DEVALUATION, COINAGE AND SEIGNORAGEUNDER LOUIS DE NEVERS AND LOUIS DE MALE,

COUNTS OF FLANDERS, 1330-841

F. and W. P, Blockmans

Thirty years agos Professor Hans van Werveke calculateds in a nowfamous lecture to the Royal Historical Society of London, the volume and profitof the coinage under Count Louis de Male of Flanders, 1346-84,, He claimedthat this Prince drew approximately one fifth of his income from his seignor-age and therefore proceeded repeatedly to devalue. He suggested also that theconsiderable devaluations initiated by the Count had an unforeseen but neverthe-

oless favourable effect upon Flemish exports«

A number of weaknesses in this argument can however be pointed out,Firstly, no account has been taken of the effect of devaluations in other countries;not only äs far äs the attraction of precious metals is concerned3 but also äsregards the competitive position of Flemish industry. In fact the latter sufferedmore härm from the exorbitant increases of wool-export duties.^ It cannot beproved therefore that the profit-seeking of the Prince was the principal deter-mining factor in this monetary policy«, Furthermores the Proportion of profitsobtained from the seignorage in relation to the total income of the Counts can-not be precisely assessed due to the absence of Information on the latter sub-ject. Finally9 the correlations between mint Output., intrinsic value and theseignorage receipts have never been statistically demonstrated. Nevertheless.,the studies of Spufford and Munro have confirmed the importance of the proce-dures initiated by van Werveke»

It is for these reasons that I shall attempt in the following paper to elabo-rate upon the data collected by van Werveke, also taking into account the periodof the preceding sixteen years» Apart from gaining additional Information,, thisperiod (1330-46) offers a number of interesting aspects:

i« An acute crisis was developing internationally, within the political, com-mercial, military and monetary Systems. These factors influenced thePosition of the currency in West European countries.

2. From 1338 onwards the Count was almost completely powerless inFlanders, the government being in the hands of a commercial elite witha populär base in the leading towns.4 The question äs to the extent towhich a particular monetary policy actually originates from the personalaims of a Prince and his councillors is now open to investigation.

3. Exact Information concerning the Count's income is available for theperiod of 1332 to 1336, thus enabling the Proportion of the seignoraget o be calculated.

69

Our data are based upon a number of accounts of the masters of the mintand three Statements of the coinage by the wardens. These documents werepartially published by Gaillard in 18575 and are the oldest known documents ofthis type in the Low Countries. Both van Werveke and Ghyssens6 have madeuseofthem, although only partially. It appears, however, to be necessaryto return to the original documents, not only for these accounts, but alsofor the instructions, commissions, contracts and ordinances which have beentraced in the Chancery records.8 My Information concerning the Count'sincome is also based upon two unpublished accounts and one unpublished sur-vey of the Count's finances drafted by the General Collector in 1332 and broughtup to date until the year 1336. ^ Some new Information is now available forthe period before the oldest preserved accounts. It is quite certain that boththe master for the silver and the warden were in Office long before the begin-ning of their oldest preserved account (13 September, 1334) since on '2April, 1334 they were allowed to continue in Ghent, on the right bank of theScheldt, in the German Empire, the functions for which they had been appointedat Aalst.^ The master of the mint for gold, Falco da Lampaggio from Pistoiais known to have been appointed on 28 June 1335, one year earlier than hisoldest account. The contract had a duration of three years, and considering thefact that he stopped minting gold in June 1338, one may assume that there hadbeen one year of gold minting for which we lack statistical evidence (June 1335-June 1336). Further indications permit the assumption that the same manoccupied the position of master for gold äs early äs 1331.13

The first stage of the monetary policy of Count Louis de Nevers, forwhich new evidence is at our disposal, dates back to 8 August, 1331. At thatmoment new instructions for the production of silver coins were issued,^ pro-viding for a severe reduction in fineness, of 12 grains. Simultaneously, thevalue of the gold coins was lowered although their intrinsic value remainedunaltered. This points to a double premtum given to silver, more than onemight expect on the basis of the general silver scarcity alone.^5 -jhe threelargest towns, (Ghent, Bruges, and Ypres) soonbecame aware of the debase-ment, since they ordered in December 1331 "the assay of the new coins struckat Aalst" and invited a Ghent goldsmith to bring the results to the Count'sgeneral collector.^ Other institutions similarly reacted with reservation.In February 1332 the Count affirmed the new valuation äs follows:^

l groat tournois - 12 d. parisisl florin = 12 groats tournoisi royal =15 groats tournois

The town accounts of Ghent show an analogous shift in the rates exactly in thefirst half of August 1331, thus within a week after the proclamation of the newordinance.*8 The florin was previously valued at 13 i/3 gr. tourn. and theroyal at 17 gr. tourn,, which meant a rise of 10 to 12%. The Count thus con-formed with the rates prescribed in France after the revaluations of April1330.^9 There is more to this however. Since rents and fines were normallyexpressed in money of account on a silver basis and were paid in gold, theCount's income must have been considerably augmented by the imposed in-crease in value of the new silver coins. This explains the prompt reactionsfrom towns and clergy, for it is to be noted that the Count expressly inentionedthe compulsory application of the aew rates for all debts owed to him.

