By John F Chown, Forrest Capie
This ebook provides a close and unbelievable heritage of cash from Charlemagne's reform in nearly AD800 to the tip of the Silver Wars in 1896. It additionally summarizes 20th century advancements and areas them of their old context.
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Additional resources for A History of Money: From AD 800
43 to £14. 40 at the peak of the debasement. It was a little more complicated than that. As explained in Chapter 2 the mint charged a percentage, seigniorage for its services. This had traditionally been of the order of two or three per cent, enough to cover costs and leave a small profit for the king. There is another concept, that of the mint price which is value of coins that would be given to the citizen who tendered a pound of silver to the mint. 2. 8d. 43 in decimal) could be struck from one pound of pure silver.
5 grains of fine silver) was not only still intact in 1066 but persisted for a further couple of centuries. It even emerged unscathed from the anarchy during the (nominal) reign of Stephen. The short cross coinage (1180–1247) Compared with the abundance of late Anglo-Saxon and early Norman coinage, relatively little English coinage was struck between 1100 and 1180. Indeed, during this period, money declined in use throughout Europe, which reverted towards a subsistence and barter economy. In 1180 Henry II ordered a major recoinage under the technical direction of a Frenchman, Philip Emery, from the famous mint city of Tours, which, in 1203, was to become important in the history of French coinage.
After various experiments, Cardinal Wolsey recommended and superintended a reform. The gold coinage was correspondingly ‘enhanced’ or ‘cried up’, one of the three methods of debasement discussed earlier. 8d. 6d. and the sovereign from 20s. 6d. 5 grains fine but with values corresponding to the fine gold content. As yet there were none of the features of the debasement which was to follow. The mint changed the basis of its operations from the Tower Pound of 5400 grains to the Troy Pound of 5760 grains.