Maravedis and the Transition to Gold and Silver

In 1497, the maravedí was pegged to the gold doubloon, making it a de facto gold standard. This marked the beginning of the end for the maravedí's silver content.

The maravedí's value continued to fluctuate, but its connection to gold remained strong. By 1504, the maravedí was officially valued at 1/16 of a gold escudo.

As the maravedí's gold content increased, its silver content decreased. The 1/16 gold escudo valuation remained in place until the 16th century.

The word maravedí has a rich history, and its etymology is just as fascinating. It comes from the Arabic word "marabet" or "marabotin", a type of gold dinar struck in al-Andalus by the Almoravid dynasty.

The Spanish word maravedí has three documented plural forms: maravedís, maravedíes, and maravedises. The first one is the most straightforward, while the second is a variant plural formation found commonly in words ending with a stressed -í.

The maravedí was originally a Muslim coin that circulated in medieval Spain, known as "marawarid". With the expansion of Christian kingdoms during the Reconquista, the coin continued to be used, although its value varied over time and region.

The maravedí was used indistinctly by both Muslim and Christian inhabitants of the Iberian Peninsula, with various names such as mitcales de oro, moravitines, or alfonsíes. Jewish accountants also used both Muslim and Christian maravedís interchangeably.

Here's a brief timeline of the maravedí's evolution:

The maravedí was a versatile coin that was minted in various denominations and materials throughout the Middle Ages.

Initially, the maravedí was a gold coin, primarily minted during the reigns of Alfonso X and his successors in Castilla.

Plata became the primary metal for maravedí minting, with coins being issued in several denominations and circulating for significant periods.

During the reign of the Reyes Católicos, a new denomination called "maravedí de vellón" was introduced, which was an alloy of plata-cobre.

It coexisted with maravedíes de plata for a while, showcasing the adaptability of the maravedí system.

Maravedíes de cobre were also minted in large quantities from the 16th century onwards, serving as a lower-value currency for everyday transactions.

The maravedí was used as a unit of account in the 14th century, even after it was no longer a physical currency.

During this time, the maravedí's value fluctuated due to the devaluation of other currencies, such as the blanca, which was equivalent to a fraction of a maravedí. This led to a trend of devaluation from 1429 to 1451, followed by a period of stability until 1460, and then another devaluation by 1480.

The maravedí's value was also affected by the first war of the Castilian Civil War, which led to significant devaluations to pay for the war. As a result, a new maravedí was introduced with a value that was half that of the old one.

The maravedí, a moneda of great importance in the past, had to be replaced due to its unique system of measurement.

Its weight was only a sixth of the old onza, making it impossible to compare with other coins like the marco de Colonia, which weighed 3.8 to 3.85 grams.

The maravedí had to disappear, and a new gold coin, the dobla, took its place. The dobla was slightly superior to the maravedí and represented the cincuentava part of the marco de Colonia, which weighed 4.50 grams.

The dobla became the standard for the superior moneda of that time, weighing the cincuentava part of the marco de Colonia. It represented the role of the maravedí, which it replaced.

The introduction of the maravedí de plata was a significant development in the evolution of monetary systems in Castilla. Alfonso X was the king who initiated the production of new currency in gold and silver, based on the marco of Colonia.

The maravedí de plata was designed to be equivalent to the maravedí de oro, with six pieces of silver valued the same as one piece of gold. This was achieved by creating coins with a similar size and weight to the maravedí de oro.

The new silver coins were named maravedís blancos or burgaleses, and they continued the system of the maravedí de oro, which was widely used in contracts and transactions. This allowed for a smooth transition from the old system to the new one.

The introduction of the maravedí de plata marked a significant shift in the monetary system of Castilla, as it brought a new standard of measurement and value to the economy. The marco of Colonia became the accepted standard for weights and measures, replacing the ancient Roman system.

The maravedí de plata was an important innovation in the history of monetary systems, and it paved the way for further developments in the field. Its introduction had a lasting impact on the economy of Castilla and beyond.