70

This Operation, consisting in a strong enhancement of the value of silverboth by altering the silver to gold ratio and by lowering the intrinsic value ofsilver coinss took place in a period of monetary stability in France and mas-sive silver exports from England through an adverse balance of trade.20 Thedevaluations cannot under these circumstances be considered äs defensive,,but must be regarded äs purely voluntary. The two aspects of the measureof 8 August, 1331 must have been intended to raise the Count's income throughhigher seignorage profits and a premium on all debts to him.

This Interpretation is supported by the extremely precarious state of theCount's finances in this period. In the survey of April 1332 drawn up by thethree rnost prominent financial councillors, the ordinary income is computedat £10,418 parisis, and the extraordinary at £15,112 parisis, the latter beingmostly derived from the repression of the revolt of 1323-8. During a periodof three years, from September 1328 to September 1331, £300,000 had beencollected in Flanders and completely spent. The total debts contracted by theCount amounted to more than £360S 000, The authors of the report concludedwith a warning: "Si est nostre conclusion que, se vous voulez mener teille vieet continuer,, faites pourcachier par autres que par nous."21 Effectively, theCount permitted his councillors to levy more taxes and charge more fines,thus raising his total yearly income from £10,418 before 1328 to £25,530 in1332 and to £64,279 in 1335-6.22 Even though the 1335-6 account was closedwith a profit9 the overall debts to the general collector remained äs high äs£8, 792, The fines imposed on towns and individuals äs part of the repressionafter the revolt of 1323-8 contributed the most in raising the Count's income,äs is shown in the following table:

Division of the Count's income 7.9.1335-7.11.1336

domaintransport2^justicenew rents and finesaiddiverse

£ 8,0224,3598,550

on insurgents 26,7861,298

26,977

£ 75 , 992

10 ."6%5.7

11.2535.251.7

35.5

101.3%

In this context, the profit-seeking motive for the monetary measures of August1331 is beyond doubt: every seignoral right was exploited to the maximum inorder to raise the Count's income.

But the Count was not able to pursue his policy äs he might have wished.Probably the assay by the three towns made the debasement obvious. On theIS.March, 1332, he had to send new instructions to his warden of the mintat Aalst. Realising that the reduction of the alloy had become common know-ledge, the Count now ordered the striking of groats and half groats with 6 grainsmore silver than those struck since August 1331. The warden was also orderedto cut one groat and two halves. more out of a marc of Troyes. The alloy of theblack silver pennies had to be lowered by three grains.2^ The devaluation wasthus limited and acknowledged but nevertheless continued. About the gold coin-age, we know only that it went on simultaneously from the 8 August, 1331onwards. In November 1334, however^ its Output seems to have ceased.

71

Louis de Nevers' endeavour failed so early because of its lack of refine-ment; changing too much at once. Nevertheless, it is highly probable that hetook large profits from his debasements from 1331 to 1337, a period of goodmoney in France and of almost no coinage in England. His action may havelargely contributed to the difficulties of Paris and London in maintaining theirStandards. As is shown in tables l, 2 and 33 the French debasement of Janu-ary 1337 forced Louis de Nevers to a defensive devaluation of both his gold andsilver coinage which can be proved to have been extremely profitable duringsome eight months until February, 1338. From then onwards the returnsdiminished and the quickening French debasements were no longer followed inFlanders for reasons which we shall explore further.

Let us now turn to the surviving accounts for the period 1334-46. Consid-ering the fact that all of the documents mentioned above, combined, still showlarge gaps, the question arises äs to the completeness of our data.

The accounts for the gold currency cover a period of only 2 years (1336-8);we have already pointed out that gold was probably struck under the sameconditions one year earlier. Another period of nearly four months isalso documented in 1343;

for the white silver 4 years and 2 months are covered, further a periodof 6 months in the year 1343 and 11 months in 1346;

for black silver the accounts cover a consecutive period of 3 years and9 months (1334-8).

