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1724 Arrêt of Louis XV Lowering the Value of the Louis d'Or

Currency:USD Category:Coins & Paper Money Start Price:225.00 USD Estimated At:350.00 USD
1724 Arrêt of Louis XV Lowering the Value of the Louis d'Or
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[Louis XV]. ARREST DU CONSEIL D'ESTAT DU ROY, POUR LA DIMINUTION DES ESPECES & MATIERES D'OR & D'ARGENT, ET DES ESPECES DE CUIVRE & DE BILLON. Extrait des Registres du Conseil d'Estat, 27. mars 1724. 8vo [23 by 18 cm], self-covered. 3, (1) pages; woodcut headpiece. Fine. A rare original arrêt of Louis XV, lowering the value of the Louis d'Or from 24 to 20 livres and affecting the other coinage in proportion. Incredibly, this was one of three diminutions in the value of the French coinage in 1724. On February 4, the Louis d'Or had been reduced from 27 to 24 livres, and on September 27, it was further reduced to 16. The écu was lowered from 6 livres, 18 sols at the beginning of the year to 4 livres by the end. These currency fluctuations had significant ramifications throughout the world, most certainly including the substantial French possessions in the Americas.