N evertheless, s o me S pan ish woo ls were

imported i nto b oth F landers a nd England c a . 1 200-ca . 1 300 e v iden t ly t o b e u sed i n c heap s aergen .

C f . Esp inas a nd P irenne , Recue il

1 35

I , 3 89 ,

n o. 1 40 :6 ( Bruges , 1 282 ); G il ts-Van S everen , E stap le d e Bruges liod ( n . 5 9 a bove ), I , 1 9 , n o. 1 4 ( 1200 );

1 06 , n o . 1 40 ( Bruges , 1 303 ) ;

Engl ish Custo ms ( n . 1 3 a bove ), p . 2 69 ( Sandw ich , 1 303 ) ,

P .

Gras,

3 63 ( Sou th-

amp ton , 1 308 ). * 101.

Rober t L opez , ' The Or ig in o ft he Mer ino S heep ' , The J oshua S tarr Me mor ia l Vo lu me ( Jew ish S oc ia l S tud ies n o. V , N ew York , 1 953 ) , p p . 1 61-68;

J a i me V icens V ives, Econo m ic H is tory o fS pa in ( 3rd e d. Pr ince-

t on , 1 969 ), p p. 2 50-51. 1 02.

J u l ius K le in , The Mesta :

AS tudy i n S pan ish E cono m ic H istory , 1 273-

1 836 ( Ca mbr idge, Mass., 1 920 ), p p . 3 -8 , 1 2 11, 2 7-30 , 3 16-25 , 6 07; J u l ia d e L . Mann , The C loth I ndustry i n t he West o f Eng land f ro m 1 640 t o 1 880 ( Ox ford , 1 971), p p. x v i , 2 57-60 , 2 66-67; Ma jesty 's S pan ish F locks :

H . B . Car ter , H is

S ir J oseph Banks a nd t he Mer inos o f George

I I ( London , 1 964 ), p p . 4 , 6 , 9 , 1 1, 1 06-09 , 4 13 , 4 20-22, 4 69. 1 03.

E . Ross in i a nd M. F . Mazzaou i , ' Soc ieta e t ecn ica n el med ioevo :

l a

ti e At

p roduzione d e i p ann i d i l ana a V erona n e i s eco l i

l a Accade m t ere d me mor ie d el ia d i Agr ico ltura , S c ienze , e t L et i V erona , 6 th s er. XX I ( 1969-70 ), 4 7 ; i ca med ieva le :

ti d la v F eder igo Mel is , Aspet el ita e cono m-

l'arch s tud ! n el ivo Da t in i d i Pra to , I( S iena , 1 962 ) , 4 88 ,

n o. 3 50 ( Aug. 1 390 ). 1 04.

Rot . Par l. I V , 1 26 :

n o. 1 6.

1 05.

De S agher , Recue il ( n . 9 9 a bove ), I , 2 76-80 , n o . 2 65.

1 06.

liod G il ts-Van S everen , Arch ives d e Bruges ( n . 5 9 a bove ), I V , 4 96-98, 1 n o. 9 70 ( 1 O ct . 1 428 ).

1 07.

Franyo is Morand , e d . Chron ique d e J ean l e F evre d e S t . Re my , I ( Par is, 1 876 ), 3 78.

1 08.

H . J . Sm it , e d . Bronnen t ot d e_g _ esch ieden is v an d en h ande l me t Engeland , S chot land , e n I erland , 150-1485 , I ( The Hague, 1 928 ) , 6 98 , n o . 126. Munro , Woo l , C lo th , a nd Go ld , p p. 1 14-26.

1 09.

Th iele mans, Bourgogne e t Ang leterre ( n . 7 1 a bove ), p p. 4 73-4, n o. 8 .

1 10.

C f . De S agher , Recue il ( n . 9 9 a bove ), I , 9 9-496;

1 11.

De S agher , Recue il 4 20 ;

I , 3 6 , n o. 1 02;

3 04-05 , n o. 2 75;

5 97;

5 27, n o . 5 81;

I I , 2 ;

I I , 9 3-228. 1 12-20 , n o.

3 7 , n o. 3 96 ;

5 82-85 , n o. 5 87 ;

6 11-16 , n o.

K . Hdh lbau m , e d. Hans isches U rkundenbuch , X ( Le ipz ig , 1 939 ),

6 39 , n o. 1 050 ; 4 44 :4;

v on d er Ropp , Hanserecesse ( n . 8 5 a bove ), I V , 3 12, n o.

liod L . G il ts-Van S everen , e d. ' Les r elat ions d e l a Hanse t eu ton-

i que a vec l a v il le d e Bruges ' , Co mp te r endu d es s eances d e l a Co m m isI s ion Roya le d 'H isto ire , 4 th s er. V I ( 1879-80 ) , 2 16, n o. 1 5; 1 8;

2 33 , n o .

lo Favresse, Met iers b ruxel is ( n . 9 6 a bove ), p p. 5 9-84; S tadsarch ief

t o L euven , n o. 7 22 ( keuren ). 1 12. 1 13.

S ee n . 9 9 a bove. De S agher , Recue il ( n . 9 9 a bove ), I I , 5 20-21, n o. 5 77; 5 81-82;

1 14.

5 64, n o. 5 86 :195.

I b id., I I , 5 27, n o. 5 81.

1 36

5 27-31, n os.

d. The L ibel f Englyshe Po lycye : 15. Sir George Warner, e le o 1 t he U se o f S ea P ower ( Ox ford , 1 926 ), p . 6 .

A Poe m o n

C f . a lso t he c o m men t o f

C le ment Ar mstrong , c a. 1 535, t ha t S pan ish woo ls e ven t hen h ad t o b e mixed w ith Eng l ish woo ls t o p roduce c lo ths ' o f d urable w eryng '. Tawney a nd E i leen Power , e ds.

R . H .

Tudor Econo m ic Docu men ts ( 3 v o ls.

L ondon , 1 924 ), I I , 1 02. 16. 1

De S agher , Recue il ( n . 9 9 a bove ), I , 1 02-05, n o. 3 6 ( Oct. 1 510 ).

17. 1

C f. M. G . Wil , e d . ' Le r eg le ment g endra l d e l a d raper ie ma l inle msen o ise d e 1 544 ', Bul in d u c ercle a rcheo log ique d e Ma l ines , XX ( 1910 ), l et 1 -115;

M. J . Lameere a nd H . S i mont , e ds. Recue il d es o rdonnances

d es Pays Bas , 2me s er. 1 506-1700 ( Brussels , 1 910 ), V , 2 72-3 ( Ghen t , 1 546 );

S tadsarch ief t e Brussel , n os. 1 435-37 ( 1497-1540 ).

S ee n . 6 4,

7 2 a bove. 18. 1

Coornaer t , H ondschoote ( n . 9 5 a bove ), p p. 2 2-43, 2 36-54; ' S tructura l Changes ' ( n . 9 6 a bove ), p p . 2 11-18;

Van d er Wee ,

F lorence Ed ler , ' Le

c o m merce d 'exporta t ion d es s ayes d 'Hondschoote v ers M ahe d 'apres l a c orrespondance d 'une f i r me a nverso ise , e n tre 1 538 e t 1 544 ' , Revue d u N ord , XXI 1936 ), 2 49-65; I (

Munro , Woo l , C loth , a nd Go ld , p p . 1 -9 ,

1 80-85.

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Table 3 .

K ilogra ms o f Pure S ilver a nd Gold S truck i n t he Min ts o f t he Burgund ian L ow Coun tr ies, i n F ive-Year Averages, f ro m 1 420-4 t o 1 495-9 Na mur &

Years

F landers

Brabant

Hol l and

Ha inau t

Tota l

1 420-4

1 2,910.5

8 18.8

1 53.4

1 3,882.7

1 425-9

5 ,090.0

3 6.2

7 46.0

5 ,872.2

1 430-4

4 ,812.9

1 ,043.3

S ilver

1 435-9 1 440-4

4 ,771.6 2 26.7

1 445-9

1 2.9

7 09.6

1 ,155.8

1 ,100.0

7 ,675.7 6 ,906.8

9 79.5 8 5.4

3 12.0 1 2.9 4 2.5

1 450-4

1 5.1

1 .5

2 5.8

1 455-9

8 9.4

5 9.9

7 .8

2 9.2

1 86.2

1 460-4 1 465-9

2 ,073.5

1 ,002.2

7 3.7

1 03.6

3 ,253.0

1 470-4

5 ,117.9

2 ,289.1

1 475-9

3 ,452.1

4 ,985.7

8 ,437.7 6 ,793.2

7 ,407.1

1 480-4

2 ,853.7

3 ,256.6

6 82.9

1 485-9

1 ,070.3

4 ,807.5

2 ,397.6

8 ,275.4

3 82.1

2 ,894.0

1 490-4

9 50.5

1 ,561.4

1 495-9

1 ,634.8

2 ,357.4

3 36.3

4 ,328.5

Gold 1 420-4

1 1.27

1 4.39

3 .12

9 10.36 1 ,729.28

1 425-9

3 91.11

4 .32

2 43.38

2 71.55

1 430-4

1 89.52

4 37.63

2 48.01

8 54.12

1 435-9

3 61.58

3 39.61

6 1.73

7 62.93

1 440-4

1 02.73

6 .71

1 09.43

1 445-9

2 3.04

2 3.04

1 450-4

1 61.99

6 0.62

1 9.53

1 04.08

1 455-9

3 16.69

2 60.68

3 9.15

1 10.54

1 460-4

1.12 1

2 .63

1 465-9

1 53.24

4 6.02

3 46.22 7 27.06 1 3.75

3 .43

7 .00

2 09.68 9 6.04

1 470-4

7 4.31

2 1.73

1 475-9

2 80.64

2 97.04

1 480-4

3 0.68

2 8.99

5 .65

6 5.32

1 485-9

2 .07

8 9.04

3 1.27

1 22.37

1 490-4

8 .90

3 6.03a

1 .52

4 6.45

1 495-9

6 9.21

a .

5 77.69

12.97 1

4 3.75

O f t he t o tal amoun t o f f ine g o ld s truck i n t he q u inquenn iu m Mich. 1 489 t o Mich. 1 494, 2 32.266 k g ( = 4 6.452 k g x5 ) , 11.43 k g o r 4 8% were s truck a t Mechelen f ro m 1 Oc t. t o 2 4 D ec. 1 489 ).

1 40

Table 4. Values in Current Pounds Groot Flemish of the Silver and Gold Mint Outputs of the Burgundian Low Countries, in Five-Year Averages, from 1420-4 to 1495-9 Years

Flanders

Holland

Brabant

Namu r & Hainaut

Total

Silver 1420-4 1425-9 1430-4 1435-9 1440-4

62,560.1 26,747.8 25,353.5 24,457.2 1,171.7

1445-9 1450-4 1455-9 1460-4 1465-9

76.7 81.4 539.3

329.6

8.8 44.6

133.2 151.7

76.67 223.43 1,065.20

12,473.7

6,011.5

436.8

613.1

19,535.13

1470-4 1475-9

30,985.8 24,026.0

1480-4 1485-9 1490-4

22,759.5 10,052.1 6,910.8

13,770.9 35,896.9

25,714.1 56,516.3 11,551.9

1495-9

13,751.1

19,876.9

532.9 23,406.2 10,585.0 20,154.1 5,905.6

159.4 281.3 28,342.6 18,929.1

Gold 1420-4 1425"""'.9 1430-4 1435-9 1440-4 1445-9 1450-4 1455-9 1460-4 1465-9

1,337.8 9,927.8 19,408.5 681.4 9,929.5

3,958.6 197.7 5,692.5 5,924.3

3,773.2 5,077.5 450.4

53,679.77 93,388.90 20.745.60 2,859.2

15,707.5 16,199.9 3,441.3 373.9

17,219.7 59,709.1

1,197.1 2,399.3

6,378.5 6,774.4

217.6

441.2

3,715.4 15,976.4 161.0 2,954.5

4,832.4 21,273.5 2,776.3 153.6 596.3

1,413.1 22,516.7 2,528.0 16,136.2 5,030.S a

1495-9

6,490.4

4,044.2

474.2 3,792.5 93.8

67,253.54 30,789.19 40,982.46 35,458.98 1,622.01

44,756.71 59,922.82

5,206.2 26,820.5 2,282.9

1470-4 1475-9 1480-4 1485-9 1490-4

a.

734.9 3,843.7 6,163.3

36,487.21 692.29 56,614.70 114,836.55 42,524.45 6,279.57 1,337.83 21,218.74 44,558.69 842.41 -13,545�76 6,245.43 43,790.16 5,778.47 20,082.34 5,720.98 10,534.59

Of the total value of gold struck in the quinquennium Mich. 1489 to Mich. 1494, £28,604.91 groot (= £5,720.98 x 5), £20,807.88 gr. or 72.7% (at highly inflated va lues) were struck at Mechelen from 1 Oct. to 24 Dec. 1489).

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74.272 75.483 80.283 80.283 81.460

1475 1476 1477 1478 1479

74.318 74.318 . 83.607 83.607 83.607

65.028 65.028 66.576 66.576 74.318

106.8 118.3 108.0 103.7 104.9 109.0 96.3 93.9 99.1 100.0

61.931 61.931 74.318 82.183 85.734 86.704 90.704 90.704 90.714 94.482

66.138 73.292 80.283 85.208 89.896 94.482 87.352 85.208 89.896 94 .482.

c. At the rebel Ghent mint

97.1 103.0 94.6 100.0 100.0

99.206 105.219 114.784 146.199 204.248

b. From the October 1433 monetary reform

1495 1496 1497 1498 1499

1490 1491 1492 1493 1494

110.7 110.7 109.8 109.8 99.9 99.9 101'.6 96.0 96.0 97A

1485 1486 1487 1488 1489

111.6 109.7 109.0 109.0 109.0

98.9 100.4 96.5 99.0

1480 1481 1482 1483 1484

100.3 102,1 104 .o 107.9 109.7

83.607 83.607 92.897 92.897 [74.31-Sf 102.187 102.187 121.347 146.199 204.248

82.672 83.921 89.606 91.979 95.785

Year

Market as% of official rates

Market as% of official rates

Official rates £ gr

Market rates at Antwerp £ gr

a. Namur mint; no gold struck in Flanders

71.963 71.963 73.099 73.099 74.272

1470 1471 1472 1473 1474

61.286 63.478 65.028 65.028 65.028

1460 1461 146� 1463 1464

68.418 69.618 70.862 70.862 70.862

61.286 . 61.286 61.286 61.286 61.286

61.455 62.563 63.710 66.138 67.259

Year

1465 1466 1467 1468 1469

Official rates £ gr

Market rates at Antwerp £ gr

Table 7 (contd.)

�

11,783.9

24.9

18,761.0

2,034.2

291.8

1495-9

30,545.0

38,470.3 27,851.3 18,416.8 8,313.9 n.a.

.2,567.1 1,243.8 955.9 896.9 n.a.

598.3 433.1 286.4 129.3 n.a.

1470-4 1475-9 1480-4 1485-9 1490-4

2.8 9.2 5.3 12.0 116.3 43.4 28.6 19.5 11.0 n.a.

3,479.4 11,305.1 6,453.6 14,722.7 142,834.6

1,064.6 7,315.6 5,294.0 10,219.8 38,293.1

2,414.8 3,989.5 1,159.6 4,502.9 104,541.5

229.7 1,578.6 1,142.3 2,169.4 6,610.3

50.7 83.8 24.3 82.4 1,625.8.

1445-9 1450-4 1455-9 1460-4 1465-9

100.0 56.2 44.4 11.7 5.2

Index 1420-4=100

53,341.6 35,056.3 23,954.3 13,509.4 n.a.

122,786.1 68,951.2 54,489.5 14·,313.7 6,381.7

9,054 .o 29,281.0 41,738.9 7,948.4 1,258.5

113,732.1 39,670.3 12,750.6 6,365.2 5,123.2

1,953.7 6,318.3 9,006.5 1,71"5.1 271.6

2,387.8 832.9 267.7 133 •.6 107.6

1420-4 1425-9 1430-4 1435-9 1440-4

14,871.3 7,204.9 5,537.5 5,195.4 n.a.

Total £ sterling

Silver £ sterling

Gold £ sterling

Silver kg

Gold kg

Mint Outputs of England (London, Calais, York, Bristol) in Kilograms of Pure Metal and their Values in Current Pounds Sterling, in Five-Year Averages from 1420-4 to 1495-9

Years

Table 8.

T able 9 .

Ch i-Square Con t ingency Tables o f t he Ou tpu ts o f t he Eng l ish a nd Burgund ian M in ts, i n Constan t Pounds S terl ing o f 1 411-64 Va lues, i n F ive Y ear-Averages , 1 420-4 t o 1 495-9

Eng land S ilverco inages

Go ld c o inages Years

R ecorded

1 420-4

13,732.14 1

1 425-9

3 9 ,670.27

To ta l

Recorded

Expected

c o inage

8 1,142.97

9 ,053.98

4 1,643.11

1 22,786.12

4 5,566.34

2 9 ,280.97

2 3,384.95

6 8 ,951.24

Expected

1 430-4

1 2,750.59

3 6 ,009.29

4 1,738.93

1 8 ,480.21

5 4,489,52

1 435-9

6 ,365.22

9 ,459.12

7 ,948.44

4 ,854.48

1 4,313.66

1 440-4

5 ,123.16

4 ,217.33

1 ,258.50

2 ,164.36

6 ,381.66

1 445-9

2 ,414.83

2 ,299.36

1 ,064.56

1 ,180.04

3 ,479.39

1 450-4

3 ,989,50

7 ,470.95

7 ,315.61

3 ,834.14

1 1,305.11

1 455-9

1 ,159.62

4 ,264.85

5 ,294.02

2 ,188.75

6 ,453.64

1 460-4

3 ,924.63

9 ,237.60

1 0 ,053.84

4 ,740.80

1 3,978.47

1 465-9

7 7 ,438.13

7 1,419.58

3 0 ,634.49

3 6 ,653.00

1 08 ,072.62

1 470-4

2 8 ,496.54

2 6,693.97

1 1,897.04

1 3,699.52

4 0 ,393.58

1 475-9

2 0,630.62

1 7 ,442.76

5 ,763.94

8 ,951.73

2 6 ,394.56

1 480-4

1 3,642.10

1 1,938.29

4 ,422.99

6 ,126.81

1 8 ,065.09

1 485-9

6 ,158.46

6 ,816.58

4 ,156.35

3 ,498.31

1 0 ,314.81

n .a .

n .a .

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1 490-4

n .a .

1 495-9

1 3,897.07

To ta ls

3 49 ,392.75

1 5,413.76

7 ,335.454 k g ( x 5 )*

9 ,427.14

7 ,910.44

1 79 ,310.65 = 3 8 ,691.761 k g ( x 5 )*

6.085% 6

3.915% 3

Ch i-square = 1 14,088.6544 ( w ith 1 4 d egrees o f f reedo m ) C =0 .4212947 1 kg g o ld = £ 47.630697 1 kg s i lver = £ 4.63433806 *T ota l

Go ld = 3 6 ,677.27 k g

*T ota l

1 47

S ilver = 1 93 ,458.80 k g

n .a . 2 3,324.21

5 28 ,703.50

Table 9 ( contd.) L ow Countr ies S ilver Co inages

Gold Co inages Years

Recorded

Expected

Recorded

To ta l

Expected

c o inage

1 420-4

6 85.50

2 8,707.38

6 4,337.20

3 6,315.32

6 5,022.70

1 425-9

4 3,360.89

3 1,158.60

2 7 ,213.86

3 9 ,416.15

7 0 ,574.75

1 430-4

8 2,366.91

5 2,069.74

3 5,571.94

6 5 ,869.11

17 ,938.85 1

1 435-9

3 6 ,338.94

3 0 ,175.31

3 2,008.65

3 8,172.27

6 8,347.59

1 440-4

5 ,212.47

2 ,939.64

1 ,445.87

3 ,718.69

6 ,658.34

1 445-9

1 ,097.51

5 10.99

5 9.89

6 46.41

1 ,157.40

1 450-4

1 6 ,490.84

7 ,367.53

1 96.75

9 ,320.06

1 6,687.59

1 455-9

3 4,630.33

1 5,670.23

8 63.02

1 9 ,823.11

3 5,493.35

1 460-4

6 54.70

2 89.05

1 465-9

9 ,987.68

1,065.34 1

1 470-4

4 ,574.60

1 475-9 1 480-4

3 65.65

6 54.70

1 5,075.52

1 3,997.85

2 5,063.20

1 7 ,174.90

3 4,326.86

2 1,726.55

3 8,901.46

2 7,515.59

2 9 ,412.07

3 9 ,103.25

3 7,206.76

6,618.84 6

3 ,111.09

1 5,272.82

3 1,482.11

1 9 ,320.37

3 4,593.20

1 485-9

5 ,828.66

1 9 ,505.33

3 9 ,351.24

2 4,674.57

4,179.90 4

1 490-4

2 ,212.59

6 ,898.19

1 3 ,411.92

8 ,726.32

1 5,624.51

1 495-9

5 ,380.69

1,231.90 1

2 0 ,059.76

1 4,208.54

2 5 ,440.45

Tota ls

3 53,507.84

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5 ,866.994kg ( x 5 )*

=

7 6 ,280.091kg ( x5 )*

4.15% 4 Ch i-square = 2 20 ,458.6019

5.85% 5 ( w ith 1 5 d egrees o f f reedo m )

C =0 .5082569 1k g g o ld = £ 47.630697 1k g s i lver = £ 4.6343381 * Tota l Go ld = 2 9 ,334.97 k g

* Tota l S i lver = 3 81,400.45 k g

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1 51

Table 1 3.

Tex t ile Product ion a nd Trade i n F landers :

S a les o f Tax Far ms

t er f or t he Hondschoote S ayet ie, K or tr i jk L inens, a nd Dender monde nd Ren tals o f S tal or N on- Wool ls f l en F lax i n l ivres p ar isis; * a Tex t iles i n t he Ypres C loth Hal n F ive-Year Averages, l s, i 1 400-4 t o 1 505-9 Hondschoote Years

K ortr i jk

Dender monde

S ayet ie t er

L inens

F lax

£p ar isis

£p ar isis

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Ypres S tal l r en ta ls f or n on-wool l ens

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4 2.92

7 4.04

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5 6.00

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8 0.16

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9 0.40

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4 5.5

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8 6.40

3 9.9

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1 41.60

9 6.80

1 02.96

4 3.5

1 425-9

1 64.00

1 43.60

1 06.20

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1 70.00

1 98.31

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1 98.36

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3 29.60

3 04.80

1 31.76

6 9.0

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3 47.20

1 87.08

7 1.0

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2 07.96

6 3.4

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4 62.80

2 85.60

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3 71.60

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6 9.8

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1 97.28

8 5.6

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7 6.5

1 495-9

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1 64.60

1 91.76

7 8.8

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Table 1 7.

Correla t ions o f t he Va lue o f t he Burgund ian L ow Countr ies' Min t Outputs i n Pounds Groot F le m ish w ith t he Van d er Wee Pr ice I ndex ( Fle m ish g roots ), L agged b y One Year , 1 420-1499

S ta t ist ic

d .f . r2

1 435-1463

1 420-1499

1 435-1479

1 435-1499

7 1

2 2

3 6

5 6

6 9

2 0

3 4

5 4

0 .26774

0 .56838

0 .44165

0 .40128

0 .07169

0 .32305

0 .19505

0 .16103

0 .23352

0 .42280

0 .32918

0 .26327

Cr it ica l L eve l 5% 1 %

0 .30383

0 .53687

0 .42388

0 .34155

t -sta t ist ic

2 .30833

3 .08940

2 .87031

3 .21939

S ign . L evel

2 .39831 %

0 .57821%

0 .70059%

0 .21756%

1 71.4221

1 59.4891

1 56.9738

1 66.0143 + 0.000416

Regression a

+ 0.000310

+ 0.000238

Mean o fX

6 3,421.872

3 5,274.541

4 7,639.442

5 2,626.950

s .d . o fX

5 1,106.472

4 7,904.148

4 5,145.609

4,460.404 4

Mean o f Y

1 85.223

1 70.427

1 68.314

1 87.905

4 1.535

3 6.135

2 4.872

4 6.087

+ 0.000218

s .d. o f Y

N =n u mber o f p a irs o f mint o u tpu t v a lues a nd Van d er Wee p r ice i nd ices, l agged b y o ne y ear , c orrela ted .

On ly y ears w ith min t o u tputs were c orrela ted :

1 420-47 , 1 454-62, a nd 1 466-99. d .f .

=d egrees o f f reedo m

r=c orrela t ion c oeff ic ien t r2 = c oef ic ien t o f d eter m ina t ion f a= Y -in tercep t b =s lope X =v a lue o f Burgund ian min t o u tputs i n p ounds g root F le m ish Y =V an d er Wee p r ice i ndex , l agged o ne y ear Cr it ica l l evel :

min i mu m v a lue o f rt hat i s s ign if ican t a nd n o t t he r esu l t o f t he l s a mp l ing d istr ibu t ion ( s tandard e rror ) o f r , a low ing 1% a nd 5% p ossib il ity o f e rror

1 56

Table 1 8.

Correla t ions o f Van d er Wee 's Pr ice I ndex ( i n F le m ish g roo ts ) w ith t he Va lues o f One K i logram o f Pure S ilver a nd Go ld Co ined , i n Pounds Groo t :

S ta t ist ic

F ive-Year Averages, 1 420-4 t o 1 495-9 XY

ZY

S i lver a nd

Go ld a nd

XZ

Pr ice I ndex

Pr ice I ndex

S ilver a nd Go ld 1 6

N

1 6

1 6

d .f .

