[COUNCIL OF FINANCE]

£1,950 · Offered by Sokol Books

Rare first edition of this work issued after the meeting of the Spanish Council of Finance in March 1627 in an attempt by Phillip IV to regulate and control the exchange of currency across his empire. It is an official publication giving the set rates of exchange in the Spanish Netherlands for a vast number of foreign coins, all of which are illustrated. Philip IV of Spain had, from the beginning of his reign, clear intentions to try to control the Spanish currency, which had become increasingly unstable during the reign of his father and grandfather, but in practice, inflation soared. Partly this was because in 1627 Olivares the King s favourite had attempted to deal with the problem of Philip s Genoese bankers, who had proved uncooperative in recent years, by declaring a state bankruptcy. With the Genoese debt now removed, Olivares hoped to turn to indigenous bankers for renewed funds. Spain imported vast amounts of goods yet exported little. Her balance of trade deficit was large and had to be made good by the bringing in of more bullion. The fact that bullion imports were shrinking greatly hampered Spain. The fall in silver imports lead to the government minting copper coinage called vellon. 1599 to 1620 saw two decades of vellon production. This had a two-fold effect. First, it increased inflation. Secondly, it created a crisis in confidence. No-one valued the new coinage. Ironically, the copper to produce the vellon came from protestant Sweden, was purchased in Amsterda

• Binding: Hardcover

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