In a total period of well over twelve years, due to the fact that the data do notcover the whole period, the supposition of more missing accounts arises forthe period after November 1338. This suspicion is supported by the text ofthe treaty of 3 December, 1339 between the Duke of Brabant and the Count ofFlanders, which provided for the issuing of a joint currency, although we haveno account from this period at our disposaL^S

I shall venture to answer the question of the completeness of our data bydiscussing the period from November 1338 to December 1339. No accountsfor this period have been preserved and there are no serious indications con-cerning actual coinage in Flanders. Moreover, such activity seems to me tobe extremely unlikely considering that Count Louis de Nevers had lost almostall control over his county and that from 12 February until 5 October 1339 hehad retreated to France leaving the real power in the hands of Jacob van Arte-velde and his followers.26 During the two months in which Louis de Neversreturned to Flanders he was forced to sanction the policies of his opponents,including the sealing of the previously mentioned treaty with Brabant. TheCount fled to France one day later however, on 4 December, 1339 and wasnever to regain his power in Flanders. Under these circumstances (takinginto consideration that one of the parties immediately withdrew), one canask pneself what sort of execution the treaty must have received. Thisquestion becomes even more important because of the absence of any accountsconcerning the joint Flemish-Brabantine coinage. There are however sur-viving coins of a common type issued under the name of both Princes, men-tioniog the mints of Ghent and Leuven. Ghyssens suggests, on the basis ofthe light weight and numismatic characteristics, that the common currency

72

could not have been brought into circulation earlier than February 134i .28 in

my opinions the mention of the names of the Count and therefore also of hismint on the surviving coins does not necessarily indicate tbat Louis de Neversactually played an active role„ Coins were also minted in Ghent in his namein 1343 and 1346, but really under the authority of the revolutionary governmentof the three towns. Was this also the case in 1339 and/or 1341 ? Tt is a pos-sibility, but then one must assume that the accounts of the coinage were lostby chance,, while accounts for the years 1343 and 1346 were deposited in thecount's archives. Some of these factors lead to the formulation of a new hypo-thesis, namely that the conventional groat was not coined in Flanders at allbut only in Brabant3 with of course a legal tender in Flanders and also inother principalities, such äs Hainaut. The following facts support this possi-bility:

—A coin of the 'socius1 type., which had been adopted in the Flemish-Brabant treoty, had been struck in Flanders since 1337.29 ßecause ofthe massive production of this coin (table 2), it is possible that therewas no direct need for new production»

— As a result of the retreat of the counts the revolutionary leaders wereconfronted unexpectedly with a legitimacy prob lern; should they usetheir own authority to mint coins? It seems unlikely that they wouldhave decided to do so äs early äs December 1339. Generally speokingsuch a Situation would lead to reservednesss hesitation and delay„

—-The master of the mint, Falco da Lampaggio from Pistoias who hadworked until November 1338 for the Count of Flanders, went only a shortwhile afterwards into the Service of the Duke of Brabant, and thus em- ,bodied the unity of the coinage following the Flemish example, It is pos-sibly for this reason that the Flemish put their confidence in the Braban-tine coin» It must be noted however9 that only a very small number ofgroats of the conventional type are preserved.

—-The text on all the preserved coins shows the names of the mints of Ghentand Leuvens in this order. This undoubtedly points to their productionin Brabant. Furthermore, whilst the formula 'MONETA FLAND' wascurrent in Flanders, it remained the practice in the Duchy to mentiontbe name of the mintingplace,, A greater number of the latter remainedin use, especially Antwerp, Brüssels and Leuven, but also Maastrichtand Haien. This detail equally indicates production in Brabant., albeitfollowing the Flemish example. The mention of Ghent äs one of the mintsis part of the fiction already introduced by using the Count's name.

If it now appears plausible to suggest that no coins were minted in Flanderseither during the year 1339, or öfter the treaty in December of the same year,then one can elaborate this argument to cover the end of the period under dis-cussion^ namely the year 1346«, The Count had ceased to play a political rolein the county, It was not until years later, in April 13439 that the revolution-ary leaders began issuing money in his name, and tben obviously only whenthey were forced into this position by the spectacular devaluations of the Frenchcurrency (table 1).

73

Table i. Debasement of silver coinage in England, France and Flanders 1330-46

England

t

1330 243d.133113341335 253d.

Jan. 1337May 1337Oct. 1338Jan. 1340Apr. 1340Jan. 1341Febr. 1341June 1342Apr. 1343Oct. 1343July 1344 266d.1345 268d.Jan. 1346 270d.Apr. 1346

t = taillef = fineness

t

48

96

96105108

8496

120

60

180

France Flanders

f t f

ild. 12g. ? lld.57 lOd. 12g.57| lOd. 6g.

lOd. 16g.60| 9d.

8d.7d.6d.6d.6d.6d.

66 8d.12d.

66 7d.l6g.3d. 18g.

