The defeat at the battle of Golden Spurs in 1302 was a crushing blow to French finance, reducing the value of the French currency by 37% in the 15 months that followed. The royal government had to order officials and subjects to provide all or half, respectively, of their silver vessels for minting into coins. New taxes were levied to pay for the deficit. As people attempted to move their wealth out of the country in non-monetary form, Philip banned merchandise exports without royal approval. The king obtained another crusade tithe from the pope and returned the royal treasure to the Temple to gain the Templars as his creditors again.