P R E F A C E

T HI S little b ook is founded on an I nt roduc tory A ddres s w hic h I had the hon ou r of delivering s e om e years ago , as fi rst P r s ident of the I nstitute

B s o of anker . I t was , however , alm st rewritten last year as a Lectu r e delivered at the London

I nstitution . M r Magnus has done me the honou r of sug ges ti ng that it should be i ncluded as one of the

i n Hom e a n d Sei wal L ib rar volu mes the y , which

n M r M he is ed iti g for urray,“ 2 3

' i ” The a1 t i i s ) c w T I t d s w second p f . eal ith the w eights of coins ; the adopted ; the means taken from t i me s ecure a satis

n d I f e to factory currency ; a , r gret add , those

- also perhaps even more numerous — m b y which Kings and Parliaments have attempted to secu re

a temporary and dishonou rable advantage , by debasing the standard and reducing the weight of the coins . I n this respect we may f airly clai m that ou r own Sovereigns and Parl iament are able to show V i PRE F A CE

(w ith a few exceptio n s) an u n usually honourable

c re ord . I n spite of all that has been written on the

' s u b ec t th e u j , principles on which our c rrency is based are very l ittle understood .

’ W e frequently hear Sir Robert Peel s celebrated “ W ? ” question , hat is a Pound put forward as i f

i t were some abstruse and mysterious conundrum , instead of having been long ago clearly ans w ered

A ct and determ ined by of Parliament . I have also endeavoured to explain ln s rrn ple language the law which regulates the issue of

- B ank Notes . I have to thank S ir j ohn E vans M r B arclay

M r t Head , and Grueber for much valuable assis

M r ance . Grueber has also been so very kind

5 5 1 633 1 55 . C ( ( 3 ( Governor and Court ‘ ( C f t ‘ ‘ D of th e B afn k f of E of irectors f L ngland for some i nteresting particulars “ geari ng on the Evolution L ( i L c J c 0 L v g c c c L B - o t t r s N t g n en t . of the ank e ; i s e( form p L L

A E V B U RY .

I G E L M s OW H H , D N ,

KE T F eér u ar 1 02 N , y 9 . PA RT I

C HA P . P AGE

I T HE I GI O F M E . OR N ON Y

I I T HE I G O F B I I . CO NA E R TA N

PA RT I I

I W I F I . E GHT S O CO N S

I I B - B I . AN K NOTES AND ANK N G

APPEND I X

L I ST O F I LLU ST R AT I O N S

1 -2 C hi n es e P u M on ey - n es e Kni e M one 3 4. Chi f y 5 -6 Lat er Chi nes e Kn ife M on ey 7 -8 C hi n es e Cas h 9 — 1 0 Lydia-B abylonic St at er I I — I z Stat er of Pheidqn 1 3 - 1 4 Gold St at er of Croesu s 1 5-1 6 A D ari c 1 7 - 1 8 Stat er of Sybari s

‘ I o-z o St at er of Ath ens 2 1 -2 2 St at er of C n os s us 2 3 —2 4 Tetradrac h m of Seli n u s 2 5-2 6 Decadrach m of Syracu s e 2 7 -2 8 Didrachm of Metapon tu m 2 9-30 Stat er of Philip 2 9A—3 0A T etradrac hm of C arth age 3 I -3 2 Stater of Al ex an d er - 3 3 34 Tetradrachm of Ly s im ac h u s 3 5-3 6 Tetradrachm of Tyre - 3 7 3 8 Roman o-C ampanian Didrach m 3 9 -4 0 D enarius 4 1 -4 2 J u li us C aesar D en ariu s LI ST O F I LLU STRATIO N S

mos S es t er ti u s of V es pas i an S es tertiu s of A n toni n u s Piu s Aureu s of M arc u s Au reli u s Sh ek el Tetradrach m of Sim on B arcochab Dirh em of H aroun al R as c hid A n ci en t Briti s h Stat er A n cien t Briti s h St at er A n ci en t Briti s h Stat er C oi n of Ti n comm i us S tat er of C unob elin e A ngl o-S ax on S ceat Pen ny of O ffa Penny of Alfred P enny of P legrn un d Pen ny of Ca ni n e Pe n n y of Ed w ard the C on fes s or Penn y of William t he C on qu eror n e of w a I V A g l Ed rd . w a I R ose N obl e of Ed rd V . The Firs t Shi ll ing The Firs t Soverei gn n I I I Shillin g of H e ry V . f n I I I Groat o H e ry V . n f w V I Shilli g o Ed ard . — ow n f w a I H alf Cr o Ed rd V . Shilli n g of Philip an d M ary Crow n of Elizabeth n e of C a es I U it h rl . H alf-C row n of Crom w el l u n a of a es I I G i e C h rl . Rupee a of M a ueen of co s Ry l ry , Q S t I Gu n m on e am es I . J , y I ri s h H alfpen ny Ex ch equer Tally A SHO R T HI ST O R Y O F C O I N S

A N D C U R R EN C Y

PA R T I

C H A P T E R I

T HE OR I G I N O F M O NEY

I N early times the exchange of com m odities was

on carri ed by barter . H o m er , i n the seventh book

I li ad n of the , m e tio ns that when

' F rom Lem n os s e a n um e ous fl ee h ad c om e I l r t , 2 THE ORI GI N O F MO N EY m uch time and haggling to decide the relative f values of the d i f erent articles . H ence it was gradually fo und that trade would be greatly facilitated b y fixing o n some obj ect o r objects which m ight be used as standards of value , and m ight be accepted , not for use , but to be again exchanged . I n co untries where there w ere no true co ins vario us other things have served as a standard of

’ ’ B a T value . I n the H uds on s y erritory beavers skins have long been used in this manner . I n ancient E urope cattle were the usual m edium of

eei mi a exchange , whence the Latin wo rd p (money ,

ew s . from p , cattle) I n our own language the ” l” word cattle , or chatte , came to i nclude all

Z -A property . I n the end vesta the payment of physicians is calculated i n the same way , but

. co mparatively few realise that when we pay our D octor his fee we are do ing the same “ ” v i e/z thing , for our word fee is the old word , which i n German still retains the sense of cattle . * w h o H omer laughs at the folly of Glaucus , m exchanged his golden ar our , worth o ne hun

D o dred oxen , fo r the bronze armour of i mede ,

’ [Zi aa 0 wo rth o nly nine oxen . I n xxiii . 7 3 , Achilles offers as a prize to the conqueror in

’ [Zi aa vi 2 . 34 . tripod which the Greeks valued among them selves at twelve oxen ; and off ers to the lo ser a female slave valued at fo ur oxen . A E I n frica and the ast I ndies shells are , and

‘ We long have been , used for the same purpose . even fi nd i nd icati ons that shells o nce served M B C . as money in hina , for as i ot , in his C C interesting m em oir on hinese urrency , has

w pointed out , the o rds deno ting purchase and sale , riches , goods , stores , property , prices , cheap , dear , and m any others referring to money and wealth, contai n the ideographic sign denoting “ d W the word shell . I ndee , angm ang , wh o

1 A D usurped the I mperial throne about 4 . . , wish

of ing to return to the ancient state things ,

t o attempted , among o ther changes , bring int o circulation five d i ff erent varieties of shells of an

arbitrary value .

O n the whole , however , pieces o f metal were T found most convenient for the purpose . hey

‘ c arri ed eas il were easily , y identified , and easily

d ivided ; they did n ot decay , and could easily

be weighed . H ence names for weights often

— passed into nam es for c oins the shekel , th e

livre , the l ire , the pound , and so o n . The o rigin o f mon ey was well described by A “ ristotle . I t became necessary , he says , to 4 THE ORI GI N O F MO N EY thi n k of certain com m odities , easily manageable , safely transpo rtable , and of which the uses

i n are s o general and so numerous , that they sured the certainty o f always obtaining for them Th . e the articles wanted i n exchange metals , particularly i ron and silver and several others o T exactly co rrespo nd t o this descripti n . hey were empl oyed , therefore , by general agreement as the ordi nary standard of value and the com m on m easu re of exchange , being themselves estimated at fi rst by thei r bulk and weight , and afterwards stam ped , i n order to save the trouble W ” of m easuring and eighing them . h Gold , silver , and copper are the metals whic have been generally used as m oney . I ron , indeed , is said to have been used in Sparta , under the

L n o laws of ycurgus ; but , in this case , there is reason to suppose that it was ever coined . I t

o C ae was als used , according to sar , amongst the

i t ' B iton s anc en r . , i n the form of bars Pollux

s B z mention that the inhabitants of y antium , i n

‘ r of ancient ti mes , used i on for coins i nstead copper , and so have the J apanese ; but , on the whole , this metal is too heavy i n proportion to its value . Coms of tin are reported to have been struck by CHI NESE SHI RT MONEY 5

i m m edi calla , but they appear to have been almost ately abandoned again . C ast coins of this m etal

n B were i n use amo g the ancient ritons .

i n Platinu m was tried Russia , but was fou nd unsuitable ; lead is still used i n B u rm ah ; n ickel i n

B z t elgium , Germany , Swit erland , the U n ited S ates , and elsewhere ; and si nce 1 8 69 we have struck

some n ickel pence and halfpence for Jamaica .

T h e sim ilarity , however , of such coins to those of silver constitutes a serious inconvenience . Glass is also said by som e to have been at one

- - I S 2 a C nes e P u m n 00 a u a s e. G . I . o e . B C . F E rly hi y , . 7 (N t r l iz )

time used for subsidiary coinage in Egypt and

in Sicily . I t is probable , however , that these objects were merely coin weights . 6 THE ORI GI N O F MONEY

A curious — illustration of the passage from a state of barter to the use of money occurred i n

ae K e China . l nives and pi ces of cloth had long been used as in some measure a standard of value , almost as grey shirting is in I nd ia even

A f B C now . bout the twel th century . . it occu rred to the Chinese government that for p urposes of ex change it wo uld be an advantage to s ubstitute for “ e t m us e s uch various obj c s in com on , as knives ,

Of hOes pieces cloth , , sickles , spades , etc . , etc . , small metal models which " m ight represent the T objects themselves . his they did , and there are “ t w o — u principal kinds of coins the p coins , F roughly resembling a shirt ( igs . 1 and the “ F tao or knife co ins ( igs . 3 which are in “ Th e u the form of a knife . word p means “ Th e . re re cloth , and tao a knife specimen p

F 1 -2 i s . 00 B C sented in igs probably of about 7 ,

‘ but th e dat e s o f e ar ly Chi nese coi ns are s ome

' “ ” Fi — what uncertain . gs. 3 4 represent a kni fe " T h Th . e coin ese are also of very early date . one figured is referred to the T chou Dynasty “

B C 00. about . . 3 O n the obverse is Currency “ T s i — C s T of moh ity , and on the rever e hree ” B ut e ten Star . thos forms were of course very

the Was inconvenient , and blade gradually short

F . the ened ( igs 5 while the end of handle ,

T n La i a u f C n e e e de c ou er e C a o e o s e C o n s . rri p . t l g hi i M N CHINE SE K N I FE O EY

i n . m on e en , 7 - — C n es e Knife y l gth I S . F G . 3 4 hi rs e 0 . w ight , 74 g THE ORI GI N O F M O N EY

to 000 equal 5 (cash) .

- — I G S. 6 L F 5 . a e C n es e Kn e m on e -2 2 A t r hi if y , 7 . D . w e 0 rs ight , 5 5 g . O RI GI N O F CASH 9 which is meant to roll round the wo rld should itsel f

d T B C 2 00 . . be roun . his change too k place about , and thus originated the fo rm still i n use and kn own ” The as Cash . coin figured bears a m ark li ke

- — 0 I G S. 8 . C n es e C as 68 A . D . w e rs . F 7 hi h , ight , 59 g a i (N atu r l s z e. )

T a new moon . his originated in an accident

In t of very characteri stic of C hina . the im e the

D k 2 A . E W en te O 0 . mpress , , a m odel i n wax of a proposed coin w as brought f or H er M aj esty s

n i nspectio . I n taking hold of it she left on it the

- i mpression o f her thumb nail , and the im pression has in c onsequ ence not o n ly been a marked characteristic of Chinese coins for hundreds of years , but has even been copied on those of E C j apan and Corea . ven now the hinese have

z . no coins of gold , but only of silver and bron e

R oun d coi n s s eem to h ave b een us ed s om ew h at earlier “ ” in c e a n o n ces b ut th e o n of th e cas an d th e rt i pr vi , rigi h ,

en e a us e of oun c o n s eem to b e a en a o e. g r l r d i , th t giv b v 1 0 THE O RI GI N O F MO NEY

T he s ilver coinage , moreover , was only adopted a

f ew years ago . The Persians also used at one time scim itar

s s of o W haped piece metal as m ney. I n the est ,

w as however , the earliest money more or less

rounded . Money seems to us now so obvious a c o nven i

e h s a nce , and so mu ch , I mig t almost ay/ necessity

om os of c merce , that it appears alm t inconceivable that thos e who erec ted th e P yram ids and sculp

t u red i n w h o I s am the Sph x, built the temples of p

ou an d arn ac N b l K , of Babylon and ineveh , should

’ av Yet h e been ignorant of coins . it appears certain

w as that this the case . A s regards the commercial and banking systems

of E A ancient gypt and ssyria , we are al most

m Th e entirely without infor ation . standard of value in Egypt seems to have been the outen ”

’ — 6 s c or ten of copper (9 4 9 gram me ) , whi h were

A er w ar/e i n the form of bricks , and , like the of the

T h e Romans , were estimated by weight . copper M n was obtained from the m ines of ount Si ai , which were worked by K ing D z ez er of the

C . T hird Dynasty as early as 4 000 B . Gold and

silver appear to have been also u sed , though less

frequently ; like copper , they were sometimes in

the form of bricks , but generally in rings , resem C bling the ring money of the anc ient elts , which is

1 2 THE ORI GI N O F M ONEY

B Sarah he said , ehold I have given thy brother a

’ The thousand pieces of silver . same expression

2 8 is repeated in chap . xxxvi i . . Here the word “ ” e pieces suggests mon y , but probably it only

T he meant pieces o f a certain weight . same observation applies to the statement in chap . xx i ii . , where Abraham bought the cave of Machpelah as S a burial place for arah , and he weighed to E phron the silver , four hu ndred shekels of si lver , ” m on e current y with the merchants . Here it will be observed that the word money is in italics , imply ing that it is not in the original . I t is obvious ei that silver was used by w ght , the word shekel meaning originally a weight , like our pound , and

w after ards , like the pound , being used for a coin . “ ” T he word money , indeed , primarily implies coin . I t is said to take its origin from the fact E that the arly Roman coins were struck in , or near , T M the emple o f j u no oneta . j uno received this

C m an go name , according to icero , from the verb , because she advised the Romans to sacrifice a sow

Su idas C . to ybele to avert an earthquake , how it ever , derives from the encouraging advice she gave them i n their war against Pyrrhus . N either of these derivations seems very satis

B u t factory . , however j uno acquired the name of M M oneta , it is evident that the name of oneta was given to money because it was struck in , or ORI G I N O F COI N S 1 3

near , her temple , and hence that it primarily “ ” i mpl ies coin , and that wealth is a secondary meaning . B efore the invention of true coins , bars of silver appear to have been used in the form of spits ” or skewers , six of which were termed a drachma ,

n literally a handful , which the came afterwards to be used as a name for a coin . T he earliest Western coinage was either that of

AE i n a Th e of P heidon . Lydia , or , struck in g clai m s

P heidon K A of , ing of rgos , to have made this usefu l invention rest on a passage in the Parian

M . arble I t is not , however , very clear , and if P heidon made this invention we should have expected his coins to have been struck in his own

A n ot city of rgos , and at n ina .

