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MATE, Mavis Evelyn Howe, 1933- the MONETARY POLICIES of EDWARD I, 1272-1307

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MATE, Mavis Evelyn Howe, 1933- the MONETARY POLICIES of EDWARD I, 1272-1307 This dissertation has been microfilmed exactly as received 68-3023 MATE, Mavis Evelyn Howe, 1933- THE MONETARY POLICIES OF EDWARD I, 1272-1307. The Ohio State University, Ph.D., 1967 History, medieval University Microfilms, Inc., Ann Arbor, Michigan Mavis Evelyn Howe Mate 1968 ALL RIGHTS RESERVED THE MONETARY POLICIES OF EDWARD I, 1272-1307 DISSERTATION Presented in Partial Fulfillment of the Requirements for the Degree Doctor of Philosophy in the Graduate School of The Ohio State University By Mavis EvelyntMate, B.A. , M.A. The Ohio State University 1967 Approved by ACKNOWLEDGMENTS I wish to acknowledge the help of the Department of History of The Ohio State University in the preparation and completion of this dissertation. I am particularly indebted to my adviser, Professor Franklin J. Pegues, who suggested the research topic and devoted much time and energy to its fruition. Without his counsel and help this dissertation could not have been written. I would also like to thank the staff of the Public Record Office, London, and the Library of The Ohio State University for their continued assistance. A special thank you is directed to the Interlibrary Loan Department of The Ohio State University for their efforts in helping me find rare and obscure books. I am most grateful to Miss Wendy Townsend for her expert typing. The neat and orderly appearance of the text is due entirely to her painstaking efforts. Finally I would like to thank my husband for his constant support and encouragement. VITA November 12, 1933 Born - London, England 1956 ......................... B .A ., Oxford University, Oxford, England 1960-1961 .... Instructor, Department of History, McMaster University, Hamilton, Ontario, Canada 1961......................... M.A. , Oxford University, Oxford, England 1963-1966 .... Teaching Assistant, Department of History, The Ohio State University, Columbus, Ohio 1966-1967 .... Teaching Associate, Department of History, The Ohio State University, Columbus, Ohio FIELDS OF STUDY Major Field: History Medieval History. Professor Franklin J. Pegues Renaissance and Reformation. Professor Harold J. Grimm England, 1485-1714. Professor Clayton Roberts Southern History. Professor Henry H. Simms Constitutional History. Professors Foster Rhea Dulles, Franklin J. Pegues and Clayton Roberts Eighteenth Century Literature. Professor R. Elliott TABLE OF CONTENTS Page ACKNOWLEDGMENTS......................................................................................................ii VITA............................................................................... iii LIST OF TABLES.......................................................................................................... v LIST OF ABBREVIATIONS............................................................................................. vi Chapter I. INTRODUCTION........................................................................................ 1 II. JEWS AND JUSTICES...................................... 11 ID. THE RECOINAGE OF 1279-81 ................................................................ 34 IV. A MINT OF T R O U B L E ................................................................................ 67 V. THE LEAN YEARS ....................................................................96 VI. POLLARDS AND CROCKARDS.................................................................. 124 VII. THE FAT YEARS, 1301-1307.................................................................... 160 VIH. SUMMARY........................................................................................................ 184 APPENDIX A. Unpublished D ocum ents............................................................................... 187 B. T ab les.................................................................................................................197 BIBLIOGRAPHY............................................................................................................... 205 iv LIST OF TABLES Table Page 1. London Mint, Purchases of S i l v e r ............................................................. 197 2. London Mint, Profit.......................................................................................... 199 3. Seigniorage and Mintage R a te s................................................................ 201 4. Canterbury Mint, Purchases of Silver.........................................................202 5. Profit Received from the Canterbury Mint .................................................. 