Florin

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The back of an Italian florin coin Gouden florijn.jpg
The back of an Italian florin coin
Florin from the Sroda treasure Fiorino 1347.jpg
Florin from the Środa treasure

The Florentine florin was a gold coin (in Italian Fiorino d'oro) struck from 1252 to 1533 with no significant change in its design or metal content standard during that time. [1] It had 54 grains (3.499 grams, 0.1125 troy ounces) of nominally pure or 'fine' gold [2] with a purchasing power difficult to estimate (and variable) but ranging according to social grouping and perspective from approximately 140 to 1,000 modern US dollars. The name of the coin comes from the Giglio bottonato (it), the floral emblem of the city, which is represented at the head of the coin. [3]

Contents

History

The fiorino d'oro (gold florin) was used in the Republic of Florence and was the first European gold coin struck in sufficient quantities since the 7th century to play a significant commercial role. The florin was recognised across large parts of Europe. The territorial usage of the lira and the florin often overlapped; where the lira was used for smaller transactions (wages, food purchases), the florin was for larger transactions such as those used in dowries, international trade or for tax-related matters. [4]

The first minting of the florin occurred in 1252. At the time the value of the florin was equal to the lira, but by 1500 the florin had appreciated; seven lire amounted to one florin. [4]

In the 14th century, about a 150 European states and local coin-issuing authorities made their own copies of the florin. The most important of these was the Hungarian forint, because the Kingdom of Hungary was a major source of European gold (until mining in the New World began to contribute to the supply in the 16th and 17th centuries, most of the gold used in Europe came from Africa).[ citation needed ]

The design of the original Florentine florins was the distinctive fleur-de-lis badge of the city on one side and on the other a standing and facing figure of St. John the Baptist [5] wearing a cilice. On other countries' florins, the inscriptions were changed (from "Florentia" around the fleur, and the name of the saint on the other), and local heraldic devices were substituted for the fleur-de-lis. Later, other figures were often substituted for St. John. On the Hungarian forints, St. John was re-labelled St. Ladislaus, an early Christian king and patron saint of Hungary, and a battle axe substituted for the original's sceptre. Gradually the image became more regal looking.[ citation needed ]

Other coins

Gold florin or "Beiersgulden", struck in Holland under John of Bavaria Holland Jan van Beieren goudgulden.jpg
Gold florin or "Beiersgulden", struck in Holland under John of Bavaria
Gold florin or "Philippus goudgulden", struck in Dordrecht under Philip the Fair Filips de Schone St-Philippus goudgulden Holland Dordrecht.jpg
Gold florin or "Philippus goudgulden", struck in Dordrecht under Philip the Fair

The term florin was borrowed elsewhere in Europe. A variant of the florin was the Rheingulden, minted by several German states encompassing the commercial centers of the Rhein (Rhine) River valley, under a series of monetary conventions starting in 1354, initially at a standard practically identical to the Florentine florin (98% gold, 3.54 grams). By 1419, the weight had been slightly reduced (to 3.51 grams) and the alloy was substantially reduced (to 79% gold). By 1626, the alloy had been slightly reduced again (to 77% gold), while the weight was more substantially reduced (to 3.240 grams). In 1409, the Rheingulden standard (at the time 91.7% gold) was adopted for the Holy Roman Empire's Reichsgulden. [6]

The Dutch guilder is symbolized as Fl. or ƒ, which means florijn (florin).

The English coin first issued in 1344 by Edward III of England is also known as a florin. Originally valued at six shillings, it was composed of 108 grains (6.99828 grams) of gold with a purity of 23 carats and 3+12 grains (or 23+78 carats) [7] [8] – and more recently relating to a British pre-decimal silver coin (later nickel silver) also known as a two shilling (or two bob) "bit" (abbreviation 2/-) worth 24 pence or one-tenth of a pound.

In Ireland, a silver florin coin (worth one-tenth of an Irish pound, with Irish inscription flóirín) was minted between 1928 and 1943; it became cupronickel in 1943 and was withdrawn from use on 1 June 1994. [9]

The Hungarian forint is named after the florin. [10]

See also

Related Research Articles

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Guilder is the English translation of the Dutch and German gulden, originally shortened from Middle High German guldin pfenninc "gold penny". This was the term that became current in the southern and western parts of the Holy Roman Empire for the Fiorino d'oro. Hence, the name has often been interchangeable with florin.

<span class="mw-page-title-main">Florin (English coin)</span> English gold coin of 1344

The English florin, sometimes known as the double leopard, was an attempt in 1344 by Edward III to produce gold coinage suitable for use in Europe as well as in England. It was authorised on 27 January 1344, and struck from 108 grains of nominal pure ('fine') gold and had a value of six shillings.

<span class="mw-page-title-main">Hungarian forint</span> Currency of Hungary

The forint is the currency of Hungary. It was formerly divided into 100 fillér, but fillér coins are no longer in circulation. The introduction of the forint on 1 August 1946 was a crucial step in the post-World War II stabilisation of the Hungarian economy, and the currency remained relatively stable until the 1980s. Transition to a market economy in the early 1990s adversely affected the value of the forint; inflation peaked at 35% in 1991. Between 2001 and 2022, inflation was in single digits, and the forint has been declared fully convertible. In May 2022, inflation reached 10.7% amid the war in Ukraine and economic uncertainty. As a member of the European Union, the long-term aim of the Hungarian government may be to replace the forint with the euro, although under the current government there is no target date for adopting the euro.

