The History of Currency, 1252 to 1896Shaw, William Arthur
History
The History of Currency, 1252 to 1896
Shaw, William Arthur
Money -- History
The effect on England, as recorded in the complaints in Parliament, was
almost parallel with that in the days of Richard. In 1414 complaints
were made against the circulation of galley halfpence by the merchants
of Venice. Three years later proclamation was made against the
circulation of the gold monies of Flanders, called _Burgundy nobles_,
which were of less value than the English nobles. In 1419 it was found
that money was being exported "more largely, and in many other manners,
than had been accustomed, to the great mischief and impoverishment of
the whole realm." And in the following year the usual statute was
enacted, on the petition of the Commons, commanding foreign money to be
taken as bullion. Again, two years later, 1422, the enfeebled and
depreciated state of the coinage was so apparent that the collectors of
the subsidy granted in that year by Parliament were instructed to accept
nobles as of the denominational value of 6s. 8d. (i.e. the full value),
"provided they stretched verily to the value of 5s. 8d. by weight." At
the same time silver money was so scarce that "though [i.e. even if] a
noble were so good of gold and weight as 6s. 8d., yet men could get no
white money for it." In 1423 the Commons complained of the want of
silver coins in the realm, "to the great unease and harm of the poorer
people of this land," "because [says the statute, which was accordingly
enacted], that silver is bought and sold uncoined at 32s. the pound of
Troy, whereas the same pound is no more of value at the coin than 32s.,
with an abatement of 12 dens. for the coinage."
[Sidenote: THE MONETARY TROUBLES OF HENRY VI]
From the twenty-fourth chapter of the statute of 1429 it appears, quite
consonantly, "that the merchant aliens had of late introduced a custom
of refusing to take silver, as they were wont, for their merchandises,
and of taking only gold nobles, half-nobles, and farthings, which, from
time to time, they carried out of the realm into other foreign
countries, where they were changed to their increase and forged into
other coins, so that they gained in the alloy of every noble twenty
pence, against the tenor of the statutes, etc., and to the prejudice of
the King and realm. Therefore the King, willing to provide a remedy,
ordained that no merchant alien should constrain nor bind any of his
liege people by promise covenant or liege, to make him payment in gold
for any manner of debt due to him, nor refuse to receive payment in
silver for any manner of such duty or debt, upon the pain of the double
value of the same."
In 1439 provision was again ordered to prevent exportation of money by
merchant aliens. It was renewed in 1448, and five years later the
Commons petitioned that the silver mines of Devon and Cornwall, which
had not been worked for a long time, might be again opened, on account
of the great scarcity of money.
Public-domain text, read in full here on John Shaqi.
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