Modus cudendi monetam (1519–1522)

Modus cudendi monetam, German translation of the treaty on the monetary reform of Royal Prussia 1519 and 1522

Original: unknown. Copies: Archiwum Państwowe, Gdańsk, sign. 300, 29/6, fol. 524v-546v (copy from 1522); Biblioteka Gdańska PAN, Ms. Uph., fol. 112, St. Bornbach Rezesse, vol. VII, p. 466, 495-500 (late 16th c. copy); Archiwum Państwowe, Gdańsk, Bibliotheca Archivi, sign. 300 R/D 3, s. 1-17; sign. 300 R/D 6, s. 185-190 (copies from the 18th c.).

In 1519 Copernicus prepared a German version of his monetary study of 1517 (Meditata) known from the 16th c. as Denkschrift or Modus cudendi monetam (The Way to Strike Coin). This translation, incidentally abounding in oversimplifications and inaccuracies, was made most probably as a document to be presented to the Prussian Estates attended by the Polish King Sigismund I the Old (Zygmunt I Stary). Copernicus read the German version of his treatise before the Royal Prussian Assembly attended by King Sigismund I's envoys at Grudziądz (Graudenz) on 21 March 1522. Referring to the debate held before his speech, he concluded his presentation with a proposal (Appendix) to mint three Prussian shillings as an equivalent of one Polish groat (grosz) and thus to equalize the value of the new Prussian coinage with that issued by the Crown.

Leszek Zygner
Nicolaus Copernicus University

Coinage is imprinted gold or silver, by which the prices of things bought and sold are reckoned according to the regulations of any State or its ruler. It is therefore a measure of values. A measure, however, must always preserve a fixed and constant standard. Otherwise, public order is necessarily disturbed, with buyers and sellers being cheated in many ways, just as if the yard, bushel, or pound did not maintain an invariable magnitude. Hence this measure is in my opinion the coin's face value. Although this is based on the metal's purity, nevertheless intrinsic value must be distinguished from face value. For, the denomination of a coin may exceed its metallic content, and the other way around.

Coinage was introduced for a necessary reason. Things could have been exchanged for gold and silver by weight alone, because mankind's common judgment prizes gold and silver everywhere. But to carry weights around all the time was very inconvenient. The purity of the gold and silver, moreover, was not recognizable. Accordingly people thought it best and ordained that a coin should be marked with a universally recognized symbol to indicate that it contained the proper proportion of gold or silver, and to have the symbol's legal standing strengthen the confidence [in the coin].

The face value of a coin is just and proper when the coin contains very little less gold or silver than may be bought with it, since only the expenses and wages of the minters should be deduced. For, the symbol should add some value to the metal.

This [face-value] may be corrupted in three ways. First, the metal, alone may be defective, when for the proper weight of coin more than the right amount of copper is alloyed with the silver. Secondly, the weight may be defective, even though the proportion of the alloy or grain is correct. Thirdly, and this is worse, both defects may be present at the same time.

Money can lose its value also through excessive abundance, if so much silver is coined as to heighten people's desire for silver bullion more than usual. For in this way the coinage's market value vanishes when with it I cannot buy as much silver as the money itself contains, and then I find greater advantage in destroying the coin by melting the silver. The solution is to mint no more coinage until it equals the value of the silver.

The value of a coin deteriorates also by itself as the coin is worn down through long use. This is indicated if somewhat less silver is found in the coin than is bought with it. To change this, the coinage should be melted down and replaced.

Hence, whenever a new coinage should be minted, the use of the old coinage must be completely prohibited, not according to the previous face value of the old coinage, but according to the value of the silver found in it. But if this is not done, the old coinage will taint the value of the new coinage, for two reasons. For, the mixture [of the old coinage with the new coinage] will reduce the aggregate below the proper weight, and make it excessively abundant, with the consequences mentioned above. However, the worst mistake, which is absolutely unbearable, is [committed] if the ruler, or whoever governs the State, or the municipalities, seeks a profit from the minting of the coinage, to wit, by adding to the money in existence and in circulation a new coinage which, although defective in metallic content or weight, pretends to have the value of the old coinage. For the ruler cheats not only his subjects but also himself by enjoying a merely temporary and quite modest profit, like a stingy farmer sowing bad seeds to save good seeds: he will reap exactly what he sowed. This evil damages the coinage's worth, just as blight or other parasites [ruins] grain. After this disease has taken hold and been discovered too late, the ruler will not easily atone for or get rid of it without burdening his subjects again and with his reputation unstained, since he himself caused the harm.