We may then , I think , probably accept the * d istinct statement of H erodotus that , u nder

M erm nadze the illustrious dynasty of the , the Lydians were the fi rst of all nations w e know of ” [observe the caution of the great father of h istory] “ that introduced the act of coining gold and s ilver .

I n ancient Greece , as now , the right of coinage

‘ A n d was prerogat ive of the sovereign . here we

’ ’ fi nd a cu riou s d i ff erence between the Bam k eug and

' Tu h aw o . T e p g former coined in his own name ,

oo I . ar . . B k , p 94 1 4 THE ORI G I N O F M O N EY

elé Té a w m s o. but the p , however absolute , never d id T heir money was issued in the name of the people . I t would seem that the m ode of co ining was

the by placing piece o f heated metal on an anvil , t then put ing the d ie upon it , and striking the upper side of the die with a hammer . A ncient co ining implements , though very rare , have occasionally been d iscovered . S ir J ohn Evans has described one found at Avenches “ T ” “ in Switzerland . his d ie , he says , which was intended f or striking the obverse of one o f the H elvetian degenerate i m itations of the

F 2 stater of Philip ( igs . 9 consists of a d isc of bron z e inlaid in a cylindric block of iron .

T he surface o f the d ie is concave , so as to produce the convexity of surface so commo n amo ng the coins of this class , and one reason for this concavity of the ‘ die appears to have

c oi n s w ere been that the , struck from nearly spherical pieces of metal , which were heated and prevented fro m rolling in their place by the ” concavity of the die .

T h e simplicity and portability of this apparatus ,

- and the fact that the coins were hand made , accounts for the number of mints and moneyers under o ur early kings , and this prim itive process

W on e or t w o e c e on s s u c as e an e of e ae ith x pti , h Al x d r Ph r , l ia an d D i on y s i u s of Herac e . THE E ARLIE ST COI N S 1 5 continued i n ' us e u ntil the invention of the m ill

he 1 6 1 . T and the screw i n 5 new method was not , however , at fi rst supposed to work well , and was

1 66 2 given up until , when i t was fi nally adopted .

I n this short history it is , of course , im possible to mention more than a f ew of the more i nterest E ing coins ; even i n the case of ou r nglish series , O n w hich I pr opose to dwell rather more in

Th e detail . number and variety of coins is

s of indeed im men e ; in a single reign , that

E 2 0 lizabeth , there were no less than denom i n at ions of money — so me of them of scarce types .

I will now proceed to the coins themselves . T h e earliest coins we have (Figs 9 - 1 0) are T Lyd ian , and oval i n form . hey are perhaps

- — - i r B 00 e c um I L a a n c a e C . . C . e G S. 1 0 . o F 9 ydi B byl i St t r , 7 l tr w e 1 6 rs ight , 7 g .

stamped ingots rather than true co i ns , for one

The side presents merely a striated surface . reverse presents three i ncuse depre s sions; the two outer ones square , the one in the centre

n oblong , and enclosi g some animal or other f . T o ornament hey consist electrum , a m ixture of gold and silver , and were probably struck B C . . 00 about 7 , in the reign of Gyges . T G hey were known as staters , from a reek “ ” word signifying standard , and the legal weight

I S 1 1 -1 - f Pheidon n of Ar os an d na G . 2 . a e o F St t r , Ki g g n i , i t rs C r B C . 00 s e w e 1 . . . 7 ; ilv r igh , 94 g

1 6 2 2 0 was about 7 grains , or grains , depending on whether the Babylonic or Phoenician standard was used .

Th e P heidon K A F . coins of , ing of rgos ( igs

1 1 T are l ittle , if at all later . hey are of

ZE i n a silver , were struck in g , and are irregular i n A form , with a tortoise , the symbol of starte , the

Phoenician goddess of trade , on one side , and on the other merely an incuse square made by the “ ” Han upper of the two d ies , between which the ,

The or plain piece of metal , was placed . coinage PERSI AN COI N S 1 7

6 consisted of the obol , 3 obol piece , obol s or

T he d rachma , and double drachma . drach m a originally weighed 97 grai ns , but was grad ually red uced to 66 .

F - f . 1 1 e a o e o C o igs 3 4 repr sent g ld stat r r esus ,

I 1 -1 — o a e of C oesu s w G S. . e 1 2 rs F 3 4 G ld St t r r ight , 4 g .

- C . 6 K B . 8 ing of Lyd ia , 5 5 54 , celebrated for h is

T he b - wealth . o verse represents the fore part s of

c T h e a l ion and a bull , fa e to face . reverse is simply two incuse squares .

- 6 -A a c o w ei 1 0 rs I G S. 1 1 . . F 5 D ri ; g ld ; ght , 3 g

he s o F s 1 - 1 6 i s T next illu trati n ( ig . 5 ) a P ersian ” Th I D e s da a . . m aric name derived from g , king D D. C 2 1 I t i s a coi n of arius ( . 5 and represents

The the great king holding a b ow and arro w . B 1 8 THE ORI GI N O F MON EY d 1 0 Th e aric weighed about 3 grains . word daric ” is unfortunately rendered a “ drachma “ i n our translation of the Old T estament

Th e earliest known inscribed coin is a Phoen i .

m s cia stater of H alicarnassus . O n the obver e

< “ ” I> duo Ei a is g j a , I am the sign of Phanes ,

The O and a stag feed ing . reverse is an blong

t w o T sinking between square sinkings . here has been considerable di ff erence of Opinio n as to the meaning of the word Phanes . Some have regarded it as the name of a local banker ; others that it “ A signifies the shining one , a name for rtem is ; others that it refers to a certain Phanes who was

Am as i s K E a high official of , ing of gypt , but C K entered into the service of ambyses , ing of E Persia , and assisted in the invasi on of gypt in B T h . C 2 e . 5 5 . coin , however , would seem to be of a slightly earlier date . I n these earliest coins it will be observed that

one side is left plain , or bears only the mark of

T h e the anvil . next i mprovement was to wo rk the head of the die i nto the form of some obj ect which thus appeared in concave on the

T h e co in . oldest coins of most of the Greek cities o f s outhern I taly are remarkable for hav i ng the type of the obverse side repeated in an incuse , or sunk form , on the reverse .

m a v ii 0 . N eh e i h . 7

2 6 rs G - — a e of en s s e w ei 5 g . 1 2 o. ; , F I S. 9 St t r Ath ; ilv r ght

c affec ted . I n these archaic o ins the eye is t al w ay s drawn as if seen from the fron , even

‘ when the face is in profile .

8 - 0 B C . 0 — — a e of C n os su s s l e ; . 4 4 5 ; I S 2 1 2 2 . ; F G . St t r i v r ’

w ei 1 6 rs . ght , 7 g

Lord Liverpo ol long ago said o f the Athenian “ c coinage that it was a c ase in which the affe ta THE M I N OTAU R AN D LABYRI NTH 2 1 tio n of an archaic style of w ork is easily d istin ” g u i s h ed fro m the rudeness of rem ote antiquity . I n later ti mes the same happened to the coinage e W of Venic , hich down to the eighteenth century

retained the style of the f ourteenth . Many of the early Greek coins have a deep T sl it across them . hese slits are supposed to

' b een m ade have by the Persians , d uring thei r

. invasion of Greece , to test the metal

T h F 2 1 - 2 2 e coin represented in igs . belo nged to C C to n ossus i n rete , a city said have been founded M by i nos . I t bears on the obverse a figure of the M ’ i notaur , i n human form , but with a bull s head , kneel ing and ho ld ing a gl obe . O n the reverse is the famous Labyrinth which was bu ilt f or the

M D ae in otaur by dalus . Recen t explorations C E C carried on by the retan xploration om m ittee ,

M r A E under the superintendence of rthur vans , have unearthed a considerable part of the western

side of the great Palace , including two large courts ,

the porticoes and entrance corridors , a vast system

z of maga ines , so m e of them full of huge stone

j ars , a bath chamber , a central c ourt , and a richly

adorned room , where between lower benches rose K a curiously carved gypsu m throne , on which ing M * inos him self may have sat in council . T h e city of Seli n u s having been attacked by

C e an o a on un R e o o em e 1 0 1 r t Expl r ti F d p rt , N v b r 9 , 2 2 THE ORI G I N O F M ON EY a pesti lence which was supposed to be sent by A o E p llo , consulted mpedocles as to the best m eans of averting the wrath of the god . H e advised the citi z ens to drain a pestiferous m arsh i n the neigh b ou rhood h did the , w ich they , and thus stopped

- — ‘ - I G S 2 2 T e a ac m of Seli n u s Sic I B C . 66 1 F . 3 4 . tr dr h . 4 4 5

w e 2 6 rs . ight , 9 g

’ T he plague . grateful inhabitants struc k the above

- F 2 2 . coin , igs . 3 4 , in his honour O n the obverse is

c EEAI NO E the name of the ity , ; a young river

f c god sacrificing at an altar , be ore which is a co k , A the emblem of sclepius . I n the left hand of

Seli n us s is the l u tral branch , behind him a leaf

li u s of parsley (Se n ) and a bull . On the reverse EEAI NO NTI O N (retrograde) and A pollo dis f charging the arrow o death . W e now come to On e of the most beautiful

2 - 2 F . 6 coins that the world has ever seen . igs 5

- c B . C . 1 0 . represent a de adrachm of Syracuse , 4 5 4 5 EUAI NETU S 2 3

The obverse is a head of Pe rsephone , decked

c orn leaves with , and su rrounded by dolphins ; the reverse a quadriga , and Victory flying above

to is about crown the charioteer . I n this cas e

w ho - E uai etu s we know the artist made the die n .

i E of H is n itials , Y , appear behind the neck

Persephone .

- — - I G S. 2 2 6 eca ac m of acu s e 1 0 . s e B C . F 5 D dr h Syr ilv r ; . 4 5 4 5 w e 686 rs ight , g .

W “ inckelmann , speaking of this coin , said , I t ” * transcends all imag ini n g . Poole said that nothing more delicately fi nished has been pro

’ ” duced h E u i s by Greek art t an a neto Persephone .

“ ’ Head f calls it the di f f ci cw w re of the art of

ee i n a n um Ch r 1 Co n s us ee N . . 86 . Gr k i ill tr ti g Gr k Art , 4

‘ ‘ l Hi s t ory of A n ci en t Art ; H is t oria N um orum ; s ee al so ’

. an s ac us an e a on s A Ev Syr M d lli , 2 4 T HE ORI GI N O F M O N EY

* coin engraving and Len orm ant describes “ E uain etos as the Phidias of coin engraving

F 2 — 2 8 i igs . 7 also represent a very lovely co n .

M eta on t u w M I t was struck at p m, a to n of agna

rae i T he G c a 6 B . C , between 3 59 and 3 3 . obverse is

of M eta on tu m w as again a head Persephone . p the

I S 2 - 3 — M ta tu - 6 G . 2 i ac m of e on m s B e C . F 7 . D dr h p ilv r ; . 3 59 3 3 ; w e 1 2 rs ight , 3 g .

of h - row m centre a great w eat g g district , and its em

w w on re blem was an ear of heat , hich is shown the

META M eta on tu m . verse , with the i nscription for p T hese coins have generally som e other object

r associated with agricultu e . I n this case there is a

t w e little harvest mouse si ti ng on the heat l af. W e now come to one of t h e most i mportant , a and interesting , while it is certainly not the le st

— beautiful , of Greek coins the stater of Philip of

F 2 - 0 M . . acedon , igs 9 3 I t was the m ost important M coin of the editerranean , and is especially interest

’ ‘ N ’ ’ L a [li om zai e aai zs Z A i i i i gai i e. PHILI P O F M ACE DO N 2 5

n as ing to us from bei g , we shall see , the foundation

B T he of ou r ritish coinage . obverse bears a beauti

I S 2 - 0 — a e of i of Mace on o B C - 6 F G . 9 3 . St t r Phil p d ; g ld . . 3 59 3 3 ; w e 1 rs ight , 3 3 g .

f u l A " head of pollo , with a crown of laurel leaves the reverse a charioteer in a biga over the word * I I TI ~ l T A ITO Y. H orace j ust y spoke of this coi n ” n u m i s m a as regale P hilippi .

F 2 A - 0A a of Car igs . 9 3 represent tetradrachm

- — rlha e Te a m ci r c B C I A A . C a ac . . . S. 2 0 0 F G 9 3 g . tr dr h ; 3 5 ; w e 2 6 rs ight , 5 g .

tha 0 T he e ci rc B C . g , . . . 3 5 obverse bears a deifi ed

E .I I i 2 . 2 . p . 3 " 2 6 THE ORI GI N O F M ON EY

of D head ido , wearing a tiara of oriental form .

T he reverse is a lion in front of a palm tree , below ” a M acharet which is a Punic inscription , Sh m l C D (Peop e of the amp) . ido was regarded as so

A C n beautiful , that St ugustin , i n his o fessions , describes hims el f as havi n g been torn between

the love of God and the love of Dido .

Fi 1 - 2 . A gs 3 3 are a stater of lexander the G reat , B C . . 3 34 . On the obverse is a head of Pallas ; on

AAE ANAPO Y l\ i k e the reverse E , with (Victory)

holding a wreath and trophy .

I - — f e an e th e G ea G S 1 2 . a e o o F . 3 3 St t r Al x d r r t g ld i r w e 1 s . ght , 3 3 g

Up to this ti me the. heads placed on coins were those of deities . I have chosen the next illustra

F — tion , igs . 3 3 34 , because it is the first known coin

c on which a human head was ever pla ed . I t was A ’ struck by Lysimachus , one of lexander s generals

K T c and afterwards ing of hra e . H e put on the A obverse the head of lexander , but being afraid that he m ight be accused of blasphemy for his

B aal is represented in the Old T estament as an evil being , becau se he was the tutelary deity of a

T o people often at war with the J ews . the people

T s ‘ of yre he wa a good deity , and the head is c ertainly a very grand one . T h e Romans were much behind the Greeks in

F or the matter of coinage . purposes of exchange

aes they used at fi rst lumps of bronze ( rude) , the

of w The value hich was estimated by weight .

c earliest Roman oins , which were large square , c n i rcular , or oblo g pieces , date from about the f o T w urth century . hese ere cast i n a mould , and

o N o b re on each side a design in high relief . si lver mon ey was struck till the firs t Punic War in

B . 2 6 8 . . C

I n illustration of the E arly Roman coinage I give

- — - r 00 I S 8 oman o am ani an ac m ci . B . C . . C G . F 3 7 3 R p Didr h , 3 ;

s e w e 1 0 rs . ilv r ; ight , 9 g EARLY ROMAN COI N S 2 9

" This coin has on the obverse a head of the young “ ” i e N H ercules ; on the reverse Romano , . . u m m us R om an om — an old f orm of the gen itive — with the T wolf and twins (Rom ulus and Remus) . hese coins are supposed to have been issued du ri ng the

of Sam n ite wars , u nder the d irections the Roman

f o Th e r . generals , the use of the army true Rom an silver coinage did not com mence till nearly half a centu ry later .