1 4

1 4

1 4

r

0 .76476

0 .82093

0 .91901

r2

0 .58486

0 .67392

0 .84458

0 .49740

0 .49740

0 .49740

Cr i t ica l L evel 5% 1 %

0 .62267

0 .62267

0 .62267

t -sta t ist ic

4 .44108

5 .37907

8 .72215

S ign . L evel

0 .05589%

0 .00972%

0 .00005%

a

5 1.05135

6 7.75014

2 .46293

b

9 .24187

0 .55905

0 .05178

Regress ion

Means o fX a nd Z

6 .367

7 5.385

7 5.385

s .d . o fX a nd Z

1 .689

2 9.971

2 9.971

1 09.894

1 09.894

6 .367

2 0.410

2 0.410

1 .689

Means o f Y a nd X s .d . o f Y a nd X

X =v a lue o f 1k g p ure s ilver c o ined , i n F le m ish p ounds g roo t Y =V an d er Wee Pr ice I ndex , i n F le m ish g roots Z =v a lue o f 1k g p ure g o ld c o ined , i n F le m ish p ounds g root N= pa irs o fq u inquenn ia l means c orrela ted ( XY , ZY , XZ )

1 57

SOURCES FOR THE TABLES

l N ote t ha t a l t ables , e xcept T able 7 , emp loy a M ichaelma s f i nanc ia l y ear , e nd ing o n 2 9 S epte mber. 1 .

T able 1 :

T able 7u ses a r egu lar c a lendar y ear.

The Ypres a nd Ghen t d raper ies; Eng l ish woo l a nd c lo th e xports,

1 335-99. ( a )

Ypres :

Georges Esp inas a nd Henr i P irenne , e ds. Receu i l d e d ocu men ts

r ela t ifs ä . Ph isto ire d e P industr ie d rap iere e n F landre , l er p ar t ie, ( 4 v o ls. Brusse ls , 1 906-20 ), I I , 8 09-34 , n o. 9 10. ( b )

Ghen t :

( c )

Eng land :

I b id ., I , 6 24-25. E leanora Carus- W i lson a nd O l ive Co le man , Eng land 's Export

Trade , 1 275-1547 ( Oxford , 1 963 ), p p. 4 5-54, 7 5-87 ;

E . M. Carus-

l ens i Wilson , " Trends i n t he Expor t o f Eng l ish Wool n t he Fourteen th Century" , Med ieva l Merchan t V en turers :

l ected S Col tud ies ( London ,

i i 1 954 ), p p . x v i ( and g raph f ac ing ), 2 39-64. 2 .

Table 2 :

F le m ish a nd Eng l ish M in t Ou tputs, 1 335-99.

( a )

F landers :

( i )

1 335-1384 :

l ard V ictor Ga il , e d. Recherches s ur l es

monna ies d es c o mtes d e F landre , I : e t d e L ou is d e Mä le ( Ghent , 1 856 );

S ous l es r egnes d e L ou is d e Crdcy

Hans V an Werveke , De mun tslag i n

V laanderen o nder L odew i jk v an Mä le ( Medede l ingen v an d e k on ink l i jke t eren V laa mse Acade m ie v oor Wetenschappen , L et , e n S chone K unsten t eren v an Be lg iV , K lasse d er L et , n o. X I :5, Brussels, 1 949 ).

N ot

i nc luded a re s o me Mechelen a ccoun ts r ecen t ly d iscovered b y Prof . Wi m B lockmans; b u t Ih ave made e x trapo la t ions f or s o me o f t he m iss ing a ccoun ts.

i ( i ) 1 384-1399 :

A lge meen R i jksarch ief ( Be lg i) [ hereaf ter

ARA ], Rekenkamer , n os. 4 8 , 9 76-77 ( Mechelen ); n os. 2 142-43, 2 145-46 ( Mechelen );

Co mptes e n r ou leaux ,

n os. 8 24-26 ( Ghen t ), n os. 7 76-87

( Bruges );

n os. 2 586-87 ( Fauque mon t ).

C f . J ohn H . Munro , Woo l , C lo th ,

a nd Go ld :

lion i The S trugg le f or Bul n Anglo-Burgund ian Trade , 1 340-

1 478 ( Brussels a nd Toron to , 1 973 ), p p. 1 87-97. ( b )

Eng land :

lion Co C . G . Cru mp a nd C . J ohnson , " Tables o f Bul ined U nder

I I Edward I , I , a nd I I" , The N um is ma t ic Chron icle , 4 th s er. X I ( 1913 ), 2 00-45;

lion Co C . G . Brooke a nd E . S tokes, " Tab les o f Bul ined f ro m

1 377 t o 1 550" , The N um is mat ic Chron icle , 5 th s er. D ( ( 1929 ), 2 7-69; T erence H . L loyd , The Eng l ish Woo l Trade i n t he M idd le Ages ( Cambr idge , 1 977 ), p . 2 41, t able 1 5 :

' Go ld minted a t Ca la is, 1 363-1404 '.

3 .

Tables 3 t o 6 : Burgund ian M in t Ou tputs, 1 420-1499.

( a )

Ghen t : 9 36-37;

ARA , Co mptes e n Rou leaux n o. 8 31;

le n A cqu its d e L il os.

Rekenka mer , n os. 5 80 , a nd 1 8,195-200 ;

Arch ives d epar te-

le men ta les d u N ord ( L il ) [ herea f ter AD M, S er ie 1 3 .1606 , f o. 3 2v-3r.

1 58

( b )

Bruges :

ADN , n os. 1 9 ,960 a nd 1 9 ,312;

Rekenka mer , n os. 1 8 ,103-124;

S er ie B . n o. 1 606;

ARA ,

le n Acqu i tsde L il o . 1 512.

le ARA , Acqu its d e L il , n o. 1 512;

( c )

Mechelen :

Rekenka mer n o. 1 8 ,242.

( d )

L euven :

( e )

Brusse ls :

( f )

An twerp :

( g )

Hol l and : Dordrech t, Z evenbergen , The Hague :

ARA , Rekenkamer , n os. 1 8 ,067-072. ARA , Rekenkamer , n os. 1 7 ,986-989. ARA , Rekenka mer , n os. 1 7 ,880-882. A lge meen R i jksarch ief

v an d er N eder landen , Reken ingen v an d e g ra fel i jk iedsrekenka mer , n os. 4 937 :

I -XV I ; I I

P . 0 . Van d er Ch i js, De munten d er v oor ma l ige g raa f-

s chappen Hol n Z eeland ( Haarle m , 1 858 ) , c orrected b y Peter l and e S puf , Monetary Proble ms a nd Po l ic ies i n t he Burgund ian N e therlands, ford 1 433-1496 ( Le iden , 1 970 ), p p . 1 84-85. ( h )

Va lenc iennes :

ADN , B .17 ,6 51 ; S er ie B . 31 ; 1 9 ,9 75/19 ,402;

A cqu i ts d e L il , n os. 9 37 , 1 512; le

ARA ,

S pu fford , Monetary Proble ms, p . 1 84

( f or 1 455-56 ). ( i )

Na mur :

ARA , Rekenka mer , n os. 1 8,203-204.

C f . Munro , Woo l , C lo th , a nd Go ld , p p. 1 87-97 ( f or a ccoun ts u p t o 1 480 ). 4 .

Table 7 :

Burgund ian Go ld Va lues , 1 420-1499 ( ca lendar y ears )

Her man V an d er Wee , The Grow th o f t he An twerp Market a nd t he Europ ean Econo my , Four teen th t o S ix teenth Cen tur ies ( 3 v ols. The Hague, 1 963 ), I , 1 23-33; 5 .

a nd t he m int a ccoun t s ources c ited f or Tables 3 -6.

T able 8 : Eng l ish Min t Ou tpu ts, 1 420-1499 G . C . Brooke a nd E . S tokes , " Tables o f Bul lion Co ined f ro m 1 377 t o 1 550" , The N um is ma t ic Chron icle , 5 th s er. I X ( 1929 ), 2 7-69 ; , Wa l ters,

F . A .

" Supp le men tary No tes o n t he Co inage o f Henry V I" , The N u m-

i s ma t ic Chron icle , 4 th s er. X I ( 1911 ), 1 71-72; ( LTR ) E . 3 64 /5 9 , 6 1-3, 6 5-66 , 6 9 , 7 2;

P ub l ic Record O ff ice

a nd ( KR ) E .101/ 192-93 ( f or

Ca la is ); a nd Ca lendars o f t he Pa ten t Rol 422-1429 , p p . 3 37-38 , 5 02; l s, 1 CPR 1 429-36 , p p. 2 56-57 , 2 59 ( f or Ca la is ).

S ta t ist ics f or t he Tower

Min t h ave b een c orrected f or t he y ears 1 432, 1 433 b y i n for ma t ion i n S ir J ohn Cra ig , The Min t :

AH istory o f t he L ondon Min t f ro m A .D . 2 87 t o

1 948 ( Ca mbr idge, 1 953 ), p p . 4 08 , 4 12. 6 .

Tables 9 -10 :

Ch i-Square Cont ingency Tables a nd L ong Ter m Averages

o f Engl ish , F le m ish , a nd Burgund ian M in t Outputs.

S ee t he s ources

c ited f or Tables 2 -6 a nd 8 . 7 .

T able 1 1:

( a )

England :

Eng l ish a nd Burgund ian Mint Ou tpu ts a nd Pr ice I nd ices E . H . Phelps Brown a nd S he ila V . Hopk ins, " Seven Cen tur ies

o f t he Pr ices o f Consu mab les, Co mpared w ith Bu ilders ' Wage-Ra tes" , Econo m ica , n ew s er ies, XX I ( 1956 ), r epr inted i n E . M.Carus- W i lson , I I e d. Essays i n Econo m ic H istory , I ( London , 1 962 ) , 1 94. ( b )

The L ow Coun tr ies ( Braban t ): a ls o ntw ikkel ingsvar iabelen :

Her man Van d er Wee, " Pr i jzen e n l onen Een v ergel i jkend o nderzoek t uSsen Engeland

1 59

e n d e z u idel i jke N eder landen , 1 400-1700" , Hu lde a an Char les V erl inden ( 1976 ), p p. 4 13-47.

S ee a lso t he s ources f or m in t o utpu ts c ited f or

t ables 3 -6 a nd 8 . 8 .

T able 1 2 :

Tex t ile Product ion a nd Trade i n t he L ow Coun tr ies, 1 400-99.

( a )

Ypres :

ARA , Rekenkamer , n os. 3 8 ,635-722 ( mun ic ipa l a ccoun ts ).

( b )

Ghen t :

S tadsarch ief t e Gen t , S tadsreken ingen , Reeks 4 00 :11-38.

( c )

Meche len : S tadsarch ief t e Meche len , S tadsreken ingen n os. 7 6-190; ARA , Rekenkamer , n os. 4 1, 2 19-272 ( mun ic ipa l a ccoun ts ).

( d )

L euven :

( e )

Eng land : Carus- W ilson a nd Co le man , Eng land 's Export Trade , p p . 5 57 2, 8 7-115.

9 .

Table 1 3:

( a )

Hondschoo te : Em ile Coornaer t , Un c en tre i ndustr iel d 'au trefo is : l a d raper ie-sayet ie d 'Hondschoo te , X IVe-XV Ie s iecles ( Par is , 1 930 ), t er I I

S tadsarch ief t e L euven , -Stadsreken ingen , n os. 5 006-124. -

Tex t ile Product ion a nd Trade i n t he L ow Coun tr ies, 1 400-1499

a ppend ix , p p. 4 85-91. ( b )

K ortr i jk ( Cour tra i ):

ARA , Rekenkamer , n os. 3 3,153-243 ( mun ic ipa l

a ccoun ts ). ( c ) • ( d )

Dendermonde : Ypres :

ARA , Rekenka mer , n os. 3 7 ,981-056 (mun ic ipa l a ccoun ts ).

ARA , Rekenkamer , n os. 3 8 ,635-722 ( mun ic ipa l a ccoun ts ).

1 0.

Tables 1 4 a nd 1 5 :

( a )

Ghen t :

S tadsarch ief t e Gen t , S tadsreken ingen , Reeks 4 00 :11-34.

( b )

Ypres :

ARA , Rekenkamer , n os. 3 8 ,635-722.

( c )

F le m ish a nd Braban t ine C loth P r ices , 1 400-1499

Bruges : S tadsarch ief t e Brugge , S tadsreken ingen 1 400-1499 ;

a nd ARA ,

Rekenkamer , n os. 3 2,461-549 (mun ic ipa l a ccoun ts ). ( d )

K or tr i jk , N euve-Eg l ise ( N ieuwkerk ) , a nd O ther N ouvel ies : l es Draper Werv ik , Roeselare , Co m m ines, Menen , Mess ines, N iepkerk , Mon treu il , Hesd in , L il , Ar men t ieres, a nd D iest ( Braban t ) : p r ices r ecorded a t le Bruges a nd t he Franc d e Bruges ( Brugse V r i j ), i n ARA , Rekenkamer , n os. 3 2 ,461-536 ( Bruges mun ic ipa l a ccoun ts ), n os. 4 2 ,521-563 ( accoun ts o f t he Franc ); S tadsarch ief t e Brugge, S tadsreken ingen 1 400-1485.

( e )

L euven : S tadsarch ief t e L euven , S tadsreken ingen , n os. 5 006-124.

( f )

Van d er Wee p r ice i ndex : s ee s ources f or t able 1 1.

1. 1

Table 1 6 :

( a )

Eng l ish woo ls : T . H . L loyd , The Move ment o f Woo l P r ices i n Med ieva l Eng land ( Cambr idge,1973 ), p p . 4 0-44, c o ls. 3 -5, 1 0-13: woo ls f ro m

P r ices o f Eng l ish Woo ls , Eng l ish C lo ths , Ghen t C loths

Berksh ire a nd Berksh ire a nd Wi l tsh ire Downs, Hampsh ire ( W inchester ), Worcestersh ire , Cotswo lds, Ch i l terns, N or theast Ox fordsh ire , a nd N or th Buck inghamsh ire.

1 60

( b )

Eng l ish c loths :

fice P ubl ic Record Of , K . R. Exchequer Accoun ts Var ious,

Par t icu lar Custo ms Accounts , E .122/76/ 13, 7 4/11, 7 7/11, 7 7/4 , 7 3/23, 7 3/25, 1 94/14-18 , 7 8/7 , 7 9/5 ( London );

E .122/139/4, 1 39/7-8, 1 41/4,

1 41/21-2 , 2 09/1, 1 41/25 , 1 40/62, 1 41/29 , 1 41/31, 1 41/33, 1 41/35-36 , 142/ 10 , 1 43/ 1, 1 42/11-12 ( Southa mpton ); 2 09/8 , 1 41/38, 1 4 2 /8 ,

L .T . R.

Enrol , E. 356/ 19-24, f or e xpor t p r ices a t L ondon a nd S ou thl ed Custo ms amp ton . ( c )

Ghen t C loths :

s ee s ources f or t ables 1 4 a nd 1 5.

( d )

P r ice I nd ices :

s ee s ources f or t able 1 1.

1 2.

T ab les 1 7 a nd 1 8 :

Corre la t ions

S ee t he s ources f or t ables 3 -8 a nd 1.

1 61

LA POLITIQUE MONtTA IRE EN FLANDRE DES DUCS 1 DE BOURGOGNE DE LA MAISON DE VALO IS , 1 384-1430 . P ierre C ockshaw

J 'a i s ouha i te , d ans c et te c o m mun ica t ion , . sou lever u n s eu l p rob le me : d ans q uel l e mesure , e n tre 1 384 e t 1 430 , l e d ue d e B ourgogne e n q ua l i te d e c om te d e F landre p uls d e N amur , d e r egen t d e Ha inau t e t d e H ol l ande e t e n fin d e d ue d e B raban t a -ti l t en te d 'e laborer , d e r ea l iser , d e d ir iger u ne p ol i— t ique moneta ire c oheren te , d ans q uel l e mesure a -t i l e te a ide , g u ide e t c onl es o s eine p ar l ' ad m in is tra t ion , l es E ta ts , l es V il u l es marchands . La t hese v o lon tar is te , l a c royance ä u ne " po l i t ique d es monna ies" a e te d e fendue p ar H . Lauren t d ans L a l o i d e G resha m a u moyen a ge , p u ls s u iv ie p ar H . Van Werveke d ans De V laa mse Mun thervor m ing a van t d 'e tre a dop tee p ar Marc B loch .

P our c eux-c i , l es d eva lua t ions f la mandes e n tre 1 386 e t

1 390 e ta ien t s c ie m men t p rovoquees p ar l e d ue Ph i l ippe l e Hard i d ans l e b u t ficu d e c reer d es d if l tes e cono m iques a u d uche d e Braban t e t d e l e r endre a ins i p lus d oci le a l a F landre . A u c on tra ire , j e n 'a i t rouve d ans l es d ec is ions p r ises p ar l es d ues Ph i l ippe l e H ard i , J ean s ans Peur e t Ph i l ippe l e Bon q u 'incoherence e t i nc o mprehens ion d es p heno menes moneta ires . l Que lques e xe mp les s erv iron t ai lus trer mon p ropos : 1 .

Depu is a au t 1 388 , l e d ue Ph i l ippe l e Hard i a va i t d ecide l a f rappe e n F landre , d e n ob les d 'or im i tes d u n ob le a ng la is .

P eu a pres , ia va i t

a ccorde , al a d e mande d es me mbres d e F landre , l a l i bre c ircu la t ion d u n ob le a ng la is e n F landre a l a c ond i t ion c o m me l es n os tres" .

" que c e f eus t at e l p r is

L e n ob le a ng la is , monna ie i n terna t iona le ,

t an t

p lus a pprec ie s ur l e marche , v i t s on c ours h ausse p ar r appor t a u n oble f lamand .

L e d ue r eag i t l e 6 oc tobre 1 397 e n i n terd isan t l e c ours d es

n ob les a ng la is e n F landre . f lamands

L 'argu men t p r inc ipa l e ta i t q ue l es n obles

l l eur t an t " auss i b ons e t d e a uss i b on o r e t p oix e t a loy o u me il

c o m me s on t l esd iz n ob les d 'Eng le terre" , ma is d eprec ies d e f a i t , c es l on e p ieces e ta ien t e xpor tees c o m me b il t v endues a l a monna ie d e C a la is . te i Ma is c et n terd ic t ion p osa i t d es p roble mes c o m merc iaux g raves e t p resqu 'i m med ia te men t l es Me mbres d e F landre , l es d epu tes d e B ruges , t e mesure G and , Ypres e t d u F ranc d e manderen t l a l evee d e c et . v a in :

En

I l s r ev inren t al a c harge d e mu l t ip les f o is a van t d e v o ir l e d ue , l e 3 1 l et 1 j u il 400 , a ccep ter e n f in l a l i bre c ircu la t ion d u n ob le a ng la is .

Ma is

c e q u i e s t f rappan t , c 'es t q ue l es a rgu men ts a vances p our a u tor iser s on

2mes q ue c eux u t i l is s p our d ec ider d e s on i n terd ic t ion : c ours s on t l es m l es marchands f la mands o n t b eso in d e n ob les a ng la is p our l eurs a cha ts d e l aine .

L a c ircu la t ion d e c es p ieces e tan t i n terd i te e n F landre , us 1 63

d oiven t e n a ch .eter a Ca la is e t " tou t P or q ue P en p eu t f org ier e n n oz monno ies a Bruges Wen v a h ors d e n os tred i t p ays e t e s t e n g rande p ar t ie p or te a ud i t l i eu d e Ca la is" . Ma is i l y a mieux e ncore q ue c et o l te-face . te v

C ar l a r a ison p r inc ipa le

d el 'in terd ict ion d es n obles a ng la is ! Ves t p as a c hercher d ans d es r a isons moneta ires o u c o m merc ia les ma is d ans Porgue i l e t l a v an i te b lessee . C 'es t q ue l e r o i d 'Ang le terre Wes t p er m is d 'in terd ire l e c ours d es n ob les f la mands e n Ang le terre a lors p our tan t q ue l e p o ids e t P a lo i d e c es p ieces t e s t b on . A ins i l e r o i a ng la is s e p er me t d e p or ter a te in te a Pun d es ro i t d e f rapper monna ie . t a tr ibu ts e ssen t ie ls d e l a s ouvera ine te , l e ,d C 'es t l ä p lus q ue c e g u 'un d uc d e B ourgogne f i ls , f rere e t o nc le d e r o is p eu t t o lerer . 2 .

L e d ue J ean s ans P eur d ec ida i t , p ar s on o rdonnance d e d ece mbre 1 416 a u s i me lanco l ique p rea mbu le , d e d eva luer s es monna ies d 'or e t d 'argen t . ta i t o b l ige , r appe la i t-i l , p ar l es d eva lua t ions d es monna ies f ranpa ises 1ye e t a ng la ises e t l es em iss ions d es mauva ises monna ies h ol ises e t l anda l i egeoises .

Ma is e n meme t e mps q u 'i l d eva lua i t l es monna ies d 'or e n

p oids e t d 'argen t e n a lo i , ia ugmen ta i t d ans d es p ropor t ions i ncroyab les s on p ropre s e igneur iage . C o mme s i l e d ue J ean a va i t e spere , al a f aveur d e l a c r ise moneta ire e t d e l a d eva lua t ion , s 'assurer u ne s ource d e r evenus e normes e t r en f louer a ins i l e d e f ic i t d es f inances d uca les . l C 'es t au ne r eac t ion r ap ide e t d ec idee d es v i les q ue l ' on d o i t d e v oir t e mesure r c et appor tee e t d e p rendre d es mesures p lus c onfor mes a ux i n tere ts a u p ays . 3 .

L e d ue Ph i l ippe l e B on e n f in f rappe , e n q ua l i te d e c om te d e F landre , d e l eure e le l a monna ie r ela t ive men t b onne , b ien me il n t ous c as q ue c el f rapp e d ans l es e ta ts v o is ins d e l a F landre ;

ma is l e meme Ph i l ippe ,

e n q ua l i te d e c om te d e N a mur , f a i t f orger d e l a mauva ise monnnie , im i tee , d 'un p o ids e t d 'un a lo i t ou jours i n fer ieur .

V oi lä u n p r ince q u i

v olon ta ire men t , e t d ans l e b u t d 'augmen ter s es r evenus , f rappe d e l a mauva ise monna ie d es t inee a i nonder l es e ta ts v o is ins e t d one l a F landre , t re ac hasser l a b onne monna ie e t al u i p er met , p arce q ue s a monna ie e s t mauva ise , d e p ercevo ir d e p lan tureux b ene f ices . ta met i t , b ien s ar ,

t e me C et thode l u i p er-

d e s 'assurer d 'i mpor tan tes r en trbes d 'argen t e t d e

n e p as d evo ir q ue mander d es a ides a ux E ta ts d e F landre , t ou jours d es ireux d e l im i ter l es p ouvo irs d es p r inces .

Ma is a q ue l p rix?

R ien , e n c onc lus ion , n e v ien t c on f ir mer l a t hese d e fendue p ar H . Lauren t , H . Van Werveke o u M . B loch . Au c on tra ire , l es d ues p ara issen t e prouver l a me ‘me i nco mprehens ion le q l es L q ue c el u 'avoua i t G il i Mu is is , c o mprendre l es p heno menes monel t a ires ; " En monnoie e s t l ic ose mou l t o bscure , E le v on t h au t e t b as , s e n e s e t o n q ue f oire , Quand o n g u ide wagn ier , o n t roeve l e c on tra ire" . l er? Ma is q ue p enser d e c eux q u i l es e n toura ien t , e t d eva ien t l es c onse il C 'es t u n c hance l ier q ue l a c orrespondance d e l a C ha mbre d es C o mp tes n ous r eve le i ngenu e n p rob le mes moneta ires ; r appor ts n ous r eve len t d ese mpares .

l ers q c e s on t d es c onse il ue l es

A u c on tra ire , l es s eu ls a v is c o mpe ten ts

q u i p arv iennen t a ux d ues o n t p our o r ig ine l a c ha mbre d es c o mptes , l e p ersonn e l r aoneta ire e t l es Me mbres d e F landre .

1 64

C 'es t-ä-d ire d e c eux-lä

11 11e 1

u 'i ls c onceva ien t l a p o l i t ique d on t Marc B loch a va i t c ru p ouvo ir r e marquer 2 q d e l 'E ta t " sous l es c ou leurs d e c el u 'i ls c ons idera ien t c o m me l a p lus p role q f i table p our e ux-m2mes"

NOTES 1

On n e t rouvera i c i q ue l e r esume d e ma c o m mun ica t ion . J e p repare , e n e l fe t , u ne e tude p lus d eta inee c onsacree a l a p o l i t ique mongta ire e n F landre d es d ues d e B ourgogne e n tre 1 384 e t 1 433 , o uvrage q u i s era a cco mpagne d e l a p ub l ica t ion d 'ordonnances moneta ires e t d e c o mptes d e l a monna ie .

2 )

Anna les

1 953 , p . 1 57.

1 65

THE FLE MISH MONETARY POL ICY OF THE DUKES OF BURGUNDY OF THE HOUSE OF VALO IS , 1 384-1430 1 P ierre Cockshaw

Ih ope i n t h is p aper t o t ake u p as ing le p roble m :

t o w ha t e x ten t , b etween

1 384 a nd 1 430 , d id t he d uke o f Burgundy a s c oun t o f F landers, a nd t hen o f Namur , a s r egen t o f Ha inau t a nd o f Hol , a nd f inal s d uke o f Braban t , l and ly a a te mp t t o d eve lop , a ch ieve a nd d irect a coheren t mone tary p o l icy , a nd h ow f ar t was h e h e lped , g u ided a nd a dv ised b y t he a dm in istra t ion , t he Estates, t he t owns a nd t he merchan ts? The ' vo lun tar ist ' t hes is , t he b e l ief i n a fi r m monetary p o l icy h as b een d efended b y H . L auren t i n L a Lo i d e Gresha m a u moyen a ge , f ol y H . l owed b Van Werveke i n De V lae mse Mun thervor m ing b efore b e ing a dop ted b y Marc B loch.

