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As John Fiske remarks, “It is not easy to give an accurate account of the cost of this most epoch-making voyage in all history. Conflicting statements by different authorities combine with the fluctuating values of different kinds of money to puzzle and mislead us.” Historians are inclined to accept the statement of Las Casas with regard to the amount of Queen Isabella’s contribution, whether it came from a pledge of the crown jewels, or from the Castile treasury, but the amount of the loan from Santangel, and of the levy upon the port of Palos, is open to question. The researches of Harrisse have been considered authoritative, but now comes the German investigator, Professor Ruge, whose estimates involve a large reduction from calculations heretofore made. He says,—

“The cost of the armament of the first fleet of Columbus, consisting of three small vessels, is given in all the documents as 1,140,000 maravedis. What this sum represents in our own money, however, is not so easy to determine, as the opinions upon the value of a maravedi vary greatly. The maravedi—the name is of Moorish origin—was a small coin used at the end of the fifteenth century and the beginning of the sixteenth century. All prices were expressed in maravedis, even if they ran into the millions. It is, however, a fact well known that almost all coins which continue to bear one name decrease in value in the course of centuries. The Roman silver denarius sank finally to common copper coins, known in France as ‘dermer,’ in England as ‘d’ and in Germany as ‘pfennig.’ The original gulden-gold, as the name indicates—has long since become a silver piece which nowhere has the value of fifty cents. So, also, the value of the maravedi became less and less, until a century ago it was hardly equal to a pfennig (one-quarter of a cent). One may also reason backward that it was much more valuable four centuries ago.”

Ruge comes to the conclusion, after the examination of various decrees of Ferdinand, that the value of a maravedi was about 2.56 pfennig, or less than three-quarters of a cent in modern money. Therefore the contribution of 1,140,000 maravedis made by Queen Isabella was, he says, 29,184 marks, or about $7296, without taking into consideration the higher purchasing power of money in Columbus’s days. “The city of Palos also,” adds the article, “had to furnish out of its own means two small ships manned for twelve months. The cost to the State, therefore, of the journey of discovery was not more than 30,000 marks ($7500). Of this sum the admiral received an annual salary of 1280 marks ($320); the captains, Martin, Juan, and Anton Perez, each 768 marks ($192); the pilots, 542 to 614 marks each ($128 to $153), and a physician only 153 marks and 60 pfennigs ($38.50). The sailors received for the necessaries of life, etc., each month 1 ducat, valued at 375 maravedis, about 9 marks and 60 pfennigs ($2.45).”