Elementary arithmetic, with brief notices of its history... by Robert Potts.

18

MIONEY.

In this reign an important change was made in the money of
England, by the introduction of gold into the currency. Hitherto,
the representative of value was limited chiefly, if not entirely, to
silver, and the legal pound sterling by tale had been of equal value
to the pound weight of silver. In the reign of Edward I., a small
addition was made of three pence, so that a pound weight of silver
was authorized to make one pound and three pence sterling. Such
was the law until the proclamation for the gold coinage in 1343; and
then it was in the power of the king to cause the pound sterling
to be represented by a given weight of gold, as well as by a given
weight of silver. Hence, it appears, that the gold coinage might at
one time be made to conform to the standard value of silver, and at
another time, the silver coinage might be made to conform, to the
standard value of gold.
Three sorts of gold money were ordered to be made in the Tower
of London; that is, one coin with two leopards (lions), each piece
current for 6s., and to be equal in weight to two petit florins of
Florence, full weight; a second piece of one leopard, and a third of
one helm, being the half and the quarter of the larger coin in weight
and value. The type upon the largest coins bore an impression
allusive to the royal arms of England, while the half bore a mantle
on which the king's shield was displayed, quartering the arms of
France and England, and the smallest piece was stamped with his crest.
This money being rated too high according to the standard of silver,
a new coinage of gold was made the same year. The Tower pound
weight of gold of the old standard was coined into ~39 nobl
at 6s. 8d. each, and o13. 3s. 4d. by tale; or a proportional numlber
of half anrd quarter nobles. On one side of this new coinage, is the
king's image in a ship,1 and on the reverse, a cross floury wi
lioneux, inscribed ' Jesus autem transiens per medium eorum ibcat
and on the reverse of the quarter nobles, " Exaltabitur in gloria. "
In 1347, the weight of the noble was diminished by nearly 10
grains, and the pound weifghtc of gold was to make 42 nobles at 6s. 8(.
each, and ~14 by tale. At the same time the penny was reduced
to 20 grains, or the pound of silver was shorn into 22s. 6d. by tale.
The year 1351 was remarkable for a great alteration which took
place in the coins. They had hitherto been so much better than thlos
of any other nation, that they were exported, and base money brought
into the realm to the impoverishment of the people. New money of
gold was made of like impression and value as before, but of lesc
weight. The pound weight of gold, old standard, was coined into 45
nobles by tale, or a proportional number of half, and quarter nobles.
Also a new silver coinage was issued. The pound weight of silver of
the old sterling was to make by tale 75 grosses, or 150 half-grosses,
or 300 sterlings going for a penny each, respectively amounting t(o
25 shillings. These were the first grosses coined in this reign. ThIe
1 It is extraordinary, that the gold coins were not entitled from the new and
singular type of a ship with which they were impressed, and thus distinguished
from every other coin of that time existing. It could have been adopted only
for commemorating some great event, most probably the victory of Edward over
the French fleet off Sluys, on Midsummer day, 1340, when two French admirals
and about 30,000 men were slain, and above 230 of their large ships were
taken, with inconsiderable loss on the part of the English. (Carte, Hist. of E,,iy.
Vol. II., p. 436).