Spanish maravedí

From Wikipedia, the free encyclopedia

The maravedí was a the name of various Spanish coins of gold and then silver between the 11th and 14th centuries and the name of different Spanish accounting units between the 11th and 19th centuries.

The word maravedí comes from marabet or marabotin, a variety of the gold dinar struck in Spain by, and named after, the Moorish Almoravids (Arabic المرابطون al-Murabitun, sing. مرابط Murabit). The Spanish word maravedí is unusual in having three documented plural forms: maravedís, maravedíes and maravedises. The first one is the most straightforward, the second is a variant plural formation found commonly in words ending with a stressed -í, whereas the third is the most unusual and the least recommended (Real Academia Española's Diccionario panhispánico de dudas]] calls it "vulgar in appearance").

The gold dinar was first struck in Spain under Abd-ar-Rahman III, Emir of Córdoba (912-961). During the 11th century, the dinar became known as the morabit or morabotin throughout Europe. In the 12th century, it was copied by the Christian rulers Ferdinand II of Leon (1157-1188) and Alphonso VIII of Castile (1158-1214). Alfonso's gold marabotin or maravedí retained inscriptions in Arabic but had the letters ALF at the bottom. Ferdinand's gold maravedí weighed about 3.8 g.

In Castile, the maravedí de oro soon became the accounting unit for gold, alongside the sueldo (from solidus) for silver and the dinero (from denier) for billon (vellón in Spanish).

The gold content of the maravedí fell to a gram during the reign of James I of Aragon (1213-1276), and it kept falling, eventually becoming a silver coin under Alfonso X of Castile (1252-1284). By this time the word maravedí was being used for a specific coin officially, for any coin colloquially, and as a synonym for money itself, resulting in a certain confusion in interpreting 13th-century references to money, values, and coinage.

Alfonso X, for example, made three issues of vellón, in each of which the new coin was called a maravedí. His basic silver coin of 1258-1271 was also called a maravedí (maravedí de plata). It weighed 6.00 g and contained 3.67 g of fine silver. It was worth 30 dineros. At that time, the money of account was the Maravedí of 15 Sueldos or 180 Dineros, so that one maravedí as an accounting unit was worth six silver maravedí coins.

The silver maravedí money of account represented (according to one interpretation) about 22 g of silver in 1258. This had fallen to 11 g by 1271, to 3 g by 1286, and to 1.91 g in 1303. The gold maravedí had disappeared as a money of account by 1300. The maravedí de plata (silver maravedí} gradually came to be used as money of account for larger sums, for the value of gold coins, and for the mint price of silver, and eventually it supplanted the sueldo as the main accounting unit. Alfonso XI (1312-1350) did not call any of his coins a maravedí, and henceforth the term was used only as a unit of account and not as the name of a coin.

The 15th century was one of extreme monetary confusion in Castile, reaching a peak under Henry IV (1454-1474). The monetary system was finally reformed and stabilized under Ferdinand and Isabella, when they issued the Ordinance of Medina del Campo, June 2, 1497. The reform was completed by Charles I when he replaced the ducado with the escudo as the standard gold coin in 1537. The maravedí then became the smallest Spanish unit of account, the thirty-fourth part of a real. The maravedí remained a money of account in Spain until 1847.

After the discovery of America, copper maravedís were the first coins struck for the purpose of circulation in the colonial island of Hispaniola, and are thus considered the first coins for the New World. Crude maravedís were used as colonial change for smaller transactions. Initially produced in Spain specially for the indies, they were later struck locally at Hispaniola years before the mints of Mexico and Santo Domingo were officially established.

[edit] References

Frey, Albert R. (1916), “A dictionary of numismatic names: their official and popular designations”, American Journal of Numismatics I: 143 .

Sédillot, René (1955), Toutes les monnaies du monde, Paris: Recueil Sirey, pp. 170-171, 325-326 .

Shaw, W.A. (1896, reprinted 1967), The history of currency 1251 to 1894: being an account of the gold and silver moneys and monetary standards of Europe and America, together with an examination of the effects of currency and exchange phenomena on commercial and national progress and well-being, New York: G.P. Putnam's Sons, reprinted by Augustus M. Kelley, pp. 319-344, LC 67·20086 .

Sedwick, Daniel (January 1995), Practical Book of Cobs: History, Identification, Shipwrecks, Values, Market, coin photos, ISBN 9991301011 .