s and grades, but neither of these
important factors is accurately known to any modern {462} economist.
One would think that in quoting prices of animals an invariable
standard would be secured. Quite the contrary. So much has the breed
of cattle improved that a fat ox now weighs two or three times what a
good ox weighed four centuries ago. Horses are larger, stronger and
faster; hens lay many more eggs, cows give much more milk now than
formerly. Shoes, clothes, lumber, candles, are not of the same quality
in different centuries, and of course there is an ever increasing list
of new articles in which no comparison can be made.

[Sidenote: Fluctuation in coinage]

Nevertheless, some allowance can be made for all factors involved, as
far as they are mechanical; some comparisons can be given that bear a
sufficiently close relation to exactitude to form the basis from which
certain valid deductions can be drawn. Now first as to the intrinsic
value, in amounts of gold and silver in the several coins. The vast
fluctuation in the value of the English shilling, due to the successive
debasements and final restitution of the coinage, is thus expressed:

_Year Troy grains Year Troy grains_
1461 . . . . . . 133 1551 . . . . . . 20
1527 . . . . . . 118 1552 . . . . . . 88
1543 . . . . . . 100 1560 . . . . . . 89
1545 . . . . . . 60 1601 . . . . . . 86
1546 . . . . . . 40 1919 . . . . . . 87.27

A similar depreciation, more gradual but never rectified, is seen in
the value of French money. The standard of reckoning was the livre
tournois, which varied intrinsically in value of the silver put into it
as follows:

Years Intrinsic value of silver
1500 . . . . . . . . . . . . . . . . . . 93 cents
1512-40 . . . . . . . . . . . . . . . . . 78 cents
1541-60 . . . . . . . . . . . . . . . . . 66 cents
1561-72 . . . . . . . . . . . . . . . . . 62 cents
{463}
1573-79 . . . . . . . . . . . . . . . . . 57 cents
1580-1600 . . . . . . . . . . . . . . . . 51 cents

[Sidenote: Value of Spanish coins]

The standard Spanish gold coin after 1497 was the ducat, which had
3.485 grammes of gold (value in our money $2.40). This was divided
into 375 maravedis, which therefore had a value of about two-thirds of
a cent each. A Castilian marc of gold had 230 grammes or a value of
about $16. After 1537 a handsome si