Jump to ContentJump to Main Navigation
The Financial Decline of a Great PowerWar, Influence, and Money in Louis XIV's France$
Users without a subscription are not able to see the full content.

Guy Rowlands

Print publication date: 2012

Print ISBN-13: 9780199585076

Published to Oxford Scholarship Online: January 2013

DOI: 10.1093/acprof:oso/9780199585076.001.0001

Show Summary Details
Page of

PRINTED FROM OXFORD SCHOLARSHIP ONLINE (www.oxfordscholarship.com). (c) Copyright Oxford University Press, 2019. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 08 December 2019

Manipulating the Coinage

Manipulating the Coinage

Chapter:
(p.90) 5 Manipulating the Coinage
Source:
The Financial Decline of a Great Power
Author(s):

Guy Rowlands

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199585076.003.0006

The varied methods of borrowing and venal office exploitation were still not sufficient for tapping the country's wealth, so after 1689 successive Finance Ministers sought bullion from abroad and began to manipulate the coinage, mainly to cream off ‘seigniorage’ through the royal mints. While the larger coins were not physically debased, they were repeatedly rerated upwards and downwards against the unit of account, the livre, which lost around one-third of its value in silver terms. The manipulations after 1699 were largely intended to bring more coin into circulation in France and achieve periodic windfalls for the government. Unfortunately the fiat values of the coins were regularly misjudged and the government sometimes sought too great a profit, stimulating fraudulent recoining organised on a large scale by some of the king's own financial contractors. The manipulations also worsened the exchange rates and added significantly to the costs of paying for military supplies.

Keywords:   bullion imports, coinage, debasement, false-coining, dual-currency system

Oxford Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs , and if you can't find the answer there, please contact us .