Given an inadequate and obsolete system, the King had to devise substitutes like the sales tax—called maltôte because it was so hated—or the equally unpopular salt tax; or else he fell back on devaluing the coinage. In disruption of prices, rents, debts, and credit, the effect of this subterfuge for taxation was regularly disastrous. “And in the year 1343 Philip of Valois made 15 deniers worth three,” wrote one chronicler in sufficient comment.
