Bad Money vs Good Money
King Edward III of England has a "brilliant idea" for solving his coin shortage problem. He releases three new gold coins. Unfortunately, everyone quickly notices that the content of precious metals in his new coins is far, far less than the value stamped on the coin. The coins will be recalled when the Royal Mint realizes that they have made the coin shortage even worse as the full-value gold and silver coins leave the country or are melted down for their base metal value. The value-less new coins are being used to pay off debt such as debts owed to the King which he must accept at their full value even though no one else will. This phenomenon is called Copernicus's Law though in the modern day it is known as Gresham's Law: bad money always chases out the good.     
Our Lady of the Palm
King Alfonso XI of Castile is celebrating. He has won the Siege of Algeciras. The treaty with the Muslims of Granada establishes a 10 year truce, a doubling of Granada's yearly tribute (12,000 gold doubloons or 3.37 million dollars at current gold prices) and the transferring of the city of Algeciras to the King of Castile. The city's inhabitants march out the the city holding their belongings and Muslim records note that the transfer of the city was done with honor. King Alfonso rededicates a mosque to Santa Maria de La Palma, and makes her the patron saint of the city. They hold Christian services at the Church of Our Lady of the Palm on Palm Sunday in 1344.   
This Year on Wikipedia
Year 1344, Wikipedia.
- Hughes, A. and Crump, C. G. and Johnson, C., The Debasement of the Coinage Under Edward III. The Economic Journal, Vol. 7, No. 26 (Jun., 1897), Royal Economic Society. pp. 185-198.
- Florin (English coin) - Wikipedia, 2014 [last update]
- Half Florin - Wikipedia, 2014 [last update]
- Quarter Florin - Wikipedia, 2014 [last update]
- Gresham's law - Wikipedia, 2014 [last update]
- Beck, Sanderson. Castile, Aragon, Granada, and Portugal, 2011 [last update]
- Siege of Algeciras (1342-44): Blockade and capitulation: Jan-Mar 1344 - Wikipedia, 2014 [last update]
- Doubloon - Wikipedia, 2014 [last update]
- Granada: Nasrid Dynasty, Emirate of Granada - Wikipedia, 2014 [last update]