The maravedí alfonsí was a significant coin in medieval Spain, and its specific details are quite fascinating. It was equivalent to 3.84 grams of gold.

In terms of its composition, the maravedí alfonsí was primarily made of gold, with a fine weight of 3.84 grams. This is a key fact to know when dealing with these coins. The maravedí alfonsí was also equivalent to 25.6 grams of silver.

Here are some specific equivalencies to keep in mind:

The Alfonsí and the Five Sueldos were a crucial part of the monetary system in Castile during the 12th century. The first model, known as the maravedí alfonsí, was introduced in 1172 and was based on the change from the gold maravedí used by the Almoravids.

A maravedí alfonsí was equivalent to 3.84 grams of gold, and the ratio of gold to silver was approximately 6 ⅔. This system also introduced the concept of five sueldos, with each sueldo consisting of 12 dineros.

The maravedí alfonsí was also equivalent to 25.6 grams of silver, and a marco of silver was valued at 9 maravedís. The use of the maravedí alfonsí and the five sueldos can be seen in documents from the period, including a 1178 purchase by Don Miguel, the bishop of Coímbra, of a certain amount of silver for its corresponding value in gold maravedís.

Here's a breakdown of the equivalences in the Alfonsí system:

The use of the maravedí alfonsí and the five sueldos continued until 1187, when a new system was introduced, known as the maravedí alfonsí nuevo. This system also introduced the concept of five sueldos, but with some changes to the equivalences.

The Ebay auction features a 1625 8 maravedís coin from Valladolid, Spain.

This coin is a significant piece of history, having survived the early years of El Quijote and the Thirty Years' War.

The coin was originally minted in Valladolid in 1625, a time of severe economic, social, and demographic crisis in the city.

The crisis was caused by the transfer of the royal court to Madrid.

The coin features symbols related to the Spanish Empire and King Felipe IV, who reigned from 1621 to 1665.

In 1941, the coin was re-minted in Cuenca.

You can currently bid on the coin for $4.99 on Ebay, equivalent to approximately €4.48.

However, adjusted for inflation, the coin's value would be around €1.60.

At the time of its minting, 8 maravedís could barely buy a dozen eggs, which cost around 63 maravedís.

The Spanish Copper Maravedis were a common sight during the 1600s, circulating alongside gold and silver coins. These coins were susceptible to pirate theft due to their value and widespread use.

Minted in Madrid during the reign of King Philip IV, these small denomination coins feature intricate designs, including shields of arms, castles, lions, and counterstamps indicating denomination.

The Spanish 8 Maravedis Copper Coin is a remarkable find, with its obverse displaying a rampant lion in a crowned shield with the legend 'HISPANIARVM REX' (King of Spain) and the 1625 date. The reverse side features a castle in a crowned shield with the legend 'PHILIP PVS IV D G' (Philip IV, by the grace of God), along with the denomination 'VIII' for 8 maravedis.

Philip IV's rule was during the 'Golden Age of Spain' when Spain was the foremost global power with vast territories and colonies in Europe, the Americas, Asia, and Oceana. With the discovery of untold riches in the Americas, the Spanish became the premier supplier of gold and silver coins worldwide.

Here's a breakdown of the copper maravedi's value and denominations:

The Reino de Fernando III was a significant period in Spanish history, marked by the reign of King Ferdinand III. He was a skilled military leader who expanded the kingdom's borders through a series of successful campaigns.

Fernando III is often referred to as the "Saint" due to his piety and charitable works. He was a devout Catholic and supported the construction of many churches and monasteries.

During his reign, Fernando III introduced the gold florin as a standard currency, which replaced the earlier silver coinage. This move had a significant impact on the economy and trade within the kingdom.

Fernando III's military campaigns were often motivated by a desire to spread Christianity and convert the Moorish populations of the Iberian Peninsula. He was a key figure in the Reconquista, a period of Christian reconquest of the peninsula from Muslim rule.

The gold florin introduced by Fernando III featured a distinctive design, with the king's image on one side and a cross on the other. This design became a standard feature of Spanish coinage for many years to come.