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Monetary reform in times of Charles II (1679-1686): aspects concerning the issued dispositions

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  • Font de Villanueva, Cecilia

Abstract

During the reign of Carlos II drastic monetary reform was carried out, which once and for all ended the tremendous monetary instability that took place in Castile throughout the whole Seventeenth century. Between 1680 and 1686, six monetary rules were adopted. The path chosen to attain the stability was not easy due to the state of the coinage. The reform tried to provide the Kingdom with a currency properly valued for which it was later decreed the devaluation and then the subsequent removal of the circulating copper coins. Simultaneously, along with the gathered metal, new purely copper made coins were ordered with adjusted value. Once the stability of the lesser value coinage was obtained, the reach of the reform was extended to the gold and silver pieces to equate them to the new monetary values.

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  • Font de Villanueva, Cecilia, 2006. "Monetary reform in times of Charles II (1679-1686): aspects concerning the issued dispositions," IFCS - Working Papers in Economic History.WH wp06-07, Universidad Carlos III de Madrid. Instituto Figuerola.
    • Handle: RePEc:cte:whrepe:wp06-07
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    1. Motomura, Akira, 1997. "New Data on Minting, Seigniorage, and the Money Supply in Spain (Castile), 1597-1643," Explorations in Economic History, Elsevier, vol. 34(3), pages 331-367, July.
    2. de Villanueva, Cecilia Font, 2005. "Política monetaria y política fiscal en Castilla en el siglo XVII: un siglo de inestabilidades," Revista de Historia Económica / Journal of Iberian and Latin American Economic History, Cambridge University Press, vol. 23(S1), pages 329-347, March.
    3. Sargent, Thomas J & Velde, Francois R, 1999. "The Big Problem of Small Change," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 31(2), pages 137-161, May.
    4. Nogal, Carlos Álvarez, 2001. "Los problemas del vellón en el siglo XVII. ¿Se consiguió abaratar la negociación del crédito imponiendo precios máximos a la plata?," Revista de Historia Económica / Journal of Iberian and Latin American Economic History, Cambridge University Press, vol. 19(S1), pages 17-36, March.
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