was the denier or penny. Twelve deniers made a sol or sou, and twenty sols made a livre of New France. However, there was a recurring problem: there was never enough hard currency. Even though the French government sent silver coins from France, such as the "double tournois", the coins tended to be taken out of circulation by merchants, who used them to pay their taxes and buy European goods, as well as hoarding the coins for personal financial security. To deal with the shortage, the French government authorized the use of coins limited to New France, the monnoye du pays. These coins had an assigned value higher than coins used in France (the monnoye de France) but the New France coins were not successful because they had no value outside the colony. Spanish-American coins minted in Mexico, such as the piastre, would sometimes come in through secret trade. The colonial government adopted a practice of over-stamping these coins with a fleur-de-lys and a Roman numeral indicating the weight of silver, and thus value. The over-stamped coins were then permitted to circulate. Playing card money By 1685, the coin shortage had grown so severe that colonial authorities resorted to using playing cards as currency. The first issue of playing card money was by Intendant Jacques de Meulles. In 1685, he needed to pay soldiers for their services in a recent campaign. His funds, both government and personal, were exhausted, and he did not want to borrow money at the rate offered by merchants. Instead, he issued three denominations of playing card money (15 sols, 40 sols, and 4 livres). Playing cards were marked with the amount on the back and were given to soldiers as compensation. They were redeemed three months later, when more coins became available. Although in the form of a promissory note, namely a promise by the colonial government to pay the soldiers when more coinage was available, the playing cards began to circulate as a medium of exchange. This was the first issue of paper money by a Western government. The card money did not meet with the approval of the French government, which was concerned that the cards were too easily counterfeited, and discouraged the colonial authorities from issuing the card money. Nonetheless, even when more coins did arrive from France, the cards continued to be used. The Intendant issued more card money the next