F or t hese s cho lars, t he F le m ish d eva lua t ions b etween 1 386 a nd 1 390

were c onsc iously i ns t iga ted b y d uke Ph i l ippe l e Hard i w ith t he i n ten t ion o f c rea t ing e cono m ic d if f icu l t ies i n t he d uchy o f Braban t a nd t hus r ender ing Braban t more amenable t o F landers. I n c on trast , Ih ave f ound o n ly i ncoherence a nd misunderstand ing o f monetary p heno mena i n t he d ec isions t aken b y t he d ukes P h i l ippe l e Hard i , J ean s an s Peur a nd Ph i l ippe l e Bon . S o me e xamp les w il erve t o i lustra te my t hesis : l s l 1 .

F ro m August 1 388 , d uke P h il ippe l e Hard i h ad d ec ided t o s tr ike i n

F landers g o ld n obles im ita t ing t he Eng l ish n oble.

S oon a f terwards , a t t he r e-

q uest o f t he Me mbers o fF landers , h e g ran ted f ree c ircu la t ion o ft he Engl ish n oble o n c ond it ion ' t ha t i t wou ld p ass a t s uch ap r ice a s o ur own .' Bu t t he Eng l ish n oble , a n i n terna t iona l c urrency , b e ing more i n d e mand o n t he marke t , s aw i t s r a te r ise i n r e la t ion t o t he F le m ish n oble.

The d uke r eacted o n 6

O ctober 1 397 b y p roh ib i t ing t he f low o f Eng l ish n obles i n to F landers.

The

p r incipa l a rgu men t was t ha t t he F le m ish n obles were ' as g ood , a nd o f a s g ood g o ld a nd we igh t a nd a loy , i fn o t b et han t he s a id n obles o f England , 'b u t l t er t t hey w ere l ess v a lued a nd were e xpor ted a s b ul nd s o ld t o t he m in t o f lion a Ca la is. Bu t t h is p roh ib it ion p osed s evera l c o m merc ia l p roble ms a nd a l most im med ia tely t he Me mbers o f F landers, t he d eput ies o f Bruges, Ghen t , Ypres , a nd l e F ranc d e manded t he l i f t ing o f t h is measure.

I n v a in .

They r e turned t o t he ir c o mp la in t many t imes b efore s ee ing t he d uke f inal ccep t t he f ree c ircu la t ion o f t he Eng l ish n oble o n 3 1 J u ly , 1 400. Bu t ly a w ha t i s s tr ik ing i s t ha t t he a rgu men ts a dvanced t o a uthor ise t he c ircu la t ion o f t he n oble a re t he s ame a s t hose u sed t o j ust ify i t s p roh ib i t ion : merchan ts n eeded Eng l ish n obles f or t he ir woo l p urchases.

1 67

t he F le m ish

The c ircu la t ion

of these pieces being prohibited in Flanders, they were obliged to buy them in Calais and 'all the gold which can be struck in our mints at Bruges leaves our own said country and is in great part carried to the said place of Calais. ' But there are still better examples than this volte-face. For the prin­ cipal reason for the prohibition of English nobles is not to be looked for in monetary or commercial theory but in pride and wounded vanity. It is because the king of England took the liberty of prohibiting the circulation of Flemish nobles in England even though the�-weight and alloy of these pieces was good. Thus the English king allowed himself to sully one of the essential attributes of Burgundian sovereignty, the right to strike coin. That was more than a duke of Burgundy-son, brother and uncle of kings-could tolerate. 2. Duke Jean sans Peur decided by his ordinance of December 1416, in an extremely melancholy preamble, to devalue his gold and silver coinage. He had been obliged to do this: he recalled, by the -devaluation of French and English money and the issues of bad money from Holland and Liege. But at the same time as he devalued his gold coin in weight and his silver in alloy he increased his own seignorage an incredible amount. Thus Duke Jean had hoped by means of the monetary crisis and the devaluation to provide himself with an enormous source of revenue and thus retrieve the deficit in the ducal finances. It was only as a result of rapid and decisiv_e action by the towns that this measure was rescinded and action more in line with the interests of the country taken. 3. Duke Philippe le Bon, as count of Flanders, eventually struck rela­ tively good money, much better at any rate than the issues of Flanders' neigh­ bour states. But Philippe himself as count of Namur, had bad, imitative money struck at an altogether inferior weight and alloy. Here is a prince who volun­ tarily, in order to increase his revenues, strikes bad money intended to inun­ date neighbouring states, including Flanders, to drive out good money and to allow him, because the money is base, to collect plentiful profits. Certainly this method permitted him to acquire an important income of silver, without having to seek the help of the Estates of Flanders who always sought to limit the power of princes. But at what price? In conclusion, nothing can confirm the thesis defended by H. Laurent, H. Van Werveke or M. Bloch. On the contrary, the dukes seem to demons­ trate the same lack of understanding of monetary phenomena as Gilles Li Muisis who asserted: 'Money is a difficult thing, Coins go high and low, When one looks for a gain, one finds the reverse.' But what are we to think of those who· surrounded and had to advise the dukes? There is a chancellor, revealed by the correspondence of the Chambres des Comptes as ingenuous in monetary p�oblems; there are the advisers re­ vealed by the reports to be helpless. By contrast the only competent advice which reached the dukes originated with the Chambre des Comptes, the mint personnel and the Members of Flanders. That is to say the very people of whom Marc Bloch remarked2 that they saw the policies of the state 'in the light of what they considered most profitable for themselves • 1

168

NOTES

1 .

e sume o f t he p aper r ead a t t he S y mpos iu m. Th is i s o n ly a r

My more

d e ta iled s tudy o f mone tary p o l icy i n F landers u nder t he d ukes o f Burg undy b e tween 1 382 a nd 1 433 wh ich w il nclude t he p ubl ica t ion o f monel i t ary o rdonnances a nd m in t a ccoun ts i s i n p repara t ion . 2 .

Anna les, 1 953, p . 1 57.

1 69

CALA IS AND I TS MINT: PART ONE P eter S puf f ord

I nt h is f i rst p art Iam c oncerned w i th t he b road h istor ica l o u t l ine o f t he r o le p layed b y t he m in t o f Ca la is i n t he f our teenth a nd f i f teen th c entur ies. 1 I n t he s econd p art Pe ter Woodhead i s much more c oncerned w ith t he d eta il o f t he c o ins a nd t he ir i ssue. I ti s i n tended t ha t t he t wo p arts b e r ead t ogether a s a c o mple mentary w ho le.

l, h The r eader w il owever , o bserve d if ferences i n

emphas is a nd o p in ion b etween t he t wo p arts. I ti s i n many ways p aradox ica l t o i nclude Ca la is a nd i t s m int i n as ymp os iu m o n ' Co inage a nd Econo m ic Developmen t i n t he L ow Countr ies' , f or a lly w t hough Ca la is l ay g eograph ical ith in t he L ow Coun tr ies ( i n t he c oun ty o f l y Eng Bou logne ), i t was a n e ssen t ial l ish t own , f or l ong t he S tap le f or Eng l ish wool . S im ilar ly i t s m in t was a l most e xclusively c oncerned i n t he p roduct ion o f Eng l ish c o in , f or c ircu la t ion i n Eng land .

Un l ike t he m in t o f t he k ing o f

France a t Tourna i , i td id n ot s tr ike l arge q uan t it ies o f c o ins o f L ow Coun tr ies t ypes f or c ircu lat ion i n t he L ow Coun tr ies. The m in t a t Ca la is was o pen f or t he p roduc t ion o f Eng l ish c o in o ver t wo d ist inc t p er iods o f t ime. 2

T he f i rst a ccoun t f or Engl ish c o in f ro m t he Ca la is

m in t b eg ins o n 2 0 F ebruary 1 363 , a nd t he l ast f i rm d a te f or t h is p er iod o f i t s o pera t ion i s t he a ccoun t e nd ing o n 3 0 March 1 403. I ti s , h owever, p oss ible t ha t i tw en t o n w ork ing f or a fur ther y ear. 3 m in t p r i mar ily s truck Engl ish g o ld n obles.

I n t h is f i rst p er iod t he Ca la is The f i rst m int a ccoun t o f t he s e-

c ond p er iod b eg ins o n2 0 J u ly 1 422, 4 a nd t he l ast p ayment o f s eignorage f ro m t he m in t was made f or t he y ear 1 439-40. Aga in t here i s a lack o f c lar ity a bou t a prec ise e nd d a te f or t he m in t 's o pera t ion s. I t was p robab ly o pen , b u t i nly c a ct ive , f or o ne o r p oss ibly t wo more y ears b efore b e ing f i nal losed. 5 I n t h is s econd p er iod t he Ca la is min t p r i mar ily s truck Eng l ish s i lver goa ts a nd h a l f-groa ts. I t was b y n o means an eg l ig ible m int .

A t i t s b usiest , a round 1 365 , a nd

a ga in a round 1 430 , i t s p roduct ion o f c o in g rea t ly e xceeded t ha t o f t he L ondon t m in t , a nd , i n t he l a ter p er iod , a lso o f t he m in t o f F landers a t Ghen t. T hus, f or a n i n i t ia l p er iod o f f or ty y ears, a nd t hen a ga in f or a s econd p er iod o f t wen ty y ears , a ma jor European m int o pera ted i n a town i n w h ich n ex t t o n oth ing h ad e ver b een min ted b efore, a nd where t here was t o b e n o min t a f terwards.

Pu t a s b lun t ly a s t h is , i ti s q u ite a pparen t t ha t t he Ca la is

m in t was a n a r t if ic ia l c rea t ion . I t s c rea tor was Edward I I a nd i t was p art o f t he p ackage i nvo lved i n t ransf err ing t he Engl ish woo l s tap le f ro m Bruges t o Ca la is i n 1 363. I n 1 363, Ca la is h ad a lready b een i n Engl ish h ands f or s ix teen y ears , s ince i th ad b een c ap tured l i n 1 347 , a f ter a protracted s iege , f o low ing t he Crecy c ampa ign i n t he p rev ious

1 71

y ear.

Ca la is h ad a lready b ecome a n Engl ish t own t o a certa in e x ten t , w ith n o t

o n ly a n Eng l ish g arr ison , b u t a lso a strong c o lony o f Engl ish b urgesses.

I t

was a n i dea l p ort f or Eng l ishmen w ish ing t o g o t o t he c on t inen t , w hether Edward I I h i msel f a t t he h ead o f a n Eng l ish a r my i n 1 359 , o r Engl ish mercha n ts w ith woo l o r c lo th t o s el nt he L ow Countr ies. l i

From 1 353 t o 1 359 t he

Engl ish c loth s tap le h ad a lready b een f ixed t here d ur ing a per iod o f s tra ined Ang lo-Fle m ish r e la t ions. When p eace w ith France was a t l ast a greed i n 1 360 Edward I I f ound h i ms elf i n p ossess ion o f v ast l ands i n F rance , a l l o f wh ich , e xcept Ca la is, c ou ld b e made t o p ay f or t he mselves. Ca la is , h owever , e ven w ith a reduced p eacet ime g arr ison , l ooked a s i fi t was g o ing t o b e ap erpetua l d ra in o n Edward 's f inances. H e c ou ld h ard ly a bandon i t . I t was t oo u sefu l , a nd b es ides h ad c ost t oo much efort t o a cqu ire. However , i ft he s t il l l ucra t ive a nd h igh ly t axed woo l t rade b etween Eng land a nd F landers c ou ld b e made t o p ass t hrough Ca la is, i t w ou ld make t he t own f inanc ial ly i ndependen t o f t he Crown . 6 The c hanel ling o f t he w oo l t rade t hrough Ca la is , a s w el l a s s o lv ing t he p rob le m o f h ow t o p ay t he g arr ison , a lso p rov ided a s o lu t ion t o ad ispu te t ha t h ad t roubled t he Eng l ish w ool t rade f or t he p rev ious f or ty y ears —whether i ts hou ld b e r egu la ted i n Eng land , o r o nt he c on t inen t .

S hou ld t he e xporters o f Eng l ish woo l b e c ompel led

t o t ake i tt o as ing le c on t inenta l s tap le , wh ilst f ree t o make t he ir way t h ither a s t hey l iked ; o r s hou ld s el e c o mpel o t ake t he woo l t o o ne o f an umber l ers b l ed t o f r eg ional s tap les i ns ide England ? S ince Ca la is was b o th Eng l ish , a nd o n t he c on t inen t , i th ad t he mer it o fp ar t ial a t isfy ing t he a dvoca tes o f a con t inenly s t a l s tap le, a nd t hose o f h o me s tap les. ' Par t ial ' b ecause t he a dvoca tes o f ly h o me s tap les w ere n ot im med ia tely e nt irely c onv inced t ha t Ca la is was i n Eng land , a nd f ro m 1 365 t o 1 369 a co mpro m ise was t herefore a dopted i nvo lv ing b o th h ome s tap les a nd a Ca la is s tap le. A s a' con t inen ta l ' s tap le Ca la is , i n t he s econd h a lf o f t he f ourteenth c en tury , t hus t ook o ver o ne o f t he f unct ions t ha t Bruges h ad n or mal erfor med i n t he f i rst h a lf o f t he c en tury . I t was, h owever , a n ly p a r t if ic ia l d iv is ion o f f unct ions , f or Bruges s t il e ma ined t he r ea l market f or l r Engl ish w oo l , a nd Ca la is was , i n s o me s ense , n o more t han a c o mpu lsory o u tp ort t o i t , c onnected t o i tb y t he r oad t hrough Gravel ines a nd b y s uch c oast ing v essels a s c ou ld e n ter t he Zw in . When t here h ad b een a c on t inen ta l s tap le , a n o bl iga t ion h ad r ested o n t he e xporters o f Engl ish woo l t o c onver t a ny money o r b ul ha t t hey b rough t lion t b ack w i th t he m i n to Eng l ish c o in o n t he ir r eturn t o Eng land.

When t here h ad

b een h o me s tap les , t he o bl iga t ion f e l o n t he b uyers t o c onver t t he ir p urchase l money i n to Engl ish c o in b efore b uy ing t he woo l. E ither way r ound t he r egu lat i ons w ere d es igned t o e nsure t ha t o n ly Eng l ish c o in c ircu la ted i n Eng land . A t t he t ime t ha t t he S tap le was moved t o Ca la is i n 1 363 t hese r egu la t ions w ere b y a nd l arge e fec t ive. f

I ft he Durham h oard a nd t he Beaumon t b oard f rom Cu m-

b erland , -b o th ' d epos i ted a bou t t h is d a te ,are r el iable i nd ica tors , a nd t hey may n ot b e , b e ing s o v ery f ar t o t he n orth o f Eng land , Eng l ish c o in f or med n o l ess t han n inety-n ine p er c en t o f t he s i lver i n c ircu la t ion . Con t inen ta l s terl ings h ad s unk t o a mere o ne p er c en t o ft he c urrency .7 I n t he t h irteen th a nd t he f i rst h a l f o f t he f our teen th c en tury t he l argest q uan t it ies o ff ore ign c o in a nd b ul ere e xchanged a t t he r oya l e xchanges lion w i n L ondon a nd a t Can terbury , wh ich was c onven ien t ly s itua ted a t t he p o in t w here

1 72

t he r oads c onverged f ro m S andw ich a nd t he o ther Engl ish Channel p orts. I t was t hen m in ted a t t he m in ts a ssoc ia ted w ith t hese e xchanges. N o o ther m ints t han t hose a t L ondon a nd Can terbury h ad a ccess t o s uch a q uan t ity o f f ore ign meta l , a nd n o o ther m in ts p roduced Eng l ish c o in i n s ign if ican t q uan t it ies.

The

p roduct ion f i gures p r in ted b y Cru mp a nd J ohnson s how t ha t t he q uant ity m in ted a t Can terbury s hrank f ro m 1 318 t o 1 329 , i n p aral ith t ha t a t L ondon . There l el w was u sual in ted a t Can terbury , s o met i mes l ess. 8 Th is d ec l ine i n l y more m m in t ing c orresponded t o t he d eter iora t ion i n Eng land 's b a lance o f t rade d own t o 1 322-36 , when t he c oun try b ecame a net e xporter o f p rec ious meta 1 .9 I ti s n o w onder t ha t Can terbury , p rev iously t he k ey m int f or t he import o f p rec ious meta l s hou ld h ave s uf fered.

Moreover b ecause o f t he o pen ing o f t he Hundred

Y ears War t he r ecovery o f woo l e xports d ur ing t he 1 330s f a iled t o b r ing i n a ny e xtra b ul o t he Eng l ish m in ts, wh ich r e ma ined i n as ta te o f n ear i d leness. lion t T he e arn ings o ft he woo l t rade were a l most who lely d iverted t o b e s pen t a broad o nb eha lf o f t he k ing f ro m 1 336 t o a t l east 1 343, a nd p robably u nt il a f ter t he e nd o ft he e xpens ive Ca la is c ampa ign i n 1 347. 10

The l ast k nown a ccount o f t he Can terbury mint c o mes t o a n e nd i n Dece mber 1 346 a f ter more t han t wo d ecades o f v irtua l i nact iv ity .

There s ee ms t o h ave b een s o me s ort o f p lan t o o pen a

r ep lace men t m in t a t Ca la is a few months l a ter, im med ia tely a f ter i t s c apture 1 I t was n ot y et a n b y t he Eng l ish , b u t n o th ing s ee ms t o h ave c o me o f t h is. 1 o pportune mo men t , a nd when i nt he 1 350s t here were s omet imes o nce a ga in

p os it ive b a lances o f p aymen ts , t he e nor mous q uan t it ies o f c o in s truck w ere a l l p roduced a t t he L ondon m int .

I t was h owever s t il l ad ecade o fu ncerta in ty ,

when f unds w ere r epea ted ly d iverted f rom t he woo l t rade , a nd money was s en t a broad f or m il itary p urposes, a s i t was , f or i nstance , t o f inance t he e xped it ions o f 1 357 a nd 1 359.

I t was n ot u nt il t he p eace o f 1 360 t ha t ' nor ma l ity ' was r e-

s tored , f or t he f i rst t ime i n f or ty y ears.

I t was i n t h is n ew p eace t ime s itua-

t i on t ha t t he d ec is ion was made t o r e move t he s tap le t o Ca la is. S uch a dec is ion made i tn ecessary t o r e-exam ine w hether t he c urren t p rov is ion o f e xchanges a nd m in ts was a dequa te. I nstead o f t he l onger c ross ing f ro m L ondon t o Bruges , t he s hort c hannel c ross ing t o Ca la is f ro m S andw ich n ow l ooked p ar t icu lar ly a t trac t ive, a nd t here was n o l onger a ny e xchange o r m in t a t Can terbury t o i n terc ep t f ore ign c o in o r b ul lion w h ich m igh t e nter Eng land t h is way. T he r e mova l o f t he S tap le t o Ca la is was n o s udden move u nder p ressure o f c ircumstances. I th ad b een p lanned f ro m a t l east May 1 361 a nd p re m ises h ad b een b u i l t b efore t he move t ook p lace i n F ebruary 1 363. 1 2 A t t he s ame t ime t he a bort ive p lans f or a n Engl ish m in t a t Ca la is w ere r ev ived , b u t i n v ery d iferen t a nd much more o pportune c ircumstances. There was n ow a pos it ive b a lance o f t rade , much o f i ta bou t t ob e c o mpel l ed t o p ass t hrough Ca la is, a nd t here was n o l onger t he l ikel ihood o fi tb e ing d iss ipa ted b y m il itary e xpend iture. I ti s l i t t le w onder t ha t i n t he 1 360s t he n ew ly o pened Ca la is m in t r ap id ly t ook t he p lace t ha t t he Can terbury m in t h ad o ccup ied a t t he b eg inn ing o f t he c en tury a s t he p r inc ipa l f unnel t hrough wh ich Eng land 's p os it ive b a lance o f p aymen ts was t ran sfor med i n to Eng l ish c o in . There was s o me amb igu ity a bou t who s hou ld s upp ly t h is n ew m int w ith b ul lion .

Was i tt o b e t he Eng l ish s h ippers o f woo l , a s i th ad b een w hen t he

s tap le h ad b een h e ld o nt he c on t inen t?

O r was i tt o b e t he f ore ign b uyers, a s

when t he s tap le h ad b een h eld i n Eng land? t he S tap lers.

I n it ial ly t he o bl iga t ion was l a id o n

I tt ook t he s ame f or m a s t ha t imposed o n t he ir p redecessors i n

1 340 , t ha t t hey b r ing t wo marks o fb ul lion t o t he m int f or e very s ack o f woo l 1 73

t ha t t hey h ad s h ipped. Th is was s oon e xtended t o a n o bl iga t ion t ha t a l l f ore ign c o ins b rough t t o t he s taple w ere t ob e r em in ted , a nd t ha t o n ly E ngl ish money was t ob e c urren t i n Ca la is. 1 3

Th is efect ive ly t ransferred t he o b l iga t ion t o lion t he b uyers , a nd i t was l a ter made e xp l ic i t t ha t b uyers e xchange t he ir b ul

o r f ore ign c o in f or Engl ish c o in , b efore p urchas ing woo l .

Th is s a t isf ied t he

e xpor ters , who h ad l ong c o mp la ined t ha t i n F landers t hey h ad b een p a id i n f ore ign c o in t ha t was o verva lued i n Engl ish t er ms . 1 4 Because i nt he f our teen th c en tury t he woo l was o n ly p art ial ly p a id f or i n r eady money i ti s q u ite imposs ible t o e stabl ish a ny d irect r elat ionsh ip b etween t he s ca le o f m in t ing a t Ca la is, a nd t he s ca le o f e xport o f woo l t hrough Ca la is. The r est o f t he p ayment f or t he woo l was made i n b il ls p ayable a t B ruges a nd s o b ecame im med ia tely i nvo lved w i th Eng land 's o veral l b alance o fp aymen ts. I t wou ld n ot b e p roper t o r e-open t h is d eba te. I t was t horough ly d iscussed t wo y ears a go b y T . H . L loyd a t t he s y mpos ium o n Edward ian Monetary Af fa irs. He t hen c oncluded t ha t , i n t he e ar ly 1 360s , when t he Ca la is m in t w as o pened : ' Eng l ish e xports w ere e arn ing more t han £ 300 ,000 a year o verseas a nd t ha tn o more t han h a l f o f t h is , p oss ibly l ess t han h a lf , was r eq u ired t o p ay f or t he import o f c o m mod it ies.

The b a lance was

a va ilable f or o verseas e xpend iture b y t he c rown o r b y p r iva te p ersons, o r f or r epa tr ia t ion i n t he f or m o f s pec ie '. 1 5 He w en t o n t o s uggest t ha t t h is p osit ive b a lance was g rea t ly d im in ished , i fn o t ly r l ow a ctual eversed , i n t he f ol ing y ears, p ar t icu larly b y t he e nor mous c osts o f t wen ty y ears o fu nsuccessful d efens ive war f rom 1 369 o nwards. However , h e e nded b y s ay ing t ha t , i nt he l ast y ears o f t he c en tury England o nce more h ad a favourable b a lance o f t rade. 1 6 t N o-one h as y et a te mp ted t o d raw u p ab a lance o f t he p ay men ts l eav ing o r e nter ing Eng land e i ther i n t he t wo d if f icu l t o pen ing d ecades o f t he f i f teen th f l c en tury , o r i n t he t wo r a ther more a f luent d ecades t ha t f o lowed . However , Professor Gray many y ears a go p roduced at en ta t ive b a lance f or t he m idd le o f t he f i f teen th c en tury. He f e l t t ha t t h is s howed t ha t i n t he 1 440s, e ven a f ter t he Ca la is m in t h ad c losed , England s t il l h ad ap os it ive b a lance o f p aymen ts .1 7 Th is i s av iew t ha th as more r ecen t ly b een e ndorsed b y M me. Des medTh iele mans

8

I n t hose p er iods i n wh ich Eng land d id h ave a pos it ive g enera l b a lance o f p aymen ts , g o ld o r s i lver n ecessar ily c ame i n to Eng land . S ince t he S tap lers ' woo l was Eng land 's l argest s ing le e xpor t , u nba lanced b y a ny import o n t he ir p art , al arge p ropor t ion o f a ny o veral l f avourable b a lance c ame t hrough t he ir h ands. The m in t a t Ca la is , h owever much i t may h ave b een a n a rt if ic ia l c rea t ion o f Edward I I , t hus c a me t o b e o n t he r oute b y w h ich c on t inen ta l g o ld o r s i lver r eached Eng land . Professor Munro 's ma jor work h as d e monstra ted v ery c lear ly w hy a t d iff eren t t imes o ne meta l s hou ld b e p referred f or p aymen t a t p art icu lar p er iods r a ther t han t he o ther. He h as s hown why , f or e xamp le , t he f avourable b a lance c o rn ing i n to Eng land f ro m t he m id 1 420s t o 1 440 s hou ld b e p a id i n s i lver, wh ilst t ha t o f t he l a te 1 380s a nd t he 1 390s h ad b een p a id i n g o ld . 19 Th is c orrela tes v ery n ea t ly w ith t he p reponderance o f s i lver , a nd o f g o ld , r espect ively , s truck a t Ca la is a t e xact ly t hese p er iods, a s Mr. Woodhead e xp la ins i n more d e ta il . 2°

1 74

Ex tens ion o f Professor Munro 's p r inc ip les b ackwards i n t ime s im ilar ly e xp la ins w hy t he b a lances o ft he 1 360s w ere a lso l argely p a id i n g o ld. Once a ga in t h is c orrela tes w ith t he p reponderance o fg o ld i n t he e arly i ssues o ft he Ca la is m in t a t t ha t t ime.