- of of F igs . 39 4 0 give one the fi rst types true

F1 - 0 — en ar us i 6 6 5 . S e B C . 2 . 39 4 D i lv r ; 9 w e rs ight , g .

Rom an s ilver coinage . O n the obverse is head of X Roma , behind which is the sign denoting ten M asses . O n the reverse is RO A , above which are D C the ioscuri astor and Pollux , charging , as they

R e illus appeared at the battle of Lake g , when

w s w th e G ea T w n et en S ift , ift , r t i Br hr C am e s p urri n g from th e

The denarius was s o called from containing ten

’ M acau a s L a s o A m i e”" R ome l y y f . 3 0 THE ORI GI N ‘ O F M ON EY

s m a ses . I t re ained a principal Roman com , and

c o w the offi ial money of acc unt , do n to the m iddle

c A D of the third entury . . I t is the origi n of the

F am D Th e i . rench n e enier . denar us contained

l d o ou e f r. about 7 , . money , and repres nted the

’ ' average day s p ay of a soldier or labourer, as in

w - the ell known parable .

" - i az 1 2 s ar . F igs . 4 4 are a denarius of J ul us C “ ” u w C a D . O n the obverse is esar ict Perpet o , ith a “ ”

the s . c Ca . head of J uli us esar On rever e , L B u a , the name of the moneyer . A caduceus and fas c es

crossed , a globe , two hands joined , and a hatchet .

c I f we except some early pieces , the pla e of

m intage of which is doubtful , the fi rst Roman

- — Den a u s B 2 us C ae s a . s e C . I S 1 . u . F G . 4 4 J li r ri ; ilv r ; 4 4 ; 6 rs w e . ight , 5 g

T gold coins were those of J ulius Cms ar. hey

B . C . were struck in . 4 9 Th e next coin (F igs 4 3 -4 4 ) is interesting as B giving us a p ortrait of J un ius rutus , and was CLEOPATRA 3 1

“ s C truck by h is con federate asca , the envious C ’ A asca , while acting B rutus l ieutenant in sia

— — M un u s u us s ve w e 1 2 rs . I G S. . . F 4 3 4 4 J i Br t il r ; ight , 3 g

- Th e C 2 . i rc B . . M c . inor , 4 3 4 obverse has a head B of rutus i n a lau rel wreath , and the i nscription B I m ’ rutus p , the wo rd I mperator then only “ C meaning general ; and the reverse asca Longus ,

of with a trophy between the prows two ships .

F - 6 igs . 4 5 4 represent the coin which Mark

- — a f I S 6 . en u s o eo a s F G . 4 5 4 D ri C l p tra ilver ; w e rs ight , 5 5 g .

- A n B . 2 t C . o nto y struck , 3 3 3 , com memorate his

C . m arriage , if so it could be called , with leopatra 3 2 THE O RI GIN O F M ON EY

T he T I obverse has the inscription , AN ON

M I D EV I C T A a. M A R EN A , with head of ark A A ntony , and behind an rmenian tiara . O n “ the reverse is C L E OPAT RAS REG I N /E REG U M M ’ I LI M . F O R U R EG U , and below a ship s prow This i s one of the best portraits we have of this celebrated queen ; under the circumstances we may

assume that it was not unflattering , but though it is

I - - 8 e G S. u us us en a us B . C 1 s 8 . . . F 4 7 4 A g t D ri , ; ilv r

w e 60 rs . ight , g

a bright and intelligent face , it does not seem to j ustify her repu tation for beauty . Soon after A ugustus had establi s h e d hi s author ity he instituted public games in honour of J ulius

C a w as o m e S s esar , who , as we are inf r d by uetoniu ,

o ranked amongst the g ds , not only by a formal

e F or decree , but in the b lief of the vulgar .

s m c A u during the fi r t ga es whi h ug stus , his heir , consecrated to his memory , a comet blazed fo r

w seven days together , rising al ays about eleven CZESAR ’ S SPI RI T O N A COI N 3 3

C a A esar , now received into heaven ugustus

F - 8 struck the above coin ( igs . 4 7 4 ) i n memory

ow n of this auspicious event , with his portrait D and name on one side , and on the other ivus

” ’ C ae J ulius , with sar s spirit in the form of a comet . The period would correspond with one of

’ the former appearances of H alley s comet , the second before the one observed by that great astronomer .

F - 0 A on igs . 4 9 5 is another denarius of ugustus ; the reverse A ugustus an d Victory are represented

- — FI Gs 0 u us u s . ena us B C 1 s e . 4 9 5 . A g t D ri , . . 7 ; ilv r ;

w e rs . ight , 59 g

in a biga of elephants , surmounting a triu mphal arch placed on a bridge .

F - T e 1 2 i . igs . 5 5 is a denarius of iberius , . ,

T C a D A iberius esar , son of the ivine ugustus A “ . T I . C AZ SA R I I ugustus O n the obverse is , D V ”

. . T T AU G F AU G U S U S , and a lau reate head of ibe “ ” ri . P N T I F M M O . X I us O n the reverse , A , and a 3 4 THE ORI GIN O F M ON EY

E figure of the mpress Livia seated , hold ing a sceptre and branch .

— — IG S. 1 2 en a i u s of T e ius the T u e en n s e F 5 5 . D r ib r , rib t P y ; ilv r 6 - w rs A . D 1 e . 3 7 ; ight , 5 9 g .

T T n ro his is known as the ribute Pen y , being p bably the co i n referred to i n the N ew Testament as bei n g asked for by J esus when the Pharisees “ took counsel how they m ight entangle hi m in his talk . “ A nd they sent out unto hi m their disciples ,

n M with the H erodians , sayi g , aster , we know that thou art true , and teachest the way of God in truth , neither carest thou for any man for

o thou regardest n t the person of men . “ T l W ? el us therefore , hat thinkest thou I s i t

w Cae ? la ful to give tribute unto sar, or not

B ut h J esus perceived t eir wickedness , and said , Wh ? y tempt ye me , ye hypocrites

A n d Shew me the tribute money . they brought unto hi m a penny.

A n d W i s he saith unto them , hose this i mage an d s upers c ript 1 on ?

3 6 THE ORI G I N O F M ON EY

i s - 6 I g 5 5 5 represent a coin of Vespasian , struck D . to i n A . 7 0 commemorate the subj ugation of

- 6 — I G S. . es as an . es e us A . D . 0 on e F 5 5 5 V p i S t rti , 7 ; br z ; w e 00 rs ight , 4 g .

ae . I MP C VE J ud a O n the obverse is . AES . S

’ A N P M T R P I A I . . . . P P S . . . I I I cos . . AU G . , with a head of Vespasian laureate . The letters A after Vespasian stand for ugustus , Pontifex

M T rib un itia ae aximus , Potestate , Pater Patri

C . Consul I I I . (thrice onsu l) “

C a . O n the reverse is J udea pta and below , E C . S . , and the mperor standing near a palm

o ae tree , at the f ot of which J ud a is seated weep

h s s o T e . C . S C ing . letters S tand for enatus on ult , indicating that i t was struck by order of the

s c s Senate , who had authority to trike bronze oin , those of si lver and gold being the special pre rogative of the Emperors . ROMAN EMPERO RS 3 7

F - 8 A igs . 57 5 are a sestertius struck by nto ninus P ius (1 3 1 -1 6 1 to com mem o rate his success B ful campaign in ritain . O n the obverse is a

the E i n s cri head o f mpero r , lau reate , with the p

0 T I P T R P I P . . . c os ti n , AN ON N U S AU G . P U S , . . B O n the reverse , a figure of ritannia seated , hold ing a standard and spear , and w ith her shield at “ h er B side ; and with the i nscriptio n ritann ia .

T i s his coin interesting , because the fi gu re of

- — - I G S. 8 . es te i us of n on n us us 1 1 1 6 1 A . D . on e F 5 7 5 S rt A t i Pi , 3 br z

w ei 1 rs . ght , 4 3 g

B ritannia is generally co nsidered , and is indeed obvi ously the original o f that o n o u r copper

co inage , though it d oes not appear that there i s

any actu al record of the fact .

Th e an next is aureus of h is adopted son , M A arcus urelius , a great emperor , and still

’ ‘ — 111 eai zali om the greater man author of the , one of I S - — f Ma cu s u D o 6o. u eu s o u e s 1 A G . . . F 59 A r r A r li , 7 7 g ld ; w ei 1 1 2 rs ght , g .

A A u M . . G . inscription , ntoni nus g erm Sarm . , referring to campaigns more than once mentioned i n his writing s ; and on the reverse a pile of D German arms and standards and Germ . T R X P P X X os . . . P . I . I mp . V I I I C . I I I . B efore com ing to the money of our own country

- - i 2 2 0 rs k e s e w e . I G S. 6 1 62 . e F Sh l ilv r ; ght , g

I will give one or two illustrations of Eastern coins . J EWI SH CO I N S 3 9

- 6 1 6 2 . F igs . represent a J ewish shekel I t used to be supposed that these c oins were struck by

- M a B . C . 1 1 1 Si mon accab eus , 4 3 5 ; but they are now referred to the time o f the fi rst revolt i n

i of N 66 A D T the reign ero , . . hey bear on one

side a chalice o rnamented wi th j ewels , and the “ inscription , Shekel of I srael , year O n the other a flower with “ Jerusalem the H oly i n

T i 2 2 0 . old H ebrew letters . hey we gh about grains

- — c m of on B arc h 6 . Te ra a m oc ab 1 A D I G S 6 . . s e F . 3 4 t dr h Si , 3 3 ilv r

w e 2 1 rs . ight , 3 g

F 6 - 6 igs . 3 4 are a tetradrachm o f S imon

B arc och ab , struck i n the second year o f the

n second revolt , during the reign of H adria ,

A . D a 3 3 . , which I h ve selected because it gives

c on ven a representation , probably somewhat t ion al B a T , of the e uti ful Gate of the emple , r and giving a glimpse of the Sanctua y within . O n the reverse is “ Second year of the 4 0 THE ORI GI N O F MO N EY

D eliverance of I srael . A citron and bundle of branches . Considering the z eal and success with which the J ewish race subsequently devoted themselves

to commerce and finance , it is remarkable how small a part these profe s sions play in the early F history of the race . O ne ingenious rench writer ,

has indeed , attempted to accou nt for the turbulence and frowardness of the J ews in ancient times , by suggesting that they were fretted , being driven by circumstances into pastoral and agricultural pursuits against all thei r instinctive and natural ’ ’ aes b an u i ers cozzz r i m er . tendencies , being , i n fact , q p

F - l . 6 6 w a igs 5 6 sho a d irhem of H aroun Raschid ,

- — I G S 6 66 em of a oun al Rasc i 8 0 A . D . s e F . 5 . Dirh H r h d , 5 ; ilv r w e rs ight , 4 4 g .

A N the romantic hero of the rabian ights , struck at B agdad i n the year o f the Hegira 1 8 9 (8 05 I t is to be regretted that the coin bears n o li ke had , and still have , a feeling against placing any

T h e figure on a coin . inscription is simple , and “ T surely very grand . O n the obverse , here i s no ” God but A llah : he is one ; he has no com panion M M and on the reverse . oham med is the essenger of God . C H A P T E R I I

T HE C O I NAG E O F B R I TA I N

CZESAR has been quoted as denying the

accc ence o f coins among the B ritons , and to the co mmon text of his Comm en tari e “ U tun tu r ze ai passage runs , aut re aut (taleis) ferreis ad certu m pondus ex am i n ati ” n um m i s T . ( hey use brass or iron rings

m n B ut M r certain weight for o ey) . , as H a has pointed out , many of the manuscripts “ “ ae after re , the wo rds aut num mo aureo gold money) , so that far from denying the f ence of m oney , he expressly a fi rm ed it . Th e first antiquary who described and f an ancient B ritish coin was the illu s Camden in 1 5 8 6 ; b ut I am indebted for 1 1 the following facts t o S ir J ohn E vans ’ ex wo rk o n 77 1 5 Coi ns of Me A nci en t B r itons . Th e earliest B ritish coins were copies

M F 2 - C staters of Philip of aced on ( igs . 9 3

4 4 THE COI N AGE O F BRI TAI N

row of flat leaves . O n the reverse the change

is greater ; one horse only is represented , and

I G S 6 - — 2 00- 1 . 6 i s a e B . . 0 o 8 . n c en C F 7 A i t Brit h S t t r , 5 ; g ld

w e 1 1 8 rs . ight , g

that but badly ; of the chari ot only one wheel

remains , while the charioteer is resolved into a

Th e e series o f dots . inscription is copi d , but

quite illegible .

S - — - G 6 o nc en i s a e ci r . B .C . 1 0 1 c0 o I . F . 9 7 A i t Brit h St t r , 5 ; g ld ;

w e rs . ight , 9 5 g

6 - F . 0 igs 9 7 represent a still more degraded ,

Th e l ighter , and probably later coin . face is AN CIE NT BRI TI SH CO IN AGE 4 5

om itted , or possibly the metal did not reach to that part of the d ie , and the hair is still further

T h e conventionalised . horse is still recognisable , tho ugh on some other specimens it is so much altered that the neck and body have been m i s taken by so me writers for the golden knife said to have been used by the D ruids for cut

" F F 1 - 2 ting the sacred m isletoe inally , igs . 7 7

- — - I G S. 1 2 n c en s a e ci r . B .C . 1 0 1 00 o F 7 7 . A i t Briti h St t r , 5 ; g ld ; w ei 0 rs ght , 9 g . represent a coin which is evidently derived from the previou s example , and therefore from the

W e s w stater o f Philip . can ti ll trace the aves

s b ut of the hair , and fou r legs of a hor e , if we had not the intermediate stages no one co uld tell w hich side was the head of A pollo and which was the chariot an d horses " I t is mo s t intere s ting to watch this gradual degrada i E ’ s o S r . tion , ably traced in J vans work . Som e of the sm aller B ritish coins were made of tin . 4 6 THE COI N AGE O F B RI T A I N

T he earliest of these coins were probably struck in Kent and thence extended w estwards and north w ards . I t is doubtful whether the

D u m n on ii D C , who occupied evon and ornwall , had any coinage of their own , nor are there any types w hich can be assi gned with certainty to the m idland counties .