Ag-Auratio

?7

12.6

10.9

12.1

11.3

MaMng allowance for gold coins struck in 1335, we can sum up our hypothesisäs follows:

Coinage was not necessarily struck during the periods between 1334 to 1346for which there are no surviving accounts. An explanation äs to why thereshould have been no minting even appears to be possible. This would implythat the data shown in tables 2, 3 and 4 reflect the complete mintage in Flandersfor a period of a good twelve years, with the exception of one year äs far äs goldis concerned. On the other hand, we can ascertain that coinage of white andblack silver went on continuously from 1331 onwards under the conditions shownby the ordinances and appointments. For gold, an intermission may have oc-curred between 1332 and 1335.30 On the basis of this it is possible to make acomparison with the data computed for the reign of Count Louis de Male (table5). It appears thus, that the latter had much more gold and white silver minted,but four times less small change. This contrast probably also applies to theperiod 1331-34 for which only qualitative evidence is available.

Although the profit motive äs an explanation for the monetary policy ofLouis de Male has been seen to be insufficient, it should not on the other handbe neglected. A high income from minting made it possible to urge the master

74

of the mint to strike small change on which no seignorage was taken.31 Wehave already emphasised the fact that during the thirties Louis de Neversfound himself in great financial difficulties and that he used every meansavailable to raise his income,, It becomes difficult to ignore the element ofprofit-seeking when one takes into consideration how the Count, who was re-proached by his financial counsellors for wastage, managed in 1337 to increasehis seignorage ongold currency threefold and on silver currency sevenfold»

Especially for silver, the debasement of that year resulted in consider-able seignorage receipts during some eight months, after which period theCount was forced to reduce his profit margin in Order to continue to attractbullion» As far äs the volume of the silver coinage is concerneds productionwas highest during the eight months foliowing the debasement of 25 May, 1337and thereafter steadily slowed down, äs is shown in the foliowing average prod-uction figures p_er diem;

16,9.34-26.4.37 86.6 pure marcs25.5,37-15.2,38 127.6 pure marcsi9„2„38 - 10*6.38 65.2 pure marcs24.6„38 - 7.11.38 49,3 pure marcs

The total profits from the seignorage during the most active period of Louisde Nevers' coinage represent, on the other hand, no more than a modest pro-portion of his income. During a good four years, 1334-8, the profits from theseignorage amounted to £ 18,192 parisis, out of which 90% was derived fromthe coinage of silver. This figure can be increased to £ 18,267 parisis if oneadds an extrapolated figure for the seignorage on gold in 1335-6. On a yearlybasis this amounted to roughly £4,407 parisis,, These receipts can be com-pared with the Count's total yearly income in 1335-6 and with the general sur-vey of 1332:

total income average seignorage receipts äs %

13321335-6

£25,530£64,279

17.266.86

Between these very divergent figures, the choice is difficult. Since the cons-iderable increase in the count's total income after 1332 was less than propor-tionally produced by seignorage receipts3 the ratio of nearly 17% for 1332seems closer to normal than the later figure.

It is against this background that the minting profits of Louis de Malecanbe compared with those of his father (tables 5 to 8). From 1346 until 1354,his profits stayed at approximately the same level äs those of his father duringthe period 1334 to 1338. From 1354 until 1362 however, he collected four timesäs much seignorage; from 1362 to 1366 three times äs much, and from 1366to 1374, twice äs much,32 Intentionally or unintentionally, but definitely notunnoticed, the coinage meant a substantial source of income and replaced theconsiderable fines which had been levied by his father.

The correlation coefficients between coin Output and seignorage receipts(1334-84) are positive and significant:

75

gold 0.744silver 0.65l

The weaker correlation for silver than for gold can be explained by the factthat the intrinsic value of silver was much more often, and more drastically,altered (nearly 1:20 äs against 3:4). On the other hand in the case of gold,the seignorage rate was changed with nearly all the mutatioas and sometimesin a dramatic way (nearly 1:22) äs is shown in the following table.

(based upon tiie data intables 2, 4, 6 and 7) Gold Silver

Total number of mutationsunder review 32 23

Alteration of intrinsicvalue alone 2 5

Alteration of seignoragerate alone 22 8

Alteration of both 7 10

Alterations of:fineness: number 9 12extreme values 18-24

taille: number 4 5extreme value sa (35^)52-63 */3 (66) 57f-72

seignorage rate:number 29 18

extreme values 6-13 0| 1-10

(a) Inbrackets: values of exceptionally introduced types of coins

It is equally obvious that for gold the reduction of the intrinsic value correlatesstrongly with an increase of the seignorage rate. On the contrary, for silveralterations of the intrinsic value in most cases do not correlate with an adaptionof the rate of seignorage; when it occurs, the correlation is not always negative,äs shown in the following table:

Gold Silver

Correlation of the alterations:I.V.—and S.R. + 5 5

I.V.—and S.R. - 2

no correlation 2 10

(I,V.: intrinsic value; S.R. : seignorage rate; -: decrease; +: increase,,)

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From this we may conclude that the manipulation of gold currency was mainlyoperated by changing the rate of seignorage while the intrinsic value was themain variable for silver. Nevertheless inboth cases the seignorage receiptsof the counts underwent a firm Impulse from the volume of mint Output.