Before t he l arge-sca le p enetrat ion o f g o ld i n to n orth-western

Europe i n t he 1 330s , a l e ar l ier f avourable b a lances , s uch a s t hose wh ich p assed l t hrough t he Canterbury m in t , w ere , o f n ecess ity , p a id i n s i lver. I ti s p oss ib le t o i lustra te f ro m Eng l ish h oard e v idence h ow i n l arge meal s ure t he c o ins s truck a t Ca la is d id a ctual o me i n to Eng land. O f 1 30 ' Trea ty ' ly c a nd ' post-Trea ty ' n obles d epos ited i n t he 1 370s i n t he East Raynham h oard , t h irty-f ive h ad b een m in ted a t t he Ca la is m in t , n ear ly t h irty p er c en t o f t he t ota l. Ar a ther h igher p roport ion o f Ca la is p ieces was t o b e f ound among t he n obles o f t he s ame p er iod i n t he Bredgar h oard , d epos ited a decade l a ter. 2 1 - Th e s urvi v ing a ccoun ts s uggest t ha t t he ' Trea ty ' a nd ' post-Trea ty ' n obles s truck i n t he Ca la is m in t f or med j ust o ver 4 0% o ft he t ota l c o inage o f s uch n obles. 2 2 T he p roport ion o f Ca la is n obles i n t hese h oards a l though l ower , i s n o t a pprec iably l ower t han t he m int p roport ion .

I tw ou ld n eed many more h oards t o b e a ble t o

g uess h ow h igh t he p roport ion o f Ca la is n obles e n ter ing Eng land was, b u t t hese t wo h oards a re , n ever theless, s uggest ive. N ot o n ly d id t he g enu ine C ala is n obles l argely c ircu la te i n Eng land , b u t , f ro m 1 388 o nwards , t hey w ere s upp le mented b y t he im itat ive F le m ish n obles s truck f or Ph i l ip t he Bo ld a t t he Ghen t m in t a t t he r equest o f t he e chev ins o f 3 I n L loyd 's o p in ion Eng l ish woo l was u ndoubted ly s o ld t o F le m ings Ghen t. 2 a t Ca la is f or t hese n obles , r a ther t han f or n ew ly a cqu ired Ca la is n obles a s t he

Engl ish l aw r equ ired. 2 4 E ng land.

The F le m ish n obles a ccompan ied t he Ca la is o nes i nto

They a ppear i n Eng l ish h oards o f t he 1 390s , were p rocla i med a ga inst

i n 1 392, a nd f or med t he s ub jec t o f a p ar l iamen tary p et it ion i n 1 401, 2 5 b u t w ere l argely r e moved f ro m c ircu la t ion , a long w i th t he Engl ish n obles t ha t t hey h ad im ita ted , b y t he r eco inage o f 1 412. 26 T he Ho lwel l h oard , f ro m L e icestersh ire , p robably b ur ied p rov ides a n e xamp le o ft he c ircu la t ion o f Ca la is c o in i n m id land t he p er iod when t he Ca la is m in t was p r i mar ily min t ing s i lver. t here w ere 2 77 Ca la is g roa ts o f H enry V I , a s a ga inst 5 9 L ondon York g roa ts; g roa ts . 2 7

i n t he 1 420s, England d ur ing I n t h is h oard g roa ts a nd 2

a nd 5 6 Ca la is h a lf-groa ts o f H enry V I , a s a ga inst 8 L ondon h a l f-

Ac er ta in n umber o f s i lver c o ins o f Ca la is h ave b een f ound i n h oards i n t he L ow Coun tr ies , b u t Iw ou ld l ike t o s uggest t ha t i n many c ases t hey d id n ot c o me d irect ly i n to c ircu la t ion f ro m Ca la is, b u tb y way o f Eng land.

Eng l ish

s i lver c o ins w ere n o t t o b e f ound i n h oards d epos ited i n t he B urgund ian N etherl ands i nt he 1 420s a nd 1 430s when t he Ca la is m int was o pen .2 8 On t he o ther h and , 8 6 Eng l ish s i lver c o ins w ere f ound i n t he h oards d epos ited a t V enra i j, F lush ing a nd Z andvoorde i n t he 1 480s, more t han f orty y ears l a ter. t hese h ad b een m in ted a t Ca la is . 2 9

4 2 o f

Iwou ld t en ta t ively s uggest t ha t t hey h ad

g one f ro m Ca la is t o Eng land when t hey w ere n ew ly m in ted , a nd r e ma ined t here u n t il a f ter 1 466 w hen t he c o mpara t ive a dvan tages ofered b y t he d ifer ing g o ld : 0 s i lver r a t ios i n England a nd t he Burgund ian N ether lands w ere r eversed. :3 Af ter 1 466 merchan ts c erta in ly a t te mp ted t o b r ing Eng l ish s i lver c o in i n to t he Burgund ian N etherlands.

Between 1 466 a nd 1 469 Eng l ish g roats, o r s to ters

l ed i a s t hey w ere c al n t he a ccoun ts, w ere t he c o ins most f requen t ly s e ized i n

1 75

F landers b y t hose a t te mpt ing t o e nforce t he c urrency r egu la t ions a ga inst p ro3 1 h ib ited p ieces .

Th is, h owever , i s t he p osthumous h istory o f t he Ca la is m in t . I t was c r ipp led b y t he s iege o f Ca la is i n 1 436 wh ich t e mporar ily b rough t t rade t o a t ota l s tandst il nd s uf ted f rom 1 439 o nwards b y Ph i l ip t he Good 's d e l ibl, a f oca e ra te p roh ib it ion o f t he e xport o f a ny b ul o Ca la is ,3 2 b acked u p b y t he i nlion t t im ida t ing a ct iv it ies o f h is o f ic ia ls who s e ized i l ic it b ul ro m t ravel f l lion f lers a t Gravel ines o n t he ir r oad t o Ca la is.

Bul e izures c on t inued u n t il a t l east lion s

Apr il 1 442, wh ich imp l ies t ha t a t t ha t d a te merchan ts w ere s t il eek ing t o c arry l s b ul o Ca la is , a lthough t here i s n o p os it ive e v idence o f t he o pera t ion o f t he lion t min t a f ter 1 439/40.33 A l though t h is b r ings my g enera l n arra t ive t o ac lose , t here r e ma in a n umber o f p art icu lar q uest ions wh ich s ee m importan t t o d iscuss. Why d id t he Ca la is m in t c lose i n o r a bou t 1 404 ? Why , h av ing c losed , d id i tr e-open i n 1 422?

a nd Why , h av ing a ga in c losed , i n o r a round 1 440 , d id i tn ot s im ilarly

r e-open o nce more i n t he 1 460s ? P rofessor Munro h as c haracter ised t he c o mpet it ion f or b ul etween lion b Engl ish a nd L ow Coun try m ints i n t he t wen ty y ears b efore 1 404 a s t he ' War o f t he Go ld " Nobles" ‚ . H e c oncluded t ha t , s urpr isingly , i t was Ph il ip t he Bo ld , t he Burgund ian r u ler o f F landers , who won t h is war , d esp ite t he b ias i n f avour o f s i lver i n t he b ul r ices o fered a t h is m in t A4 Mr. L loyd h as t aken u p lion p f Pro fessor Munro 's n ot ion o f m in t c o mpet it ion f or l im ited s upp l ies o fb ul , lion a nd w ith a dd it iona l e v idence o ft he p roduct ion o f t he Ca la is m in t , wh ich Profess or Munro was u nable t o f ind ,

3 5

c oncluded t ha t o n t he c on trary , i tw as t he

Eng l ish w ho ' won t he war ', a s i ndeed t hey s hou ld h ave d one , i n v iew o ft he b ias i nf avour o f g o ld i n t he b ul r ices ofered i n t he Eng l ish m ints. On lion p h is f i gures t he L ondon a nd Ca la is m in ts b etween t he m s truck a pprox i ma tely 3 6 ,000 Troyes Mares o f g o ld i n to n obles b etween 1 384 a nd 1 402, w h ilst t he c o mb ined m in ts o f t he Burgund ian N etherlands o n ly s truck a bou t 2 2 ,000 marcs o fg o ld i nt he s ame p er iod , much o f i ta lso i n to n obles. I n t h is s ame p er iod o f t ime t he m in ts o f t he Burgund ian N ether lands s truck a pprox i ma tely t wentyt wo t imes a s much s i lver a s t he ir Eng l ish c ounterpar ts. 3 6 T h is f i t s much more w ith n a tura l e xpecta t ions a r is ing o u t o f t he r ela t ive m in t-ra t ios wh ich s o s trong ly f avoured g o ld i n Eng land a nd s i lver i n t he L ow Countr ies.

Even t hough t he L ow Coun tr ies m ints d id n ot p roduce more g o ld

t han t he Engl ish o nes , i ti s s t il urpr ising t ha t t hey p roduced a s much a s t hey l s d id .

However i ti s q u ite c lear t ha t i t was p roduced i n t he L ow Coun tr ies f or

c ircu la t ion i n Eng land.

N o e v idence h as b een f ound t ha t t he e xodus o f h is

n ew ly m in ted F le m ish n obles c aused Duke Ph il ip a ny c oncern b efore 1 397. 37 Was t here i n f act r eal w ar a t a l? o r r a ther was i tn ot a w ar a ga inst ly a l a n i ncreas ing s carc ity o f p rec ious meta ls i n Europe , r a ther t han a w ar b etween t wo ' countr ies ' f or c on tro l o f t he d im in ish ing s tock o f g o ld. Professor Munro b rough t o u t t he ' g rea t s carc ity o f money ' t ha t a f l icted b o th Eng land a nd f F landers . 3 8

Th is b rough t a bou t t he d rast ic d ecl ine o f t he m int ing i n F landers

o f s i lver , i t s p referred me ta l , f ro m 1 397 , a nd i n L ondon a nd Ca la is t he ir p referred meta l , f ro m 1 399.

o f g o ld ,

The ' grea t s carc ity ' b ecame s o s evere i n

1 402 t hat t he F le m ish m ints h ad t o c lose f or l ack o fb ul , a nd t he Ca la is lion

1 76

min t e ssen t ial ly h ad t o c lose f or t he s ame r eason i n t he n ex t y ear o r t wo.

I t

was n o t t ha t t he Burgund ians h ad b rough t a bou t t he c losure o f t he Ca la is m int b y as uccessfu l ' guerre moneta ire ', i tw as r a ther t ha t t he Engl ish a nd t he Burgund ians a l ike w ere t he c om mon v ict i ms o f ag enera l b ul lion f am ine. I n av ery r ecen t p anoram ic s urvey , Dr. Day h as n o t o n ly b eau t iful ly d ocumented wha t many h istor ians h ave f or s o me t ime s uspec ted , t ha t t here was ag enera l European b ul lion f am ine i n t he l a ter m idd le a ges , b u t h as a lso p inpo in ted i t s t im ing t o t he l ast y ears o f t he f ourteen th c en tury , a nd t he f i rst y ears o f t he f i f teen th c entury . 39

He h as s hown t ha t n ot o n ly w ere t he m ints o f F landers

a nd Ca la is c los ing i n 1 402, b u t t ha t a l most a l l t he m ints o f F rance h ad a lready c losed b y t ha t d a te , a nd t ha t e ven i n t he s i lver p roduc ing i s land o f S ard in ia t he min ts w ere a lso c losed. Even i n F lorence , Europe 's most i mportan tb ank ing c en tre , n o s i lver c ou ld b e f ound f or m in t ing.

He a t tr ibu tes t h is f am ine t o t he

r ad ica l d ecl ine i n t he p roduc t ion o f European s i lver m ines , a nd t he i n terrupt ion i n t he g o ld t rade a cross t he S ahara , c o mb ined w ith t he c on t inua t ion o n a large s ca le o ft he e xpor t o f p rec ious meta ls t o t he L evan t . Dr . Day c oncludes t ha t , i n Europe i n g enera l , t he worst o f h is c r is is was o ver b y a bou t 1 415-20. Th is f i ts w ith t he p ar t icu lar c ircu mstances o f Ca la is.

There was s o me s i lver a ga in i n F landers a s e arly a s 1 410-12, b u t

i td id n o t l ast , a nd m int ing r eal ly o n ly g o t u nder way a ga in i n 1 420.

I n Eng land

t here was ag enera l r eco inage i n 1 412. I n t he n ex t t wo y ears most o f t he s tock o f g o ld i n Eng land p assed t hrough t he p rocess o f r e- m in t ing , 40 b u t t hen t he e ar l ier n egl ig ible l evel o f m in t ing was r esu med. I t was o n ly i n 1 418 t ha t a g enu ine g row th i nt he p roduct ion o f c o in a t t he L ondon min t b egan. t he Ca la is m in t r e ma ined c losed .

A l l t h is t ime

The Ca la is m in t was n om inal ly i nc luded i n

t he a rrange men ts f or t he r eco inage o f 1 412, b u t n o th ing c ame o f i t , s ince t here was n o l arge s tock o f o ld n obles o nh and t here i n n eed o f r eco in ing.

However ,

b y 1 420 t here was n o t o n ly more p rec ious me ta l a bou t i n F landers a nd Eng land , b u t p eace was a lso r estored i n t ha t y ear , s o t ha t s uch f unds a s w ere b e ing g enera ted b y t he s tagnan t woo l t rade were n o l on ger d iver ted t o f inance Henry f V 's war e forts.

Peace a lso h igh l ighted t he p roble m o f p ay ing t he g arr ison a t

Ca la is i n e xact ly t he s ame way a s i th ad d one af ter t he p eace o f 1 360. I ndeed t he g arr ison t hrea tened t o mu t iny u n less p a id. The s ta tute t o r e-establ ish t he Ca la is m in t was p art o ft he r esponse t o t h is p roble m , j ust a s i th ad b een s ix ty y ears b efore , a nd n ow t ha t t here was b ul lion a bou t o nce more i t was p oss ible f or t he m in t t o r eopen i n 1 422. T he p art icu lar c ircu mstances o f Ca la is i n t he l a te 1 430s b rough t t he a cti v ity o f i t s m in t t o a close r a ther e ar l ier t han o ther European min ts , b u t t he lion f l ow s econd , a nd more s evere, b ul am ine o f t he f ol ing y ears b rough t p racly e l a l. t i cal very o ther European m int t o as tandst il s w el A f ter b e ing c losed f or e igh t a nd s even teen y ears r espect ively t he F le mi sh a nd Brabanvon m in ts a t Bruges a nd Ma l ines r e-opened i n 1 454 t o r eco in t he g o ld c ircu la t ing i n t he Burgund ian N etherlands. One a sp ira t ion e xpressed i n a C ommons ' p et it ion o f t ha ty ear a bou t t he manage men t o f t he Ca la is s tap le was t ha t ' money s hou ld b e c o ined i n t he K ing 's m in t t here , a nd f ro m t hence b e c arr ied a nd s pread i n t he r ea lm t o p ay t he g rowers o f woo l .. t he l ack whereo f was g rea t ly h ur tfu l t o t he c o m monwea l th. ' 4 1 J ust a s Ca la is h ad b een u na ble t o s hare i nt he Eng l ish r eco inage o f 1 412, s o i t was n ow a ga in u nable t o

1 77

s hare i n t h is Burgund ian r eco inage o f 1 454.

I n ar eco inage a ' na t iona l ' m in t

p r i mar ily d epended o n t he amoun t o f c o in c urren t ly c ircu la t ing i n t he who le c oun try , b u t t he Ca la is min t was n ever i n t h is p os it ion . I nstead i th ad t o d raw i t s s upp l ies o f p rec ious meta l f ro m t he f l ow f ro m t he N etherlands t o Eng land , a nd f or t h is 1 454 was n o more p rop it ious t han 1 412.

Even t hough t he h eavy

g overnmen t e xpend iture o n t he war i n F rance h ad c o me t o a n e nd t he p rev ious y ear , t he Eng l ish b a lance o f p ay men ts s t il ee ms t o h ave b een i n a dep lorable l s s ta te a nd g row ing w orse.

Fro m a round 1 446 Eng l ish o verseas t rade h ad b een

s uf ing f ro m v io len t f l uctua t ions. There was a drama t ic a nd c on t inu ing fer s hr inkage n ot o n ly i n t he im med ia tely r elevan t woo l e xports o f t he S tap lers, b u t 4 2 a lso i n c loth e xports a nd i nt he s h ipp ing o f g oods p ay ing p oundage .

The

Ca la is m int c ou ld n ot r e-open , a nd t he m in ts a t Bruges a nd Ma l ines c losed a ga in o nce t he r eco inage was o ver. The s econd European b ul am ine g rew lion f worse s t il n t i l b y t he e ar ly 1 460s t here was n o t o n ly a n a l most t o ta l l ack o f l, u s i lver a nd g o ld , b u t a lso a cons iderable s hor tage o fb lack money a s w el 1. 43 T he c o mb ina t ion o fn ew d iscover ies, t echn ica l improve men ts a nd t he i n ject ion o f s ou th G er man c ap ita l i n to m in ing b rough t a bou t t he o pen ing u p o f n ew s i lver m ines i n c en tra l Europe f ro m t he m id-1460s a nd t he r e-open ing o f o thers t ha t h ad e arl ier b een a bandoned . S ilver o nce more b egan t o b e m ined i n c ons iderable q uan t it ies a nd b ecame a va ilab le f or min t ing. There was a v ery s udden e nd t o t he b ul am ine a nd t he m ints o f w estern Europe w ere a ble lion f t o r e-open . Why d id t he Ca la is m in t n ot s hare i n t h is g enera l r ev iva l? Ang loBurgund ian t rade was r ev iv ing a t t he s ame t ime a nd t he c ond it ions l ook r ipe f or t he r e-open ing o ft he Ca la is m int , b u t i td id n o t h appen. The c o mb ined r efor ms o ft he c o inages o f Eng land b y Edward I V a nd o f t he L ow Coun tr ies b y Ph i l ip t he Good a nd Char les t he Rash b e tween 1 464 a nd 1 467 mean t t ha t t he r ela t ionsh ips b etween g o ld a nd s i lver i n Eng land a nd t he L ow Coun tr ies swung b ack a ga in t o f avour g o ld i n Eng land a nd s i lver i n t he L ow Countr ies. Any b a lance i nf avour o f Eng land was t herefore l ikely t o b e p a id i n g o ld , a nd i n f avour o ft he L ow Countr ies i n s i lver. Both s eemed t o h ave h appened . Engl i sh s i lver g roa ts h ave b een f ound i n s ubsequen t h oards i n t he L ow Countr ies , a nd o thers w ere c on f isca ted b y d uca l o f ic ia ls o n t he ir way i n to F landers . 4 4 f S ince t he Ca la is m in t was n ot o pened t o c onvert t he m i nto Engl ish money t he g old c o ins f ro m t he L ow Countr ies were n o t i n tercep ted , b u t e n tered Eng land a nd h ave b een f ound i n a t l east o ne Engl ish h oard , d esp ite a l l t he t rad it iona l p roh ib it ions a ga inst t he c ircu la t ion o f f ore ign c o in i n England .

I n t he F ishpoo l

h oard , f ro m N ot tinghamsh ire , d epos ited a t a bout t he t ime o f Edward I V 's monet ary r efor ms , t here w ere 1 66 Burgund ian p ieces among at ota l o f 1 237 g o ld c o ins. On ly f our o f t hese were n obles a nd h a lf-nobles t ha t h ad e n tered t he c oun try i n t he l a te f our teen th c en tury a nd e scaped t he r eco inage o f 1 412. A l l t he r e ma inder h ad c ome i n to t he c oun try much more r ecen t ly .

There w ere

1 35 g o ld L ions , t he most r ecen t Burgund ian c o ins, p art o f t he r eco inage f or wh ich t he m in ts o f t he L ow Coun tr ies h ad b een t e mporar ily r e-opened i n t he m id-1450s , a nd 2 7 g o ld R iders , s truck most ly i n t he 1 430s , b efore t he b ul lion f am ine h ad c losed t he Burgund ian m in ts . 4 5 T he n ew Burgund ian g o ld p ieces s truck a f ter t he monetary r efor m o f 1 466 , t he f l or ins o f S t . Andrew , a lso c ircu la ted i n England , t o s uch a n e x ten t t ha t i tb ecame worth w h i le t o f orge t he m. The c on fession o f J ohn S taf ford o f Midd lew ich i n Chesh ire , when a rra igned b efore t he L ord Mayor o f York , i s most i n teres t ing i n t h is r espect.

1 78

' John S taf on fessed a nd s hewed h ow h e was a b id ing f ord...there c a nd i nhab i ted w i th in t he maner o f Wyn feld , i n Derbysh ire, b elongi ng t o t her le o fS hrewsbury , l a te d ecess id , i n w h ich man .er t he s a id J ohn d id f i nd c er ta in c onyng y rens ..ber ing t he p r in t o f t he Duch c o igne c al a in t Andrew , w ith t he wh ich y rens h e h a th c o igned lid S a nd s e t t he p ryn ts o f t he s a id i n ns o pon l a ton g il ted b y t he s pace o f ay ere o r moo , a nd t hogh t t o h ave u tered t he me t o s uche a s h e t m igh t , a nd o ver t ha t h e c onfess id t ha t h e h ad c o igned h ertofore i n Derbysh ire, wherupon h e was i nd ited , f or t he wh ich h e d id p urche sse a spec ial har tour u ndre t he K ings b rood s ea l o f Eng land ' 46 l c I ti s n ot a t a l c lear when t he f orgery b egan. I fh is t est i mony i s n ot i t self a l f abr ica t ion , h e h ad f ound d ies made b y , a nd p resumably a lready u sed b y , a n e arl ier f orger , b efore h e s tar ted h is own c oun terfe it ing.

Ih ave n ot y et t racked

d own t he i nd ict men t t ha tb rought h is f i rst s pel f i l ic it c o in ing t o a n e nd , b u t l o l t he s ubsequen t p ardon was e nrol n t he Pa tent Rol n 1S epte mber 1 473. led i ls o H is s econd e xper i men t w i th f orgery c ame t o a n e nd o n 1 7 Dece mber 1 484 when h e was a rrested i n York w ith ah undred p ieces o f c o ined l a ton o n h im , ' wh ich h e t hogh t t o h ave g il ted a nd u terd w ith in t h is C it ie , a nd o thre p laces, i n t he t g rete d isse it a nd h ur t o ft he K ings p eop le '. I fh is own c onfess ion i s n o t f a lse , h e h ad t aken u p f orgery a ga in o n ly i n t he p rev ious y ear. The imp l icat ion i s t ha t e nough f l or ins o fS t . Andrew h ad r eached Derbysh ire b y t he e ar ly 1 470s, i fn ot e ar l ier , f or i tt ob e worth f org ing t he m , a nd t ha t s uf ien t s t il e ma ined fic l r i n c ircu la t ion i n York t en y ears l a ter f or i tt o b e w orthwh ile t o t ry a ga in .

Un-

f ortuna tely n o s izable h oard o fg o ld c o ins , b ur ied i n t he 1 470s o r 1 480s , h as y et b een f ound i n Eng land . I ti s t herefore n o t p oss ible t o g uess a t h ow l arge ap ropor t ion o f t he g o ld c o in t hen c ircu la t ing i n Eng land was made u p o f f l or ins o f S t . Andrew.

One s tray e xa mp le was f ound a t Wiston i n S uf lk i n 1 854. 47 fo

Had t here b een a m in t a t Ca la is i ti s much l ess p robab le t ha t s uch a q uani ty o f l i ons a nd r iders a s w ere f ound i n t he F ishpoo l h oard , o r o f t he f l or ins t o f S t . Andrews t ha t t e mp ted J ohn S taf o f orge t he m , wou ld h ave c o me i n to f ord t c ircu la t ion , i n Eng land. I t wou ld h ave b een p oss ible t o m int g o ld a ga in i n Ca la is i nt he l a te 1 460s. I tr e ma ins ap uzzle why i t was n ot d one. A t s o me p o in t t he d ec is ion must h ave b een t aken t o a bandon t he t rad it iona l Eng l ish p o li cy o f i n s ist ing t ha t a l f ore ign c o in b e r em in ted a nd n o t p er m it o c ircu la te l ted t i n England . F our teen y ears a go Ip robably w rong ly s uggested t ha t t h is r ad ica l d ec is ion was made i n 1 469 , i n t he n ego t ia t ions l ead ing u p t o t he monetary c onv en t ion o ft ha ty ear , wh ich p er m it he f ree c ircu la t ion o f Engl ish c o in i n t ed t t he L ow Coun tr ies , a nd o f Burgund ian c o in i n England . 48 Co mmerc ia l d iscuss ions , w ith o r w ithou t a monetary c on ten t , h ad l asted o n a nd of f or t wo y ears , 4 9 b u t e ven b efore t h is t he l i ons a nd r iders f ound i n t he F ishpoo l h oard h ad b een p er m it o c o me i n to Eng land , a nd t o c ircu lat e h ere. ted t

I ts ee ms t ha t t he 1 469

c onven t ion d id n o t mark t he b eg inn ing o f t he c ircu la t ion o f Burgund ian c o in i n England , b u t merely i t s r egu lar isa t ion . 5° A l though t he p o l it ica l r eversa ls o f 1 469-71 p reven ted a ny f or ma l r a t if ica t ion o f t he 1 469 a gree men ts, t hey s ee m t o h ave b een e f fect ive.

One c orol l ary w as t he a brogat ion o f t he Ca la is b ul lion

o rd inances b y Edward I V i n 1 473, a f ter h is r estora t ion t o t he Eng l ish t hrone w ith Burgund ian a id. The S tap lers were n o l onger t o b e b ound t o e xact t he who le , o r e ven a large p ar t , o ft he p r ice o ft he woo l t ha t t hey s o ld , i n r eady

1 79

money , p a id a t Ca la is.

Th is d is man t l ing b o th o f t he o bl iga t ion t o t ransfor m

Burgund ian c o in i n to Eng l ish , a nd t o p ay o ver l arge q uan t it ies o f r eady money a t Ca la is r e moved t he n ecess ity o f r eopen ing t he Ca la is m int . I ts t il l r e ma ined n om inal ly i n e x istence u n t il t he s ix teen th c en tury , a nd i t s mastersh ip was h eld i n p lura l ity w i th t ha t o f t he Tower m int .