T he B earliest inscribed ritish coins are , as

E illus V eri ca already mentioned , those of pp , , and

T i n com m i u s C om m i u s K , sons of , who was ing

’ of the A trebates at the time of Caesar s second

B C Th e F i nvasion , . . 54 . illustration given ( igs .

- m i us 7 3 7 4 ) represents a coin of Ti n co m . On the

T The obverse is inc on a sunk tablet . reverse CYM BELI NE 4 7

M E H ertfordshire , and perhaps iddlesex and ssex) .

T T as c 1 0v H is name appears as asc , , and

T as c i ovan . B C . H e probably reigned from about .

A D . b 0 . C u n o elin e 3 to 5 , and was the father of .

- 6 C u o F . n b elin e igs 7 5 7 represent a stater of , C C the ymbel ine of Shakespeare , struck at am u

I S - — f un ob eline o w e 2 r G . 6 a e o C 8 s F 7 5 7 . St t r ; g ld ; ight , g . lodun u m (Colchester) it is a remarkable specimen B d of ritish art , an nothing so good , except perhaps

’ som e of O ffa s penn ies , was struck in ou r island for

a rox i several hundred years afterwards . I t i s pp m ately of the year 30 A D and bears on the C C obverse the letters amu , for amulodunu m , E separated by an ear of corn , the astern counties

n ow - d being then , as , a great corn growing istrict . “ ” C u n C un ob eli n e O n the reverse is , for , with a

horse galloping . A fter the i nvasion and conquest of South B ritain C by laud ius , our native coinage was replaced by

Roman m oney , of which the circulation m ust have

M re- been very considerable . ints were established 4 8 THE COI N AGE O F BRI TAI N

C C arau s i us A llectus at London and olchester by and , C continued at London by onstantine , and the last Roman coins struck in England were those of 8 8 A D M M . agnus aximus , who died i n 3 . T hen followed a dark interval , and it was not unti l two hundred years afterwards that the A nglo

The Saxons commenced to strike their own coins .

of s c eatta e earl iest these was the , g nerally of silver , but occasionally of gold , followed by the penny in silver , and the styca in base silver and copper .

The s t c as sceattas and y were not , however , struck at one time in the same d istrict . Some were rude copies of Roman and other coins , while other

c devi es were probably original .

‘ “ he c a W e T word s e zi a signified treasure . still

— — - I G S. 8 n o a on cea 600 A D o F 7 7 7 . A gl S x S t , . . g ld ;

w e 2 0 rs . ight , g

“ have it in the word scot , or sh ot , as scot and

” ’ - etc . T he c lot , paying one s shot , scot free , spe imen

0 A D figured belonged to about 6 0 . . I t has a bust

c on one side , and on the other a ross and an

s i n cription in blundered Runes , which is supposed A STYCAS 4 SCEATT S. 9

“ t i i . r . s c as F eart o . to stand for g , or forty , , forty y London is the only city mentioned on the sceattas and the word “ London ” is al most the only intel ligible i nscription i n Roman letters . The sceattas were not i n general circu lation north of the H um ber , where they were replaced

s t cas s tuck by y (Germ . , a piece) , small pieces of

T he base silver or copper . earlier ones m uch resembled sceattas the later ones were of more s imple forms , such as a small cross , a circle , or even a single pellet . “ The W question i s often asked , hat was the

‘ value of these ancient coins ? ” and l ike many other questions , it is easier to ask than to answer . They m ust be measu red i n something — say wool

‘ d the rice or wheat , an p of wheat of course varied B then , as it does now , accord ing to the harvest . y the law s of Wessex the l ife of an A nglo - Saxon

a 1 2 00 B was v lued at sceattas , that of a riton at

60 0. B efore , and i ndeed for some ti m e after , they had

A - C ae r coi ns , the nglo Saxons used , as sa said of the B b - ancient ritons , to make small payments y break i ng pieces off thei r arm lets or rings , and such n broken bits were called skillings or cutti gs , from which ou r word shilling is derived .

F - igs . 7 9 8 0 represent one of ou r earliest penn ies .

’ T his coin was first struck by K ing I epi n about I ) 5 0 THE C OI NAGE O F BRITAIN

A . D . 60 the year 7 5 5 , and i n 7 was adopted by f K M 6 O f a , who was ing o f ercia , from 7 57 to 7 9 , f ’ and erected the celebrated O f a s dyke , which

I - — n f a i r 6 A s i e G S. 8 0 . en o O C . 0 D F 79 P y ff , 7 . . lv r ;

w e 1 rs . ight , 7 g

ee el stretched f rom the D to the B ristol Chann . C H is pennies were struck at London , anterbury ,

A o e and perhaps elsewhere . few Sax n halfpenc

The have also come down to us . full weight of

2 1 vrn the penny was 4 grains , g g the name to the

- 2 0 penny weight , and 4 went to the Saxon pound

o The of silver , as they do now to the s vereign .

an das name is said by some to be derived from p ,

a weight , but is considered by Skeat to mean a

’ w or The f pa n pledge . types of O f a s pennies are

numerous and varied , and they show attempts r at po traiture , but the face varies very much , no

’ of s kill doubt from want , thou g h no coins so artistic as those of Offa were again struck in

E T he o ngland unti l the ti me of H enry V I I . c i n figured above bears on the obverse a bust of

5 2 THE CO I NA GE O F BRITAI N

A t this period the archbishops as well as certain bishops and abbots were perm itted to i ssue coi ns with their own heads and names . U nder what circu mstances or conditions this privi lege was

The granted we have no record . earliest are

of aen b erht P le m u n d th ose J , and the last those of g F ( igs . 8 3 H e is supposed to have compiled

- — f c s o Ple m n d 8 0- 1 8 8 . enn o u A D I G S. . . F 3 4 P y Ar hbi h p g , 9 9 4 ;

s e w e 2 2 rs . ilv r ; ight , g and written the fi rst part of the A nglo - Saxon

C C C The C . hronicle , now in orpus hristi ollege

P le m u d series covers about a century . g n held

1 D Th A . e the see from 8 90 till 9 4 . obverse is “ ” P le m un d A rchie R 0 D g p i n full , D O for oro bernia ; and on the reverse crosses and pellets , “ ” n Hun f red M O i n Hunf red with the i scription , ,

ta i u s M on e r . , the moneyer Th e privilege was withdrawn by A thelstan in “ 2 9 4 , who enacted that there should be but one money throughout the country , and after this CAN T WA THE C NF SS 5 3 U E . E D R D O E O R

the ecclesiastical coins resembled those from the

royal m ints , excepting i n the m in t marks , and the

right was fi nally abol ished by H en ry V I I I .

- - F 8 8 1 0 1 6 2 6 A . D . . 6 C igs 5 show a coi n of anute , ,

struck at H ereford . H e wears a pointed hel met l ike that in which he is represented on the B ayeu x

T The apestry . reverse bears the nam e of the

I C . moneyer , O RD R O N (of ) H E R E (H ereford)

T he n m ode of reckon ing by pounds , shilli gs ,

and pence was introduced i n Saxon ti mes , a

ou n ds w ei ht Th pound bei ng then a p g of silver . e

- — I G S. 8 8 6 . enn of C an u e czr 1 0 0 s e F 5 P y t , . 3 ; ilv r ; w e 1 rs ight , 7 g .

shilling was not a coin but a money of accou nt ,

and varied i n val ue , being at the same ti me 8 estimated in one d istrict at 4 to the pound , in

n 6 The — a other at 0. penny the largest silver coin

actually struck — is the most ancient representative

of ou r coinage , as it continued to be issued ,

though mu ch reduced in weight , till after the

e f i 66 2 E r i o C r . n 1 . storat on ha les I I , , till xcept 5 4 THE COI N AGE O F B RI TA I N

c in name , however , it has little in ommon with our present penny . F 8 -8 8 E igs . 7 represent a coi n of dward the

- — I S 8 8 8 en n . w the on s s e G . a C e s o F 7 . P y Ed rd f r ; ilv r ; w e 1 8 rs ight , g .

Confessor . On his early coins he is represented without a beard but on the later ones , as on that

F or given , he is shown bearded . the first time

The also the full face is given . obverse showing

- the king with a m itre shaped helmet , and hold ing a sceptre , depicts him as he is represented

T T he on the B ayeux apestry . inscription is EAD P A R D . O n other coins the name is spelt

E Edw erd Eadw eard E adw eardu s dward , , or , or . The reverse has an ornamented cross with a

i n St — circle in one angle , , the ring of Peter the special mark of the York m int . H is mints were

T h e s numerous and the types very varied . pennie

2 w 1 T o weigh ed from 8 grains do n to 5 . supply a smaller currency it was common to cut the

ro penny into halves and quarters , a prim itive p WILLI AM THE CO NQ U ERO R 5 5 cess for which the cross on the reverse makes T these coins specially su itable . hus the halfpenny was l iterally the hal f of a penny . I n fact the halfpennies were so generally regarded as sem i

’ h of M circular , t at one erli n s prophecies was that

‘ ‘ di m i di n nz rozzzn dn s er i z the time would come when . T his was supposed to be fulfi lled when Henry I . ordered ro und halfpence to be made . I t is curious , however , that none of these are known .

T he Saxon ki ngs had a great nu mber of m ints ,

E on . C of moneyers , and of patterns dward the f es s or 00 , for instance , had about 5 5 m ints , some 5 moneyers , and though his coins were all silver

1 Th e pennies , 7 distinct types are known . m ints , moneyers , and varieties of coi ns were , on the whole , gradually reduced as ti me ran on , and at the beginning of his reign , H enry I I . ordered one pattern for all his coins , which should be continuous . The advent of the N orm ans brought at first no material change in the cu rrency , but the coins of William the Conqueror were of the same character

T he as those of his predecessors . penny figured

- F 8 0 1 0 6 . ( igs . 9 9 ) belongs to about the year 7 T he obverse is a rude bust of the king between “ P i llelm two sceptres , with the inscription Rex ” A n lie T h e g . name is spelt with the Saxon P

W T fl oriated c instead of . he r everse shows a ross 5 6 THE COI N AGE O F B RI T A I N

‘ ’ éozon nee M an over a cross , with the i nscription ” C an tulb i C . on , it having been struck at anterbury

- — W am the Con ue o . enn s I G S 8 0. i e F . 9 9 illi q r r P y ; lv r ;

w e 2 0 rs . ight , g

D uring the latter part of the reign , and until that

. of H enry I I . , the coinage became worse and worse , some of those of Stephen being ind eed am ongst the rudest ever struck in our islands . B oth Richard C oeur de Lion and J ohn retained the name of their father H enry on thei r coins ; this

is the more remarkable as the dies were changed , M though but slightly . oreover , Richard struck F coins in his own name for his rench dom in ions .

u J ohn also str ck som e penn ies , halfpennies , and farthings in I reland , and some halfpennies at the W London and inchester m ints . F C rom the onquest , the penny theoretically w 2 w eighed 4 grains , or one penny eight , so that a pound of silver money was a legal pound both in

w . eight and tale I n fact , however , the penny rarely weighed more than 2 0 grains . I n the EN GLI SH GOLD CO I NAGE 5 7

I of h E . 2 8 t of dward , the legal weight the penny

Was red uced to grains .

H enry I I I . struck a gold pen ny , which , however ,

w was not a success , and was soon withdra n . Si r

E to J . vans i s disposed regard the head on these i n coi ns as an attem pt at a portrait . H enry I I I . t roduced the conven ient practice of placing the

or T . Roman nu merals I I I . , erci , after h is nam e T his was unfortunately , however , abandoned , until

re- it was introd uced by H enry V I I . W e have seen that the early E ngl ish coins T generally bore the nam e of the m o n eyer . h is

E I . practice continued till the ti me of dward , after wh ich it was d isconti nued , while that of the m int was not entirely d isused till the last year of E l iza

The beth . m oneyers , or later m int masters , also

on som etim es placed a m ark their coins , as , for

o 1 n F i . 0 i nstance , the Y g 5 , indicating that it E was struck by S ir J ohn Yorke . dward I I I . “ was the fi rst to introduce the D ei gratia

our on coins , though it had appeared on all the great seals si nce the tim e of Will iam the C F C onqueror ; in rance since that of harlemagne , A and i n Scotland on the coins of lexander I I I .

1 2 ( 4 9 I t was even used by I na , king of the W ale est Saxons , i n the introduction to his laws .

’ 11 1 - E 1 34 3 4 dward I I I . repeated H enrys

B u n . I di g , v . too high , and were therefore withdrawn from circulation , being replaced by the noble , valued

’ 6 s d h alf E 8 an d . at . . , its quarter . dward I I I fi rst

' K F w hi c h w as claimed the title of ing of rance ,

- Th e not abandoned till the reign of George I I I . noble bore on the obverse the king crowned and

n . standi g in a ship , hold ing a sword and shield E Selden suggested that dward I I I . placed a ship on his coins as emblematic of the sovereignty of the seas , quoting the lines of an old d istich

ou n s our o e s ew e to m e F r thi g N bl h th , K n w of h e ea s an d s w o an d o e t S . i g, hip , rd , p r I t has also been attempted to connect the ship with the great victory over the F rench at Sluys in

1 34 0. I n support of this the curious motto on the T reverse has also been adduced . his runs as “ : t ran s ien s follows J esus , autem , per med iu m ” i lloru m ib at B ut , J esus , passing , went through the m idst o f them . T homas de B urton (1 3 9 6) in the Chronicle of the A M Ev * bbey of eaux , quoted by Sir J . ans , considers that this has reference to the battle of Sluys . He

— e s o o n s of n an u . C ron . 1 00 . Th Fir t G ld C i E gl d N m h , 9

60 THE COI N A GE O F ‘ BRI TAI N

and the steps of H is feet be yet i n the rock , where

A n d he alighted . therefore , say some men , when

they dread them of th ieves on any way , or of

‘ s t rans i en s d enemies J esu , autem , per me ium

’ ‘ illorum ib at s a , that is to y, J esus forsooth, pass

ing by the m idst of them , went ; i n token and

m ind , that as our Lord passed through , out of the

J ews cruelty , and escaped safely from them , so ” e surely men pass the peril of thiev s .

E o s i n i T . his , as Sir J vans p i nts out , is the more g fi c ant because it was i n all probability written with out any reference to the fact of the motto having T been used on the coins . hi s view is also strengthened by the fact that the motto was also

fi n er- A sometimes engraved on g rings . piece of money , therefore , with this inscription , was not only a coi n , but a charm .

D of ' R i chard uring the reigns I I . , Henry I V . ,

V . , and V I . , there was but little change in ou r coi nage . E . r 1 0 dward I V int oduced the angel , about 4 7 F 1 ( igs . 9 so called from its bearing the

A M The rchangel ichael pierci ng the dragon . reverse is a ship with a mast i n the form of a

. 8 0 cross I t weighed grains , and was current for 6 s . 8 d T . his coin is interesting from having been the one al w ays used to put round the necks of

T/ze Adven tur es o Si r o/zn j ld an dev i /Ze f a . 1 . j , p 3 5 AN GEL 61

’ K 1 5 patients touched for the ing s evil . I t also especially associated with English literatu re .

