Vellón - History Lab https://historylab.es Fri, 20 May 2022 15:05:57 +0000 en-US hourly 1 https://wordpress.org/?v=7.0 https://historylab.es/wp-content/uploads/2021/06/cropped-icono-historylab-32x32.jpg Vellón - History Lab https://historylab.es 32 32 Coin of 2 maravedíes of the Catholic Monarchs https://historylab.es/coin-of-2-maravedies-of-the-catholic-monarchs/?utm_source=rss&utm_medium=rss&utm_campaign=coin-of-2-maravedies-of-the-catholic-monarchs Sat, 19 Feb 2022 16:30:09 +0000 https://historylab.es/2022/02/19/moneda-de-2-maravedies-de-los-reyes-catolicos/ Fleece coin of 2 maravedíes of the Catholic Monarchs. Museum of Segovia.

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]]> The maravedí was a Spanish coin used between the 12th and 19th centuries, whose minting began during the reign of Alfonso VI after the conquest of Toledo in 1085. During the reign of the Catholic Monarchs, other types of coins appeared, such as the ducats. One of these, the “white” coin, had a value of half a maravedí. This small coin, of little value and small size, has survived to the present day through the expression “estar sin blanca” (to be penniless). The two maravedí coin of the Catholic Monarchs has inscriptions on the obverse and reverse. On the obverse we can read the direct allusion to the monarchs who minted the coin in Latin “FERNANDVS – ET – ELISA” (Ferdinand and Isabella). A castle with three towers appears on the reverse. The reverse reads ‘REX – ET – REGINA – KAS’, thus referring to their status as kings

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]]> Vellón issues and nominal stock of vellón in circulation in Spain (in millions of maravedíes), 1596-1680 https://historylab.es/vellon-issues-and-nominal-stock-of-vellon-in-circulation-in-spain-in-millions-of-maravedies-1596-1680/?utm_source=rss&utm_medium=rss&utm_campaign=vellon-issues-and-nominal-stock-of-vellon-in-circulation-in-spain-in-millions-of-maravedies-1596-1680 Sat, 19 Feb 2022 16:28:52 +0000 https://historylab.es/2022/02/19/emisiones-de-vellon-y-stock-nominal-de-vellon-en-circulacion-en-espana-en-millones-de-maravedies-1596-1680/ Stabilisation of the monetary movement under the reign of Charles II in Spain

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]]> The Catholic Monarchs drew up a reform of the monetary system of the Crown of Castile in 1497, basing the system on three metals: gold, silver and vellón (an alteration of silver and copper). The unit of account was the maravedí, which in practice did not correspond to any specific metal coin. The gold coin established by the Catholic Monarchs was called the ducado or excelente, which was equivalent to 375 maravedíes with a degree of purity of 98.958%. The silver coin was called real, equivalent to 34 maravedíes with a degree of purity of 93.055%, while the vellón had a degree of purity of 2.43%. Modifications followed in the following reigns, with Charles V beginning new alterations which continued to be reproduced by the Hispanic monarchs: Philip II decreed in 1596 the minting of pure copper without silver alloy in order to take advantage of a new system which would allow greater profits; Philip III in 1602 decreed the elimination of the 0.3% of silver in the minting of fleece coins until it was stopped in 1608. Due to the inflation caused by the vellon, in the 1620s various pragmatic rates were enacted that limited prices and salaries. However, after 1636, following the cessation of hostilities with France, prices began to rise again until 1638, when it was decreed that the fleece coinage minted after 1602 would be melted down at a rate of 375 million maravedíes per year. Since 1602 only pure copper coinage had been minted until the decree of 29 October 1660 ordered the minting of a new coinage with a 7% silver content, of which 816 maravedíes were to be minted. Between 1657-1662 there was a moderate rise in prices and an increase in the price of silver to around 80% at the beginning of 1662, which lasted until 1669.

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