I ti s j ust

p oss ib le t ha t a n e x tre mely b r ief a nd m inor r ev iva l o f m int ing a t Ca la is may h ave t aken p lace i n 1 539 ,

5 1

b u t t he r ea l p oss ib i l ity o f r eopen ing i ta s a ma jor

m int was n ot i n t he 1 530s , b u t i n t he 1 460s , a nd was d el ibera tely t urned d own . The Cely Papers s how v ery c learly t he p a ttern o f wha t h appened i nstead. S tap lers n om inal ece ived h a l f o f t he p ay ment f or t he s a les o f t he ir woo l i n ly r c ash.

However , o n ly ap ar t o f t h is h a lf was p a id o ver i n a ctua l c o in a t Ca la is,

t he r e ma inder was t o b e p a id a t Bruges a ga inst s hort t er m b il l s. h a l f was a lso p a id a t Bruges , b u t a ga inst l onger t er m b il l s.

The o ther

The l arger p ar t

o f t he S tap lers ' r ece ip ts w ere t herefore n o t i n c ash a t a l , a nd t he e xport o f l woo l was n o l onger Eng land 's ma jor e xport .

The g rea t r ev iva l , a nd i ndeed

e xpans ion , o f Eng l ish e xpor ts f ro m t he 1 460s was l ed b y c loth , n ot w oo l , a s i n t he p ast .

Y et , e ven i fc ash p layed a m inor p art i n t he s a les o f t he S tap lers ,

a nd t he ir s a les n o l onger p layed t he ma jor r o le t ha t t hey h ad d one , t here was s t il o me f l ow o f c ash i n to Eng land t hrough Ca la is. l s

I n t he a bsence o f a m in t

a t Ca la is t he Ce lys ' n otes o f ' Redey money b y me ' , a s j ot own i n Ca la is i n ted d t he l a te 1 470s a nd t he 1 480s c ould n o l onger c ons ist o f d eta ils o f n ew ly m inted Eng l ish c o in .

I nstead t hey l i sted a g rea t v ar iety o f c o in f ro m t he N etherlands

a nd b eyond , i n wh ich Engl ish money p layed a neg l ig ible p art .5 2

Fro m 1 479

t he ir c orrespondence s hows t he m s end ing Burgund ian s i lver d ouble p a tards i n to Eng land , f or b y t hen t he r ela t ive v a lues s et o n g o ld a nd s ilver i n t he t wo c oun tr ies a ga in f avoured t he s end ing o f s i lver f ro m t he L ow Coun tr ies i n to Eng land.

L et f 1 479 , 1 481, 1 482 a nd 1 484 s how t he m s end ing h o me s u ms ters o

o f £ 10 , £ 12, £ 23 a nd e ven £ 40 o r £ 50 i n wha t t hey c al caro lus ' , l ed ' ' carol ' , ' car lys' , ' car lyche ' o r ' carleche ' g roa ts —the d ouble p a tards s truck l es b y t he l a te d uke , Char les.

A t t he b eg inn ing , i n 1 479 , t hey were n o t w el el r

c e ived , b u t b y 1 481 t hey w ere p ar t icu lar ly s ough t f or a nd were u sed b y R ichard Cely f or mak ing w oo l p urchases i n t he Cotswo lds.

Double p a tards w en t o n c ir-

c u la t ing i n England u n t i l t he 1 530s , a nd h oards f ro m t he 1 480s a nd t he 1 490s s uggest t ha t Burgund ian d ouble p a tards may h ave t hen f or med a s much a s a 3 f if th o f t he s i lver c o in c ircu la t ing i n England .5

The s i lver d ouble p a tards s h ipped f ro m Ca la is i n to England i n t he 1 480s w ere o n ly t he l a test i n a long l i ne o f c o ins wh ich h ad f lowed i n to t he c oun try whenever t he o veral a lance o f p ay men ts h ad b een i n Eng land 's f avour . l b

They

h ad b een p receded i n t he 1 450s a nd 1 460s b y g o ld l i ons a nd f l or ins o f S t. Andrew , i n t he 1 420s b y Eng l ish g roa ts m inted i n Ca la is , i n t he 1 390s b y F le m ish n obles , i n t he t wenty y ears b efore t ha t b y Eng l ish n obles m inted i n Ca la is , a nd e ven b efore t ha t b y l arge q uan t it ies o f u nknown c o ins r em in ted i n to Engl ish p enn ies a t Can terbury a f ter t he ir a rr iva l i n Eng land.

1 80

NOTES

1 .

l eague Dr. Rob Iam i ndebted t o mycol in S tudd f or r ead ing my p art o f t h is p aper i n d raf t.

2 .

I a s k ing I t h ad e ar l ier s truck a v ery l im ited amoun t o f c o in f or Edward I

. 1 85 a nd S . E . R igold , ' Une t rouva il n l ed ans u o f France, s ee b elow p p u its h l a c a thedra le d 'York ', Bul in d e l a S oc iete Franca isede Nu m isl et ma t ique, 3 .

2 00 Ciii

( 1978 ), 3 94-6.

T . H . L loyd , The Engl ish Wool Trade i n t heM idd le Ages , ( Ca mbr idge, 1 977 ), p . 2 45, [ hencefor th Wool Trade ].

4 .

J ohn H . Munro , Woo l , C loth a nd Go ld.

The S truggle f or Bul n lion i

Ang lo-Burgund ian Trade 1 340-1478 ( Brussels/Toronto , 1 973 ), p p. 1 88-93. 5 .

Peter S pu fford , Monetary Proble ms a nd Pol ic ies i n t he Burgund ian N etherlands 1 433-1496 ( Le iden , 1 970 ) [ hencefor th Monetary Proble ms a nd Po l ic ies ].

6 .

Iam i ndebted t o L loyd 's Woo l Trade f or t h is i n terpreta t ion o f t he move o f t he s tap le t o Ca la is, a s wel s f or a g rea t d ea l o f t he b ackground t o l a t h is p aper.

7 .

J . D . A . Tho mpson , I nven tory o f Br it ish Co in HoardsA . D . 6 00-1500 ( London , 1 956 ).

8 .

Hoards n u mbered 1 49 a nd 3 8.

C . G .C ru mp a nd C . J ohnson , ' Tables o f Bul o ined u nder Edward I , lion c I a nd I I ' , Nu m is ma t ic Chron icle, 4 th s er., xi ii ( 1913 ), 2 00-245.

9 .

T . H . L loyd , ' Overseas Trade a nd t he Eng l ish Money S upp ly i n t he Four1279-1344 ), e d. N . J . t een th Cen tury ' , Edward ian Monetary Af fa irs *( Mayhew , Br it ish Archaeo log ica l Reports, 3 6 ( Ox ford , 1 977 ), 1 03-8 [ hencefor th ' Trade a nd Money S upp ly ' ].

1 0.

I de m , p p . 1 08-110.

1. 1

S ee b e low p 1 84.

1 2.

L loyd , Woo l Trade , p . 2 10.

1 3.

J ohn H . Munro , o p.c it., p . 3 9.

1 4.

L loyd , Woo l Trade, p . 2 40.

1 5.

L loyd ,

1 6.

I b id ., p p. 1 16-121.

1 7.

•

' Trade a nd Money S upp ly ' , p . 1 15.

H . L . Gray , ' Eng l ish Fore ign Trade f ro m 1 446 t o 1 482' , S tud ies i n Eng l ish Trade i n t he F if teenth Cen tury , e d. E . Power a nd M. M. Postan ( London , 1 933 ), p p. 1 0-20.

1 81

1 8.

M-R. Th iele mans, Bourgogne e t Angle terre 1 435-1467 ( Brussels, 1 966 ), p p. 3 62-4.

1 9.

Munro , 2 E .c i t .

ly Th is i s a m a jor t he me o ft he b ook , b u tsee e spec ial

Graphs I I a nd I V , p p. 7 1 a nd 9 7 , a nd Graph I , p . 4 8. 2 0.

S ee b elow , p p . 1 87-8.

2 1.

Tho mpson ,

2 2.

Cru mp a nd J ohnson , a r t. c it .

2 3.

Munro ,

2 4.

L loyd , Woo l Trade, p . 2 44.

2 5.

f ord P eter S puf , ' Cont inen ta l Co ins i nLa te Med ieva l Eng land ', Br it ish

. c it., h oards n u mbered 1 51/157 a nd 5 7.

. c i t ., p . 4 7.

i ( N um is ma t ic J ourna l , x . xxi 1964 ), p p. 1 29-132. 2 6.

F or e xamp le o n ly 4 o f t he 6 3 n obles i n t he Horsted K eynes h oard , f rom S ussex , o f a round 1 430 , a n teda ted t he r eco inage, a nd n one o ft hese was F le m ish .

Tho mpson , o p.c it ., h oard n o . 1 94.

2 7.

Tho mpson , o p.c it., h oard n o . 19 2.

2 8.

ly s Th is i s n o t r eal urpr is ing i n v iew o f t he p roport iona l v a lues t hen s et o n g o ld a nd s i lver b y t he Eng l ish a nd Burgund ian m in ts.

Wh ilst s i lver

f ro m F landers was f eed ing t he Ca la is m in t i n t he 1 420s, g o ld n obles f ro m Eng land w ere c ircula t ing i n F landers.

Comp la in ts o f t he l oss o f Eng l ish

g o ld t o F landers w ere made i n p ar l ia men t i n 1 423 a nd 1 429 a nd a s ign if ic an t n u mber o f Eng l ish n obles h ave b een f ound i n Burgund ian c o in h oards f ro m t h is p er iod . 2 9.

S pu fford , Monetary P roble ms a nd Po l ic ies , p p. 5 8-9 .

J aarboek v oor Mun t-e n P enn ingkunde , x lv ( 19 58 ), 1 55-161; ..voor Mun i i ( t-e n P enn ingkunde , vi 1900 ), 2 15-232;

T i jdschr if t

Revue Beige d e

N um is ma t ique, l x iv ( 1908 ) , 2 54ff . 3 0.

2 .c i t ., p art icu lar ly Graph V I , p . 1 56. Munro , 2

3 1.

S puf , Monetary P roble ms a nd Po l ic ies, p p . 1 21-2. f ord

3 2.

T h is was i n p art a coun ter- measure t o t he Eng l ish r equ ire men t , u nder t he i l-conce ived Bul inances o f 1 429 a nd 1 433, t ha t a l t he t rad il lion Ord l t i ona l e le men ts o f c red it b e e l im ina ted f ro m p ay men ts f or t he S tap lers ' woo l a nd ' t he h oo l p a ie men t b e made i n h and '.

3. 3

S puf , o p .c it ., p p. 9 8-104; f ord

Munro , o p.c it ., p . 8 4f . f

a nd Munro , o p .c it ., p . 1 91, who p r in ted

t he p roduc t ion f igures f or t he Ca la is m int t ha t If a iled t o f i nd. r eproduced b elow , p p . 1 92-8 ,

They a re

a nd s how h ow r ap id ly m in t ing d ec l ined i n

t he 1 430s. 3 4.

_ 2 .c i t . , p p . 4 3-63. Munro , 2

3 5.

Bo th P rofessor Munro 's p roduct ion f i gures f or t he Ca la is m in t , a nd t hose o f Mr. L loyd , a re r epr in ted i n Append ix I( below p p. 19 2-8 ), t ogether w ith t he l ong k nown f igures o r ig inal r in ted b y Cru mp a nd J ohnson . ly p

3 6.

L loyd , Woo l Trade , p . 2 46 , a nd ' Trade a nd Money S upp ly ' , p . 1 19 . ,

1 82

3 7.

Munro , 2 2 .c it., p .52 , a nd a lso a bove p . 1 63 f or e v idence r ecen t ly f ound b y M. Cockshaw .

3 8.

Munro , o p .c it ., p p. 4 8 a nd 5 8-61.

3 9.

J ohn Day , ' The Grea t Bul lion Fam ine o f t he F if teen th Century ' , Past a nd P resen t , l xx ix ( 1978 ), 3 -54.

Pr ofessor Munro d iscusses t h is monetary

c on tract ion i n g rea ter d eta il a bove , p p . 9 5-161, p ar t icu larly i n i t s l ong t er m c onsequences. 4 0.

T he r eco inage was i ntended t o t ake i n b oth g o ld a nd s i lver.

However a

g rea t d ea l o ft he s i lver c o in i n c ircu la t ion was t oo worn a nd l i gh t t o make i tw or th wh ile f or i t s owners t o h ave i tr em inted.

I tt herefore c on t inued

i n c ircu la t ion , a s t he At t enborough ( 2 . 1 420 ) a nd T err ing ton ( 2. 1 425 ) t enborough t s., h oards b ear w itness. Mar ion M. A rch iba ld , ' The At , N ot i i 1 966 H oard ' , Br it ish N um is ma t ic J ourna l , x xxv i ( 1969 ), 5 0-83. 4 1.

Rotu l i Par l iamentoru m

v , 2 76.

4 2.

H . L . Gray , ' Eng l ish F ore ign Trade f ro m 1 446 t o 1 482 ' , S tud ies i n Eng l ish Trade i n t he F if teen th C entury , e d. E . P ower a nd M . M. Postan ( London , 1 933 ), p p. 2 0-38.

4 3.

S ee Chap ter 1 1 o f my f or thco m ing b ook o n money a nd i t s u se i n med iaeva l Europe.

4 4.

S ee a bove ,p p . 1 75-6 a nd n o tes 2 9-31.

4 5.

ts.), 1 Mar ion M. Arch iba ld , ' F ishpoo l , B l idwor th ( Not 966 Hoard ', N um is ma t ic Chron icle , 7 th s er., vi i ( 1967 ), 1 35-145.

4 6.

York C iv ic Records, e d . Angelo Ra ine.

Y orksh ire A rchaeo log ica l S oc iety ,

i ( Record S er ies, x cv ii 1939 ), 1 06-8. 4 7.

A rchaeo log ia , x lv i ( 1881), 2 70 ,note 1 .

Iam i ndeb ted t o Dr. M ichael

Metca l f f or t h is r eference. 4 8.

f ord P eter S puf , ' Burgund ian Double Pa tards i n L a te Med ieva l Eng land ' , Br it ish N um is ma t ic J ourna l ,

4 9.

XXXiii

Munro , 2 2 .c it., p p . 1 71-176.

( 1964 ), 11-114.

Professor Munro 's d escr ip t ion o f t he

1 469 c onven t ion a nd m ine a re c o mp le men tary .

They w ere wr itten i nde-

l i p enden t ly a nd b o th n eed t o b e r ead t o g a in a ful mpress ion o f i t . 5 0.

Mar ion Arch iba ld , a r t .c it ., p . 1 39.

5 1.

T . F . Reddaway , ' The Eng l ish Roya l M in t a t Ca la is ', Br it ish N um is ma t ic J ourna l , x xx iv ( 1965 ) , 1 24-5.

lis C . E . Chal , The Tudor Co inage ( Man-

c hes ter , 1 978 ), p . 6 , d escr ibes t he e v idence o f a ctua l mint ing a t Ca la is a s v ery s lender i ndeed .

H e p o ints o ut , h owever ( p . 9 ) , t ha t t he i dea o f

l i m in t ing a t Ca la is was s t il n t he a ir i n 1 545. 5 2.

T here a re a n u mber o f s uch l i sts o f ' Redey Money b y me ' among t he u np ub l ished p ar t o f t he C ely Papers. T hey were n o t i nc luded i n Mrs. A l ison Hanham 's e d i t ion , s ince s he c onf ined h erself t o t he l et ters.

I

q uo ted o ne s uch l i st , o f C . 1 478 ( Publ ic Record O ff ice , L ondon , C. 4 7/3 7 / 1 5/ 14 ) i n my Monetary P roble ms a nd P o l ic ies , p . 6 7. 5 3.

f ord S puf , a r t .c it ., p p . 1 14-117. 1 83

CALAIS AND I TS MI N I ':

PART TWO

P . Woodhead

I nt he p reced ing p ages P e ter S pu fford h as b rough t o u t t he ma in p o in ts i n t he e cono m ic h istory o f Ca la is a s a n Eng l ish m in t t own s i tua ted o nt he ma inl and o f Europe.

When Iwas a sked b y t he o rgan isers o f t he s y mpos iu m t o

wr i te a c o mp le men tary p aper o n t he a dm in istra t ive h istory o f t he Ca la is m in t i t self

a nd o n i t s n um is ma t ic h istory a nd s ign if icance, Ir ead ily a greed f or

l k b o th a re w el nown a nd i ts ee med j ust aq uest ion o f s u m mar is ing t he e v idence t ered t l argely s cat hrough ag ood many v o lu mes o f p er iod ica l l i tera ture. I n t he e ven t Ih ave b een l ed i n to s tud ies t ha t a re n owhere n ear c o mp le te, n or c an b e c o mp leted i nt he im med ia te f u ture.

My r ev ised p resen t p urpose i s t herefore

t o wr i te a s hor t n o te d raw ing t ogether t he most s a l ien t f ac ts t ha t a re k nown a bou t t he Ca la is m in t a nd i t s c o ins, p o in t ing t he way t o where more d eta iled a ccoun ts a re p resen t ly a va i lable a nd , more impor tan t , h igh l ight ing where f urther work a nd r esearch i s c erta in ly n ecessary . P erhaps t he most i mpor tan t f act , wh ich i s s eldo m r ecogn ised , i s t ha t t here a re t hree ma in p er iods t o c ons ider.

The f i rst , l ast ing o n ly a v ery s hor t

t ime f ro m 1 347 , may b e t er med t he ' French p er iod '. p er iod ' c o m mences i n 1 363 a nd l asts t o a bou t 1 440.

The s econd , o r ' Engl ish The t h ird , o r ' Unknown

p er iod ' r efers t o 1 539. A .

THE FRE NCH PERIOD l Prev ious h istor ies o ft he Ca la is m in t h ave a l r ec i ted t he r ecords r ela t ing

t o i t s o pen ing i n 1 347

ow a nd p assed s tra igh t o n, f or n o c o ins w ere k nown .1 N

t ha t a t l east t wo s pec i mens a re k nown t o s urv ive f ro m t h is f i rst p er iod , i t r eeds b r ief ly t o b e l ooked a t a ga in . Ca la is f el l t o Edward I I o n 3 August 1 347.

On ly t wo mon ths l a ter , o n

2 0 O ctober 1 347 , h e g ran ted t o Wil e S a lop t he o f ice o f k eeper o f t he liam d f our mon ths l a ter s t il ur ther o rder d a ted 6 F ebd ies o r a ssayer t here. 2 F l, a f r uary 1 348 p rov ided t ha t t he moneyers s hou ld make ' wh i te ' money ( i .e. o f g ood s i lver , n o t b il ) a s made i n Eng land a nd o f t he s a me we igh t a nd a loy l on l a s Engl ish c o ins. 3

N o c o ins o f Eng l ish t ype a re k nown t ha t c an b e a tr ibu ted t

t o t h is p er iod , a nd i ti s q u i te l ikely t ha t n one were e ver s truck .

The p lan t o

o pera te a m in t a t Ca la is was a pparen t ly n o t a bandoned , h owever , f or a wr i t was s en t o n 2 8 May 1 349 t o t he Cap ta in o f Ca la is o rder ing h im t o s tr ike c o in t o s u i t l oca l n eeds a s h e d ee med n ecessary .4

Moreover , a year l a ter , o n 5

May 1 350 , a n i nden ture b e tween t he k ing a nd t he merchan ts o f Ca la is t est if ied t ha t t he k ing h ad o rdered money t o b e s truck ' o f g o ld a nd s i lver , w h ite a nd b lack , a gree ing i n s ta mp , w e igh t , a loy a nd a l o ther t h ings w ith t he money o f l l 5 I t must b e a cknow ledged t ha t t h is e n try was c ancel n t he r ol France. ' l ed o l

b ecause i t was s urrendered a nd t est i mony g iven t ha t n o th ing was d one t hereon , b u t t ha t s ta te men t c ou ld b e amb iguous. 1 85

6

Was n o th ing d one a bou t s tr ik ing c o ins o f F rench t ype o r p erhaps was i tt ha t l t t he merchan ts d id n o t f u lf il heir p ar t o ft he b arga in a nd s o b ecame u nen t i t led t o r ece ive t he b enef i ts d ue t o t he m u nder t he a gree men t? There a re n ow k nown c o ins o f Ca la is c losely c opy ing t he d oubles t ourno is i ssued b y P h il ip V I o f France i n 1 348-49. 7 Two s pec i mens a re r ecorded. The f i rst i s i n p oor c ond it ion , s o much s o t ha t t hree d is t ingu ished F rench n um is ma t ists i nt he l ast c en tury n o t o n ly r ead i ti ncorrect ly b u t a lso d iferen t ly f ro m e ach o ther .

8

A s econd

s pec i men r ecen t ly d iscovered i s i n e ven worse c ond it ion , b u t f rom t he p a ir i t i s n ow c lear t ha t t he o bverse l egend i s a n a bbrev ia t ion o f Edwardus D e i Gra t ia Angl im e t F ranc i

Rex , w i th Moneta Ca les is o nt he r everse .9

Wh ile t hese a re t he o n ly c o ins t ha t c an p resen tly u nequ ivocably b e p u t t o t h is f i rst p er iod o ft he Ca la is m in t , t here a re s ome o ther p oss ible c and ida tes. One was r epor ted t o h ave t he r everse l egend a s Moneta Ca lesie , b u t must b e ° A t t h is t ime c o in s i nt he n ame o f K ing Edward w ere r egarded w i th r eserve. 1 s truck i n p rofus ion i n h is d uchy o f A qu i ta ine, b oth c opy ing a nd a dap t ing F rench

r ega l c o inage t ypes .1

S o me o f t hese d o n o t s pec ify t ha t t hey a re o f Aqu i ta ine

a nd c ou ld p oss ibly h ave b een s truck i n Ca la is ( i t was n o t t he F rench c usto m a t t h is p er iod t o s pecify t he n ame o ft he m in t o n t he c o ins ). Co ins u nknown t o Hew let t, i nclud ing a n e cu d 'or , a re p ubl ished b y L a faur ie a s b e ing p oss ibly o f Ca la is. 1 2 B .

THE ENGL ISH PERIOD The woo l s tap le c on t inued a t Bruges u n t il t he a u tu mn o f 1 362,

1 3

b u t Par l i-

amen t d iscussed t he p ro ject o f mak ing Ca la is t he s o le c en tre o f t he Eng l ish wool t rade , a nd o n 1 M arch 1 363 t he f ul tap le was e s tabl ished t here. 1 l s 4 H enry d e Br isele 's i nden ture a s master o ft he Ca la is m in t was d a ted t he s ame d ay .1 5 H is a c tua l a ppo in t men t was a l i t le e arl ier , f or b y a wr i t d a ted 2 0 F ebruary t 1 363 h e was d ischarged f rom t he c ustody o ft he Devon m ines b y r eason o f t he f act t ha t h e h ad b een a ppo in ted m in t master a t Ca la is :1 6 t he m in t a ccoun ts a t Ca la is r un f ro m t h is e arl ier d a te. 1 7 A l though t he mastersh ip o f t he m in t was ac rown a ppo in t men t , t he warden o f t he e xchange a nd t he a ssayer were t o b e a ppo in ted b y t he mayor a nd a lder men o f Ca la is w ith t he a ssen t o f t he g overnor a nd t reasurer o ft he t own .1 8 N o r ecord o f t hese l a ter a ppo in t men ts i n 1 363 t a ppears t o s urv ive , b u t a n e xchange was c er ta in ly s e t u p , f or Adam d e S a in t l ye , who f ar med t he e xchange i n Eng land , o n 1 0 D ece mber 1 363 was a l lowed ar educ t ion i nh is p ay men ts b ecause a n e xchange a t Ca la is h ad b een i nst itu ted— a nd was s t il l b e ing h eld — s hort ly a f ter h is t er ms h ad b een a greed o n 3 March o f t he s ame y ear • 19 The s taf f a nd workers o f t he Ca la is m in t w ere g ran ted t he s ame r igh ts a nd p r iv i leges a s t hose i n L ondon , 2° and t he t er ms o f Henry d e Br ise le 's i nden ture i n r espect o f t he c o ins h e was t o s tr ike were i den t ica l t o t hose o ft he master o f t he L ondon m in t .2 1 I f , a s S puf app i ly p hrases i t , med ieva l men ' were n o t e n t irely c onf ord h v inced t ha t Ca la is was i n England ' ,

2 2

s o t oo n um is ma t ists i n t he l ast c en tury ,

o nb o th s ides o ft he Channel , t ended t o r egard t he Engl ish t ype c o in s o f Ca la is a s F rench a nd q u i te s epara te f ro m t he em iss ions o ft he u ndoub ted Eng l ish m in ts. Bu t t he t er ms o f t he m in t i nden tures c on t inued t o b e i den t ica l. D ies w ere s upp l ied f rom L ondon t o Ca la is. A f ter af ew y ears i tb ecame t he c ustom f or t he s ame man t o h o ld i n p lura l i ty t he p osts o f master a t b o th L ondon a nd Ca la is, w i th o ne t o b e e xecu ted b y d epu ty . 1 86

E f fect ively Ca la is b ecame a

b ranch o ft he L ondon m in t.

P rogress i nt he c lassif ica t ion o f t he c o ins o n ly

b ecame p oss ible when i t was r ea l ised t ha t n e i ther L ondon n or Ca la is c ou ld a dequa tely b e s tud ied w i thou t c onstan t r eference t o t he o ther. I ndeed , t he a tt r ibu t ion o ft he g o ld c o ins t o t he ir m in t o f s tr ik ing o n ly b ecame p ossible when t ha t was d one. lian I nt he e arly y ears o ft h is c en tury F . A . Wa l ters p ubl ished ab r il t s er ies o f a r t icles c lass ify ing t he c o ins o ft he l a ter P lan tagenet k ings, f i rst t ime b rough t o rder t o t he s er ies.