<span class="mw-page-title-main">Solidus (coin)</span> Late Roman Empire gold coin

The solidus or nomisma was a highly pure gold coin issued in the Late Roman Empire and Byzantine Empire. The early 4th century saw the solidus introduced in mintage as a successor to the aureus, which was permanently replaced thereafter by the new coin, whose weight of about 4.5 grams remained relatively constant for seven centuries. In the Byzantine Empire, the solidus, or nomisma, remained a highly pure gold coin until the 11th century, when several Byzantine emperors began to strike the coin with less and less gold. The nomisma was finally abolished by Alexius I in 1092, who replaced it with the hyperpyron, which also came to be known as a "bezant". The Byzantine solidus also inspired the originally slightly less pure dinar issued by the Muslim Caliphate. In Western Europe, the solidus was the main gold coin of commerce from late Roman times to Pepin the Short's currency reform in the 750s, which introduced the silver-based pound/shilling/penny system.

<span class="mw-page-title-main">Ducat</span> Gold or silver coin used as a trade coin in Europe

The ducat coin was used as a trade coin in Europe from the later Middle Ages to the 19th century. Its most familiar version, the gold ducat or sequin containing around 3.5 grams of 98.6% fine gold, originated in Venice in 1284 and gained wide international acceptance over the centuries. Similarly named silver ducatons also existed. The gold ducat circulated along with the Florentine florin and preceded both the modern British pound sterling and the United States dollar.

<span class="mw-page-title-main">Italian lira</span> Former currency of Italy

The lira was the currency of Italy between 1861 and 2002. It was introduced by the Napoleonic Kingdom of Italy in 1807 at par with the French franc, and was subsequently adopted by the different states that would eventually form the Kingdom of Italy in 1861. It was subdivided into 100 centesimi, which means "hundredths" or "cents". The lira was also the currency of the Albanian Kingdom from 1941 to 1943.

<span class="mw-page-title-main">Écu</span> Type of French coin

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<span class="mw-page-title-main">Austro-Hungarian gulden</span> Currency of the lands of the House of Habsburg

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The lira austriaca was the currency of the Kingdom of Lombardy–Venetia.

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The florin was a former coin of the Republic of Florence.

<span class="mw-page-title-main">History of coins in Italy</span> History of currency and coinage in Italy

Italy has a long history of different coinage types, which spans thousands of years. Italy has been influential at a coinage point of view: the medieval Florentine florin, one of the most used coinage types in European history and one of the most important coins in Western history, was struck in Florence in the 13th century, while the Venetian sequin, minted from 1284 to 1797, was the most prestigious gold coin in circulation in the commercial centers of the Mediterranean Sea.

The Florin was an Aragonese gold coin first minted in 1346 by order of king Don Peter IV in imitation of the original gold coin from Florence, Italy. It had a weight of 3.35 g. and showed St. John the Baptist on one side and a fleur de lis on the other. Aragonese florins were minted in Perpignan, Barcelona, Girona, Valencia and Majorca but never in the Kingdom of Aragon.

<span class="mw-page-title-main">Great Recoinage of 1816</span> Attempted reformation of British currency

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<span class="mw-page-title-main">Coinage of the Republic of Venice</span>

The Coinage of the Republic of Venice include the coins produced by the Republic of Venice from the late 12th century to 1866. After this date, coins were still produced in Venice.

<i>Croat</i> (coin)

The croat was a silver coin of Catalonia introduced by Peter III of Aragon in 1285 and minted at Barcelona. The term "croat" derives from the Latin grossus denarius, great coin, a common term for silver coins of higher value than pennies. Peter III was inspired by the gros introduced by Louis IX of France.

This is a description of the current and historical currencies of Croatia, or historically used in the region. The currency of Croatia is the euro, in use since 2023.

<span class="mw-page-title-main">Genoese lira</span> Currency of the Republic of Genoa from 1138 to 1797

The Genoese lira was the currency of the Republic of Genoa until 1797.

<span class="mw-page-title-main">Genovino</span> Gold coin produced by Republic of Genoa from 1252 to 1415

The genovino was a gold coin used in the Republic of Genoa from 1252 to 1415.

References

  1. See the Ricordanze di S. Maria di Cafaggio, which mentions florins being used in the year MCCL (1250).
  2. Bernocchi, Mario (1976). Le monete della repubblica fiorentina. Vol. III. Leo S. Olschki Editore. p. 66.
  3. Bazzicchi, Oreste (2011). Il paradosso francescano tra povertà e società di mercato. Effatà Editrice. p. 98. ISBN   978-88-7402-665-4.
  4. 1 2 Hollingsworth, Mary (2017). "A Note to the Reader". The Medici. Head of Zeus. ISBN   978-1-78669-151-4.
  5. Horner, Susan; Horner, Joanna B. (1884). Walks in Florence and Its Environs. Vol. 2. Smith. p. 125.
  6. W. A. Shaw (1967) [1896]. The History of Currency 1252–1894 (reprint of second ed.). New York: Augustus Kelley. LCCN   67020086.
  7. John S. Dye (1883). Dye's coin encyclopædia: a complete illustrated history of the coins of the world ... Bradley & company. p. 761. Retrieved 22 February 2012.
  8. Palgrave, Sir Robert Harry Inglis (1912). Dictionary of political economy. Macmillan and Co. p. 82. Retrieved 22 February 2012.
  9. Coinage (Calling In) Order 1993 ( S.I. No. 270 of 1993 ). Signed on 16 September 1993by Bertie Ahern , Minister for Finance . Statutory Instrument of the Government of Ireland .Retrieved from Irish Statute Book .
  10. Engel, Pál (2001). The realm of St. Stephen : a history of medieval Hungary, 895-1526. London: I.B. Tauris. ISBN   1-4175-4080-X. OCLC   56676014.

Bibliography