a1 The authors are Assistant Professors of Economics at the University of British Columbia, Vancouver, Canada, V6T 1Y2. They thank K. White, R. Shearer, J. Munro, C. K. Harley, D. Donaldson, the editors, and an anonymous referee for helpful comments, and C. Chuma for research assistance.
The money stock in France from 1493 to 1680 has not been well understood. Changes in the money stock have usually been represented by moving sums of annual mint output. Mint output, however, included large amounts of recoinage, resulting in double-counting. A model of mint output is estimated to determine the amount of recoinage. The money stock estimates are also improved by incorporating a constant rate of loss of coins.