The correlations between the rate of seignorage and ml nt Output aredemonstrated in the next table. The Output has been analysed through both theper diem figures and the duration of each issue., It has to be noted that theselasted much longer for silver than for gold, and that the quantities of silveralloy minted were also considerably higher.

GoldIssue iasting: <3 months >3 months

Silver<5 months 6-16 months >20 months

S. R. 0

+ and + 1

- and - 2

+ and - 4

- and t- 4

Totais 11

5 3

7 1 2

2 1 2

2 1 5

16 3 12

1

4

-

-

527 20

(S.R.: seignorage rate; 0: coiaage Output; +: increase and/or high level;-: decrease and/or low level,)

The füll Interpretation of these figures requires more data concerning the pricesof bullion. Neverthelesss some patterns of decision-maMng canbe discerned:

•—the combination of high seignorage rates and high Output evidently dependson favourable market circumstances; the effects work out in the mediumterm;

—löwering seignorage rates and equally lowering Output can be profitablefor the count; Ms moderate gain is a Stimulus to attract bullion long-term;

—high seignorage rates and low Output do not last long because of shortageof bullion;

—low seignorage rates can stimulate the Output for a while, depending onmarket conditions.

A specifically succesful application of these mechanisms was the introductionof a new type of coin, usually of lower fineness and weight than a former onein which people had lost their confidence after a series of debasements. Suchnew issues scored sometimes feverishly high Output figures thanks to the highprice the mintmasters could offer for bullion at the expense of a further—stillinvisible—debasement. The mouton in 1356-57 and again in 1363, the heaumein 1368, the silver lion in 1365-67 and the groat in 1369-70 are examples ofgreat long Iasting issues, with exceptionally high per diem Output and equallyhigh seignorage profits«

77

puremarcs

COIN OUTPUT GOLD

18000-

ΙόΟΟΟ-

14000-

12000-

10000-

8000-

6000-

4000-

2000-

o1Ä 9 9 9 9 9 9 9 9 9

Ι ... »»..·

Ι Ι Ι Ι

335 '40 '45 Ι50 Ι 55

Ι

11

J^

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60

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—

1

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65

Ί,

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π Γ99 99 Π

-ι

'70 '75 '80 '85years

Graph l.

78

Let us turn now to the global output figures (table 8 and graphs i and 2).The correlation coefficient of gold and sflver coinage in marcs of pure metalis moderately positive: 0.555. The production of silver is relatively higherin the years 1335-38S 1345-53, 1365-70 and 1379-85, and consequently moreregulär than gold issues, Louis de Male obviously had a great deal of luckthanks to the international monetary crises that made possible huge profits ongold coinage from 1356 to 1361. After the restoration of the French coinageunder Charles V, however, the extravagant Flemish Output and seignorage re-ceipts vanished.

To what extent can international monetary mechanisms serve äs an ex-planation of the changing monetary policy during the period 1330 to 1346 ? TheEnglish Parliament had issued in 1335 a strict prohibition on the export of bothbullion and coin. At the same time Edward III devalued his smaller silver

O O

coins. Although this could have especially affected the Flemish trades theseregulations appeared to have been difficult to enforce. The English coinage.,which. had fallen into decline during the previous decades, nevertheless saw in1336 a strong reviva!3 which must to a certain extent have had disadvantageouseffects on the supply of bullion in Flanders,,34 It was however only after thegreat devaluation in France in January 1337, the first in six years, that theFlemish currency was devalued. During this one year, the Count received onaverage Id. par» per groats half or quarter groat which was minted. Hereinlay by far the greatest profit obtained from the whole coinage during the years1334 to 1346.

The mechanism is thus complex: Louis de Nevers seems primarily tohave been purely seeMng his own profit. In 1337, external pressure and theexport of bullion forced him to devalue his currency further, which for a fewmonths appeared to be especially profitable. Afterwards however., he becamein turn the victim of in particular, the French devaluations. The last phase ofthe Operation appeared, äs far äs the gold was concerned, far less successful,possibly again due to the English bullionist policy.