I shall now for the sake of better understanding give as a report on our the Prussian coinage, which has heretofore been subject to many defects. It circulates under the names mark, skoter, and the like, which are also names of weights. As a weight, a mark is 1/2 pound, and 3 skoters make 1 ounce. As a coin, however, a mark consists of 60 shillings.

Now the Prussian money consists of shillings, groats, and pence. It is found, however, that the coins now called "groats" were once shillings, and that the corresponding 8 marks contained 1 pound of pure silver, which is 2 marks by weight, as is learned also from their content. For they consist half of copper and half of silver, and 8 of these marks, at 60 shillings to the mark, weigh almost 2 pounds. These were called "new shillings" and the corresponding marks "new marks" or "good marks".

For there were also the other "old shillings" ant the corresponding "old mark" or "light mark." These differed by half in value, that is, were worth half as much had 1/2 their value. For only 1/4 of their content was silver, and 16 marks contained 1 pound of silver, that is 2 marks by weight, while weighing 4 times as much.

Later, when the country's status changed, cities were granted the right to mint coins. As they exercised their new privilege, currency increased in quantity, though not in quality. Four parts of copper began to be alloyed with a fifth part of silver, until the mark [of silver] by weight [cost] 10 marks and 1 pound of fine silver cost 20 marks. Since part of the old coinage still circulated alongside the new coins, however, those former new shillings became skoters, reckoned at 24 to 1 light mark. For 1 [60-] shilling mark of the ordinary newly minted marks, reckoned at 60 shillings, is not much better than those 24 [skoters].

Afterwards, however, those skoters, also disappeared because at their face value they were accepted and circulated also throughout the Mark [of Brandenburg] and Pomerania. It was decided to recover them by evaluating or elevating them at 1 groat, that is, 3 shillings. This was a very bad miscalculation, quite unworthy of so distinguished a body of notables [as the Estates of West Prussia. It was] as though they rejoiced at their own misfortunes, because forsooth Prussia could not get along without those [groats], even though they were worth no more than 15 pence and without them there was more than enough currency in Prussia.

The groat therefore differed from 3 shillings, being worth 1/5 or 1/6 less. Yet because it was mistakenly evaluated as their equal, it dragged down the value of the shillings. It brought about a confusion of the mixed coinage's market value and intrinsic value. Consequently the money's market value fell lower and lower day after day. Nevertheless it was decided not to interrupt the coining of money. The costs did not cover the minting of coins equal in value to the previous coinage. What was minted, therefore, always fell somewhat short of the steadily declining market value. The later coinage, always inferior in value to the earlier coinage, as it was introduced constantly depressed the market value of the previous coinage, and drove it out. [This continued] until the shilling's market value equaled the groat's intrinsic value, and now 1 mark [of silver] by weight costs 12 light marks, 1 pound of silver cost 24 light mark. This has not stopped yet, up to the present time. Indeed, even after the approximate equalization [of the shilling's market value] with the groat, this is now followed by ever new groats, which are deficient at least in weight. For, 26 marks weighing 2 pounds contain 1 pound of silver. What is to be expected except that soon 1 pound of silver will cost 26 marks and the mark [of silver] by weight will cost 13 marks, unless help is forthcoming in the meantime?

Such grave evils, then, beset Prussian money and because of it, the whole country. Its calamities and decline benefit only the goldsmiths, who take the value of the money into their own hands. For from the mixed coinage they collect the old pieces, from which they melt down the silver and sell it. From the inexperienced public they constantly receive other coins with more silver. After these old shillings disappeared completely, those following next [in intrinsic value] are selected, like wheat being winnowed from chaff. Would that these [distortions] were reformed, while there is time, before a greater disaster! At least let 1 pound of silver be brought back again to 20 marks, and the mark -of silver] by weight to 10 marks, and held there for the future by the method described above.