- — I S. 1 2 n e . w a I V A D 1 6 F G 9 9 . A g l Ed rd . . 4 5 .

T hese coins are certainly very beautifu l ; so m uch so , i ndeed , that various fables arose as to

thei r origi n , and the gold was supposed by many to have been produced by Raymond Lully by occult means . E F . dward I V . also coined nobles ( igs 9 3 and to d istinguish them from those of his predecessors , he placed on the ship a rose , the badge of the

H ouse of York , from which these co ins were

T h e termed rose nobles . weight was raised to

1 2 0 grains and the current value to ten shillings . D E uring the reigns of dward V . and Richard

I I I . no important changes were i ntroduced into the currency . H enry V I I . , on the contrary , m ade

The great alterations . shilling had long been a THE COI NAGE O F B RI TAI N

w as money of accou nt , but now for the fi rst ti me

a F The struck as coi n ( igs . 9 5 obverse has

- — - I G S. ose of I 1 . R o e w a V 6 0 F 9 3 9 4 N bl Ed rd ., 4 5 7 ; w e rs ight , g .

The a profile of the king . motto on the reverse ” i s P os u i D A d utorem M eum j eum , I have made

- — I S 6 The s i n . en VI I s e 1 0 F G . 9 5 9 . Fir t Shill g H ry . ; ilv r ; 5 4 ; w e rs ight , g .

B . God my helper . I n the Prayer ook (Psalm l iv 4 )

64 THE COI NAGE O F BRI TAIN

m A nother improvement ade by H enry V I I . was that he adopted the plan fi r s t i nvented by

Hen rv . e I I I , but subs quently dropped , and

o placed a V I I . after his name on the c ins . He was also the fi r s t of our sovereigns to recognise that no change should . b e made i n the money w ithout the consent of Parliament .

T he likeness of H enry V I I I . o n his coins is also

- F . 1 00 1 . very good . igs 9 9 show a shilling of 54 3

- — n I I I s e w e I G S. 1 00. n of e . rs . F 9 9 Shilli g H ry V ilv r ight , g

F 1 0 1 - 1 02 C igs . represent a groat struck by ardinal “ T W \Vols e . y at York , and bearing his initials ,

’ s T h e s and below a cardinal hat . archbi hops w w s - ere allo ed to is ue half groats and pennies , but a charge w as tru mped up against Wolsey that he

e o s th e o e was guilty of tr as n i n i suing ab v coin , becau s e it w as a groat and n ot a half- groat " That he placed his cardinal ’s hat on the coins VVO LSEY’ S G RO AT 65 was on e of the articles brought agai nst hi m by the Earl of Su rrey i n Shakespeare

T a out of m e e am on ou a e c aus e h t r biti , y h v d

’ You o h r h ly at to b e s t amp ed on th e Ki n g s c oi n .

- — I S f en I I I S e w e rs . G 1 01 1 02 . G oa o . F . r t H ry V ilv r ; ight , 4 5 g

’ Th e 4 oth article of \Vols ey s i mpeachm ent C states that also the said Lord ardinal , of his further pompous and presumptuous m ind , hath enterprised to join and i mprint the cardinal ’s

hat under vou r arm s in your coi n of groats , C m ade at you r ity of York , which l ike deed has not been seen to have been done by an y sub ” j ec t withi n your realm before this time T his w as true enough , for the previous archbishops w ere not cardinals ; but his ruin being d eter

on w . m ined , any excuse ould suffice T o provide for his extravagant expenditu re

s H enry V I I I . lowered the standard of fi nenes E 66 THE COI N A GE O F B RI T A I N

h of bot the gold and silver coins , which had

' e s ilver f rom be n preserved , in the case of the the C onquest , and in that of gold from the ti me E a of dward I I I . I t was d uring his reign th t the

u B Yo local m ints , except So thwark , ristol , and rk , were suppressed .

E . dward V I , to his great honour , did much to

c restore the oinage to a satisfactory condition . H e was also the first of ou r Sovereigns to put

on a date his coins , the earliest being the shilling of 1 54 7 I t seems extraordinary that s o useful

- — n f VI e I S I o 1 0 . o w a . s F G . 3 4 Shilli g Ed rd ilv r ; w ei rs ght , 7 5 g . an addition should have been so late i n suggest i ng itsel f . I give t w o of h is coins - one for the sake of

s F 1 0 s 1 the likene s ( igs . 3 a hi lling of 54 9 , dated on the obverse and the second

68 THE CO I N AGE O F B RITAI N

T h e t i oned 1 . , the shillings of 54 7 legend on the “ - 1 D L . hI B W v . G z . half crown is , ED ARD . . AN G F RA . . Y ” T h R EX . e . letter Y i nd icates that it was T struck by Si r J ohn Yorke at Southwark . hose struck at the T o w er have a ton — a rebu s on the name of N icho las T hrogmorton

F 1 - 1 M igs . 07 08 are a shilling of Philip and ary

- w face to face , as mentioned in the well kno n

i n w t w o s li nes H ud ibras , here lovers are de cribed as being

am o ous an d on an d n Still r f d billi g ,

L e an d M a on s n ik Philip ry a hilli g .

- — I G S. 1 0 1 08 n of i n d M F 7 . Shilli g Ph lip a ary ; s ilver ; w ei 6 rs ght , 9 g .

’ O n the half- crown Philip s bust is on one side ’ and Mary s on the other .

F - 1 1 . 1 0 0 E z igs 9 represent a crown of li abeth ,

1 60 1 . Obverse , the bust of the queen holdi ng a ELI Z ABETH

sceptre and orb . Reverse , a shield on a cro ss . Up c to this reign oi ns were si mply struck by a ham mer . El izabeth introduced the u se of the m ill an d

1 - 1 1 — ow n f 6 rs I GS 0 0. C o a e s e w e F . 9 r Eliz b th ; ilv r ; ight , 4 5 g .

screw . She completed also the re f orm of the

c coinage whi h had been begun by her bro ther . A s B ishop J ewel said in a letter to Peter

M Z th F 1 6 2 artyr of u rich , dated 7 ebruary 5 , “ Queen E lizabeth has restored all ' ou r gold and

o silver c inage to i ts form er value , and rendered i t : o d pure and unalloyed a truly r yal act , an

' w hic h you will wonder could have been e ff ected

’

. Th e in so short a ti me denom i nation , weight , and fi neness of the silver coins have remained E unchanged since the ti me of lizabeth . Th e u ni on of the Scotch and English crowns 70 THE COI NAGE O F BRI TA I N

under J ames I . is marked on the coins by

an t ing the Scottish title upon the coins ,

’ quartering upon the E nglish shield o f the ar

a Scotland which , with those of I reland , now

s o for the fi rst time upon ou r money . O n “ He' his coins James placed the motto ,

’

i . e rosas regna Jacobus , . , H enry united the m (of York and Lancaster) , J ames , the kingdo

The vari ec coinage of Charles I . was more

Gr that of any p revious or subsequent reign .

1 T c d ivides it into three classes : . hat stru k T n T . . 2 . ower mi t . hat of the local m ints 3 which was issued i n towns or castles during T “ hese last were , he says , of the nature of a ” and of necessity , scarcely enter into the series of our coins .

F 1 1 I have selected the coin figured ( igs .

‘ The for the sake of the portrait . xx , of i nd icates the number of shilli ngs . Und “ - B flower m int mark is a very small , ind B that it was by the celebrated artist riot . cred itable to Charles that i n all his t roub l

w ho ever rude some of his coins were , he C A L S I C MW 1 H R E . RO ELL 7 w e on s it The the h er oppo e sides . type was s ield of

- — - I G S. 1 1 1 1 1 2 . C a es I . n e or z o s in ece o 1 6 2 F h rl U it , hill g pi g ld 3 w e 1 1 rs ight , 4 g .

St George on the obverse , and those of S t George

and I reland conj oi ned on the reverse .

' F 1 1 - 1 1 - of C igs . 3 4 represent a half crown rom

- — - I S 1 1 1 1 . C om w e a c ow n s F G . 3 4 r ll H lf r ; ilver ; 1 658 ; w e rs ight , g . 7 2 THE COI N AGE O F B RI TAI N

“ “ 8 The r LI t u 1 6 . well , s r ck in 5 insc iption is O VA R

ET HI B P R o. . & c . . . R P s c . O D G AN G . , and on the

P Ax U AZ R I T U R LL 1 6 8 reverse , Q BE O , 5 , a crowned shield with arm s , an inescutcheon bearing the P ro

’ t ec tor s paternal arms . Our Sovereigns had a curious prej udice against

c the issue of opper coins , which they seem to have considered as beneath their dignity . H alfpence and even farthings were struck of silver , but the size was so inconveniently small that after the

C w N o om mon ealth they were given up . silver

E . farthings , however , were issued after dward V I

I n the absence of other small change , tradesmen ” hab i t ' of were in the issu ing tokens , of copper

~ brass , or lead , which were of sm all value , and only

ӎ T w i . n con locally current hey were , ho ever , very v en ien t , and at length , after much hesitation , J ames

I . consented to an issue of farthing tokens , but not wishing them to come directly from the Royal

i m ints , granted patents to Lord Harr ngton and “ T Tok enhou s e others . hey were issued from ” Yard i n the city , but on account of thei r small

e size , extreme thinness , and small value they wer n o D C t found very convenient . uring the ommon

ueen a e n ee c o n e a en c e an d a n s Q Eliz b th , i d d , i d h l fp f rthi g of as e s e an d an e cen s es to th e c es of s o b ilv r, gr t d li iti Bri t l , O o an d W o c es e to co n c o e o en s w c w e e xf rd , r t r, i pp r t k , hi h r un to b e c urren t in that c ity an d f or ten m il es ro d . THE GU I NE A 7 3

’ wealth there was a revival of the use of t rades m en s

1 6 tokens b ut in 7 2 Charles I I . struck an issue of

halfpence and farthings on a sound basis , and the

’ t rades m en s tokens were declared illegal .

1 6 8 s I n 4 he truck farthings of tin , with a square plug of copper i n the centre to render cou nterfeit f fi t T ing more di cul . hese , however , were not con s idered m worthy to be ranked as oney , and were

- — I G S. 1 1 1 6 a I I i a o w ei 1 1 rs 1 C es . u ne . F 5 . h rl G ; g ld ; ght , 3 % g

N u m m oru m u s i nscribed round the edge , fam lu , to ind icate that they were to be regarded as

servants o r helps to the true coinage .

Th e F 1 1 — 1 1 gu inea ( igs . 5 6 ) was fi rst struck by

C . 1 66 w as harles I I in 3 , and so called because i t was made of gold brought from Guinea by the

A C T he 2 0s frican ompany . value was at fi rst , and remained so till the reign of William and M A t ary . that period , however , there was no fi xed

relation between the coins , and the silver coinage 7 4 THE COI N AGE O F BRITAI N

c gradually deteriorated , i n consequence of whi h

5 T o the value fell until 30 . went to the g u inea .

e 1 6 8 rem dy this a new issue was made , and in 9

6d. 2 1 5 . 1 1 the guinea was fixed at , reduced in 7 7

2 1 s The to . , at which it henceforth remained . last

1 guineas were struck in 1 8 3 . The halfpence and farthings bore on the reverse

B c the figure of ritannia , with whi h we are so fam iliar . I t is supposed to have been taken from a coin of

A F an d i i ntoninus Pius ( igs . 57 the head s s a d to have been a portrait of the beaut if ul F rances D Stewart , uchess of Richmond

i un e Pepys , i n his amusing d ary, d r the date of “ ’ 2 th F 1 66 s t m 5 ebruary 7 , say A y goldsm ith s d id

new observe the kings medal , where i n l ittle ,

’ there i s Mrs Stewa rt s face as well done as ever I

an hin saw yt g in my whole life , I think ; and a

t h i o p ret y t ng it is , that he should ch ose her face ” t o B represent ritannia by . I n the fi rst of this series B ritannia was armed

’ with a spear , and her seat was placed on earth but

’ Kii c hler 1 e Boulton s engraver , , i n 7 9 7 , ing niously represented her as ruling the waves by turning the spear into a trident , and replacing the earth by

w a c sea on which a ship s sailing . I annot but regret the om ission of the ship on our recent pennies .

The coins of Charles I I . and succeeding

7 6 THE CO I N A GE O F BRI TAI N copper pence — the fi rst appearance of the penny

— 1 i n that metal were struck by George I I I . i n 7 9 7 . T h e beautiful design of St George and the

D P i s t ru cc i 1 8 1 ragon , by , fi rst appeared i n 7 . I t i s said that it was originally intended for a gem

w as which he engraving for Lord Spencer . “ W 1 8 6 illiam I V . i n 3 revived the groat , or d ” 4 . , at , it was said , the i nstance of J oseph H ume , T whence they were known as J oeys . hey were d iscontinued i n 1 8 56 . Th e threepenny piece had been used since

1 66 2 M for aundy money , and was put into

1 8 Th e flori n w as general circu lation in 4 5 . “ 1 8 D ei adopted in 4 9 , and in the fi rst issues the

w Gratia , hich had appeared on our coinage since

E . the ti me of dward I I I , was om itted , whence they

. fl ori n s The were termed the graceless or godless .

1 8 1 B letters w ere inserted in the 5 issue . ronze

e 1 8 was substituted for the copper coinag in 60. O n the occasion of the Queen ’s j ubilee i n

1 8 8 7 ma ny changes were made i n the coinage . T hey did not , however , give satisfaction , and in 1 8 C 9 3 a omm ittee was appointed , over which I had the honour of presiding , by which designs M were selected for subm ission to Her ajesty , by T whom they were approved . hese continued in use until the end of the reign . I n 1 8 9 5 there was a new issue of the bron z e Q U EE N VI CTORI A 7 7

coinage , when the ship and lighthouse were h om itted , a change whic does not seem to me any i mprovement . I n the same year a B ritish dollar was issued

E . for use in ou r astern possessions I ts weight , 1 6 4 grains , and fi neness , are the same as those ” a of the J panese Yen . I t has on the obverse a B fi gure of ritannia with a trident , stand ing upon “ B a rock in the sea , with the i nscription , ritish D ollar on the reverse , a device of fou r com

artm en t s C p , with a hinese labyrinth i n the centre , and the value is inscribed i n Chinese and Malay characters in a beaded circle , and with a key pattern border .

Th e F 1 1 -1 1 8 W last of our coins ( igs . 7 ) hich I

- — rs . I G S 1 1 1 1 8 . u ee s e w e 1 F . 7 R p ; ilv r ; ight , 74 5 g propose to figure is a rupee of 1 86 1 showing ou r late lamented Queen i n a H indoo robe . 7 8 THE COI N A GE O F B RI TA I N

I t is cu rious and interesting how di ff erent the

T h e history of our principal coins has been .

penny is in one sense the most ancient , and goes back to the time of O ffa , but it was then

and a silver coi n , so rem ained till when it

1 8 1 was struck in copper by George I I I . I n 7 it became a token coin . Th e shilling is also very ancient as a money of account , but was fi rst struck as a coin by H enry

. 1 0 . V I I in 5 4 I t then weighed grains . I t 8 now weighs 7 4 , which , however , is i m material , as ,

1 8 1 6 like the penny , it became a token coin i n .

