What is the approximate value of a Spanish ducat in 1557?
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Accepted answer
Lifting the contents of the very helpful link provided by @gvk into an answer:
Source: Fiat Money in 17th Century Castile, by François R. Velde, Federal Reserve Bank of Chicago, and Warren E. Weber, Federal Reserve Bank of Minneapolis and University of Minnesota.
Footnote 1 states:
The ducat disappeared as a coin in 1537 but remained as a unit of account, representing 375 maravedis.
Table 2 Castilian monetary system, ca. 1590 (before the onset of vellón inflation) lists the following in the column "Purchasing Power":
- 4 maravedis -- 1/2 lb bread
- 15 maravedis -- 1 bottle wine
- 50 maravedis -- 1 spring chicken
- 80 maravedis -- 1 day skilled labor
- 200 maravedis -- 1 ga. olive oil
- 350 maravedis -- 1 bushel wheat
- 1450 maravedis -- minimum weekly middle class income
So 1 ducat was the rough equivalent of 1/4 the minimum weekly middle class income. It would have bought you four and a half days of skilled labor. Or 7 (live!) chickens, a bottle of wine and a pound of bread. ¡Buen provecho!
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