The Evolution of Small Change（Federal Reserve Bank of Chicago Working Paper WP-97-13）

Claims Supported by This Source

1. Philip IV debased the denier tournois between 1290 and 1306, and by 1302, the silver in the denier was one-third of its original amount (p. 21).
2. In 1306, the king returned to the original standard, striking a "strong" denier valued at three weak deniers. It was announced that from October 1, 1306, all sums written in pounds, shillings, and pence would be counted in strong currency (pp. 21–22).
3. Ordinance of October 4, 1306: All land rents to be paid in good money. Transactions to be settled in the currency of the day of the transaction. Payments spanning several years to be paid in the currency of each respective year. Rents to be paid in the current currency, but rents too burdensome for the tenant to be paid in the currency of the time the contract was made (p. 22).
4. Around Christmas 1306, a riot broke out when Parisian landlords demanded rent in strong currency, and the king issued an ordinance allowing rent for the next three terms to be paid in weak currency (p. 22).

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