The V I I sovereign goes back to H enry , and

1 8 2 0 was fi rst coined i n 4 9 , when it weighed 4 grains , but was finally fixed at its present weight

1 2 2 7 4 1 8 1 6 of 3 T 6 6 6 grains under George I I I . in , when the beautiful design of St George and

‘ D coi n s th en the ragon was introduced , the other became tokens , and the sovereig n became the standard . T h e last bust of the Queen on the sovereign and

— B half sovereign was by M r rock . She wears the

Ribbon and Star of the Garter , and below are the “ ” T he I m E T B . initials . . letters , I nd p , mpress

d i n s c ri of I ndia , were intro uced , so that the p “ B F id ei . D . i . tion reads , Victor a Gra ritt Regina

” ’ D ef T h e P i s truc ci s . I nd . I mp . reverse is St P B . D . George and the ragon , with the i nitials LI ST O F E N GLI SH COI N S

The b ust of Her Majesty on the half-crown and the d esign on the reverse are also by M r B rock .

Th e S reverses of the florin , shilling , and ixpence

E . P R A were designed by S ir . J Poynter , . . .

I T O F E LI C I L S N G SH O NS .

The following list of E nglish coins from the

’ Conquest is compiled fro m M r Gru eb er s excellent

Han dbook of Me Coi ns of Great B r i lai n an d [reland I t m ust be u nderstood that the types are very varied .

W I I M — I . e en n LL A Silv r P y .

W I I M I I e — en n LL A . Silv r P y .

E — e en n . H NRY I . Silv r P y E — e en n . STEPH N I . Silv r P y

I — E I . n n H NRY Silv er P e y .

— I I . e en n R CHARD Silv r P y . — d a O . e en n an enn J HN Silv r P y H lfp y .

- — E I . I I I . o H NRY G ld P en n y . e — enn Silv r P y .

W I . e en n a en n an d ED ARD Silv r P y , H lfp y , a n F rthi g .

D W I — n n n n n I . e e a e a d a n E ARD Silv r P y , H lfp y , F rthi g .

W I o — o n - - I I . a o n ua e o n ED ARD G ld Fl ri , H lf Fl ri , Q rt r Fl ri ,

‘ o e a - o e an d ua - e o e . N bl , H lf N bl , Q rt r N bl

e — C oa - oa en n a Silv r r t Half Gr t , P y , H lf

en n an d a n . p y , F rthi g

— - R I I I . o o e a o e an d ua e CHARD G ld N bl , H lf N bl , Q rt r o e N bl . e — oa a - oa en n a Silv r Gr t , H lf Gr t , P y, H lf

en n an d a n . p y , F rthi g 8 0 THE COI NAGE O F BRITAI N

— - I V . o o e a o e an d ua e H ENRY G ld N bl , H lf N bl , Q rt r o e N bl . e — oa a - oa en n a Silv r Gr t , H lf Gr t , P y , H l f en n an d a n p y , F rthi g .

E . 0 c an e H NRY V N h g .

— - - E N V I . o o e a o e ua e o e H RY G ld N bl , H l f N bl , Q rt r N bl , n e an d a - n e A g l , H l f A g l . e — C oa a -C oa en n a Silv r r t , H lf r t , P y , H l f en n an d a n p y , F rthi g . W — D I V . o o e R os e o e or R a a E ARD G l d N bl , N bl y l , H lf R os e o e ua e R os e o e n e N bl , Q rt r N bl , A g l , an d a - n e H lf A g l . e — oa a - oa en n a Silv r Gr t , H lf Gr t , P y , H lf en n an d a n p y , F rthi g .

W — - D D . o n e an d a n e E AR V G ld A g l , H lf A g l . e — oa Silv r Gr t . I — - R I D I I . o n e an d a n e CHAR G ld A g l , H lf A g l .

e — oa H-alf - oa en n an d a Silv r Gr t , Gr t , P y , H lf en n y p .

— E V I I . o R a or o e o e e n n e H NRY G ld y l N bl , S v r ig , A g l , an d a - n H lf A gel . e — n oa a - oa en n Silv r Shilli g , Gr t , H lf Gr t , P y , a en n y an d a n H lfp , F rthi g .

Go — E I I . ou e o e e n o e e n a H NRY V I ld D bl S v r ig , S v r ig , H lf o e e n C ow n a - C ow n R a or S v r ig , r , H lf r , y l R os e o e n e a - n e eo e N bl , A g l , H lf A g l , G rg d o o e o e an a e e . N bl , H l f G rg N bl e — n or T es oon oa a Silv r Shilli g , t , Gr t , H lf

oa en n Ha en n an d a n . Gr t , P y , lfp y , F rthi g

W V I o — T - n ou e- o e e n . e o e e ED ARD G ld ripl S v r ig , D bl S v r ig , o e e n a - o e e n C ow n a S v r ig , H l f S v r ig , r , H lf

- C ow n n e an d a n e . r , A g l , H lf A g l e — C ow n a - C ow n n Six Silv r r , H l f r , Shilli g , en c e oa T ee en ce a -C oa p , Gr t , hr p , H lf r t ,

en n a enn an d a n . P y , H l fp y , F rthi g

M n — o e n a n e an d a A a o e . o e R RY ( l ) G ld S v r ig , y l , A g l , H lf n e A g l .

— - e oa a oa an d enn . Silv r Gr t , H lf Gr t P y LI ST O F E N GLI SH COI NS 8 1

I I an d o — n e an d a - n e PH L P G ld A g l , H l f A g l .

M — -C ow n i n en . e a c e ARY Silv r H lf r , Sh lli g , Sixp ,

- oa a oa an d en n . Gr t , H lf Gr t , P y

— — I Z B E . o o e e n R y a a o e e n EL A TH G ld S v r ig , l , H l f S v r ig , C ow n a - C ow n n e a - n e r , H lf r , A g l , H lf A g l , an d ua e - n e Q rt r A g l .

e — C ow n a -C ow n n Si x Silv r r , H lf r , Shilli g , en c e oa T ee en c e a - oa p , Gr t , hr p , H lf Gr t , T ee a en c e en n T ee a n s hr H lfp , P y , hr F rthi g , an d a en n H lfp y .

M — - S I . o o e e n or U n e a o e e n JA E G ld S v r ig it , H lf S v r ig or ou e-C ow n C ow n or a n D bl r , r Brit i

- C ow n a C ow n T s e . C ow n r , H lf r , hi tl r , n e a - n e R os e R a or T A g l , H lf A g l , y l hirty n ec e u R a or een Shilli g Pi , Sp r y l Fift n ec e Lau e a - Lau e an d Shilli g Pi , r l , H lf r l , ua e -Lau e Q rt r r l .

e — C ow n a -C ow n n Six Silv r r , H lf r , Shilli g , en c e a - oa en n an d a p , H lf Gr t , P y , H lf en n p y . C o e — a n pp r F rthi g .

Golt ri l - - n C HARLE S I . p e U n it e or Thr ee P ou d Pi ec e U n e or T w en n s ou e it ty Shilli g , D bl C ow n or T en n s C ow n or e r Shilli g , r Fiv n s an d n e Shilli g , A g l . e — oun or T w en S n s a Silv r P d ty hilli g , H lf oun or T en n s C ow n a P d Shilli g , r , H l f C ow n n en c e oa a r , Shilli g , Sixp , Gr t , H lf

oa en n an d a en n . Gr t , P y , H lfp y C o e — a n pp r F rthi g .

C O M M O o — n s oa o N G ld Fifty Shilli g , Br d r T w en ty W an d n s an d a - oa EALTH Shilli g , H lf Br d or T en Shil C O MW n s an d e n R ELL li g , Fiv Shilli gs . e — C ow n a -C ow n n an d i Silv r r , H lf r , Shilli g , S x en c e a - oa en p , l , n an d al p enn H f Gr t P y , H f y . C o e — a n pp r F rthi g . 82 THE COI N AGE O F BRI TAI N

m m e e o — oa or T w n L I I . a e C HAR ES H r d . G ld Br d ty Shil n s a - oa or T en n s an d li g , H lf Br d Shilli g ,

w n C ro n or Fiv e Shilli g s . e — a -C ow n n en c e Silv r H l f r , Shilli g , Sixp , oa T ee en ce a - oa an d Gr t , hr p , H l f Gr t , en n P y .

M Goldé F iv u n ea w e . e s T o u n eas ill d G i , G i - u n ea an d a u n ea. G i , H lf G i

e — C ow n a - C ow n n Si x S ilv r r , H lf r , Shilli g , en c e an d M aun oa T ee en c e p , dy Gr t , hr p ,

- a oa an d en n . H lf Gr t , P y

C o e — a en n an d a n pp r H lfp y F rthi g .

T in — a n F rthi g .

" I o — u n w M S I . e eas T o u n eas u n ea J A E G ld Fiv G i , G i , G i , an d a - u n a H lf G i e . e — C ow n a -C ow n n Si x S ilv r r , H lf r , Shilli g , en c e an d M aun oa T ee en c e p , dy Gr t , hr p , a - oa an d enn H lf Gr t , P y . Ti n — a en n an d a n H lfp y F rthi g . WI I M an d o — e u n eas T w o u n eas u n ea LL A G ld Fiv G i , G i , G i , M an d a - u n ea ARY . H lf G i . e — C ow n a -C ow n n Six Silv r r , H lf r , Shilli g , en c e an d M aun oa T ee en ce p , dy Gr t , hr p , - d n n a oa an e . H lf Gr t , P y

im — n C opp er an d T H alfp en n y an d F arthi g . W I I M I I I . N o n LL A c h a ge.

E o — e u n eas T w o u n eas u n ea ANN . G ld Fiv G i , G i , G i , an d a - u n ea H lf G i .

e — C ow n a -C ow n n Six Silv r r , H lf r , Shilli g , en c e an d M aun oa T ee en ce p , dy Gr t , hr p , a - oa an d en n H lf Gr t , P y . C opp er — H alfp en n y an d F arthi n g (patt ern s n o ly) .

E E I o — w o u n eas u n ea O G . e u n eas T G R G ld Fiv G i , G i , G i ,

- - a u n ea an d ua e u n ea . H lf G i , Q rt r G i e — C ow n a - C ow n n Si x Silv r r , H l f r , Shilli g , en c e an d M aun oa T ee en c e p , dy Gr t , hr p , - t n n n a oa a d e . H lf Gr , P y

8 4 THE COI N AGE O F B RITAIN

florin om itting , however , the double and the four penny piece .

S C O TLAN D .

s h A regards the sister k ingdom s , the first Scotc

‘ inted ‘ i n the rei n D v 1 1 2 coins were m g of a id I . ( 4 It consisted Of pennies copied from the

E - h m contemporary nglish types . Up to t at ti e -

i r Th Roman and Saxon money we e used . e Scotch standard was probably a t fi rSt the same as the E o nglish , but the silver c ins gradually became

d C B illOn s very ebased . oins of were al o issued , but this is only a name for much debased silver .

A . lexander I I I , as already mentioned , placed D ei G ratia on his coins some years before it was adopted in E ngland .

D 1 2 The . first gold coins , those of avid I I ( 3 9

E w were copies of the noble of d ard I I I . , but n ot so well executed . O ne of the issues of farthings is peculiar in the name being partly on one side of the coin and partly on the other ; the “ ” M T I obverse having O N E A R EG S D , and the reverse , “ T AV I D SCO T O R U M .

1 1 - 1 2 J ames V . ( 5 4 54 ) placed a date on his coins

1 of 5 3 9 , eight years , therefore , before this improve E ment was adopted i n ngland .

T h e M coin s of ary , Queen of Scots , are very

u of o varied , and gave q ite an epitome her tr ubled life . SCOTC H “ CO I N S 8 5

I n add ition to coins with denom i nations si m ilar

i n E to those cu rrent ngland , Scotland had several

I S 1 1 - 0 — a f Ma u o G . 1 2 . R o een of c s 1 o F 9 y l ry , Q S t , 5 5 7 g ld w e 1 1 rs ight , 7 g .

f . terms peculiar to hersel One of these , wh ich

w as F o often appears in literatu re the bawbee . r

this several derivations have been suggested . Some ascribe it to the you ng or baby face of

M n ary , Q uee of Scots , on her earlier coins ; some ,

F oas oil/on more prosaically , from the rench , or oas i billon ’ , and others the territorial title , Laird

Sillib aw b ee A O rrole of , of lexander , the moneyer

I t is not , however , at all clear that he was the fi rst

to strike these coins , and it cannot be said that ” any of these explanations holds the fi eld . ” The d . to plack , cu rrent at fi rst for 3 , was raised

d . i 8 . in the reign of J ames V I I t is sa d to derive

F la u e its nam e from the rench p q . The separate

c d the n 1 0 Scotch oinage cease at Unio in 7 7 . 8 6 THE COI NA GE O F B RI TAI N

L I R E AND . N o coins were struck by any of the native rulers

The s w D of I reland . fir t ere those of the anish

Siht ric 8 o Prince I I I . (9 9 and were c pied

o f Eth elred W s mainly from those f I I . of e sex .

The A n - s c first glo I ri h oi ns , but struck in the name

s on of of of his J ohn , as Lord I reland , were those

i n 1 1 H enry I I . 7 7 .

F 1 2 1 - 1 2 2 igs . represent one of the crowns

1 6 . 0 struck by James I I i n 9 , i n I reland , and which

I 1 2 - — I Gun m ne Co e ei rs GS 1 1 2 2 ames I o w 2 0 . F . . J . y pp r ; ght , 9 g

un m on e were known as g y, because they were in “ ” of old T part made out guns . hey were proclai med t o pa s s f or five shilling s ; but the intrinsic value “ ” o being nominal , the proclamati n proved use T . o w e . less i me , h ever , has done what J am s I I co uld not , and they are now worth about that I RI SH CO I N S 8 7

- s um . H alf crowns , shillings , and sixpences were T also struck in the same manner . his money was W called i n by illiam I I I . , when it was found that metal worth {64 2 had been m ade i nto coi n of the nom inal value The harp fi rst appeared on I rish money i n the reign of H enry V I I I .

F 1 2 - ’ igs . 3 1 2 4 represent one of Wood s I rish hal f

i n 1 2 2 pennies , struck 7 . O n the reverse is H ibern ia seated and hold ing her harp .

’ I S 1 2 -1 2 f — Woc d s I s a enn Co e 1 2 F G . 3 4 ri h H lfp y ; pp r ; 7 2 ; w e 1 2 1 rs ight , g .