Apart from the already familiär political motives, it now becomes pos-sible in the light of thiss to explain more fully the Stagnation of wool exportsduring the period 1336 to 1337. With the arrival of Edward III in Brabant andlater, in 1338, also in Flanders, the Situation changes«, As a means of paymentfor his political and military goalss he flooded the Bruges market with wool andmade continuous appeals to financiers. He initiated thus a colossal flow ofcapitals concentrated upon Bruges äs the most important money market inWest Europe,35 Money flowed therefore readily into Flanders making theminting of any of their own coins unnecessary for years. During the next stagewe see the typical effects of war upon the coinage. Hoarding made gold coinagedifficult3 whilst the need for small change increased. There was furthermoreä noticeable rise in the price of silver, especially during the years 1337 and1340 to 134l.36

The extent to which the monetary policy of the revolutionary governmentdiffered from that of the Count remains äs one of the final poirits to be discussed.

The production of white silver was entrusted in 1343 to Percheval duPorche from Lucca, who, during the years 1334 to 1337, was also the Count's

79

pure

marcs

64000-

60000-

56000-

52000-

48000-

44000-

40000-

36000-

32000-

28000-

24000-

20000-

16000-

12000-

8000--

4000-

COIN OUTPUT SILVER

Ο-

Ι 334 '40 '45 '50 '55 '60 '65 '70 '75 '80 '85years

80

master of the mint in Ghent. It is noteworthy that this man, during the periodJuly 1344 to July 1346, fulfilled this same function for the King of England, afterthe latter had repudiated his debts to Florentine bankers. In 1346 the threeleading towns of Flanders called upon a member of Percheval's family to be-come master of the mint.

Characteristic of this coinages which in the contemporary accounts isdescribed äs Of the three towns', are the low seignorage rates, the reducedintrinsic value and the modest amounts minted. The attention of the publicwas drawn to the debasement by the inscription MONETA NOVA COMITIS etc.38

It was obviously necessary to respond to the speedy collapse of the Frenchsilver currency, which in April 1343 had reached its lowest point. The consid-erable increase in English coin Output from 1341 onwards, must also have con-tributed to the scarcity of silver in Flanders, since 94% of the bullion was offoreign origin.3^ it is remarkable, therefores that the revaluation of theFrench currency during the years 1344 to '46 was not followed in Flanders.

In January 1346S a groat was issued containing still less silver than theprevious one. Owing to a minimal seignorage, it was still possible to attaina reasonable Output. One may here point to the three devaluations which theEnglish silver currency underwent from July 1344 to January 1346, äs a resultof which the English production of silver coins attained, for a short duration,a higher level than had been attained for thirty years. In Brabant and Hainaut,debasements equally tookplace in 1345.40 The Flemish coinage of 1346 cantherefore not be regarded äs purely profit-seeking vis-a-vis France; it wasdefensive against devaluations in England and in the beighbouring principalities.Finally, it is noteworthy that the towns did not strike srnall change, probablybecause they lacked the mint revenues to press the mintmasters on this point.this point,

Count Louis de Nevers tried to draw maximal profits from his coinage.At least during some months in 1337 and '38 he was certainly successful inthis. He may also have drawn an extensive income from his debasements in1331 and '32. In those years his seignprage receipt represented a considerablepart of his total income, On the other hand, the monetary policy of the leadingtowns did not strive towards high seignorage receipts but appears to havebeen essentially determined by external circumstances. It did not manage,however, to provide the poor people with small change, in contrast to bothLouis de Nevers and the Florentine revolutionary government.

As far äs the reign of Louis de Male is concerned, our analysis equallyaimed at a more precise insight in the motives and Instruments of monetarypolicy. The Suggestion of profit-seeking by the count and his advisers hasnow become a certainty. Of course, their decisions depended on the marketSituation, for which they could not be held solely responsible. But within thatframework, they obviously took all the possibilities of profit which were pre-sented to them.

The international effects of the monetary policy of the period were mostlikely increased by the sharp insight which existed among certain Italian spe-cialists, who through their consecutive Service to different masters were ableto benefit on either a personal or family level by the profit-seeking of theirmasters.

81

£ parisis

32000 -ι.

30000 -

-

28000 -

-

26000 -

24000 -

22000 -

20000-

1 8000 -

16000-

14000-

12000-

10000-.

8000-

6000-

4000-

2000-

0-1

r-

ri

334

SEIGNORAGE RECEIPT

— 1

gold

silver

r-i

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82

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Table 8. Coin Output and seignorage receipt for gold and silver per year,1334-1384

Gold

coin Output inpure marcs of

Troyes

13345678

43

467

89

50i2

34567

89

6012

34567

89

7012

345

?10232029398

27

3326468746874631

3294336

91938677

18729

940310828

91739869

10148

1411422199869

1202611300

901216883838

??

