These situations happening from the about the same time caused a dramatic increase on the value of gold making spending taxes almost hopeless for the majority of provinces. Somebody first started hoarding precious gold, forcing the new ratio of one’s value of copper so you can gold to your a steep refuse. From the 1630s, a sequence of one thousand copper coins try worth an oz out of silver; because of the 1640 it had been reduced to the worth of half of an enthusiastic ounce; because of the 1643 it had been worth around you to definitely-third from an ounce.
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