1658, when an attempt was made to unify the minor coinage by withdrawing the vellón grueso and substituting a new copper issue of the same weight and nominal value as the calderilla, so that there should be but one kind of currency. To check the temptation to import imitations of this, the same savage penalties as before were re-enacted—confiscation and the stake, with the forfeiture of any vessel bringing it. The vellón grueso, however, refused to be withdrawn, and on May 6, 1659, a compromise was attempted by reducing it in value one half. Moderate as was this contraction of the currency, it served merely as a prelude for further inflation. Although the Peace of the Pyrenees, in 1659, might be expected to lighten the financial necessities of the state, a pragmatica of September 11, 1660, under pretext of providing a currency lighter, easier of transport, and more convenient for use, ordered all the vellón grueso to be called in and reworked, so that the marc of copper in place of producing 34 pieces of 2 maravedis should furnish 51 pieces of 4, thus trebling its nominal value. This must have called forth energetic expressions of dissatisfaction, for in less than two months—on October 29th—a new project was announced. The coinage of pure copper was stopped, and in its place a new alloy was ordered containing 20 grains of silver to the marc (1230) be worked into 51 pieces of 16 maravedis, and smaller coins in proportion. The existing calderilla and vellón grueso were allowed to remain in circulation, to be gradually worked over into the new coinage as they should reach the treasury. The new issue was styled moneda de molino de vellón ligado—mill money alloyed—shortened into moneda de molino,[1] and added to the confusion by furnishing a third debased coinage, for of course the two older ones remained in circulation. The country speedily was flooded with the new currency, and prices began to rise still higher. Some relief was necessary, and, as usual, it was applied in a violent and summary manner. A pragmatica of 1664 reduced the value of the new moneda de molino by one half—the 16-maravedi piece was to pass for only 8; for thirty days it would be received at the old rate by the treasury in settlement of overdue debts and taxes up to the end of 1662; after thirty days it would be accepted only at fifty per cent of its face, and the Royal Council was vaguely ordered to adopt such measures as it should deem wise to prevent injustice between buyers and sellers, debtors and creditors. As there ought to be only one base-metal currency, moreover, the edict prohibited the further use of the
- ↑ It seems to have been not long before this that the mill or machine for stamping was introduced, enabling coins to have a raised and milled edge, to check clipping. In the Indies the primitive labor de martillo, or hammering process, was maintained until 1728, when mills were ordered to be erected. Where practicable, these were run with water power; when this was not available, by mules.