432581524567

seignoragereceipt in£ parisis

?460

1070283

16

998140614061872

1332202

55161479127421

68878504

128601352217752

1154812149870

1126411308

1108913513133

??

164002795812578

Silver

coin Output inpure marcs of

Troyes

8,01027,07127,14520,52040,349

3,768

9,76326,838

26,91226,83828,68019,64929,534

21,6412,902

29,22534,61143,016

28,03127,72627,72326,69511,267

??

62,44257,58651,180

14,84334,47236,972

??

7,28613,50013,500

seignoragereceipt in£ parisis

4001,3541,3578,3764,894

377

434448

449448816

2,3145,907

4,364672

5,8457,0204,300

4,1514,1164,1584,0041,690

??

9,3666,7065,632

3,9946,4407,394

??

72913501350

(contd.)

90

Table 8 (continued)

Silver

coin Output inpure marcs of

1376789

80

1234

Troyes

24511542

??

1777

169817902650

787

seignoragereceipt in£ parisis

55562506

??

3093

2593251798064252

coin Output in seignoragepure marcs of receipt in

Troyes

13,5376,546

9

?

13,689

15,34615,42815,8722,312

£ parisis

1354655??

5,491

5,0903,7474,6131,156

NOTES

1. The greater part of the documentation for this paper was assembledduring the years 1960-2 by my father, the late Professor Frans Block-mans. My contribution has consisted mainly in writing the Interpreta-tion, taking into account recent views on this subject. I must adds thatthe opinions expressed here are in several respects adverse to those ofmy father9 due to the criticism which has been formulated during thelast decade against the purely voluntary approach to medieval devalua-tions. I am very much indebted to Dr. Maurice Vandermaesen who helpedme substantially with the consultation of the Chancery register for theperiod 1331 to 1332 (A.D. N., B 1595/2), which was unknown to previousstudents.

2. H. van Werveke, "Currency manipulation in the middle ages: the caseof Louis de Male, Count of Flanders, " in Transactions of the Royal His-torical Society., 4th series, XXXI, 1949, 115-127, reprinted in hisMiscellanea mediaevaliag Ghent, 1968S 255-267; De Muntslag in Viaan-deren onder Lodewijk van Mate/Mededelingen van de Koninklijke VlaamseAcademie voor Wetenschappeo, Letteren en Schone Künsten van Belgie,Klasse der Letteren" XI, 5, Brüssels, 1949, 27 p.

3. P. Spufford, Monetary problems and policies in the Burgundian Nether-lands, 1433-1496. Leyden, 1970, 14-15; J. H. Munro, Wool, cloth andgold. The struggle for bullion in Anglo-Burgundian trade 1340-1478.Brüssels-Toronto, 1973, 5-6, 39-41.

4. M. Vandermaesen, Lodewijk II van Nevers, in Nationaal BiografischWoordenboek, 5, Brüssels, 1972a 523-534.

5. V. Gaillardg Recherches sur les monnaies des comtes de Flandre depuisles temps les plus reculesι jusqu'ä Pavenement de la maison de Bourgogne.Ghent, 1857, Pieees justificatives XVII-XXIII, 31-63.

91 '

6. J. Ghyssenss "Le monnayage d'argent en Flandre, Hainaut et Brabantau debut de la Guerre de Cent Ans, " in Revue beige de Numismatique,CXX, 1974, 109-191.

7. Brüssels, Algemeen Rijksarchief, Rekenkamer, Rolrekeningen (ÄRA,RR) 788-793; H. Nelis, Chambres des Comptes de Flandre et de Brabant.Inventaire des Comptes en rouleaux. Brüssels, 1914, 54.

8. Lilie, Archives de*partementales du Nord, Serie B, (ADN, B) 15952,1565, 1566.

9. Brüssels, ÄRA, RR 4 and 5; Nelis, og._cit., 9.

10. Lilie, ADN, B 1569; this important document has been discussed by P.Thomas, "Une source nouvelle pour l'histoire administrative de laFlandre. Le registre de Guillaume d'Auxonne, chancelier de Louis deNevers, comte de Flandre, " in Revue du Nord, X, 1924, 5-38.