2 3

wh ich f or t he

A l though i n many r espects n ow s uper-

l h s eded , t hey s t il ave a considerable v a lue f or e very s tuden t . Ag enera t ion t on s l a ter L . A . L awrence , G . C . Brooke a nd C A . Wh it ub jec ted t he c o ins o f t hese k ings t o m inu te e xam ina t ion a nd i ti s t he ir c lass if ica t ions wh ich a re i n t heir e ssen t ia ls u sed t oday ,2 4 t ogether w i th C . E . B lun t 's d iscern ing s tudy o f t he h eavy c o ins o f Henry I V .2 5

Much o f t he work o f L awrence , Brooke a nd

t on was c t Wh it oncerned i n a te mp ts t o e stabl ish s epara te d ist ingu ish ing marks f or e ach t hree- mon th p er iod o ft he p yx t r ia ls.

More r ecen t ly W. J . Pot t er

ly a l h as r e-exa m ined v ir tual l t he c lassif ica t ions, a nd p o in ted o u t t ha t i n p laces t hey h ad o verstra ined t he e v idence i n w ha t h ad b een a n u nnecessary e xerc ise : t he m in t i nden tures d id n o t r equ ire s epara te marks f or e ach p yx p er iod , b u t o n ly f or e ach m in t master. 2 6

t er Pot 's c onsequen t emenda t ions w ere , h owever ,

l c s t il onstra ined t o d ist ingu ish t he em issionsof e ach k ing , a nd r e l ied o n Rud ing 27 f or d a tes o f m in t o u tpu t whereas c orrec ted f i gures h ad l ong b een i n p r in t. 2 8 ly a l l t The amb i t ion o f v ir tual l n um is ma t ists i n a l c oun tr ies a nd s er ies, t o a te mp t l t o a loca te e very i nd iv idua l c o in t o a par t icu lar r u ler i s s een n ow t o b e a n u nrea l g oa l , f or t he med ieva l m ind d id n o t work i n t ha t way . 29

l l S t il ess i s i tp rac-

t i cable i n c ases where s uccess ive r u lers h ad t he s ame n ame :

w i th t hree Henr ies

i n s uccess ion t here was n o c ons tra in t o nt he m in t of ic ia ls t o mark t he c hange l o f r u ler i n a ny way a t a l. Our p resen t s yste m o f c lass ify ing t he c o ins o f Edward I I t hrough t o Henry V I , a l though u ndoubted ly c orrect i n i t s e ssen t ia ls , r equ ires a c o mp le te r ea ppra isa l i n i t s m inu t i w. A n ew a pproach t o t h is h as b een d e mons tra ted b y Miss M. M. Arch iba ld 's p enetra t ing r e marks w h ich c lear ly s how t ha t s tudy o f t he s equen t ia l u se o f i nd iv idua l p unches i s o f f undamen ta l impor tance . 3 0 The f n ew t echn ique i s c urren t ly b e ing u sed t o g ood e fect f or a n e arl ier c o inage ,3 1 l awa b u t s t il i ts a ded ica ted s tuden t t o a pp ly i tt o t he l a ter P lan tagenets. The a dm in istra t ive h istory o ft he m in t a nd e xchange c anno t y et b e a dequa tely wr it t en . P ub l ished d ocu men ts a re more e x tens ive t han when Wa lker was w r it ing ,3 2 b u t t here i s o verwhel m ing mass o f d ocumen ta t ion s urv iv ing f rom t he p er iod w h ich w il l p robably n ever b e p r in ted. I , l ike most n um is ma t ists , am ly e ls a n o t t echn ical qu ipped t o s earch t he b u lky r ol nd o ther r ecords.

S ome

f ru it fu l s ources a re c lear : one o ft he most u rgen t d es idera ta i s t he a va i lab il i ty l t o f f ul ranscr ip ts o f t he m in t a ccoun ts t he mselves, wh ich h ave b een q uarr ied l h b y s evera l h istor ians f or p ar t icu lar i n for ma t ion b u t wh ich s t il ave much t o f o fer. A t t h is t ime we c anno t c er ta in ly c o mp ile a co mp le te l i st o f t he mas ters o f t he Ca la is m in t , a nd t he o ther o f f ic ia ls t here a re i n u tter c on fus ion .3 3 The s pec ia l c haracter o f t he m in t a t Ca la is i s e v idenced b y i ts tr ik ing o n ly g o ld c o in f or l ong p er iods , a nd i n i t s l ast y ears , b y s tr ik ing e nor mous q uan t it i es o f s i lver a nd n o g o ld a t a l l .

The r eason f or t hese f luctua t ions a re p o l i t i-

c a l a t t imes , e cono m ic a t o thers a nd u sual ly a co mb ina t ion o f b o th .

1 87

The r ecen t

4 works o fJ . H . Munro a nd T . H . L loyd d iscuss t hese f actors i ng rea t d eta il 3

a nd i nt he s ame works t hey a lso p ub l ish t he ir d iscover ies o f f resh m in t o u tpu t d a ta—wh ich a re o f v i ta l impor tance t o t he n um is ma t ist. Wh ich b r ings me t o p erhaps t he most i mportan t p o in t o ft h is n o te—and t he p urpose o ft he S y mpos iu m. Coopera t ion b etween h istor ians a nd n um is ma t ists i s e ssen t ia l t o a ful nderstand ing o ft he a dm in istra t ive h istory a nd o f t he l u c o inage o f t he Ca la is m in t.

Each c an p rov ide a serv ice t o t he o ther i n t he

u nderstand ing o f wha t h appened , a nd why . N e ither c an p roduce a def in it ive s tudy w i thou t t he a id o ft he o ther. The f o low ing p aragraphs s ketch o n ly t he l b road o u t l ines. F ro m t he m in t a ccoun ts i ti s s een t ha t s i lver c o inage was s truck o n ly b etween F ebruary 1 363 a nd Apr i l 1 365 , a nd d id n o t r eappear u n t i l t he n ex t c en tury . I t f o l lows t ha t a l l t hese c o ins a re o ft he s o-cal l ed ' Trea ty ' i ssues. 35 Go ld c o ins, h owever , wh ich h ad c o m menced a t t he s ame t ime c on t inued t o b e s truck u p t o a nd b eyond t he r esu mp t ion o f h ost il i t ies w ith France i n 1 369.

The

a broga t ion o f t he t rea ty o f Bre t igny e v iden t ly d id n o t l ead t o a n immed ia te c ess a t ion o ft rade , f or g o ld c on t inued t o b e b rough t t o t he m in t a t as ubstan t ia l r a te u n t il 1 374.

Th is i s t he more s urpr is ing a s t he s tap le was r emoved f rom

Ca la is i n J une 1 369 , a nd a t t he s ame t ime ab an imposed o n d irect d en izen e xports. The s tap le was r e turned t o Ca la is i n August 1 370 , h owever , a nd L loyd s uggests t ha t t he Eng l ish merchan ts l arge ly h eld b ack t he ir woo l i nt he e xpect a t ion t ha t t he r estr ict ions wou ld s oon b e l i f ted : 37 t he m in t a ccoun t f or t he p er iod c overs t he l ong p er iod f ro m August 1 368 t o Oc tober 1 370 a nd c ou ld w el l c oncea l i n i t s t o ta ls at e mporary d rop f o lowed b y ar ecovery . F rom 1 371 l t ens ions g rew w ith F landers o ver i t s r igh t t o t rade w ith F rance , F le m ish s h ips were s e ized , F le m ish c i t izens were a rrested i n England a nd Eng l ish c it izens a rrested i n F landers. 38

Because o ft hese d if icu l t ies l i cences were g ran ted

t o merchan ts t o a vo id Ca la is f ro m 1 371, a nd t hese c on t inued i n 1 372 a nd 1 373. 39 I ti s p robable t ha t h eavy f ines h ad t o b e p a id t o o bta in t hose l i cences , 4°

a nd t he

m in t a ccoun ts o f g o ld p urchases a re c er ta in ly s uggest ive t ha t , i n s p i te o f t he d if f icu l t ies, a large v o lu me o f woo l s t il assed t hrough Ca la is u n t i l t he b eg inl p n ing o f 1 374. Therea f ter t he m in t a ccoun ts s how a m uch d im in ished l evel o f a ct iv i ty , d ropp ing away t o a fi gure o f £ 90 f ace v a lue i n t he t wo a nd a ha l f y ears e nded 7 January 1 384 , a nd n o th ing a t a l i n t he n ex t t hree y ears. There was l a sudden r ev iva l o f a c t iv ity i n 1 387 , a nd o u tpu t c on t inued t hereaf ter a t a modest , b u t s ign if ican t , l evel f or t he r e ma inder o fR ichard I 's r e ign . Af actor wh ich u ndoub ted ly h ad a n e fect o n m in t o u tpu t i n t he 1 390s was t he f im i ta t ion o f Eng l ish g o ld n obles i n F landers. Co mp la in ts were made i n England a bou t t he i n troduct ion o f F le m ish n obles b y Ca la is merchan ts , wh ich w ere s a id t o b e worth o n ly 6 s.6d. ( i nstead o f 6 s.8d.) a nd t ha t t hree o r f our w ere f ound i n e very £ 5 o f money ( i .e. i n 1 5 n obles ). 4 1

C lear ly , i ft he r egu la t ions r equir ing

f ore ign c o in t o b e t aken t o t he k ing 's m in t w ere n o t r igorously e n forced , t here was a prof i t t o b e made b y i n troduc ing t he F le m ish i m i ta t ions i n to England . I th as b een s uggested t ha t t he l ow o u tpu t o f Eng l ish m in ts ( i nclud ing Ca la is ) a t a time o f s trong e xpor t t rade i s a ccoun ted f or b y t h is f act. 42 On h is a ccess ion Henry I V r e in troduced t he r egu la t ions f or t ak ing g o ld t o Ca la is i nstead o f t he Tower m in t i n L ondon , 43

a nd t he m in t a ccoun t a t

Ca la is f or A ugust 1 399 t o S ep te mber 1 401 s hows a s harp i ncrease w h ich may

1 88

b e a tr ibu table t o t h is. I ts oon d ropped a way a ga in , a nd a f ter March 1 403 t he t m in t was i nopera t ive , n o t t o r eopen u n t il 1 422, a l though n ew a ppo in t men ts o f m in t masters a t L ondon c on t inued t o r ec i te t ha t t hey were a lso masters o f t he m in ts a t Ca la is.

4 4

1 420 s aw f or at ime t he e nd o f c on f l ict i n France. The Ang lo-Burgund ian t rea ty o f Troyes was s igned a nd t he k ing o f F rance r ecogn ised Henry V a s h e ir t o t he French t hrone. I n May 1 421 t he s tap le p et it ioned Par l iamen t f or t he r eo pen ing o f t he Ca la is m in t o n t he g rounds t ha t t he Treasurer a nd V ictual l er o f Ca la is r efused t o r ece ive p aymen ts u n less t hey w ere i n Engl ish n obles. 45 A t t ha t Par l iamen t i t was o rda ined t ha t am in t s hou ld b e h ad w ith in Ca la is " a nd t h is was i ncluded i nt he g enera l c on f ir ma t ion o f a l l t he s ta tu tes c oncern ing money made a t t he Dece mber Par l iamen t o f t he s ame y ear. 47

On 1 6 May 1 422

d ies f or c o in ing t he t hree d eno m ina t ions o f g o ld a nd f ive o f s i lver w ere i ssued t o t he Ca la is m in t . 48

Work o n t he n ew c o ins must h ave b egun v ery s oon a f ter ,

f or t he f i rst d el iver ies o f n ew c o in t ook p lace o n 2 0 J u ly 1 422. 49

Most o f t he

t hroughpu t was g o ld i nt he f i rst h a lf o f t he f o l low ing d ecade , t hough t here was ar educed o u tpu t u n t i l 1 431, when g o ld p roduct ion a pparen tly c eased .

S i lver

c o in was a lso s truck f ro m 1 422, b u t i n o n ly modera te amoun ts u n t i l t he r educt ion i n g o ld v ir tual ly c o incided w ith ag rea t i ncrease i n t he amoun t o f s i lver. Th is a c t iv ity c on t inued t hrough t o t he e arly 1 430s b u t t hen q u ick ly d ecl ined . The l ast t raced m in t a ccoun t , i n t he y ear e nded Michaelmas 1 440 , i s f or l ess t han £ 600 f ace v a lue.

Th is a ppears t o h ave b een t he l ast i ssue o f t he Ca la is

m in t. N o d oub t t he f ina l c ol l apse was a ref lect ion o ft he t ransfer o f t he d uke o f Burgundy 's a l l iance t o t he k ing o f F rance , t he r enewa l o f h ost il i t ies a nd t he r eversa l o f Engl ish i n terests i n F rance. C .

THE UNKNO WN PERIOD A l though t he o u tpu t o f c o in f ro m t he Ca la is m in t c ame t o a n e nd i n a bou t

1 440, m in t a nd e xchange o ff ic ia ls s t il l c on t inued t o b e a ppo in ted f or o ver a no ther c en tury . Whe ther t hese w ere s inecures o r emp ty t i t les i s n o t c lear , b u t i s c ert a in ly awarn ing t ha t a t o ther p er iods i nt ime a n a ppo in t men t d oes n o t n ecess ar ily mean a ct iv ity. Recen t ly T . F . Reddaway h as , h owever , d rawn t o o ur a t ten t ion t ha t c o in d ies were a pparen t ly u sed i n t he Ca la is m in t i n 1 539. 5 0 N o c o ins a re k nown t ha t were s truck t here a t t ha t t ime.

NOTES Th is p aper h as b een e n t ire ly r ewr it t en f ro m t ha t d el ivered a t t he S ympos ium . Iwou ld l ike t o t hank Mr. J . D . Brand who k ind ly d rew s ome s ource ma ter ia lt o my a ten t ion , a nd h as b een g ood e nough t o r ead t hrough more t han t o ne d raf t a nd make v a luable s uggest ions. o f c ourse , my own . 1 .

The r e ma in ing i mperfect ion s a re ,

The p r incipa l g enera l a ccoun ts d evo ted t o t he m in t o f Ca la is a re : R . Rud ings , Anna ls o ft he Co inage 3 rd e d. ( 1840 ). I . 2 54-57. L . Deschamps d e Pas , ' Etude s ur l es monna ies d e Ca la is ' , RBN 3 9 ( 1883 ), 1 75-224; J . Ba ilhache ' L 'a te l ier mone ta ire a ngla is d e Ca la is ( 1 347-1487 ) ', RN 4e s er ie 2 0 ( 1916 ), 2 14-38 , a nd r epr in ted i n t ransla t ion a s ' The Engl ish Min t o f Ca la is ( 1 347-

1 89

1 487 )' , Nu m. C irc. XXV ( 1917 ), 5 29-48 a nd 2 0 (V I ( 1918 ), 3 7-41;

a nd A . S .

Wa lker , ' The Ca la is Min t , A .D. 1 347-1470 ' , BNJ XV I ( 1921-22 ) , 7 7-112. 2 . Ry mer 's Foedera ( Record e d i t ion ), 3 i , 1 40. 3 . I b id. 1 50.

liam d Wil e S a lop i s h ere d escr ibed a s ' custos monete '.

4 . Foedera , 3 i , 1 85. 5 . CCR , 1 349-54, 2 24. 6 . I b id. 7 . J . La faur ie , L es monna ies d es r o is d e France , I (1951 ), 4 5 , t ype 2 75. 8 . The t hree r ead ings, a re c onven ien t ly b rought t ogether i n F . Poey d 'Avan t , Monna ies f goda les d e F rance , I I ( 1862 ), 3 79. 9 . S . E . R igo ld ,

le d t rouva il ans u n p u i ts ä la c a thedra le d 'York ' , B .S.F. N .

1 978 , 3 94-96. l on l ect 1 0. B . F il , Col ion J . Rousseau ( 1860 ), 1 17 , a nd E . Caron , Monna ies f eoda les f ranca ises , ( 1882 ), 3 78. l ect Rousseau c ol ion ;

The c o in was a pparen t ly n o t i n t he

i t was n o t e ngraved , a nd i ts ee ms t o h ave b een o n ly

t c on jecture o n Caron 's p ar t t ha t a tr ibu ted i tt o a n im i ta t ion o f t he l ast t ype o f d ouble o f Ph i l ip V I ( La faur ie , o p.ci t., t ype 2 72 ) wh ich was c on t inu ed a s t he f irst t ype o f J ohn I ( La faur ie 3 29 ).

l on g F il ave t he r everse

l a Ca r ead ing a s V il les ie—exact ly t he s a me a s h is m isread ing o f t he k nown t ype men t ioned a bove —and i n t he a bsence o f a ny k nown s pec i mens t oday o ne must wonder whether b o th s ides o f t he c o in were m isread.

l on F il 's

l o ther a lus ion t o d oubles o f Ca la is a pparen t ly r e la ted t o c o ins wh ich a re ly a t n or mal tr ibu ted t o Aqu ita ine. 1 t, Ang lic Co 1. S ee L . M. Hew let lo-Gal ins ( 1920 ). 1 2. L a faur ie , o p .c it., t ypes 2 89-291. 1 3. T . H . L loyd , The Engl ish Woo l Trade i n t he Midd le Ages ( 1977 ), 2 10. i 1 4. Foedera , 3 i , 6 90-92. 1 5. CCR 1 360-64, 5 35-36. 1 6. CPR 1 361-64, 3 13. 1 7. S ee Append ix I . i 1 8. F oedera , 3 i , 6 92. 1 9. CCR 1 360-64, 4 95; f or t he o r ig ina l g ran t , CCR 1 360-64 , 5 16.

Wa lker ,

2 p .c it., m isda ted f ro m t he s a me e n tr ies t he o pen ing o f t he e xchange t o 1 362. i 2 0. Foedera , 3 i , 6 93. 2 1. CCR 1 360-64, 5 35-36. 2 2. S ee a bove , p . 1 72. 2 3. F . A . Wa l ters , ' So me Re marks o n t he l ast S ilver Co inage o f Edward NC 1 902, 1 76-83;

' The S ilver Co inage o f t he Re ign o f Henry V I ' , NC 1 902,

1 90

2 24-66;

' The Go ld Co inage o f t he Re ign o f Henry V I ' , NC 1 903 , 2 86-310 ;

' The Co inage o fR ichard NC 1 905, 2 47-306;

NC 1 904, 3 26-52;

' The Co inage o f Henry I V ' ,

' The Co inage o f Henry V ' , NC 1 906, 1 72-218;

' An

tr Unpubl ished Ha l f-groa t Probably At ibu table t o t he Heavy Co inage o f Henry I V ', NC 1 907 , 1 20 ; 1 907 , 4 27-33; 3 11-18;

' Groa ts f ro m aPresu med F ind i n L ondon , NC

' A F ind o f Eng l ish S ilver Co ins i n Ha mpsh ire ' , NC 1 908 ,

' The S ta mford F ind a nd S upp le men tary N o tes o n t he Co inage o f

Henry V I ' , NC 1 911, 1 53-75;

a nd s ee a lso t he S a le Ca ta logues o f h is

l ect c ol ions i n 1 913 a nd 1 932. 2 4.

L . A . Lawrence , ' The Co inage o f Edward I I f ro m 1 351' , i n NC 1 926, 4 17-67 ;

1 929 , 1 06-68;

1 932, 9 6-174;

a nd 1 933, 1 5-79 :

h is e ar l ier

work , ' The Co inage o f Henry I V ' , NC 1 905 , 8 3-99 i s a lso o f u se.

G . C .

Brooke , ' A F ind o f N ob les a t Horsted K eynes, S ussex ' , NC 1 929 , 2 859 5;

' Pr ivy Marks i n t he Re ign o f Henry V ' , NC 1 930 , 4 4-87;

N obles a t Borth ( Card igansh ire ) ' , NC 1 931, 5 3-61; ( 1932 );

' A F ind o f

a nd Eng l ish Co ins

ting ' n o t f orget A F ind o f N obles o f Edward I I a t East Raynha m ,

N orfo lk ' , NC 1 911, 2 91-330.

t on C . A . Wh it , ' A N o te o n t he East Rayn-

I ( h am Hoard ' , BNJ 2 CXI 1934-37 ), 1 87-88;

' The Heavy Co inage o f

I I Henry V I ' , BNJ20 ( I ( 1938-41) , 5 9-90 , 2 06-67 a nd 3 99-437 ;

' So me

A spects o f Engl ish Currency i nt he L a ter Midd le Ages ' , BNJ XX IV ( 19414 4 ), 3 6-46;

' A N o te o n t he Post-Trea ty N obles o f Edward I I ', BNJ

XX IV ( 1941-44 ), 1 10-12;

' The Heavy Co inage o f Henry V I -Addenda a nd

Corr igenda ' , BNJ XX IV ( 1941-44 ), 1 18-19. 2 5.

C . E . B lun t , ' The Heavy Go ld Co inage o f Henry I V ' , BNJ XX IV ( 19414 4 ), 2 2-27 ;

' Unrecorded Heavy N ob les o f Henry I V a nd S o me Re marks

o nt ha t I ssue ' , BNJ XXXV I ( 1967 ), 1 06-13. 2 6.

t er I I W. J . W. Pot , ' The Heavy Groa ts o f Henry V I ' , BNJ 2 0 W I ( 19555 7 ), 2 99-311;

' The S ilver Co inages o fR ichard I , Henry I V a nd Henry V ',

BNJ 2 0 (LX ( 1958-59 ), 3 34-52, a nd XXX ( 1960-61), 1 24-150 ;

' The S ilver

Co inage o f Edward I I f ro m 1 351' , NC 1 960 , 1 37-81, a nd 1 962 , 2 03-24; ' The Go ld Co inages o f Edward NC 1 963, 1 07-28 , a nd 1 964, 3 05-18. t en o S evera l o ther s cho lars h ave , o f c ourse , wr it n t h is p er iod. 2 7.

R . Rud ing , 9 1.c it . 4 51-2.

2 8.

CPR 1 422-29 , 3 37-40 a nd 5 19-20 a nd CPR 1 429-36, 2 56-57 a nd 2 58-59.

2 9.

t er ly c N or , f or t ha t mat , d oes t he modern m in t of ic ia l n or mal hange t he n a me o n c o ins im med ia tely o n ac hange o f monarch.

3 0.

I I S ee , f or e xamp le , BNJ XXXV I ( 1969 ), 5 1, a nd NC 1 967 , 1 35-36.

3 1.

On t he c o inages o f Edwards Ia nd I , f or e xa mp le.

3 2.

ly t ls f P r inc ipal he Ca lendars o f C lose Rol or t he l a ter p ar t o f t he p er iod , l s. a nd t he F ine Rol

N o p rev ious w r iters o n t he Ca la is m in t a ppear t o

ls f h ave made u se o f t he S u m mary Ca lendars o f t he French Rol or Henry Va nd Henry V I wh ich were p ubl ished a s a ppend ices t o t he Reports o f t he Deputy K eeper o f t he P ubl ic Records :

Henry V i n t he 4 4th Annua l Repor t

( 1883 ), 5 43-638, a nd Henry V I i n t he 4 8th Annua l Report ( 1887 ), 2 17-450.

1 91

3 •

A l i st o f t he k nown masters o f t he Ca la is m in t i s g iven a t Append ix I I. There p robably a re s o me g aps i n t he r ecords o f t he f our teen th c en tury . A n ote o f t he masters i n t he r e ign o f Edward I I w as g iven b y D . Greaves ' Ca la is u nder Edward I I ( 1918 ), 3 50.

G . Unw in ( ed .) F inance a nd Trade Under Edward

Masters o f t he L ondon m in t h ave b een d iscussed b y

T . F . Reddaway , ' The K ing 's Min t a nd Exchange i n L ondon 1 343-1543' , I ( Engl ish H istor ica l Rev iew LXXXI 1967 ), 1 -23.

l F ro m 1 394 a l masters

a t L ondon were a lso masters a t Ca la is. 3 4.

lion i J . H . Munro , Wool , C lo th , a nd Go ld : The S trugg le f or Bul n Ang loBurgund ian Trade , 1 340-1478 ( 1973 ).

T . H . L loyd , The Eng l ish Woo l

Trade i n t he Midd le Ages ( 1977 ) a nd ' Overseas Trade a nd t he Engl ish Money S upp ly i n t he F our teen th Cen tury ' , i n N . J . Mayhew ( ed. )Edwardfa i an Mone tary Af irs ( 1279-1344 ), ( 1977 ).

Iam i ndebted t o b oth t hese

g en t le men f or f ur ther i n for ma t ion . 3 5.

ly d The g o ld a nd l arge s ilver c o ins o f Edward I I a re n or mal iv ided i n to t hree ma in g roups : Bre t igny ;

' Pre-Trea ty ' f or t hose i ssued p r ior t o t he t rea ty o f

' Trea ty ' f or t hose i ssued i n t he p er iod o f p eace when t he

t i t le o f K ing o f F rance was d ropped b y Edward f ro m h is c o ins;

a nd

' Post-Trea ty ' f or t hose i ssued a f ter Edward r esu med t he F rench t i t le i n 1 369 . 3 6.

L loyd , The Engl ish Woo l Trade..., 2 17.

3 7.

I b id., 2 17.

3 8.

I b id., 2 18-19.

3 9.

I b id., 2 19-20.

4 0.

I b id ., 2 20.

4 1.

ls o Rol f Par l ia men t , i i , 4 70.

f ord h Dr. S puf as p o in ted o u t t ha t t he

F le m ish n ob les w ere i n f act wor th o n ly 1 d. l ess t han t he Eng l ish :

P .

f ord I S puf , ' Con t inen ta l Co ins i n L a te Med ieva l Europe ' , BNJ XXXI ( 1963 ), 1 27-139 , p ar t icu larly p . 1 30.

S ee a lso Munro , o p .c it., 6 0.

4 2.

Munro , o p .c it., 5 3-54.

