The Carolingian Reform established the European monetary system in around 755 CE. The basic denomination was a pound (libra or lira) of pure silver from which 20 shillings or 240 pennies were struck.
Venice adopted this system early on and gradually developed two different lire (pounds) – one based on pure and one on impure silver.
The piccolo or penny (plural piccoli), of impure silver, was the base coin in Venice. In most historical texts lira by itself refers usually to the lira di piccoli. It weighed only 0.362 grams and was only 25 percent silver. It was issued in the early 800s and soon became the basic money of account used in retail trade and in setting laborers’ wages. Twelve piccoli constituted a soldo (shilling); twenty soldi constituted the lira di piccolli (lira = libra or pound).
Venice - Coins - Piccolo or Denaro (c. 819).
Piccolo or Denaro coins. c. 819.
The grosso (groat) was Venice’s larger money of account. It was issued under Doge Enrico Dandolo (1192-1205) to finance Fourth Crusade. It was minted out of 2.18 grams of almost pure silver (0.965) and like the lira di piccoli, also lira di grossi was divided into 20 soldi (di grossi, in this case), each of which was equaled to 12 grossi.
Venice - Currency - Grosso or Groat (ca. 1382-1400).
Grosso or Groat. ca. 1382-1400.
According to the Venetian calendar, the new year began on March 1, a dating system usually referred to in Venetian histories as more veneto (Venetian custom), abbreviated as m.v. Thus, for example, February 17, 1508 on the Venetian calendar would be February 17, 1509 on the modern calendar.
The twenty-four-hour clock began near sunset. Thus “two hours” means two hours after sunset. By making adjustments for seasonal differences in the time of sunset, ranging from about 5:00 a.m. at the winter solstice to about 8:00 p.m. at the summer solstice, we can arrive at the equivalent of the modern hours. For example, Marin Sanudo writes that on June 16, 1514 (18:299-300), a party continued until “nine hours, that is, until full daylight.” Since the date was so near the solstice, sunset was calculated as occurring at about 8:00 p.m., and “full daylight” therefore at about 5:00 a.m.
Venice - San Marco - Clock Tower.
San Marco Clock Tower [Photograph].
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