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

28

MONEY.

than one month from the date of it, the current value of a testoon was
cried down from 9d. to 6d., the groat from 3d. to 2d., the twopenny
piece to one penny, the penny to the halfpenny, and the halfpenny to
a farthing; which proves that the people had some cause for alarm.'
By the proclamation, the loss was thrown on individuals who held
the base coins at the time; whereas it should have been borne by the
nation at large. An almost similar proclamation was issued in 1843,
whereby the temporary holders of the gold coinage, which by wear
and tear had become light, were made to bear the loss.
Under these circumstances, great efforts were made for restoring
the standard of the coinage.' In 1552, it was ordered that a pound of
gold of old standard should be coined into 24 sovereigns of 20s. each,
making ~36 by tale; or 72 angels at 10s. each, and half-angels in
proportion. And a pound of Crown gold of 22 carats fine and 2 alloy,
into 33 sovereigns at 20s. or 132 crowns, making by tale ~33.
A pound of silver of 11oz. 1 dwt. fine and 19 dwts. alloy, was
ordered to be coined into 12 crowns, 24 half-crowns, 60 shillings, 120
sixpences, 240 threepences, 720 pence, 1440 halfpence, or 2880
farthings, at ~3 by tale. By this indenture, standard gold was to
standard silver as 12 to 1, and Crown gold to silver as 11 to 1
(Lowndes, p. 47). This was the first coinage of threepenny pieces.
On King Edward's silver coins he is styled EDWARDUS VI. DEY
GRATIA ANGLIE ET FRANOIE ET HIBERNIE REX. And the reverse has
the words TIMOR DOMINI FONS VITE, and INIMICOS EJUS INDUAM
CONFUSIONE. His gold coins bear the same style, but on the obverse
or reverse is inscribed, JESUS AUrEM TRANSIENS PER MEDIUM ILLORUM
IBAT, or SCUTUM FIDElI PROTEGET EUiM, or PER CRUCEM TUAM SALVA.
NOS CHRISTE REDEMPTOR, or LUCERNA PEDIBUS MEI8S VERBUM
TUAM.
The expectations raised by the measures adopted for the restoration of the purity and integrity of the coinage were soon disappointed,
for the king died on 6 July, 1553.
Mary, 1553-1558. On her accession, Mary announced her intention to restore the coins to their original standard of fineness of
18 ounces 2 pennyweights pure silver and 18 pennyweights alloy;
but instead of that, she made it less fine than she found it. The last
silver coinage of Edward VI. was 11 ounces 1 pennyweight fine, and
19 pennyweights alloy, but Mary's was 11 ounces fine and 1 ounce
1 Cowper has noted in his Chronicle the sufferings of the poor from these
proceedings, as what they possessed lay chiefly in the current money; whereas he
adds, "the richer sorte, partely by friendship, understanding the thing before
hande, dyd put that kinde of money away; partely, knowyng the basenesse of the
coyne, kept in store none but good golde and olde sylver that would not bryng
anye losse."
2 A letter of the Clerk of the Council, William Thomas, to King Edward
VI., on the state of the coinage, contains the following passage:"If there be any quantity of gold remaining (as some men think small) it
cannot come to light; because that like as the value of our silver money doth
daily decay, so doth gold increase to such a value that, lying still, it amounteth
above the revenues of any land. And he that shall live twelve months, shall
see an old Angel (which by law was current for eight shillings),shall, in value
and estimation, want little cf twenty shillings of our current money, if provision
for the redress of your Majesty's coin be not had." At length it became clear
to the Counsellors of the King, that it was unnatural, and impossible to force
permanently by law on a debased coinage a value above that which the precious
metals, uncoined, bore in the ordinary course.