4 3.

ls o Rol f Par l ia men t , i i , 4 70.

4 4.

Reddaway , o p .c it .

4 5.

ls o Rol f Par l ia men t

4 6.

S ta tu tes o f t he Rea lm I ( 1816 ), 2 07.

4 7.

I b id. 2 10.

4 8.

P roceed ings a nd Ord inances o f t he P r ivy Counc il , i , 3 32.

4 9.

CPR 1 422-29 , 3 37-40.

5 0.

T . F . Reddaway , ' The Eng l ish Roya l Min t a t Ca la is ' , BNJ XXX IV ( 1965 ), 1 24-25.

46. i v, 1

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NOTES TO APPEND IX I

1 .

Figures u p t o 7 .1.1384 a re d er ived f ro m Cru mp a nd J ohnson ' Tables o f lion Co Bul ined u nder Edward I , I a nd

NC 1 913, 2 34-5 ( f or Ca la is

l l). t hey i ncluded a l t he amoun ts t hey h ad f ound f or R ichard I , a s wel Amoun ts a re g iven h ere t o t he n earest who le Tower p ound . 2 .

Co inage e qu iva len ts u p t o 7 .1.1384 a re c a lcu la ted f ro m Cru mp a nd lion p J ohnson 's b ul urchased f igures. L loyd , The Engl ish Woo l Trade , 2 71.

Therea f ter t hey a re c op ied f ro m Amoun ts g iven h ere a re i n p ounds

s ter l ing t o t he n earest who le p ound . 3 . 4 .

Ca lcu la ted t o t he n earest q uar ter mon th. U p t o 1 403 d er ived f ro m t he f i gures o n p,1 92 a nd 1 95. c a lcu la ted f ro m

A f ter 1 422

Munro Woo l , C loth a nd Go ld 1 91, 1 93 , 1 96.

I t must

b e emphas ized t ha t t he p resen ta t ion o f p roduc t ion f i gures o n a1 2 mon th b as is, wh ile p erhaps c onven ien t f or t he ir u se b y h istor ians , c an b e m isl ead ing f or n um is ma t ists.

l i l Th is i s v ery w el lustra ted b y t he e n try i n

t he g o ld t able f or t he p er iod 1 5.5.81 t o 7 .1.84.

Dur ing t ha t p er iod c o in

l t o t he v a lue o f £ 90 was s truck a nd i n a l p robab i l i ty t h is amoun t r epres en ts o ne b r ief b urst o f a ct iv i ty .

I t i s mos t u n l ike ly t ha t i t was s pread

e ven ly o ver a p er iod o f 3 1 3 /4 mon ths a s t he a verag ing o u t p rocess s uggests. 5 .

CPR 1 422-29 , 3 37-40 a nd 5 19-20 ; CPR 1 429-36 , 2 54-7 a nd 2 58-9.

6 .

The p yx r epor t d escr ibes t he o pen ing o f t he ' s ch inches ' i n to w h ich t he s a mp les h ad b een p laced a nd f ro m t h is i tc an b e s een t ha t a' s ch inche ' was s ea led u p a pprox i ma tely e very mon th.

Thus t he f i rst p er iod e nd ing

2 0.7.22 imp l ies a s tar t s o me 4 o r 5w eeks e ar l ier.

The p er iod e nd ing

2 4.2.24 wou ld h ave s tar ted af ter t he p er iod e nd ing 3 0.1.24.

There may ,

h owever , p oss ibly b e a g ap i n t he r ecords i n t he e ar ly mon ths o f 1 328.

1 99

APPENDD K I SUM MARY OF COND ITIONS RELATING TO THE CO INAGE OF GOLD AND S ILVER AT LONDON AND CALA IS, 1 362

1 . 1 .1 1 .2

Go ld Gold was s truck a t 2 3 c t 3 1 g ra ins f ine

( = 9 9.48% f ine )

For e ach Tower p ound o f g o ld o f c orrect f ineness ( worth £ 15.0.0 i n c o in ) t he m in t makes :

4o z.

1 5 n obles o f 6 s. 8 d.

6o z.

4 5 h a l f n obles o f 3 s. 4 d.

2o z.

3 0 q uar ter n obles o f I s. 8 d.

1 2 o z. 1 .3

s .

d .

5 .

0 .

0

7 .

1 0.

0

2 .

1 0.

0

1 5.

0 .

0

3 .

6

1 .

6

1 4.

1 5.

0

£ 15.

0 .

0

For e ach Tower p ound o f g o ld b rough t t o t he min t : a .

The K ing r ece ives a s s e ignorage

b . The Master r ece ives f or p roduct ion c osts c .

2 .

i s i ssued

S i lver

2 .1

S ilver was s truck a t 1 1 o z. 2 dw t. f ine ( = 9 2.5% f ine )

2 .2

For e ach Tower p ound o f s i lver o f c orrect f ineness ( wor th £ 1.5.0 i n c o in ) t he min t makes :2 3o z. = 1 8

g roa ts o f4 d

6 .

3

8 .

4

4o z. = 1 00 p ence

8 .

4

1o z. = 5 0 h a lf p ence

2 .

1

5 .

0

4o z. = 5 0 h al f g roa ts o f 2 d

1 2 o z. 2 .3

£ 1.

For e ach Tower p ound o f s i lver b rought t o t he min t : a .

The K ing r ece ives a s s e ignorage

3

b .

The Master r ece ives f or p roduc t ion c osts

7

c .

i s i ssued

£ 1.

4 .

2

1 .

5 .

0

CCR, 1 360-64, 2 93-96 a nd 5 35. 2 .

I n a dd it ion t he Ca la is min t was t o c o in a f urther £ 100 weight p er y ear i nt o f arth ings ( CCR 1 360-64, 5 35 ).

However , n o Ca la is f arth ings o f t he

1 363-65 c o inage a re k nown. 2 00

APPE NDIX I I SUM MARY OF COND ITIONS RELATING TO THE CO INAGE GOLD AND S ILVER AT CALA IS , 1 422 3

1 .

Go ld

1 .1

o d was s t 2 -g 1 ra ins f ine Gl truck a 3 c t 32

( .99.48% f in) e

1 .2

F or e ach Tower p ound o f g o ld o f c orrec t f ineness ( wor th £ 16. 1 3. 4 i n c o in ) t he min t makes : £

s .

d .

1. 1

2 .

22 /3

3o x. = 2 5 h a l f n ob les o f 3 s. 4 d. =

4 .

3 .

4

1 oz. = 1 61 q uar ter n obles o f i s. 8 d.

1 .

7 .

8 oz. = 3 3 1 /3 n ob les o f 6 s. 8 d =

1 2 o z. 1 .3

£ 16.13.

91 /3 4

F or e ach Tower p ound o f g o ld b rought t o t he m in t : a .

t he K ing r ece ived a s s e ignorage

b .

t he Master r ece ives f or p roduct ion c osts

c .

i s i ssued

3 . 1 6.

1 .

6

8 .

4

£ 16. 1 3. 2 .

6

4

S ilver

2 ,1

S ilver was s truck a t 1 o z. 2 dw t f ine ( = 9 2.5% f ine ).

2 .2

For e ach Tower p ound o f s i lver o f c orrect f ineness ( wor th £ 1. 1 0. 0 i n c o in ) t he m in t makes : 4o z. = 30 g roa ts o f4 d

1 0.

2o z. = 3 0 h a lf g roa ts o f 2 d

5 .

0

3o z. = 9 0 p ence

7 .

6

2o z. = 1 20 h a l f p ence

5 .

0

1o z. = 1 20 f ar th ings

2 .

6

1 0.

0

1 2 o z. 2 .3

3 .

0

£ 1.

F or e ach Tower p ound o f s ilver b rought t o t he e xchange : a .

t he K ing r eceives a s s e ignorage

b .

t he Master r ece ives f or p roduct ion c osts

c .

i s i ssued

CCR

1 419-22 , 2 30-35 a nd CCR

3 9 1 .

9 .

0

£ 1.

1 0.

0

1 422-29 , 5 9-62.

2 01

APPE NDIX I V MASTERS OF THE MINT AT CALA IS

I enry d e Br ise le

Da te o f

Da te o f

Appo in t men t

I nden ture

2 0.2.1363

Wa l ter d e Barde*

1 .4.1364

Tho mas Kyng

1 .7.1365

O ther r eferences

1 .3.1363 Assay o rdered 2 0.1.1366

Wa lter d e Barde*

2 5.10.1366 1 6.5.1371

Barde t d e Ma lep ilys

1 .7.1367 2 0.5.1371 1 8.12.1393

Wa l ter d e Barde* ( h is d epu ty a t

2 9.1.1394

Ca la is was Nan fer Molakyn ) J ohn Wilde man*

9 .10.1394

Wa l ter Merwe* R ichard Garner*

9 .10.1394

9 .7.1395

9 .7.1395

1 4.11.1399

1 .7.1402

Nan fre Molakyn*

2 2.2.1409 2 4.7.1409 1 412

Impr isoned March 1 413

L ou is J ohn*

1a nd 8 .4.1413

1 4.4.1413 2 6.7.1421

Bartho lo mew Go ldbe ter* a l ias L e man

1 3.2.1422

1 3. 3. 1422

1 .10.1422

1 6. 2.1423

lia m Rus* Wil

8 .9.1431

J ohn Paddesley*

1 0.7.1434

Rober t Man felde*

1 3.12.1445 1 6.12.1451

* A lso Master o f t he m in t a t L ondon .

2 02

1 6.12.1451

d ied 1 431

CO INS AND ACCOUNTS I N THE EASTERN NETHERLANDS H . Enno v an G elder

I n troduct ion T he l a te med ieva l monetary h istory o f t he Coun ty o f Hol l and a s w el l a s o f F landers a nd Braban t , t he t err itor ies t ha t w ere e ventual ly u n ited i n to t he Burgund ian s ta te o f Ph il ip t he Good o f Burgundy , i s r ela t ively w el nown . l k By c on trast , d evelop ments i n t he e astern t err itor ies o f t he p resen t K ingdo m o ft he N e ther lands, ma in ly t he B ishopr ic o f U trecht a nd t he Duchy o f Guelders , h ave h ard ly b een i nvest iga ted .

T he c lass if ica t ion o f t he e x tens ive

c o in s er ies i n o ur t rays i s h a mpered b y a n a l most c o mp lete l ack o f p ert inen t a rch iva l ma ter ia l :

o n ly ah and fu l o f s ca ttered o rd inances r egu la t ing t hese

c o inages h ave b een p reserved. A s a consequence t he o rder o f t he s uccess ive i ssues r e ma ins o bscure; n e i ther t he e xact n ames o f t he c o ins n or t he ir i nt r ins ic a nd n om ina l v a lues a re k nown , a nd w e a re s t il ar f ro m u nderstand ing l f t he mone tary p o l icy a nd i t s i mpact o n c ircu la t ion . I ts ee ms, h owever, t ha t a con tr ibu t ion t owards ab et nderstand ing ter u o f t he c o inages o ft he l a te X IV th a nd e ar ly XV th c en tur ies c an b e made b y u t i li z ing t he n umerous r eferences t o money o ccurr ing i n t he a ccoun ts o f mun ic ip a l a nd o ther o f ic ia l a dm in istra t ions. f

For tuna tely , e x tens ive a nd c on t inuous

s er ies o f s uch a ccoun ts h ave s urv ived f or b o th Guelders a nd U trech t a nd i n r ecen t y ears many o ft he m h ave b een made a va ilable i n p r in t , a s h istor ians r ea l ize t he importance o f t h is k ind o f s ource f or many t ypes o f r esearch. As o mewha t d iscourag ing c o mp l icat ion w h ich makes t hese a ccoun ts l ess e asy o f a ccess i s t he med ieva l a ccoun t ing p rac t ice o f e xpress ing a l l amoun ts o f money p a id o r r ece ived i n p ounds , w h ich a re c er ta in ly f i rm ly c onnected w ith ly p t he g o ld a nd s i lver c o ins a ctual assed i n t ransact ion s , b u t a re r ela ted t o t he m i n ar a ther i n tr ica te way .

T herefore , s o me i n troductory e xp lana t ions a re n e-

c essary o ft he a ccoun t ing s yste ms i n u se i n Guelders a nd U trecht , b efore t he r esu l ts o f t he s tudy o f t hese a ccoun ts c an b e u sed t o e xp la in t he n a ture o f t he a ctua l c o ins t hey a re r eferr ing t o. ly r A s l ong a s t he c ircu la t ion was v irtual estr icted t o o ne d eno m ina t ion , t he s i lver p enny , t he n o ta t ion o f l arger n umbers o f p ence i n p ounds a nd s h i ll i ngs o r s i mp ly mu l t ip les o f 2 40 a nd 1 2 p ence was q u i te s a t isfactory . Dur ing t he X [V th c en tury , h owever , t wo f undamen ta l c hanges i n t he c o inage, t he r ep lace men t o ft he s ing le p enny b y mu l t ip les, o f w h ich t he g roo t s oon b ecame ly t he d om ina t ing e le men t i n t he c o inage , a nd t he g enera l , b u t c hrono log ical l a ly e a s w el s g eograph ical x tre mely u neven d ebase men t o ft hese l arge s i lver c o ins , r equ ired d rast ic a dap ta t ions o f t he t rad i t iona l s yste m o fb ook-keep ing. T he s ubst itut ion o f t he p enny b y t he g root ( p lura l f or m : g ro ten ) a s t he f undamen ta l u n it o f t he c o inage c an f ind i t s e xpression i n t he a ccoun ts i n t hree

2 03

w ays.

The most s i mp le manner i s t o c hoose t he g roo t a s t he u n it o f t he p ound-

ling-pence s s h il yste m a nd w r ite a s um o f 2 40 g ro ten a s 1 .p ound g roten , a nd 1 2 ling g g ro ten a s 1 sh il roten .

Th is s yste m was w idely u sed i n t he w estern

N etherlands where i tr esu l ted i n to t he s o-cal l ed F le m ish p ound o f 2 40 g ro ten ( or 6g u i lders ) s urv iv ing u n t il t he XV I I Ith c en tury , b u t i s h ard ly e ver f ound i n t he d ocu men ts o f t he t err itor ies h ere u nder d iscuss ion . I t was much more u sua l t here t o a dhere t o f or mer c ustoms a nd t o w r ite 1 6 p ence f or 1g roo t , a s p ract iced i n a n e ar l ier p hase when b o th d eno m ina t ions c ircu la ted s ide b y s ide a nd ag roo t r epresen ted t he s ame v a lue a s 1 6 p ence. Th is p ract ice c on t inued l ong a f ter t he smal l p ence h ad d isappeared f rom a ctua l u se. Accord ing ly a n amoun t o f 1 5 g roten was w r it t en a s 1 pound ( 15 x 1 6 = 240 ) a nd t he o ther way r ound , t he p ound c ou ld b e s a id t o c ons ist o f 1 5 g ro ten . O f c ourse t h is d ef in i t ion o ft he p ound c ou ld o n ly b e u sed w hen p ay men ts w ere b ased o n a groo t o f 1 6 p ence, a s i nt he Arnhe m a nd Z u tphen a ccoun ts o f a bou t 1 380. E lsewhere , c o ins w i th d if feren t v a lues d om ina ted ; i n t he c ity o f U trech t f or i nstance , t he b as ic c o in was t he w it o f 3 0 p ence a nd t herefore a n amoun t o f 8 w it t en was w r it t en a s 1p ound , o r i n o ther w ords , a ccoun ts w ere b e ing k ep t i n p ounds o f 8w it ten . L ess u sua l , b u t n o t u nknown , i s a th ird k ind o f a dapta t ion .

S o met i mes

t he p ract ica l c o mp l ica t ions o f ma in ta in ing t he t rad it iona l p ound-sh il ling-pence n o ta t ion l ed a ccoun tan ts t o r el inqu ish i ta l together a nd t o wr ite d own s ums o f money d irect ly i n t he a ctua l c o ins i n c ircu la t ion . From 1 392 o nwards t he muni c ipa l a ccoun ts o f Deven ter a re k ep t i n ( U trech t ) s i lver p lakken a nd ( Guelders ) g o ld g u lden , e v iden t ly t he c o ins d om ina t ing t hen , w ith a c onstan t r ela t ion o f 1g u lden = 1 6 p lakken .

S yste ms o f t h is k ind r e ma ined , h owever , r ela t ively

u nusua l . ly t E spec ial he l a tter k ind o f a ccoun t ing c ou ld n ot f a il t o b reak d own a s s oon a s d ebase men t o f e ither t he g o ld o r t he s i lver c o in o r o fb o th o f t he m c hanged t he r ela t ion o f t he ir r espect ive v a lues. With in a few y ears a t D even ter t he a c tua l g o ld g u lden c ame t o f etch ah igher n umber o f s i lver p lakken . N evert heless , t he o nce e stabl ished c usto m o f w r it ing a s um o f 1 6 p lakken a s 1 g u lden p ers isted , w ith t he r esu l t t ha t t he r eader o f t he a ccoun ts h as t o b e aware o f ad ua l mean ing o ft he word g u lden : i t c an e i ther b e t he a ccoun t ing d ev ice f or wr it ing d own a n amoun t o f 1 6 p lakken o r t he n a me o f t he a ctua l c o in worth f or i nstance 2 0 p lakken a nd wr it ten d own i n t he l anguage o ft he a ccoun t a s 1g u lden 4 p lakken . f I ti s more d if f icu lt t o v isua l ize t he e fects o f t he d ebase men t o f t he ling-pence s ly b s i lver c o ins o nt he n ota t ions i n p ound-sh il yste ms, e spec ial el c ause a l k inds o f o bl iga t ions imp ly ing t he p aymen t o f c erta in amoun ts o f s i lver c o in s u sed t o b e f or mu la ted i n p ounds e tc. A f ter e ach d ebase men t t he d isc harg ing o f a n o bl iga t ion o f s ay 1 pound b y t he p aymen t o f 1 5 g ro ten mean t a l oss t o t he r ec ip ien t , a s h e r ece ived c o ins o f l ess meta l c on ten t t han h e h ad e xpec ted t o g et . The s i mp le r e medy was t o r equ ire f or t he p ound d ue t o h im , i nstead o f 1 5 g ood o ld g ro ten , 1 8 o f t he n ew o nes o f l esser q ua l ity. I n t er ms o f a ccoun t ing p ract ice t h is mean t t ha t a pound ( o f 1 5 g roten a s t hey s hou ld b e , ly w b u t w ere n ot a ny l onger ) was c o mputed a t 1 8 g ro ten ( as t hey a ctual ere a va i lab le i n c ircu la t ion ). S t ipu la t ions l ike " the p ound c ompu ted a t 1 8 g ro ten" t er o a re a s a m at f c o m mon o ccurrence i n c on tracts o f v ar ious k inds. 2 04

I n s o me c ases, a s i n t he mun ic ipa l a ccoun ts o f Z u tphen , a dap ta t ion o f t he c urren t v a lue o f t he p ound t o t he d ebase men t o f t he s i lver money , t ook p lace r egu larly : t he h ead ing o f e ach a ccoun t men t ions t he v a lue o f t he p ound f or t he c urren t a dm in istra t ive y ear.

E lsewhere , t he p ract ice was much more d esu l-

t ory a nd a dap ta t ion o f t he p ound was made o n ly a t i rregu lar i n terva ls.

O ther

a dm in istra t ions d id n o t man ipu la te t he b as ic u n it o f t he ir a ccoun ts a t a l l : i n t hose c ases t he p ound r e ma ined a lways t he s ame mu l t ip le o f t he s i lver c o in a nd i t s meta l v a lue dw ind led t o a m ere f ract ion o f w ha t i to nce r epresen ted. O f c ourse , o ther means, o u ts ide t he s phere o fb ook-keep ing , w ere f ound t o c o mpensa te f or t he d isastrous efects o f d ebase men t . I n a ny c ase , t hese a dap ta t ion s l ead t o t he r esu l t t ha t t he f or ms o f w r it ing d own s ingle i t e ms a nd t ota ls o f t he a ccoun ts a re e x tre mely c on fus ing f or t he modern r eader. T he s ame p aymen t may b e n oted i n a qu ite d iferen t w ord ing i n a ccoun ts o f n e ighbour ing t owns; t he s ame g o ld c o ins may b e a clings ( c oun ted f or b y w idely d ivergen t n o ta t ions i n p ounds a nd s h il t ab les I a nd 2 ). T able 1 .

feren D if t n ota t ions f or 1Rh ine g u lden i n 1 402

Arnhe m Z u tphen

5£ p arva moneta 2 £ 7s . 5 d.

v a lue 7 5 Guelders g ro ten

D even ter

1g u lden 1 9 p lakken

v a lue 4 3 Over i jssel p lakken

U trecht ( chap ter ) U trech t ( c ity )

6£ 7 s. 6 d . 3£ 8 s. 2 d .

ten v a lue 5 1 U trecht w it

Table 2 .

N o ta t ions f or 1Rh ine g u lden i n d iferen t k inds o f money o f a ccoun t Z u tphen

p ounds o f a chang ing n umber o fg ro ten

U trech t ( chap ter )

Deven ter

p ound o f a fi xed n u mber ten o f w it

g u ldens o f a fi xed n umberof p lakken

1 390

2£ 1 0 s .

4 £ 7s . 6 d.

1 400

2£ 1 s.

6£4s . 6 d.

1 410

2£4s . 2d .

6£ 1 7 S . 6 d.

1 g u lden 2 0 p lak

1 420

2£ 3s . 6 d.

8£ 5s .

2g u lden 1 2 p lak

1 430

2£ 8 s.

1 5 £

1 gu lden 1 71 p lak

4 g u lden 4 p lak

A lthough t hese a dap ta t ions o ft he v a lue o f t he a ccoun t ing p ounds i n t er ms o f c urren t s i lver c o ins w ere u ndoubted ly c aused b y t he c oncern t o ma in ta in t he v a lue o ft he p ound , t here i s n o t a ny r eason t o a ssu me t ha t t he a u thor it ies r es pons ible e ver s ucceeded i n l ink ing t he v a lue o f t he ir p ounds c orrec t ly t o q uant i t ies o fp recious meta l . Therefore, e ven t he most r egu larly a d justed p ounds c annot b e u sed a s a m easure f or t he d eprec ia t ion o f t he c urren t c o ins n or a s ab asis f or r econstruct ing t he h istory o f t he i ssues.

S ums e xpressed i n p ounds

s hou ld n ot o n ly b e c onver ted t o amoun ts o f a ctua l c o ins —wh ich i s p oss ible a s s oon a s t he v a lue o f t he p ound a ssu med i n a documen t i s k nown—bu t i ti s a lso n ecessary t o l ook f or a co m mon d eno m ina tor o utside t he l oca l c o inage s yste ms.

2 05

Th is may b e f ound i n t he i n terna t iona l g o ld c o ins c ircu la t ing i nt he N ether lands , w h ich were n o t afected b y t he monetary measures o f t he l oca l a u thor it ies.

For

l, b t he X IV th c en tury t he g o ld e cu o f France s erves t h is p urpose v ery w el u t l f d ur ing t he p er iod u nder d iscuss ion t he s t il requen t r eferences t o t hese e cus a s g ood o ld s ch ild must b e v iewed w ith s usp ic ion , a nd i ti s c lear t ha t t here w ere h ard ly a ny a ctua l e cus i n c ircu la t ion a nd t he w ord , i n most c ases , s ee ms r a ther t o h ave b een u sed i n ac onven t iona l s ense.

I ti s c erta in ly s afer t o r ely o n r ef-

e rences t o t he Rh ine g u lden , c urren t ly p roduced i n l arge q uan t it ies b y t he f our E lectors o n t he Rh ine a nd c ircu la t ing a bundan t ly i n t he e astern N e ther lands. Rh ine g u ldens a re men t ioned i n a l most e very a ccoun t a nd i ti s p oss ible , o nver t ing t he v a lues g iven i n p ounds o r g u lden o f a ccoun t i n to s i lver a f ter ci g ro ten , t o c onstrue t ables o f y ear ly r a tes o f t he Rh ine g u lden i n t er ms o f t he l oca l s i lver money .

I n t h is way a fa ir ly a ccura te measure c an b e f ound f or t he

r a te o f d ebase men t o f t he s i lver c o ins p u t i n to c ircu la t ion i n Gue lders a nd U trech t wh ich c an s erve a s ac o mpensa t ion f or t he a l most c o mp lete l ack o f d irect e v idence c oncern ing t hese c o inages.

I n t he s a me way f igures f or t he

r ela t ion b etween t he l ocal roduced g o ld c o ins a nd b oth t he Rh ine g u lden a nd ly p t he s i lver c o ins may b e f ound , a lthough t hese a re l ess c o mp lete.

The a va i l-

a ble e v idence i s p rov isional resen ted b elow b o th i n t ables f or s elected y ears ly p ( Tables 3 -4 ) a nd i n s i mp l if ied g raphs. b e a dded.

For t he s ake o f a ccuracy a prov iso s hou ld

The s l igh t l ower ing o f t he a loy o f t he g u lden o f t he E lectors , e spel

c ial n t he y ears 1 409-1419 , c ou ld n ot b e t aken i n to a ccoun t ; ly i

t h is s ee ms ,

h owever , a n u n i mportan t d istort ion i n v iew o f t he many t imes s tronger d ebasemen t o f t he l oca l g o ld a nd s i lver c o ins.

Co ins :

Gue lders ( ca . 1 390-1445 )

The d evelop men t o f t he c o inage o f t he Dukes o f Guelders c an b e c heck ed a ga inst t he c on t inuous a nd p aral er ies o f d ata p rov ided b y t he mun ic ipal a ccoun ts o f l el s t he t owns o f A rnhe m a nd Z u tphen f ro m a bout 1 390 o nwards. Dur ing t he l ast d ecade o f t he X lV th c en tury , t he l at art o f t he r e ign ter p o f Duke Wil (1371-1402) , t he v a luat ions t o b e f ound i n t hese a ccoun ts s how liam I s evera l s ign if ican t c hanges.