11. Lilie, ADN, B 1565, nr. 404, f° 63r°.

12. Lilie, ADN, B 1565, nr. 456 f° 70 v?

13. A first indication is the duration of three years; furthermore, the totalabsence of formality or personal details in the contract of 28 June, 1335concerning Falco da Lampaggio ("nostre ame F.L."), whereas sevenmonths earlier the appointment of the master of the mint for silver wasfor a period of one year only, formulated more precisely: "nostre ame"vallet Perchival du Porche de Lukez." Most important are the two frag-ments of the survey of the Count's finances in 1332 (see Note 10) wherecoins are described äs "tiercelet de Faucon" and "Faucon for", (ADN,B 1569 f° 62). They probably point to the mintmaster's first name, thelatter Quotation suggesting a strong coin dating from either before thedevaluation of August 1331, or after the revaluation of March 1332 (seep. 71 ). In any case, the florins had, since mid-August 1331, the samevalue of 12 groats tournois äs in the contract of 28 June 1335. (J. Vuyls-teke, Gentsche stads- enbaljuwsrekeningen 1280-1336. II. Ghent,1900, 746 1. 1-2 and 750, 1. 39-40).

14. Lilie, ADN, B 15922 f° 82v°-83r°: instructions to the master and thewarden of the mint at Aalst and to the local bailiff to ensure the applica-tion of the new ordinance.

15. J. Day, in Past and Present, 1978.

16. Vuylsteke, og.cüt., II 805 1. 4-8 and 17-18.

17. On 11 February 1332, the Count informed the Abbot of Saint Nicholas atTournai, at the request of the Dean of Saint Donatian at Bruges, aboutthese exchange rates which were to be applied to all debts to the Count(ADN, B 15922 f° 117rO).

18. Vuylsteke, og.cüt., II 746, 750 and A. VanWerveke, idem, III Register,1256-7, 1269.

19. E. Fournial, Histoire monetaire de l'Occident mgdieval. Paris, 1970.

92

20. See table i and T. H. Lloyd,, The English wool trade in the Middle Ages.Cambridge, 1977; also his "Overseas trade and the English money supplyin the Fourteeith Century, " in N. J. Mayhew (ed.), Edwardian monetaryaffairs (i 2 79-1 344) a British Archaeplogical Reports, 36„ Oxfords 1977„104.

21. Lilie, ADNS B 1569„ f° 60r°-70v°; Thomas, op_.cit., 12 and 27; F.Blockmanss "Le controle par le prince des comptes urbains en Flandreet en Brabant au Moyen ages " in Finances et Comptabilite urbaines duXmg_au XVI6 siecle . ProCivitate. Brüssels, 1964S 307-8S 315-319.

22. Brüssels., ARAS RR 5 1 to achieve a yearly income, the sum of theaccount of 7. 9, 1335-7. 11.1336 has been reduced to 12/14,

23. The 'transport' is a general tax of £ 8, 000 parisis per year on the countyof Flanders due to the Count on the occasion of the restitution to the Kingof France of the Castelries of Lilie, Douai and Bethune in application ofthe treaties of Athis-sur-Orge (1305) and Pontoise (1312).

24. Lüles ADN, B 15952 f° 84r°e

25. Placcaerten_epd_e ordonna.ntj.en van de hertogen van Brabant, l, Antwerp-Brüssels, 1648s, 546,

26. Vandermaesen, op_.cit.

27. Descriptionby Ghyssens, og.cit., 130-5.

28. Ibid., i23-4s 132.29· Ibid.·» 186-7.

30. On 8 August, 1331 Jacques de Beernem was appointed äs the wardenof the mint at Aalst; his instruetions then concerned both gold and whitesilver coins. The instructions addressed to him on the 13th of March,1332, however, do not mentiongold. His appointment äs the wardenof the mint in Ghent on 24 November, 1334 is for silver, black andwhite (ADN, B 15952 f° 83r° and 84r°; 1565 nr. 475 f° 74 v°).

31 . Louis de Nevers urged the masters of the mint Jehan de Septare andPercheval du Porche on 8 August 1331 and 13 November 1334 in the sameterms: "Et est assavoir que de petites mailles noires dessus nommeesIi maistres dessus diz ne sera tenu de nous rendre nulle chose, mais ilsera tenus de faire ent et ouvrer convenablement, tant qu'il devra souffirea nostre dit pays." Lilie, ADN, B 1565 nr. 474 f° 74r° and 15952 f°82v°«

32. Van Werveke, De muntslag3 27. .

33. Munros og.cit., 23-4, 34.

34. J. Craig, The Mint. A history of the London mint from A.D. 287 to1948. Cambridge, 1953,61-4 and 410-1 ; Lloyd, "Overseas trade, " 98.

35. E. B. Fryde, "Financial resources of Edward III in the Netherlands,1337-40, " in Revue beige de Philologie et d'Histoire, XLV, 1967, 1157-69.

93

36. Ghyssens, op.jsit., 136.

37. Craig, op.cit., 65-7.

38. Ghyssens, og.^it., 127 and 135.

39. Lloyds "Overseas trade, " 98.

40. Ghyssens, o]x_cit., 167-71.

94