I shall accordingly add how this reform might be brought about. First, only one place should be designated for the minting of money, not for a single city or under its emblem, but for the entire country. In the absence of a decision by the country's Estates and nobility and cities, no new money should be minted henceforth. There should be no exception, moreover, to the rule that not more than 20 marks should be struck from 1 pound of fine silver.

The procedure should be as follows. For the shillings, take 3 pounds of copper and 1 pound of fine silver, minus 1/2 ounce or only as much as must be deduced for expenses of the minters. From the molten mass strike 20 [60-]shilling marks, which in purchasing power will be worth 1 pound of silver. Furthermore, mint the skoters from a pound of silver minus 1/2 ounce [= 15 1/2 ounces] of silver, making 20 marks, with 24 [skoters to the mark]. But perhaps it would be better if instead of shillings, half-shillings were minted in accordance with the above reckoning. Five half-shillings would be exchanged for 1 skoter, and 1 half-shilling for 3, of the present pennies.

When this minting has begun, however, the use of the old coinage should be prohibited and stopped. In the mint, for 13 old marks, 10 new ones should be exchanged, either in shillings or skoters. For, this less will have to be suffered once, in order that it may be followed by many benefits and a lasting advantage, and that a single currency reform in 25 or more years may be enough.

Let these remarks about money suffice for a framework. I leave them to be censured or improved by anybody who has better understanding, as new situations constantly present themselves in the course of time.

1519

[Copernicus' Appendix from 21 March 1522 explaining how to obtain uniformity between the Prussian and Polish coinages:]

This might be done in the following way. Mint 60 new shillings to l mark, equal in intrinsic value and face value to 20 Polish groats ; likewise, better pennies than those used at present, with 6 equal in value to l new shilling. According to this reckoning, l Polish groat would equal 3 Prussian shillings, and 1/2 Polish groat would equal 9 Prussian pence. Thus the Prussian and Polish pennies would be equal in value. Just as the Hungarian guilder is exchanged for 38 groats in Poland, so [it would be exchanged] likewise in Prussia for its groats, that is, for 2 marks minus 6 shillings. Such a proposal might perhaps advance the equalization of the currencies and also the land of Prussia.

Translation by Edward Rosen

1519 and 1522

Muncze wyrdt genennet geczeichent geldt adir sylber, domyte die geldunge der koufflichen adir vorkoufflichen dinge geczalet werden noch einsatczunge eyner itczlichen gemeyne adir dieselbigen regirer. Hierauss yst zcu vormerken, das eyne maess ist die wirdirunge. Nu ist vonnoten, das eyne maess allczeyt habe einen festen und bestendigen standt, denne wo das nicht gehalten, folget vannoten, das dye ordenunge eynes gemeynen nutczes vorruckt, ouch die kouffer und vorkouffer mannichfaltigk betrogen werden, alsse wo die ele, der scheffel adir gewicht nicht eynen gewyssen stant behilde. Dyesir gestalt wyrt vorstanden eyne maess, die achtunge und wirdyrunge der muncze und wyewoll dieselbige achtunge der muncze sich grundet in die gute der materie, das men nennet das korn adir gran, ist dach vonnoten eynen underscheit zcu vormercken der wird und der achtunge. Dann eyne muncze mag grosser geachtet werden, dann die materye dorinne sie ist und widderumbe.