T hese were the coins which raised such a storm D of passion , and were so fiercely attacked by ean T Swift . hey were , ho wever , of good m etal ; and though the weight was not quite what it should have

been , they were far superior i n weight and fineness to

T h e the I rish coinage u nder previous Sovereigns . last I rish coinage were the pennies and halfpennie s f o George I V .

P A R T I I

C H A P T E R I

WEI G H T S O F C O I NS

T H O U G H coi ns have been struck of very d i ff erent weights and values , from the obol to the dodeca

' fi ve- drachm , from the farthing to the pound piece , still those of each metal in general u se have only f d i f ered i n weight withi n somewhat narrow li m its .

A s our regards gold coins , sovereign weighs

1 2 3 grains , of which grai ns are pure

G Th e 1 2 8 old . daric weighed grains ; the stater of P hilip of Macedon 1 30 ; and the ancient

Fi 6 1 1 8 T B . he ritish coi n ( g 7 ) . German 2 0 mark piece weighs grains ; the T u rkish

pound , the napoleon , ’t M r R id w a W . g y considers that the weight of the early gold coins was originally selected as T representing the value of an average ox . his

Th e Si z suggestion is certainly ingenious . e , more b elo a some and heavy , while anything w three

t l T o e penny bit is inconvenien ly sm al . pr serve

z e a e e a certain si e , and y t h v a silver coin of v ry

lu e man an i small va , y c ent coins were made very hi n t . " Wi thin the limits thus determined , however , we fi nd i nnumerable di ff erences in the weights of coins , and a general tendency downwards . There are three ways in which the short - sighted avarice of rulers and of legislatures has deterior

F e ated the currency . irstly , by gradually redu d ing the weight ; secondly , by ebasing the

' th e i n con standard ; and thi rdly , by issue of vertible notes

- T he n history of coinage is i ndeed , in ma y

“ s f ca es , a melancholy record of fraud , olly, and T ignorance . ake , for instance , the Roman coinage . “ T he as bronze was originally a pound , but

B B w i C . 2 6 8 rapidly fell i n e ght . y . it had fallen

w 2 to bet een 3 and ounces ; fifty years later ,

w ar w after the ith Hannibal , it was reduced to

1 to e e t ounce , though it is only fair r m mber tha

The sovereign , as originally coined (the unite

2 0 2 0 of shillings) , weighed 4 grains . I n the

C 1 u time of harles I . i t had fallen to 39 , and nder

e 1 2 2 7 4 G orge I I I . to 3 1 0 0 0 grains , at which it has since remained . T HE T S AN DARD .

A s already mentioned , gold , silver , and copper are on the whole the metals most su itable for coins , and i n the earl iest specimens were almost

s a 1 000 pure , that is to y, out of parts 9 9 7 were

The M pure gold . acedonian staters of Philip Th A . e and lexander were . 9 97 fine gold of the Roman Republic was pure— the aurei of A 8 8 . ugustus . 99 , and the Persian darics . 9 5 A small quantity of alloy , however , renders i them harder , and therefore less l able to wear

The and tear . addition of a small quantity of alloy openly , and for such a pu rpose , is of

T he course unobj ectionable . temptation , however , to make a profit by tampering w ith the standard , has too often proved irresistible .

I n our own case the gold coins of Henry I I I . E were of fine gold . dward I I I . introduced the

2 standard of 3 carats , 3 5 grains gold to 5 grain alloy , and this was retained till the reign of

H . w ho d b ed the c s to 2 0 enry V I I I , e as oin THE STAN D ARD 9 3

E . carats . dward V I restored the standard to

2 2 2 carats gold and alloy , at which it has since remained .

s v A , regards sil er , the staters of n ina were

8 Th e 60 A C . . . 9 fine ; the thenian oinage , 9 5 j ust reputation of the A thenian coi nage for pu rity W of metal and accuracy of weight , gave it a ide

circulation , and rendered it inadvisable to al ter f f the form for ear of a f ecting the val ue . O n

ae the other hand , the money of P hoc a and of Lesbos was notorious for its bad quality ; and indeed the steady depreciation of the currency throughout most of the Greek world was deplor

The able . Roman Republican silver was of good

E i quality , but under the mp re it becam e terribly debased .

The imperial silver coinage of Rome , for i nstance , A d id not long retain the high standard of ugustus .

I t became more and m ore debased , and after the A time of Severus lexander , was practically copper with a mere colou ring of silver . I n our own coinage it is remarkable that the

A - e ngl o Saxon silver pennies s em to have been ,

e of with some xceptions , intended to be the

1 1 same standard as ou r present coins , namely ,

2 1 8 ou nces and pennyweights fi ne , and penny

of The weights alloy . earl iest record of this standard of fi neness is indeed in the time of 94 WEI GHTS O F COI NS

is . E I . dward , but even then spoken of as being m of great antiqu ity . I t re ained intact till the reign of Henry V I I I . , who debased the coins e d u ntil th y were reduce to 5 s ilver and alloy .

’ T he coins having the K ing s full face soon began r to show the infe ior metal at the end of the nose , t that being the mos prom inent part , whence the

" king received the nicknam e of “ Old Copper

N Th e w as ose . standard again raised some

E . E what by dward V I , and restored by lizabeth to the ancient rate of 1 1 ounces 2 pennyweights

1 8 s silver and pennyweights alloy , or 3 7 part of silver to 3 of copper at which it has ever S ince remained .

A s r b u t i n other m atte s , i t is easy to debase A ll much more difficult to restore . the more

ou f e credi t , therefore , to those among Sov reigns ,

an d E w h did E . o such as dward V I lizabeth , r so . I t is , mo eover , only right to mention that Elizabeth appears to have been much assisted m by the wise counsels of the illustrious Gresha .

I n som e cases , not only has the standard

th e been debased , but authorities themselves have actually issued false coins . Herodotus mentions , though with some doubt , that Poly

crates , tyrant of Samos , having to pay a large

“ “ s um a to the Laced emonians , coined a large

i n quantity of the country money lead , had

M oreover , in early times , notwithstanding the

w period ical examinations of the Pyx , by hich

w the weight and pu rity of the coins ere , and

— are , tested from ti me to ti me the Pyx being the box in which the coins to be exam ined were placed — some of the moneyers enriched themselves by the issue of debased or light coins . I a I n the time of H enry . , for inst nce , the

1 1 2 B coinage was so bad that , in 5 , Roger , ishop of Salisbury , summoned all the m oneyers of

E n W C gland to inchester , at hristmas , when , out of 9 7 , no less than 94 were found guilty , deprived of their right hand , and banished ; three only A . E w being acquitted gain , i n the time of d ard f B W V I . , the o ficers of the ristol m int , with illiam

Shari n ton g at their head , were convicted of de

he basing t coinage . F orgery was also a frequent crime . I n Anglo - Saxon times it was punished by the loss toW of a hand , hich Henry I . added that of the eye s E r ven when false coinage was p evented , and when the money issued from the m ints was CLI PPI N G 9 7

good and true , the coins current were often very B u nsatisfactory . esides the loss o f weight due to the necessary wear and tear , it was fou nd alm ost impossible to prevent them from bei ng “ clipped ” “ A t and sweated . gainst that cri me s ron g laws were from ti me to ti me enacted ; it was treated as treason , and pu nished with great severity .

Yet many persons i n good position , and even some high ecclesiastics , were proved to be T gu ilty . he cri me was facilitated by the fact

the that the coins of realm were legal tender , and that to refuse them was regarded as a great f C o f ence . l ipping was at last greatly reduced by

1 66 the introduction , in 3 , of m illing or lettering

of the edges the coins . A nother source of trouble was the practical impossibility of maintain ing the relative value of the d ifferent coins , and especially those of gold

T he the and silver respectively . value o f two m etal s , of course , fluctuated considerably ; depend

' m in es an d i ng on the supply com ing from the , the demands not only for coinage , but i n the arts . B ut as the law e n deavou red to keep the coins at thei r relative intrinsic value , and as they were all legal tender at rates fixed by law , it followed that , as soon as any change occurred

u in the relative val e of the m etals , the coins G 98 WE I GHTS O F COI N S

- which - were over rated were melted down or

' the . e exported I n som cases , even d uring pre

aration incon p of the coins , this led to m uch ve ie c F o 1 8 00 n n e. r instance , in , during an issue

’ of c o er pp halfpence , owing to an u nexpected

‘ rise in the value of Copper , it was found Of necessary to lower the weight the coin , and

‘ to issue 3 6 halfpence to th e pou nd of copper n 2 A 1 80 i stead of 3 . gain , in 5 , from the sam e u ca se , the greater part of the copper coinage a e d isappe red , becaus , when melted down , the metal was Worth nearly one -third more than T the legal value . hese considerations show clearly the advantage of ou r present system , under which the pound sterling is the standard , whi le the silver and copper coins are tokens O f representing certain fractions the pound . T here are indeed few other countries which can be said to have a satisfactory coi nage .

' I t is n ot sufficient for the maintenance of a satisfactory cu rrency , that the coins should be s i sued of the proper standard and full weight . Even apart from an y change i n the value of the m etal , from any illegal clipping or sweating , the fair honest wear gradually reduced them below the r A t prope weight . present , many of . the

F h o renc g ld pieces are below their legal weight .

' A s r r ow n ega ds our money , the standard is

fi xed i n coined gold

Our silver and copper coins , as already mentioned

o n . do not depend for their value . their material T hey are tokens representing a certain fraction of

sovereign , and , indeed , may almost be said to be

Government notes printed on metal . I say almost ,

T he because the position is not qu ite logical .

Government , whatever their moral responsibility

v may be , do not legally bind themsel es to give a

2 T sovereign for 2 0 shill ings or for 4 0 pence . hey mai ntain the value of the small coins by li miting

the quantity , and call them in ( from time to time

giving the ful l nom inal value . I n this way we secu re an ad mirable and elastic

system , and ou r standard coin , the sovereign , is known and respected all over the world it may be fairly said to be the prem ier coin and standard of

w the world , hile at the same time we have a supply of small change which is abundant and n ot

N o v redundant . one can realise the con enience of our monetary system who has not travelled in

u has foreign co ntries , and who not found himself BRI TI SH C U RREN CY 1 01

f sometimes i n a d i ficu lty to procure small change , and at others encum bered by a number of small coins or notes which he could only d ispose of at a heavy loss

Y O U R C U R R E N C .

— F O ur currency , therefore , consists irstly , of gold , which is legal tender for any am ount

w re re secondly , of silver coins , h ich are tokens p

u senting fractions of the po nd sterl ing , and are 0 only legal tender u p to 4 sh illings ; thirdly , of bronze coins , also tokens , and only legal tender a up to one shilling ; and lastly , o f b nk notes ,

s B of E which are is ued by the ank ngland , some

E n nglish cou try banks , and Scotch and I rish B E banks . ank of ngland notes are legal tender

e to any xtent , except by the bank itsel f, which

a is bound to p y them i n gold on demand .

N ote — I t is useful to know that the halfpenny

-fi f th of is an inch i n diam eter , and weighs one

- of an ounce avoirdupois , the penny one third an ounce . C H A P T E R I I

BAN K - N O T ES A N D BAN K I N G

T HE use of paper as an instrument of credit and

a form of currency is involved in much Obscu rity . * A passage i n f Es c hin es seems to indicate that the Carthaginians possessed a form of cu rrency

- T he making some approximation to a bank note . C “ arthaginians , he says , m ake use of the following kind : i n a small piece of leather a substance is w rapped of the size of a piece of fou r drachm ae " but what this substance is no one knows except

“ A - the maker . fter this it is sealed and issued for circulation ; and he who possesses themost of this

is regarded as having the most money , and as

t But an being the wealthies man . i f y one among

us had ever so much , he would be no richer than ” o f i f he possessed a quantity pebbles . I t “ follows , says H eeren , from this description ,

that this money (which , therefore , by others is

e - n ot improperly called l ather money) was , like

c o of or the small coins , mposed copper bronze ,

E s c hi nes i al /i r i ed D o i e F i s e . 8 . . , g . , p 7 , 3

1 04 BAN K-NO TES AND BANKI NG

1 2 6 2 M in the year , to the court of the ongol M -K " Prince , angu han , but he merely mentions M the fact of its existence . arco Polo , who resided from 1 2 7 5 to 1 2 84 at the court of Kublai-Khan — I do not know whether in

“ th e s t at ely pl eas ur e dom e W e e th e s ac e e ran h r Alph , r d riv r , T hrou gh c av er n s m eas urel es s to m an ” ow n to a s un es s s ea D l , gives us a lo nger and i nteresting account of the

s note sy tem , which he greatl y ad m ired , and he

N ow concludes by saying , you have heard the ways and means whereby the great K han may have , and , in fact , has , more treasure than all the k ings i n the world . You know all about it , and ” B ut the reas on why . this apparent facil ity of E creating money led , i n the ast , as it has else M where , to great abuses . Sir J . andeville , who T a 1 2 2 was i n rtary shortly afterwards , in 3 , tells us “ that this Emperou r (the great Khan) m ay dis penden als moche as he wile withouten es tym a

F or d d th C IO un . es en e n e he p not , maketh no

lether em r n ted e a re. money , but of p , or of p py For there and b eyon de hem thei make no money

A n d o nouther of gold nor of sylver . theref re he

n ow m ay despende y and outrageously . The great Khan seems to have been himself of the “ same opinion . H e appears to have des pen t PAPE R M O NEY I N E URO PE

outrageously , and the value of his paper money fell to a very small fraction of its nom inal amou nt , causing great d iscontent and m isery .

T he s value of the note fell , until it took 000 in m in , or £3 nom inal amou nt , to buy a cake o f rice " T his created so m uch dis s atis f ac tion that the use of notes was abandoned , and o indeed so c m pletely forgotten , that the J esu it

M a ailan o father , Gabriel de g , who resided at

1 66 8 rec ol Pekin about , observes that there is no lection O f paper money having ever ex isted i n the

T o m anner described by Marco Polo . w cent uries later , however , we fi nd it again i n use . I t mu st be

a C - observed , however , th t these hinese bank notes f dif ered from ou rs in one essential , namely , they W were not payable at sight . estern notes , even

a when not pay ble at all , have generally purported

w to be exchangeable at the ill of the holder , but - C e this principle the hines d id not adopt , and thei r notes were only payable at certain specified

T -n periods . hey were therefore not bank otes i n

- n t . our sense of the term , bu t rather lo g da ed bills The bank -note is regarded by others as a Swed ish

T he invention . fi rst bank i n Sweden was founded

1 6 6 P alm s t ruck i n 5 by a Swede named , and is

- 1 6 M r said to have issued ban k notes in 5 8 . P algrave tells us that an enguele made b y the F rench Government in 1 7 2 9 recognises the priority 1 06 B ANK-N OTES AN D BANKI N G

h c of Sweden in t is matter , and de lares the bank

de note to be an adm irable Swedish invention ,

to signed facilitate I t does not , m however , see clear how far these either were true

- o bank notes i n the present sense f the term .

