Lorenzo de' Medici calculates that since 1434, his family has spent some 663,000 florins (approx. 460 million USD today) on charity, buildings and taxes. He writes,
> I do not regret this for though many would consider it better to have a part of that sum in their purse, I consider it to have been a great honour to our state, and I think the money was well-expended and I am well-pleased.
I bought some of the first sugar that came here from Madeira; which island had been subdued a few years before by the King of Portugal, and sugar had begun to be grown there; and I had some of the first.
A Monday, the gilt copper ball was put up on the lantern of the cupola of Santa Maria del Fiore(1).
> (1) Some writers place this fact in 1472, and others in 1474, some mistake the year and not the month; but Landucci states the truth, which is confirmed by the following two extracts taken from the Archives of the _Opera di Santa Maria del Fiore_. On the 28th May, 1471, _2 lire 8 soldi given to Marchione, servant of the Opera_ (Administrative Office), _to buy bread and wine for the workmen when they put up the ball_. And on the 1st June _3 lire paid to the trumpeters of the Palagio; taken by Matteo di Madonna Andreagia, to be given them for their trouble when they played on the lantern when the cross was put up (Quaderna di Cassa, ad an)_.
They placed the cross on the said ball, and the canons and many other people went up and sang the _Te Deum_ there.
We had the news that Pope Pagolo was dead; he died on the 26th, Friday night, a little before dawn.
Sisto IV. was elected Pope. He was from Savona; a Franciscan monk, and general of the Order; then he had been made cardinal by Pope Pagolo, and now Pope. he was elected on Friday, the even of San Lorenzo, and was crowned on San Sisto's day.
It was voted in the Palagio that sealed florins should no longer be used in trade,(1) but florins as large as _grossi_, at 5 _lire_ 11 _soldi_, the florin of _grossi_, at 20 _quattrini_ the _grosso_; and they were fixed at 20 per cent. higher. It was also voted that the property of the (Guelf) party should be sold.
> (1) This decree is published by _Vettori_ in his treatise on the gold florin. The _fiorini larghi_ were called so because they were enlarged in circumference. It was decreed that they should be increased in weight by one old _denaro_, that is, by the 240th part; and they were also to be larger and flatter (_fiorini larghi di grossi_ is only another name for _fiorini larghi_). They were worth more than the old _fiorini di sugello_; but their value on the market was continually fluctuating, and gradually increasing; in 1469, they were worth 5 _lire_ 6 _soldi_; in 1485, 5 _lire_ 4 _soldi_; in 1493, 6 _lire_ 11 _soldi_; in 1500, 7 _lire_, and in 1531, 7 _lire_, 10 _soldi_. The _scudo d' oro_ (a crown) was not coined till 1530. (Trans. from Orsini.)