Hierneben ist zcu mercken dye ursache der munczen eynsatczunge, welche vonnoten gewesen. Dann wyewoll eyn iglich dinck mochte gewechselt worden ane golt und silber, alleyne noch der gewicht, nochdeme auss gemeyner vorwyllunge der menschen das goldt und sylbere allenthalben teuerbaer gerechent, doch dweyle es gantcz unbequeme gefunden, die gewicht allewege bey sich zcu haben und ouch die lautirheit des silbers und goldes zcu erkennen, ist von den menschen vor das beste angesehen und uffgesatczt, das eyne muncze mit eynem gemenem zceichen zolt geslagen werden. Auss welchem zceichen kundick zolde seyn, das die muncze rechttfertige teyle ynnehabe des goldess adir sylbers und die statthafftickeit des zceichens den getrauwen befeste. Nu isst zcu wyssen, das die rechtfertige und gleichmesige achtunge der muncze ist, wenn sie gaer wenigk mynder golts adir silbers innehat, dan mit derselbigen mochte gekaufft werden, alze nemelich zo fyle wynniger alze vor den kosten und lon der muncze vonnoten were abeczuczyhen, dann das zceichen zall der materien ouch etczwas wird zcufugen. Dyesse achtunge der muntcze mag dreylirley weiss vorruckt werden.

Zcum ersten, im graen, zo alleyne die materie fehel hot, als nemlich wan in geburlicher wicht der muncze en silber zcu fyl ertcz zcugesatczt ist.

Zcum anderen, zo die gewicht fehel hot, wyewol der zcusatczt adir graen rechtfertig ist.

Zcum dritten, welchs das ergeste yst, so die beden fehel beynander seynt.

Es kann ouch die muncze in vorachtunge kommen aus derselbige unmesigen fylheit, wo zo fyle sylbers vormunczet wirdt, das das roe silber von den leuten mehe dan gewonlich bogert wirdt, dan dodurch nympt abe die achtunge der muncze, wen ich mit derselbigen nicht zo fyle silbers kann kouffen, als sye in sich selbst hot und befinde alsdenne eynen grosseren nutcz, das ich die muncze smeltcze und tylge. Hie entkegen ist nodt, das men nicht mehe muncze slae, bis zo lange sye sich mit der wirde des silbers vorgleiche. Ouch wirdt die muncze von ir selbst unwert, zo sie auss langem gebrauch vornutczet ist. Des zceichen yst so in der muncze etlicher maess mercklich wynniger silber befunden wyrdt, dan vor dyesselbige gekoufft wyrdt. Dan zcu wandlen sall dye muncze vormachet und vorneuet werden.

Wo men nu neuwe muncze machen wyll, ist vonnoten dye alde gantcz zcu vorbieten und das man in dem muntczhausse vor die alte muncze neue gebe den, die sye hineynbrengen und das nicht noch foriger achtunge der alten muncze, sonder noch der wyrde des sylbers, das in ir befunden. Und wo das nicht geschicht, wyrdt die alde vorgifften die achttbarickeit der neuen muncze zcweyerley ursach. Dann wo sie myt der neuwen vormesschet, wirt der geburlichen gewicht in der summe abbrechen und wo denne ouch die muntcz in der fylheit zcu sere zcunympt, wirt folgen das vorhin ist gesagt.

Uberall erfindet sych der groste gebrech und ein unleydelicher irthum, wo der landesherre adir die regirer der lande adir der gemeynen eyn gewyn suchen auss der munczunge als nemlich, wan sye der forigen und ganckbaren muntcz eyne neuve muntcze zcugeben, die im gran adir im schroet unfulkommenen ist und doch in der achtunge mit der forigen vorgeleichet wirdt. Dann sollicher betreuget nicht allein dye undertanen, bssunder ouch sich selbst, indeme, das er sich freuwet eynes zceitlichen nutczes. Dorzcumael yst und gaer kleyn nicht anders, dann ein kariger agkerman, der bossen samen seet, domyt er dann gutten spare, der wirt widderumbe meher, das er geseet hot. Dis ubir vorwustet die wirdickeit der muncze gleich wye ratthe adir ander unkraudt das getreyde, welchs zo ubirhant nympt und spaet wirt befunden, mag es der herre nicht liderlichen bussen adir abewenden ane eyne andere beswerunge der underthane, ouch nicht ane sein ungelymp, dweyle er dasselbige geursachet.

