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A History of Money: From AD 800 by John F Chown, Forrest Capie PDF

By John F Chown, Forrest Capie

ISBN-10: 0203347064

ISBN-13: 9780203347065

ISBN-10: 0415137292

ISBN-13: 9780415137294

This e-book offers an in depth and brilliant heritage of cash from Charlemagne's reform in nearly AD800 to the top of the Silver Wars in 1896. It additionally summarizes 20th century advancements and areas them of their historic context.

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Extra resources for A History of Money: From AD 800

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2. 8d. 43 in decimal) could be struck from one pound of pure silver. This was the mint equivalent. 7d. 2 per cent. Under a secret indenture of 16 May 1542, coins were struck at the same weight as before, but the metal was debased—the gold from 23 and threequarter carats to 23 carats and the silver from the traditional 11 ounces 2 pennyweights fine to only 10 ounces fine. This is known to numismatists as the third coinage. One effect, possibly unintentional, was to change the bimetallic ratio between gold and silver to 1:10, whereas in the rest of Europe the ratio was still around the traditional 1:12.

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. This did not affect the substance of any of the coinage changes discussed here, (weights are given in grains) but care may be needed to check which unit is referred to in contemporary documents. 1.

Silver more heavily clipped was accepted only as bullion, and there were penalties for continued ownership of clipped coins. This operation, to restore the effects of clipping and wear, was at a heavy cost to public funds: 240 pence of the minimum acceptable weight would have a silver content of only 210 pence, and in this, extreme but probably not uncommon case the issue of 234 pence would have resulted in a loss to the King of 24 pence. The lesson was learnt: future recoinages were handled differently and to the profit of the King.

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A History of Money: From AD 800 by John F Chown, Forrest Capie

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