European Silver Crisis (1340s)

Timeline

1. 1341–1345Paris · ParisPhilip VI and Edward III minted large quantities of silver coin to pay troops and mercenaries for the Hundred Years' War; French and English mints frequently adjusted fineness and denominations, and the actual silver content of circulating coins kept declining, prompting merchants to worry about currency value and to hoard.
2. 1343–1347Venice · VeniceSilver imported into Europe from Eastern Europe and Asia Minor via Venice and Genoa declined due to the Venice–Genoa wars and blocked Black Sea trade; Mediterranean commercial cities faced silver shortages, exchange rates fluctuated more sharply, and this compounded the Italian banking crisis beginning in 1343.
3. 1348–1350Florence · FlorenceThe 1348 plague caused a sharp population decline and disrupted production, producing violent short-term swings in prices and wages; governments continued minting to meet fiscal pressures, and the silver crisis and currency debasement persisted into the 1350s, laying the groundwork for more systematic monetary reforms later.