State policy and monetary circulation in the Seventeenth Century Crown of Aragon: The depreciation of silver currency

This paper looks at the state policy applied to silver in the Spanish territories of the Crown of Aragon in the seventeenth century, where increasing demand for silver coins with a lower intrinsic than market value opened up debate on the depreciation of the domestic silver coinage. The monarchy was weaker in the Crown of Aragon than in Castile, and it was therefore obliged to negotiate these measures with the elites and institutions of each kingdom. The paper examines the fiscal and monetary reasons for reforms, as well as the extent of political support achieved in each kingdom.