The v a lue o f t he Rh ine g u lden e xpressed i n s i lver

g ro ten r ises c on t inual nd b y 1 402 h ad r eached 2 00% o f i t s 1 390 q uota t ion . ly a I n t he s a me t exts a n ew Guelders g u lden i s men t ioned w ith a f ixed v a lue o f 3 11 s ilver g roo t.

A t t he s a me t ime t he v a lue o f t he p ound u sed i n t he Z u tphen

a ccoun ts r ises p rogress ively f ro m 1 5 t o 3 1 s i lver g roten , whereas i n Arnhe m s ide b y s ide w ith a l i gh t p ound o f t he f ixed v a lue o f 1 5 g ro ten a heavy p ound i s u sed wh ich c l i mbs f ro m 1 5 t o 2 4 g ro ten . A l t h is s ee ms t o i mp ly t ha t t he i n tr ins ic v a lue o fb o th t he s i lver g roo t l a nd t he Wilhel mus-gu lden s truck b yt he Duke d ecreased a t a pprox i ma tely t he s a me p ace t o a bou t 5 0% o f t he ir f or mer l evel.

Th is d ebase men t i s a lso r e-

f erred t o i n n umerous c o mp la in ts a bou t t he i ncreas ing ly bad q ua l ity o f Guelders c o ins emana t ing f ro m t he a u thor it ies i n Hol nd U trecht. l and a

Moreover , i t

i s i n a ccordance w ith t he e v idence o f t he c o ins o f t he p er iod t he mselves.

The

s tr ik ing o f t he s i lver g ro ten , i n troduced i n 1 390 , c eased w ith in a f ew y ears a nd t hey were r ep laced b y d ouble g ro ten o f v is ibly l ower a loy ; l

t he a loy o f l

t he g o ld Wilhel mus-gu lden , c learly d ist ingu ished f ro m t he Rh ine g u lden b y i t s

2 06

Table 3 .

Ra tes i ng ro ten o f s o me g o ld C O i l lS f rom t he mun ic ipa l a ccoun ts o f Z u tphen

Rh ine g u lden 1 390 1 395

( 35 )

Guelders g u lden

Arnhe m g u lden

( 3 2 ) 3 12 -

Va lue o f p ound 1 5 201

1 400

( 68 )

3 11-

2 6

1 405 1 410 1 415

8 1 1 00 1 32

4 5 5 4 6 4

( 128 )

3 4 4 6 6 2

1 420 1 425

2 00 2 60

1 00

1 76 2 00

1 00 14

1 430

3 36

2 24

1 40

1 435

4 32

2 40

1 84

1 440 1 445

6 08 8 00

3 28 4 32

2 72 3 20

l A l f igures h ave b een r educed t o g roten ; i n f act , t hey a re q uoted i n c opperts= 4g roten f ro m a bou t 1 410 , i n k ro mstaar ten o f 1 6 g ro ten f ro m a bout 1 430.

t ype , was l owered a ccord ing t o a m oney-changers ' n ote p reserved b y c hance f ro m 2 0 t o l ess t han 1 4 c ara ts. Th is c on f ir ma t ion o f t he c onclus ion s d rawn f ro m t he mun ic ipa l a ccoun ts b y i ndependen t s craps o f e v idence g ives s o me c on f idence t ha t f or l a ter p er iods, w here o ther t ypes o f e v idence a re h ard ly a va ilable , t hese a ccoun ts may b e u sed a s a ma in s ource f or t he r econstruct ion o f monetary p o l it ics. For t he n ex t r e ign o f Re ina ld I V ( 1402-1423 ) , o n ly a s ing le monetary r egu la t ion h as s urv ived a nd i td a ted f ro m t he v ery f i rst mon ths o f h is r e ign . The Duke h ad d ecided t o p u t a n e nd t o t he i n f la t ionary i ssues o f t he p rev ious l r eign a nd o rdered t o s tr ike ag o ld g u lden o ft he f u l v a lue o f t he Rh ine g u lden l a a s w el s s i lver c o ins o f 4g ro ten , wh ich , b y t he way , w ere t o h ave o n ly t w ice t he s i lver c on ten t o f t he s ing le g roo t o f 1 390.

However , b oth t he s urv iv ing

c o ins o f Re ina ld I V a nd t he a ccoun ts o f t he p er iod c learly s how t ha t t he s tab ill i z ing o ft he Gue lders money a t t he 1 402 l evel was n o t a ch ieved a t a l. A l though n ew g o ld g u ldens w ere s truck wh ich e xact ly r eproduced t he t ype o f t he l a test g u lden i ssued b y t he Rhen ish E lectors i n 1 399 , t hese e v iden t ly d id n ot ma in ta in t he i n tr ins ic v a lue o ft he ir p ro totypes :

w ith in a few y ears t he mun ic ipa l a ccoun ts

a re d if feren t ia t ing b etween t rue Rh ine g u lden a nd Arnhe m Rh ine g u lden , a ss ignt er a a lue i n s i lver g ro ten ; l a ter o n t hey i ng t o t he l at n i ncreas ing ly l ower .v e ven h ave t o d ist ingu ish a n ew A rnhe m Rh ine g u lden a s l ess v a luab le t han t he l o lder o nes. Aga in t he a loy o ft he g o ld c o ins s truck i nt he n ame o f Duke Re ina ld i n t he Arnhe m m in t must h ave b een d ecreased f rom t ime t o t ime i n liam. t he s ame way a s d ur ing t he r e ign o f Duke Wil The n ew s i lver c o ins o f l ed c 4g roten , wh ich a re c al opper t i n Z u tphen , b lenk i n Arnhe m a nd meeuw i n N i j megen , w ere s truck a bundan t ly. Bu t t he s i lver c on ten t p rescr ibed i n 1 402 was n o t ma in ta ined e ither : a nalysis o f p reserved s pec i mens h as g iven a

2 07

80g

t . C A D C . S D 0

I -+

4 = •

c . o

C . T 1

0 0 0 II

: N aHdia Z

C . 4 , W

much l ower a l loy t han e xpected a nd , moreover , t he v a lua t ion o f Guelders s i lver money i nt er ms o ft he Rh ine g u lden i n t he mun ic ipa l a ccoun ts c on t inues t o d ec rease v ir tual ly a t t he s ame p ace a s d ur ing t he f or mer r e ign .

Towards t he

e nd o f t he r e ign t he n umber o fg ro ten e qu iva len tt o aRh ine g u lden i s d oubled a ga in , t ha t i s t o s ay t he i n tr ins ic v a lue o ft he s i lver c o ins i s g radual ly l owered t o a bou t 5 0%.

The i n troduct ion o f a new t ype s o mewhere i nt he 1 410s , a ccord-

i ng t o t he Z u tphen a ccoun ts i ssued a t a no m ina l v a lue o f 6g roten , was o n ly a f ur ther s tep i n t he p rocess o f d ebase men t o f t he c o inage. For t he l ong

r e ign o f Duke Arno ld ( 1423-1473 ) r egu la t ion s c oncern ing

t he c o inage a re c omp lete ly l ack ing.

On t he o ther h and ab ew ildering v ar ie ty

o f t ypes b oth o fg o ld gu lden a nd o f s i lver c o ins h as s urv ived . F rom h oard e v idence i ta ppears t ha t most o f t hese t ypes w ere p u t i n to c ircu la t ion d ur ing t he f i rst 2 0 y ears o f t he r e ign .

T he s tr ik ing o f g o ld g u ldens o f e xact ly t he

s ame t ype a s t he d ebased Arnhe m g u lden o f Duke Re ina ld , b u t o f as t il l l ower g o ld c on ten t , must h ave b een e x tre mely a bundan t ;

n ot o n ly d o t hey s ee m t o

h ave d om ina ted t he c ircu la t ion w ith in t he Duchy , b u t t hey w ere a lso w idely u sed i n t he n e ighbour ing t err itor ies w here t hey r e ma ined , u nder t he n ame o f Arnhe m g u lden , A rno ldus g u lden , Arendsgu lden , t he most f requen t ly men t ioned s ing le g o ld c o in f or more t han h a lf a century . On t he o ther h and , t he s evera l i ssues o f s i lver c o ins , w h ich must h ave s ucceeded e ach o ther a t r e markab ly s hor t i n terva ls , h ave l ef th ard ly a ny t races i n t he a ccoun ts o f e i ther t he Guelders t owns o r t he n e ighbour ing t err itor ies.

I ti s c lear e spec ial ro m ly f

t he Z utphen a ccoun ts t ha t t he r ecen t d uca l s i lver c o ins w i th p resu mab ly f req uen t c hanges o f s i lver c on ten t a nd n om ina l v a lue d id n o l onger p rov ide a workable b as is f or monetary t ransact ions.

A bou t 1 430 t he Z u tphen p ound a s

u n i t o f a ccoun t ing i s n o l onger d ef ined i nt er ms o f Gue lders s i lver money a s i ti nvar iab ly u sed t o b e f or s evera l d ecades, b u t i n t er ms o ff ore ign s i lver c o in s.

A f ter a short p er iod o fh es i ta t ion t he Z u tphen p ound i s u sual ly d ef ined

a s a mu l t ip le o f t he k ro mstaar t , t he s i lver c o in w h ich Duke Ph i l ip o f Burgundy a s Coun t o f F landers s truck i n s uch e nor mous q uan t it ies f ro m a bou t 1 425 o nwards t ha t f or a few y ears i td om ina ted most h oards i n Guelders a s w el l a s e lsewhere. However , t he p reponderance o ft he r eferences t o k romstaarten i n t he a ccoun ts c on t inues much l onger t han t he e f fect ive c ircu la t ion o f t he F landers c o ins o ft h is n ame , wh ich w ere r ep laced f ro m 1 434 o nwards b y t he n ew u n if or m c o inage o ft he Burgund ian N e ther lands. I ndeed , a few y ears l a ter t he Z utphen a ccoun ts d ist ingu ish u namb iguously b etween t he k ro mstaart a s u n it o f a ccoun t w ith a fi xed v a lue o f 1 6 g ro ten money o f a ccoun t o n t he o ne h and a nd t he r ea l F landers k ro mstaart v a lued a t 2 4 g ro ten i n 1 444 a nd more i n l ater y ears. The e xp lana t ion must b e t ha t a t t h is mo men t t wo d if feren t c o ins w ere c al led k ro mstaar t : t he F le m ish s i lver p iece a nd a loca l c o in wh ich c ou ld s erve a s ab asis f or t he Z u tphen a ccoun t ing s yste m.

The l a ter c an o n ly b e as i lver t

c o in s truck b y Duke Arno ld wh ich must a t f i rst h ave b een a t l east n om inal ly e qu iva len t t o t he F le m ish p ro totype , b u t a s a resu l t o f f ur ther d ebase men t b ecame g radual ist inct f ro m i t . A s a m at f f act , o ne o f t he e arly s i lver ly d t er o c o ins s truck i n t he n a me o f Arno ld s hows a type c lear ly d er ived f ro m t he F lem ish k ro mstaart a nd may b e i den t if ied a s t he Gue lders k ro mstaart i n trod uced s o me t ime b efore 1 435 a nd l ead ing a s epara te e x istence f ro m i t s h o mon y mous p ro totype. I n f act , t he t e mporary l ink ing o f t he Guelders s i lver

2 09

c o inage t o t hat o f F landers d id n o t s ucceed i n s tab il izing t he Guelders money . The c on t inual is ing q uo ta t ions o f t he Rh ine g u lden i n t er ms o f Guelders ly r g ro ten p rove t ha t t he r a te o f d ebase men t c aused b y b o th t he l arge i ssues o f g o ld Arno ldus g u lden a nd o f s i lver c o ins o f p resu mably c hang ing n om ina l v a lues r e ma ined t he s a me. F ro m t he i n terpreta t ion o f t he monetary r eferences i n t he mun ic ipa l a ccoun ts i ta ppears t ha t , n otw ithstand ing t he o bv ious s im ilar ity o ft he g o ld c o ins o f t he Dukes Re ina ld I V a nd Arno ld a nd t he u nchang ing w e igh t o f a bou t 3g ra ms o f t he s i lver c o ins, t he G uelders c o inage o f t h is p er iod was c haract er ized b y a con t inuous d et er iora t ion w h ich h a lved t he i n tr insic v a lue o f Guelders money o nce i n e very g enera t ion . Coi n s:

U trech t ( ca . 1 390-1445 )

T he s ecu lar t err i tor ies o f t he B ishops o f U trech t c onsisted o f t wo p ar ts s epara ted b y t he Duchy o f Gue lders. The ir c onnect ion i n i nst itu t iona l a nd e cono m ic a s w el s monetary r espects w as r a ther l oose. l a

Dur ing t he p er iod

u nder d iscuss ion t he e p iscopa l c o ins w ere s truck a l most e xclus ively i n t he e astern p art , Over i jssel , wh ich f or p urposes o f monetary h istory c an b e r eg arded a l most a s a n i ndependen t t err itory .

Here, t he v ery e x tens ive a nd

c o mp lete s er ies o f mun ic ipa l a ccoun ts o f Deven ter a re a s u sefu l as ource a s t hose o f Zutphen a nd Arnhe m f or Gue lders. T able 4 .

Ra tes i n p lakken o f s o me g o ld c o ins f ro m t he mun ic ipa l a ccoun ts o f Deven ter Rh ine g u lden

Guelders g u lden

Arnhe m g u lden

Va lue o f p ound

1 390 1 395

2 0 2 4

2 0

1 6

1 400

4 11-

2 3

2 4 2 4

1 405 1 410

2 4

4 4

1 415

5 1

4 9

2 4

1 420

6 0

5 2

2 4

1 425

7 5

5 6

2 4

1 430

1 00

6 0

2 4

1 435

1 20

6 0

1 440

1 22

6 0

1 445

1 28

6 0

Al i gures h ave b een r educed t o p lakken ; t owards t he e nd o f t he p er iod t hey l f a re u sual uo ted i n k ro mstaarten o f a bou t 4p lakken . ly q

The d om inan t c o in o f t he r eign o f B ishop F lor is ( 1378-1393 ) was t he s i lver p lak o f 2g ro ten .

I tf or med t he b as is o f t he Deven ter a ccoun t ing u n it , t he p ound

o f 1 0 p lakken , r ep laced s ince 1 392 b y ag u lden o f a ccoun t o f 1 6 p lakken .

Fro m

r eferences t o t he v a lue o f t he Rh ine g u lden a nd o f t he f requen t ly c i ted Guelders g u lden i ta ppears t ha t i n t he 1 390s t he v a lue o f t he money o f Over i jssel a nd t ha t

2 10

v a lue o fg o ld c o ins i n p lakk en • • • • 4

c 0 0 l C l

•4

C l

2 11

o f Guelders was, n o tw ithstand ing t he d i feren t manner o fb ookkeep ing , e ssenf t ial he s ame. ly t Ear ly i n t he n ex t r e ign , t ha t o f B ishop Freder ick ( 1393-1423 ), h owever , t hey b eg in t o d iverge. Wi th in a few y ears h e i n troduced a new s i lver c o in o f t he n om ina l v a lue o f 2p lakken , w h ich c on t inued t o b e s truck a l most t o t he e nd o fh is l ong r e ign . The i n tr ins ic v a lue o f t hese n ew c o ins must h ave b een a pp rec iably l ess t han t w ice t ha t o f t he f or mer s ing le p lak . A lready i n 1 399 t he D even ter a s w el s t he Zwol ccoun ts s how a change i n t he u n it o f a ccoun t : l a le a t he g u lden i s n o l onger r eckoned a t 1 6 , b u t a t 2 4 p lakken , t ha t i s t o s ay 1 2 n ew d ouble p lakken w ere c ons idered t o b e e qua l t o 1 6 o ld p lakken . A lthough t he a ccoun t ing u n it was ma in ta ined w ithou t c hange f or t he r e ma inder o ft he r e ign , t he s teady r ising o ft he q uota t ions f or Rh ine g u lden s how t ha t t he q ua l ity o f t he s i lver c o ins d eter iora ted f urther , a l though t he ir t ypes r e ma ined u nchanged. T he r a te o f d ebase men t , h owever , was much l ess t han i n n e ighbour ing Guelders : d ur ing t he f i rst q uar ter o f t he XV th c en tury i tf e l o n ly a bou t 2 5% , a ga inst 5 0% l i n Guelders. Moreover , t he s i lver c o inage was n o t a cco mpan ied b y a n a bundan t s tr ik ing o fg o ld c o ins. On t he c on trary , t he D even ter a ccoun ts h ard ly e ver ment i on U trech t g o ld c o ins, b u t v ery f requen t ly t he s tead ily d ebas ing A rnhe m g u lden . I t a ppears t ha t t he p o l icy o f t he D even ter m in t was l ess a i med a t e nhanc ing t he v o lume o f c o inage w i th a v iew t o a large i nco me f ro m s eignor iage t han t he A r i lh em e stabl ish men t. A f ter t he d ea th o fB ishop F reder ick t he s ee o f U trecht was d ispu ted b y t wo r iva l c la i man ts f or s o me y ears.

B ishop Rudo l f ( 1423-1454 ) , w hose b ase

was Over i jssel , was e ven tual uccessfu l , b u t t he s ch is m c er ta in ly was a n ly s a dd i t iona l c ause f or monetary c on fus ion . I n t he s ame way a s i n Gue lders t he l oca l s i lver c o ins l ost t heir u sefu lness a s ab asis f or a ccoun t ing p urposes a nd f or a decade t he D even ter g u lden o f a ccoun t was p referably d ef ined i n t er ms o ft he F le m ish k ro mstaart.

On ly w hen Rudo lf a f ter s ome y ears was f i rm ly

e stabl ished , d id h is r a ther v o lum inous i ssues o f n ew c o ins, b oth i n g o ld a nd s i lver , r estore t he e qu il ibr ium. H is g o ld s o-cal l ed p ostu laa tgu lden s a re of ten men t ioned i n t he D even ter a ccoun ts a f ter a l most h a l f a cen tury o f p redo m ina nce o f Gue lders g o ld ;

h is n ew s i lver c o ins o f 4p lakken p rov ide t he b as is f or

t he u n i t o f a ccoun t . Af ter 1 437 t he D even ter p ound i s d ef ined a s e qua l t o f our o f t hese n ew c o ins i nstead o f 1 6 p lakken . A t t he s ame t ime, i ta ppears t ha t ted i t h is c o in ( i ts s pec if ic n ame i s n o t t rans m it n t he s ources ) h ad t he s ame v a lue a s t he F le m ish k ro mstaart .

t Wi th in a few y ears t he l a ter n ame was

a pp l ied t o b o th c o ins i nd iscr im ina tely a nd i tr e ma ined i n u se f or more t han a c en tury . However , u n l ike t he d evelopmen t i n Guelders, a dicho to my b etween t he o r ig ina l F landers k ro mstaar t a nd t he f ur ther d ebased l oca l k ro mstaar t d id n o t o ccur h ere , a s t he Deven ter c o ins d id n o t d eter iora te f urther a nd ma in ta ined ah igher v a lue t han t he ir Guelders n amesakes. A s s ta ted a bove , t he monetary d evelopmen t i n t he w estern p ar t o f t he B ishopr ic , c en tered a round t he c i ty o f U trech t , was q u ite d ist inc t f ro m t ha t i n Over i jssel . Un fortuna tely , t he s ources a re much s carcer. An umber o f a ccoun ts o f t he mun ic ipa l a dm in istra t ion o f U trech t a re a va ilable , b u t t hey d o n o t f or m a con t inuous s er ies; n e ither a re t he a ccoun ts o f t he Ca thedra l fic c hap ter s uf ien t ly c o mp lete f or t h is p er iod .

Moreover , t he c o in s t he mselves

a re n o t ag rea t h elp , a s f or most o f t he t ime c o inage c eased a l together a t t he w estern e p iscopa l m in ts. 2 12

Va lue o f Rh ine g u lden i n t hree t err itor ies

e (

C,D

e +

c \I

C-J C T> C r Z

2 13

Fro m t he f rag men tary a ccoun ts i ti s c lear t ha t t he b as is o f t he d iferen t a ccoun t ing s yste ms o fb o th c ler ica l a nd mun ic ipa l a dm in istra t ion was a s i lver c o in c al l ed w it ( p lura l :

w it t en ).

I n o r ig in t h is was u ndoubted ly t he s i lver g root

o f t he Coun ts o f Hol l and whose t err itor ies e nc irled U trecht a nd i t s c oun trys ide. Dur ing t he f irst q uar ter o f t he XV th c en tury t he v a lues o f f ore ign g o ld c o ins e xpressed i n U trech t w it t en s how o n ly a s l igh t d ecl ine , l ess p ronounced s t il l t han i n Over i jssel a nd n o t v ery d if feren t f ro m t he r a te o f d ecl ine w h ich c an b e d educed f or Hol l and i t self f ro m t he of ic ia l v a lua t ions p ubl ished b y t he Coun ts. Tak ing i n to a ccoun t t he a bsence o f a ny l oca l c o inage , o ne must c onc lude t ha t Hol l and money must h ave d om ina ted t he c ircu la t ion i n U trech t a nd t ha t t he e p iscopa l i ssues f ro m Over i jssel h ad h ard ly a ny impact o n t h is p ar t o f h is t err itor ies. On ly i n t he v ery l ast y ears o f B ishop F reder ic , a nd more p ronounced ly d ur ing t he s ch is m f ol ing h is d ea th a nd t he s o le r e ign o f Rudo lf , d id ma tters l ow c hange f unda men tal . ly

The i ncorpora t ion o f Hol n to t he Burgund ian s ta te l and i

a nd t he s ubsequen t i n troduct ion o f ar eva lua ted Burgund ian c o inage , d oes n ot s ee m t o h ave afected t he U trecht t err itory .

On t he c on trary , t he r estr icted

c o in i ssues a s w el s t he s teep d ecl ine o f t he v a lue o f t he U trech t mon ies o f l a a ccoun t p o in t t o an ew o r ien ta t ion , as everance o f t he c onnect ions w ith n ow Burgund ian Hol nd a n a ss im i la t ion t o t he e astern n e ighbours. l and a

T he w it

l ooses i t s p os it ion a s ab as ic c o in a nd i s r ep laced b y t he k ro mstaart , n ow e qua l t o 6 wit . ten

The v a lues a tr ibu ted i n t he U trech t a ccoun ts t o t he Rh ine g u lden t

a nd o ther f oreign c o ins p rove t ha t t he k ro mstaart u sed h ere was t he s a me a s t he F landers a nd Deven ter k ro mstaart , u sed i n Over i jssel.

B ibl iography Pr in ted e d i t ions o f a ccoun ts : De s tadsreken ingen v an A rnhe m , e d. W. J appe A lberts , 3v o lu mes ( 1352-1420 ), Gron ingen 1 967-1971. 1445/6 ) De s tadsreken ingen v an Zu tphen , e d . R . Wartena , 3v o lumes ( 136 4 /5Z u tphen 1 977. De c ameraarsreken ingen v an Deven ter , e d . J . J . v an Doorn inck e .a ., 7 v o lumes ( 1337-1393) , Deven ter 1 887-1914. De c ameraarsreken ingen v an Deven ter, e d. J . J . v an Doorn inck e .a ., 7 v o lumes ( 1337-1393 ) , Deven ter 1 887-1914. D e s tadsreken ingen v an Deven ter , e d. G . M. d e Meyer , 4v o lu mes ( 13941 424 ), G ron ingen 1 968-1976. Bronnen t ot d e b ouwgesch ieden is v an d en . Do m t e U trech t , e d . N . B . T enhaef f; W. J appe A lber ts , 3v o lumes ( 1395-1528/9 ), ' s-Gravenhage 1 946-1976. S o me p apers o n money o f a ccoun t : F . K etner a nd N . B . Tenhaef i jdrage t o t d e k enn is v an d e U trechtsche f, B r ekenmun ten , T i jdschr if t v oor Gesch ieden is 4 9 , 1 934 , p p . 4 45-476. N . W. P osthu mus , N eder landse p r i jsgesch ieden is , Vo l. I , L e iden 1 964 , p p . x l i-x l ix a nd 1 2-30. 2 14

G . M. d e Meyer , i n D e s tadsreken ingen v an Deven ter , V o l . I , Gron ingen 1 968, p . x l i-lv i. p i i R . Wartena , H et Zu tphens p ond e n d e v a l v an d e g roo t , Onderne mende G esch ied en ts

' s-Gravenhage 1 977 , p p . 3 3-49.

D . E . H . d e Boer , Graa f e n g ra f iek . , L e iden 1 978, p p . 1 69-190. Pr inc ipa l c o ins r eferred t o i nt he t ex t : Guelders ( P. 0 . v an d er Ch i js, De mun ten d er g raven e n h er togen v an G elderl and , Haarle m 1 852 ). Wil lia m I

Re ina ld I V

Arno ld

Guelders g u lden , Wilhe l musgu lden

v dC

6 , 1

s ing le g roo t ( ca . 1 390 )

7 , 1 2 a nd 1 3

d ouble g roo t ( ca . 1 396 )

8 , 4

Arnhe m ( Rh ine ) g u lden , Reina ldus g u lden

8 , 3

f our g roten ( f ro m 1 402 )

9 , 7a nd 8

s ix g ro ten ( ca . 1 417 )

9 , 1 4

Arnhe m g u lden ,

Arno ldgu lden

Guelders k ro mstaart

1 0 , 3 1 0 , 1 3

Over i jssel ( P. 0 . v an d er Ch i js, De mun ten d er b isschoppen v an U trech t , Haarle m 1 859 ). F lor is

s ingle p lak

v dC 1 2, 5

Freder ick

d ouble p lak

1 3, 6 ;

Rudo l f

p ostu laa tgu lden , Rudo lfgu lden

1 5 , 1

f our p lakken

1 5 , 3

2 15

1 4, 1 4