In 1294, France went to war against England and in 1297, Flanders declared its independence from France. By 1295, to pay for his constant wars, Philip had no choice but to borrow more and debase the currency by reducing its silver content. This led to the virtual disappearance of silver from France by 1301. Currency depreciation provided the crown with 1.419 million LP from November 1296 to Christmas 1299, more than enough to cover war costs of 1.066 million LP in the same period.