204 v LIST OF ABBREVIATIONS Unpublished Documents C. 47 Chancery, Miscellanea C. 66 Chancery, Patent Rolls E. 101 'Exchequer, King's Remembrancer, Accounts Various E. 159 Exchequer, King's Remembrancer, Memoranda Rolls E. 352 Exchequer, Lord Treasurer's Remembrancer, Pipe Rolls E. 368 Exchequer, Lord Treasurer's Remembrancer, Memoranda Rolls K. B. 27 . King's Bench, Coram Rege Rolls S.C. 1 Special Collections, Ancient Correspondence Published Documents Cal. Close Rolls Calendar of Close Rolls, 1272— (H.M. Stationery Office, 1900—) Cal. Fine Rolls Calendar of Fine Rolls, 1272— (H.M. Stationery Office, 1911—) Cal. Patent Rolls Calendar of Patent Rolls, 1232— (H. M. Stationery Office, 1906—) Jewish Plea Rolls Calendar of Plea Rolls of the Exchequer of the Jews, eds. J. M. Rigg and H. Jenkinson, Jewish Historical Society, 1905-29 Journals BNJ - British Numismatic Journal CHAPTER I INTRODUCTION Monetary Problems in Thirteenth Century Europe Historians have paid little attention to monetary problems, despite their importance. * This has weakened our understanding of European history for three major monetary problems faced western riders in thirteenth century Europe, and the measures they devised to solve them affected the economies not only of their own countries but of all Europe. By far the most pressing problem of the three was the small number of coins in circulation, which was quite inadequate to serve the needs of an expanding economy and an increasing population. That problem was aggravated by the shipment of silver to the Near East and to North Africa, leading to a shortage of silver which became acute by the end of the century. Finally, princes were often frustrated in their efforts to introduce monetary reforms by a proliferation of minting rights which prevented adequate royal control. The Italians had led the revival of trade and industry, and they were the first to introduce remedies, not always satisfactory, for the inadequate coin ■'■The three volumes of the Cambridge Economic History dealing with medieval Europe do not contain a chapter on currency and money, although there is a brief appendix on coinage in vol. III. 1 supply. In the hope of making existing supplies of silver go farther, they debased the coinage by increasing the proportion of alloy jn each coin. This certainly increased the number of coins in circulation, but, with the depreciation of the currency, prices began to rise until by the end of the twelfth century, large quantities of coin were needed to conduct the simplest transaction. In response, many Italian cities began to issue larger silver pieces, known as grosso or groats. The first appeared in 1172 when Genoa issued a silver coin worth four pennies, but this proved too small, and in 1202 Venice issued its own grosso, the matapan, worth twenty four pennies. These examples were soon followed and Verona in 1203 and Florence in 1237 both issued grossi worth twelve pennies each. The new grossi were of finer silver than the old pennies and were generally referred to as "white money" to distinguish them from the black debased pennies which were still used for local transactions, but were 2 becoming unsuitable for large-scale payments. Unfortunately neither the debasement of the coinage nor the minting of the groat was able to solve permanently the problem of an inadequate currency in an expanding commerce. Since the break-up of the Carolingian Empire, silver had been the only metal minted in Europe in any quantity, but its supply had not kept pace with the increasing demand for money. The burden had been o Marc Bloch, Esquisse d'une histoire monetaire de l'Europe, Cahiers des Annales, IX (Paris, 1954), pp. 35-44. P. Spufford, "Coinage and Currency," Cambridge Economic History of Europe (Cambridge, 1963), III, 586-9. Allan Evans, "Some Coinage Systems of the Fourteenth Century," Journal of Economic and Business History, III (1930-31). eased slightly with the development of credit and the circulation of Byzantine and Islamic gold coins, but by 1250 these coins had deteriorated in weight and were no longer acceptable as international currency. Clearly some additional currency was necessary and the answer which seemed obvious to the Italian cities was a return to the minting of gold pieces. Once again the Genoese took the lead and, with the aim of fostering their trade with Sicily and Syria, issued their first gold coin, the genovino, in 1257. Later the same year the Florentines followed their example, striking a gold florin that was worth twenty groats (240 demurs). Much later, in 1284, the Venetians issued a gold coin, the ducat, of the same weight as the genovino and the florin. The introduction of the gold coins eased the currency shortage, but made silver even scarcer, since much of the gold was paid for by the export of silver. Towards the end of the twelfth century the Muslim world, which had been issuing nothing but gold pieces, began to strike silver coins again. The Islamic mints both in the Near East, and
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