Nu wollen wir zcu meherem vorstentnisse eyne anczeygunge und exempel geben von unser preuscher muncze, die bisher myt fast fylen gebrechen ist wandelbaer wurden. Dieselbige muncze ist genge under diesen namen, alze marck und schoet etc. und under denselbigen namen gebraucht ouch die gewicht; eyne marg lotige mach 1/2 librae und III schoet machen I uncze etc. Aber die marck an der zcael wirt gerechent uff LX schillinge in der muntcz. So wirt die preusche muntcz gebraucht in schillingen, grosschen und heller. Es erfindet sich aber, das die nu groschen genennet werden, vormols seint schillinge gewesen und derselbigen achtung haben inne gehabt I libra feyn sylber, das seint zcwu marg lotiges, welches sich ouch auss irer materye erfindet. Dann ir graen ist auss der helffte sylber und koppfer und derselbigen VIII marg zcu LX in der zcael wegen fyl na zcuve librae; die sein gehesen wur den neuwe schillinge und ire marcke seint genennet neuwe adir gutte marck. Dann doneben sey mit gewesen andere alde schillinge und derselbigen alde marck adir geringe marg. Diesse seint an der wicht mit den neuwen eyntrechtick gewesen, aber noch der guette underscheden uff die helffte, das ist halb zo fyle werdt, dann ir zcusatczt ist gewest alleyne noch dem firden teyl silber und der XVI marg, die IIII librae gewogen, haben innegehalten I libra feyn sylber, das seint zcwe marg lotiges. Daernoch in vorwandelunge des standes diesir lande sodenn stetis zcugelossen muntcz zcu sloen und sie irem neuen priuilegio folge teten, hot das gelt zcugenommen an der fylheit, nicht aber an der guette; dann do hot men angefangen dem funfften teyle silber IIII teyle kopper zcusatczt zcu geben, bis zo lange die marck lotiges vor X marck und eyn libra feyn silber vor XX marck ist gekofft wurden.

Nochdeme aber neben der neuwen muntcz ouch die alte eyns teyls ist gegangen, hot sich erfolget, das die forigen neuve schillinge seint schaeter wurden, so das XXIIII uff eyne geringe marg seint gerechent, dann I marg die gemeynen neuwen gemunczeten schillinge in der zcael LX ist nicht file besser gewesen, dann die XXIIII. Dornoch abir zo dieselbigen schaeter ouch vorswunden, dorumbe das sie noch irer achtunge auch in Pommern und in der Marcke angeneme und ganckbaer waren, hot men vor gut angesehen, sye widderumbe ins landt zcu zcyhen, durch eyne satczunge adir erhohunge uff eynen grosschen, das sein III schillinge. Welch ein gross irthum gewesen und nicht fast rumlich sollich eynem trefflichen raedt, gleich ob sie sich iren eigenen ubels hetten gefreuwet und Preusen nicht het mogen seyn ane die grosschen, so sie doch nicht besser waren dann XV heller und ane dye sunst uberflusigk gnuck muntcz in Preusen waer. Demenoch seint die grosschen ungeleich gewesen den dreyen schillinge an der guett im V adir Vl teyl. So sie aber der irrigen satczunge noch gleich werdt geachtet seyn, haben sie erniddert die wirdickeit der schillinge und die gebrechliche achtungen des vormischten geldes mit der guette vorwonen. Derhalben hott von tage zcu tage die achtunge des geldes meher und meer abgenommen und dennoch hot men von dem muntczen nicht wollen abestellen und zu der koste nicht wolde ausstragen, das man eyne gleichwirdige muntcze myt der forigen hette mogen slaen, ist sye fuer und fuer geringer wurden, alzo das sye auch der abesteygende achtunge nicht genucksam. Darumbe zo die letczste muntcz allwege der forigen an die guette ungemeess geworden, hot auch dye letczste stettlich die forigen achtunge zcustoret und aussgedrungen, biss zo lange die achtunge die schillinge myt der guette der grosschen sich hot vergleichet und das nu XII marck geringe vor eyne marg lotiges und XXIIII marg vor I libra silbers werden gegulden.

Dennoch ist keyn uffhoren, wiewol sich die schillinge mit den grosschen noch der achtunge vorgleichet, zo folgen nu nach neuwe grosschen, die zcum wynnigesten am schroet fehel haben, dann dieselbigen XXVI marg in der gewicht II librae haben I libra sylber. Was ist zu anders zcu warten, dann das men in kurczen I libra sylber vor XXVI marg und die marg lotiges vor XIII marg wirdt mussen gelden, wo es nicht vorkommen wyrdt.

