The Venice GOLD DUCAT or ZECCHIN, first coined in accordance with a Law of 31st October 1283, was, in our gold value, worth ... 11.82 francs.[4] or English ... 9_s._ 4.284_d._

The Zecchin when first coined was fixed as equivalent to 18 grossi, and on this calculation the GROSSO should be a little less than 5_d._ sterling.[5] But from what follows it looks as if there must have been another grosso, perhaps only of account, which was only 3/4 of the former, therefore equivalent to 3-3/4_d._ only.  This would be a clue to difficulties which I do not find dealt with by anybody in a precise or thorough manner; but I can find no evidence for it.

Accounts were kept at Venice not in ducats and grossi, but in Lire, of which there were several denominations, viz.: 

1.  LIRA DEI GROSSI, called in Latin Documents Libra denariorum Venetorum grosorum.[6] Like every Lira or Pound, this consisted of 20 soldi, and each soldo of 12 denari or deniers.[7] In this case the Lira was equivalent to 10 golden ducats; and its Denier, as the name implies, was the Grosso.  The Grosso therefore here was 1/240 of 10 ducats or 1/24 of a ducat, instead of 1/18.

2.  LIRA AI GROSSI (L. den.  Ven. ad grossos).  This by decree of 2nd June, 1285, went two to the ducat.  In fact it is the soldo of the preceding Lira, and as such the Grosso was, as we have just seen, its denier; which is perhaps the reason of the name.

3.  LIRA DEI PICCOLI (L. den.  Ven. parvulorum).  The ducat is alleged to have been at first equal to three of these Lire (Romanin, I. 321); but the calculations of Marino Sanudo (1300-1320) in the Secreta Fidelium Crucis show that he reckons the Ducat equivalent to 3.2 lire of piccoli.[8]

In estimating these Lire in modern English money, on the basis of their relation to the ducat, we must reduce the apparent value by 1/5.  We then have: 

1.  LIRA DEI GROSSI equivalent to nearly 3_l._ 15_s._ 0_d._ (therefore exceeding by nearly 10_s._ the value of the Pound sterling of the period, or Lira di Sterlini, as it was called in the appropriate Italian phrase).[9]

  2.  LIRA AI GROSSI ... 3_s._ 9_d._

  3.  LIRA DEI PICCOLI ... 2_s._ 4_d._

The TORNESE or TORNESEL at Venice was, according to Romanin (III. 343) = 4 Venice deniers:  and if these are the deniers of the Lira ai Grossi, the coin would be worth a little less than 3/4_d._, and nearly the equivalent of the denier Tournois, from which it took its name.[10]

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