THE MONETARY SYSTEM OF FLORENCE DURING THE DAYS OF HER COMMERCIAL ACTIVITY AND INDEPENDENCE
Throughout the history of independent Florence her gold coin type is always the florin. In its first beginning her monetary system had relation to that of the restored Empire. The _silver fiorino_ of which the first mention occurs was equivalent to 12 denari, as in the Charlemagne system. Presumably this would be equal to some hypothecated _soldo_, and the multiple of it a hypothecated fiorino d'oro, gold florin (= 20 soldi), would be equal to the lira or libra, or unit of weight. This will explain how it is possible to have mention of gold florins almost a century before the actual issuing of a real coin so named. Such mention occurs in the monetary ordinances and schedules of France as early as 1180. (See Preface, _supra_, p. xiii, also De Saulcy, _Documents_, i. 115. Le Blanc was unable to explain this apparent contradiction of history.)
What the particular Florentine weight unit or lira (libbra) was, however, is uncertain. According to the researches of Neri (in _Argelatus_, i. 157) the scheme of weights was--
Denari. Grani. Silver florin = ... 38 23 26 Lira (or 20 popolini) = 32 11 15 21
When it actually emerges, the gold florin has a weight of 53 (English) grs., or 72 Florentine; which would give a mark of 6912 grs. Its standard was of absolute fineness, 24 carats, a standard which was never departed from through the whole of its history. Very little change, too, was made in the weight, hardly more than 4-1/2 grs. in all (or 6-1/4 per cent.).
It was issued at an equivalence of 20 soldi, which were represented by 20 silver florins, already known.
The variation of this coin with regard to the unit coin of lower denomination will be found in the Table below.
There is a second variation of the gold florin, _apparently_ with regard to itself, which has given rise to much misunderstanding, and requires explanation. As the process of wear and tear and abrasion went on in the coins, with lapse of time the custom grew of subdividing or hypothecating a gold florin of ideally perfect weight and condition as the standard for transactions. This became book or bank money, and the actually circulating medium was rated to it at a certain discount. This ideal florin is known as _fiorini di suggello_ or _sigillo_, florin of the public seal, and there is a series of such denominations. The first apparent adoption of such a method--which also emerges in the currency history of Hamburg and Amsterdam--was in 1321, and the florins of that date are styled "of the first sigello"; the second was in 1324, the third in 1345, and so on. Between the years 1328 and 1462 there was a series of eight, as follows:--