Alzo trefflichem gebrechen ist underwurffen die preusche muncze und dodurch das gancze landt. Alleyne die golttsmede nemen genyss auss des landes schade und abnemen, so sye die guette des geldes zcu sich brengen. Dann auss dem hauffen vorlesen sie die alte muntcz, doraus sye das silber scheden und vorkouffen, nemen stets widderumbe ander muntcz meh silbers von unvorstendigem folck. Sodann solliche alte schillinge gantcz undergangen, lesen sye auss die, denen negst seyen gleichwie den waysen auss den drespen. Es furdert die nodt, das diese gebrechen gereformirt werden in zceyten ehe, das eyn grosser fal geschit, das zcum wynnigesten eyn libra silber uff XX marck und die marg lotiges uff X marck wurde gebrocht und dasselbige bestendick gehalten noch obengeczegter weysse.

Nu wollen wir ein exempel anczegen, wie sollich reformation gescheen mochte. Zcum ersten, das nur eyne stelle zcu munczen werde angesatczt, da die muntcz nicht im namen eyne stat adir uff ir gebreech, bessunder des ganczen landes wurde geslagen und das weyter ane gemeynen raedt und zculoss Lande und Stete keyne neuwe muntcz wurd auffgericht, das ouch durch ein bestendick decreet vorwaret wurd, das auss eynem libra feynes sylbers nicht meh dan XX marg wurden geslagen, in folgender weysse:

Zcun schillingen zoll men nemen III pfund kopper und I pfund fein silber wynniger j untcz adir zo fyle es vonnoten vor den koster der mu[n]czere alleyne abczuczyhen. Dis smelcze men in eynen kloss und men schrote dorauss XX marg schillinge, welche im kouffe werden eynbrengen I pfund silbers, das seint II marg lotiges. Darzcu mocht men ouch slaen schaeter von zcween pfund koppfer und I pfund wynniger j untcz silber vor XX marek, in XXIIII vor die marg geschrotet. Ouch moechten vor dye schillinge halbe schillinge gemunczet werden nach foriger rechnunge, dor V vor I schoet ginge und eyner vor III der itczigen heller gewechselt wurde. So aber der muntczslag angefangen wurd, muste der gebrauch der alten muntcz gantcz vorboten und niddergelegt werden. Und das men im muntczhause vor XIII marck des alden geldes zcale X marck der neuen schillinge adir schater. Disen schaden muste men eynmol tragen, domyte ein grosser frome und bestendiger nutcz zcuwuxse. Und es zold genuekssam, das die muncze in XXV adir meher jaren eynmol vorneuet werde.

Dis sey uns von der muntcz zcu eyner beramunge gesagt, welch eynem iden bas vorstendigen, zcu tatelen adir besseren zoll underworffen seyn, inmasen sich ouch myt der zceidt neuwe falle bogeben.

1519

Im jare 1522 in der tagefart zcu Graudentcz montages noch Reminiscere [17 III] gehalten ist im radtslag vorgenommen, wie men dye preusche muntcz mochte der itczgengigen polenschen muncze vorgleichen.

Dyss mochte in sollicher weyse gescheen, das geslagen wurden LX neuwe schillinge vor I marck, dye an der guette und der achtunge gleichmesig weren XX polnischen grosschen. So mocht men ouch machen andere heller, besser dan die itczigen, der VI eynen neuwen schillinge in der wird aussbrechten und gulden. Nach sollicher rechnunge wurd eyn polnisch grosschen gelden III preusche schillinge und I polenscher grosschen IX preusche heller. Und alzo weren die preuschen und polynschen heller in der achtunge gleich und inmassen die ungarischen gulden zcu XXXVIII grosschen in Polenn vorwexelt werden, so ouch in Preusen noch iren grosschen, das seint zcuw marg wynnige VI schillinge. Auss sollichem furnemen mochte filleicht der vorgleichunge der muntcze und ouch der lande Preusen geraten werden.