' ‘ M r no co en n éze Palgrave has py of the g , and the

B F ou ank of rance , who have been good en g h to n d make enquiries for me , have no k owle ge of it .

The - - m a issue of real bank notes y, I think , be said to date from the fou ndation of the Bank of

E a The a t w as 2 th ngl nd . ch r er signed on the 7

1 6 O n D J uly 94 . the same afternoon the i rectors “ and met, immediately proceeded to discuss the

n method of giving receipts for runni g cash , and

of w the m inutes the meeting , for hich I am i ndebted D to the Governor and irectors of the bank , and

which are now for the fi rst time published , will ,

I am sure , be read with interest . “ The method of giving receipts for running

s w as i ca h debated , whether one certa n method

o or m re than one should be observed , and what method in particular ; and there were pro posed “ I B . y keeping accompts i n books with the cred itors . “ 2 . By endorsing notes given .

* “ I n s a a R . . e o es on an n ou r H gli P lgr v , N t B ki g f .

1 08 BANK-NOTES AND BANKI N G the fi rst £ 1 000 i n October 1 8 02 — less than o n e hundred years ago .

“ ’ T he earliest N ote i n the bank s possession

r- I n is as far as is deciphe able , the following terms

n n ne 1 L on don e l oi 6 . , y j 9 7

R ecei v ed of Capt B as P a

‘ f or zy seavon fion nds n i ne s k i lli ng s

Car ren i nzony

f or t oni c/z fir o/n i s e lo oe aeeon n laole

F or l/ze Gover n or and Comfiany of l/ze

B an/c lan of E ng d.

T h e next specimen reads th U S ‘

1 699 .

1 63 .

promi s e to pay 10 M r j onn Wr ig/i t or B ear er on deman d tlze nznz Tt oo li ndred Sn e of n fi on nds .

/i ) “ L ondon t e 2 r d da o an 1 6 . , 3 y f j 9 9

F or f li e Gov er n or and Compa ny E ARLY B AN K N OTE S 1 09

T he earliest accou nt book th e bank possesses is

’ a Clearer an abstract of outstand ing

1 6 notes , mad e apparently subsequent to 7 4 , at which time the original books were p rob ab lv “ ” Th e C destroyed) . learer dates from the The 2 6th M 1 6 . 6 d arch 9 7 amounts vary fro m . to £500 and in many cases bear the m emo ran du m T pt . hey are records of notes

M n wholly or partly unpaid . ost have ames

The attached to them ; a few have not . second

f or i entry in the books nstance , reads

- d a Sa7n 1 P i lls 1 0 1 6 1 00 2 n n . . 99 7 , / £

8 8 5 d 1 157 . 5 3

Up to the year 1 7 64 there is no record (acces sible at the moment) of any classification . The first note in ex istence (so far as is known)

u r i n ted of in which the amo nt is (partly) p , is one “ ” the 2 8 th J uly 1 7 36 ; the word T wenty is “ ” printed , and the words five pound s , which T follow , are written . his note actually remained unpaid u ntil 1 84 7 when it was presented and paid . T here is also a note extant dated 2 oth J anuary “ 1 8 F 7 4 , i n which the amount ifty is printed , though the succeeding word pou nds ” is written .

B - e u i n ank not s are , no doubt , a very usef l 1 1 0 B A N K -N OTES AN D B A N KI N G

v en t ion , but like many other good things , they

are l iable to be m isused .

T h e over - issue of the above - mentioned Chine s e

an d i ts paper money (if so it can be called) ,

consequent depreciation , which probably led to

the abandonment of the system , is a case in

- of F point , and the depreciation the rench assignats is another instance . \Ve constantly

— see , as regards various foreign countries and A the South merican Republics , with certai n C honourable exceptions , such as hili and U ruguay , are flagrant examples — that gold is at such and such a premium . I n truth , however , it is the

w h paper money hic is depreciated , E ven i n our own history we fi nd such a case . I n 1 7 9 7 the B ank of England was authorised to

F o suspend the payment of their notes . r some ti me , owing to the j ust confidence felt i n that n great I nstitution , the otes retained their value i n

The i relation to coin . amount in C rculation ,

w w as s ho ever , rai ed , and a gradually increasing

f A t 1 8 1 1 di f erence became apparent . length , in , Lord K ing gave noti c e to his tenants that he “ w ould no longer consent to receive any bank

3 )

b ut l . notes at thei r nom inal value , wou d insist

em i I n T o on his rents b g pa d gold . his br ught

law matters to a head , and a was hurriedly

n B E passed , maki g ank of ngland notes legal

1 1 2 B A N K -N OTES AN D B AN K I N G

W ? T he question , hat is a Pound answer ,

Th e happily , is clear . pound sterling is a gold

Th e coin of a specified weight and fineness . H ouse of Commons Commi ttee were undoubted ly right that the d iff erence between the coin and the note s w as due to the fact that the number of the latter in circulation was greater than the circu mstances of the country requ ired . I f they had been payable in gold they w ould have been

f or B presented redemption , but as the ank of En gland was relieved from the necessity of

re paying its notes , and as the notes were , dundant , they necessarily fell in value . I n such n cases , as already me tioned , it is not the gold f which has risen , but the notes which have allen . A t the close of the war steps were taken to d im inish the notes i n ci rculation , the value of the

1 8 2 1 note rose , and cash payments were resumed in .

So great , indeed , is the temptation to meet f pecuniary d i ficulties by the issue of paper money , that the wisest countries have hesitated to entrust their Governments with so dangerous a preroga

tive , and have left the management of the paper B issues i n the hands of banks , such as the an k En B F B of gland , the ank of rance , or the ank of

I taly , to which the issue has been entrusted , and which are bound to pay their notes in coi n on demand . DEPRE CI ATIO N O F THE B AN K -N OTE 1 1 3

how ever b een , , I t has generally l fou nd w ise that even these great and well -m anaged institutions

i should be more or less under the control of law .

w I t was for a long time , and even indeed ithin of the last hu ndred years , supposed that the rate interest depended on the scarc i ty or abundance

w of money , an extraord inary fallacy hen it is remembered that the i nterest itself was payable A i n money . cting on this theory , i f, from bad harvests or any other cause , the precious metals

were exported and the rate of in terest rose , more

T he paper money was issued . result was that more coi n was exported , and still more paper

Was money issued , until at last the reserve of

gold was so dangerously reduced , that a state of panic was produced. I t was not till nearly the m iddle of the last century that the true remedy for the export of coin was realised , n I n amely , to raise the rate of i nterest good

leav m time , and thus prevent capital from g f the country , or , if necessary, attract it rom abroad .

The r temptation , howeve , to meet adverse exchanges by the issue of paper , and the reluct ance to keep down the rate of interest were

Si r great , and accordingly , Robert Peel , under the wise advice of Mr George Warde N orman H 1 1 4 BAN K -N OTES AN D BAN KI N G

B A c t and Lord Overstone , i ntroduced the ank of

1 8 4 4 , the object of which was to keep the currency in a healthy condition , and to prevent

- n any over issue of otes , by regulations which would secure that the amount of notes and gold in circulation should fluctuate as the quantity of

- d . gol would , i f there were no bank notes I t was con s idered that the amount of notes in

i C rculation could never , under any circumstances , fall below and accordingly the B ank of England was authorised to issue notes against securities , while against any extra

The i amount gold was to be held . circulat on of notes of country banks was also fi xed , and it was provided that i f any of these banks ceased to issue notes , a certai n proportion of the circulation so lapsing m igh t be added to the

B E s i issued by the ank of ngland again t securit es . T he add ition thus made now amounts to so that the total issued against securities is and everything above

s thi must be represented by coin or bullion . T he B ank of England was divided into tw o departments : an issue department and a banking

— department the first entrusted with . the manage ment of the bank -notes ; the second doing ordi s nary banking busine s .

T u hese provisions , though m ch criticised , have

1 16 BANK -N OTES AN D B A N K I NG

'

B . I subjoin one of the periodical ank returns ,

the last one of last year .

K T BA N R E U R N .

B AN K O F EN GLAN D — W eekly A c c oun t

[I n roun d th ous an d s ]

An A ccount p ur s uan t to th e A c t 7 th an d 8 th V i c t or i a

c a 2 f r h w . o t e ee en n on T ues a 2 th p 3 , k di g d y, 4

ec em e 1 01 D b r 9 .

SSU E M I E D PART ENT .

N ot es G o v e r n m e n t e 1 1 0 1 ooo D bt £ , 5 , O th er S ec uriti es G old C oi n an d B ulli on

8 2 ooo £4 7 , 4 .

M BANK I N G D EPART ENT .

’ P r o p r i e t o r s G o v e r n m e n t ec u es 1 6 ooo C a a . pit l S riti £ 7 , 4 7 , e ec u es R es t O th r S riti . Publi c D ep os it s N ot es O th er G old an d Silv er S ev en day an d C oi n oth er Bill s

66 2 1 6 ooo £ , ,

F rom this it will be seen that the total

o u 2 th D am nt of notes issued was , on the 4 ecem

1 0 1 ber 9 , of which was THE B AN K RE TU RN 1 1 7

a ai s t s ec u riti es n . against gold , and g , I n the improbable event of there being any de

fi c ien c y, it would be m ade good out of the capital of the bank .

A s b regards the ban king department of the ank , the capital of the bank is the reserve fund , or und ivided profits , the amount d ue to Govern ment departments was d ue to private depositors , due on

bills , making together , A gainst this the ban k held Govern men t securi

e I ti s , other secu rities ,

' - bank notes (part of the above amoun t) , and gold and silver coins

I n 1 7 7 5 bankers were prohibited by A c t of Parliament from issu ing notes of less than T 1 . and i n 7 7 7 , of less amount than £5 his led

to m uch i nconvenience , to obviate which the

- London ban kers invented cheque books , which

1 8 1 were fi rst issued i n 7 , and thus founded

banking i n its present form .

O N C O M M E R C E A N D B AN K I N G I N A N C I EN T

T I M ES .

Th e M ac Phers on works of H eeren , , and others , Contai n ad mirabl e su m maries of the excha n ge of r i n ca ried on , we have unfortunately very little formation

The A B ab n ia excavations in ssyria and l have ,

c however , thrown some light on the subj e t , and afforded us some i nteresting I nformation as to

e the commercial arrangements of th se countries , and we now possess a considerable n umber of

receipts , contracts , and other records relating to loans of silver on personal securities at fixed rates . of interest ; loans on landed or house

i n property ; sales of land , one case with l a plan ; sales of s aves , marriage settlements ,

T b s o etc . hese were engraved on ta let f clay which were then baked . Some of those in the B ritish M useum are considered to go back to

B C . . ooo 3 . T he earliest banking firm of which w e have any account is sai d to be that of Egib i 8:

C o o w e mpany , for ou r knowledge of wh m are

‘ e M r os c w en M r s and M r i ndebt d to B a , Pinche , Hilton P ri c e Sev eral docum ents an d record s

T he second tablet runs :

‘ Loan of fi ve m an a of s e a u -z er —iddin c e of ilv r by N b , hi f ’ - r -n as - a ru u B eln as i r Th e th e dagger b earer s ( ab p t t ) to . m on ey t o b e r ep aid i n i n s t alm en t s of a s h ek el an d a h alf n b egi n n i n g in Ni s a . h f 1 da of T e e t ea o eb uch adn ez z ar . 5 th y b t , 3 4 y r N

T he third relates not to money , but to corn ,

and it will be observed that , in this case , the

m the n fu ll a ount , and full amount o ly , is to be

retu rned "

ik i Loan of c o n Lab as i to a a au e of N ab u s a. r by B b , d ght r ‘ m ’ 6 Sh e s a a i t ac i n its u am oun s on . h ll p y b k , f ll t , thi th th ”

da of T s 1 ea of a on us . y i ri , 3 th y r N b id

s r I t must be ad mitted that the e th ee docu ments , from the Government Record Office i n B abylon some of the earliest actual b usiness documents

which have come d own to us , are adm irably plain ,

- simple , and business like . O ne consideration ,

however , which I think would strike any modern

man of business , is a feeling of wonder that it

c should be worth while - to record su h small trans

on act ions solid tablets , and still more that it should be found desirable to deposit them in a

i fi o Government of ce . I n L ndon we should regard t such a system as one of exaggerated cau ion . I n

o f fact , most transacti ns are ef ected by word of

mouth , recorded at fi rst on mere slips of paper , if G R EE K B AN KERS 1 2 1

r to at all , and only educed subsequently a formal

docu ment . S uch a system i s , of course , on ly consistent with good faith as between man an d

- man . I t is a well known saying that i f a man cheats you he is to blame ; but i f he cheats you

- twice , you are yourself to blame . I n Greece the original business of bankers seems

to have consisted in changing money for foreigners , bu t they soon co m menced bank ing and allowin g

We i nterest on deposits . are incidentally informed that the father of Demosthenes kept part of h is

t ra ez itae fortune with one of these p , or bankers .

Some of them enj oyed considerable cred it . P asion , for instance , we are told , was well known and

Th e trusted all over Greece . ord inary rates of interest were very high , and will not at all bear

a da comp rison with those of the present y, as they

1 0 th e ranged from 0 to nearly 5 per cent . ; but

n ot w ith risks also mu st have been extrem e , and standing this large rate of interest their profi ts seem

’ E P as ion s to have been small . ven business is said

00 to have been worth but £4 a year , which appears

The b scarcely cred ible . Greek ankers seem to have e been as m uch notaries as bank rs , and a large part of their business consisted in witnessing contracts T between others . hey were acquainted with letters

of of credit , and had even i nvented a form endorse

T c erat us A h s a ment . hus I , we read , d rew in t en 1 2 2 BAN K -N OTE S AN D BAN KI N G

bill on h is father in Pontus , which was gu aranteed

t ratoc l s S e . by Pasion , and then bought by Bottomry

i s bond s also were in use . I t often said that the

s great bank of Greece were the temples , but I con

s N o fes I have my doubts about this . doubt they

served in some cases as national treasuries , and there are some references in history to deposits a “ being m de in the temples , but there is a second

of v i z and not less important function banks , .

s repayment of deposit , as to which the evidence is very deficient . Th e Greeks appear to have introduced bank ing into I taly — at least i f we may j udge from the fact that in early Latin writers most of the words re

a re ee lating to banking and finance of Gr k origin , and were gradually replaced by other s of Latin

Th e of origin . bankers in Rome soon became great

i mportance , and the old Roman comedies contai n many al lusions to them , not always , indeed , of

o a compli mentary descripti n , although their pro f es s ion al honour stood very high . I t has been

men tioned , as an i ndication of the unpopularity

of Gaulish bankers , that when the revolt of Ver c i n etori x g took place , the houses of the bankers

B u t were first attacked . surely another explana tion may be given . We are told that all money tran s actions among the R omans w ere carried on through the i n terven

1 2 4 B AN K-N O TE S AN D B AN KI N G

the debts made transferable like our consols . I t has indeed been stated that in 1 5 8 7 the i n s t it u t ion o T h e began to take m ney on deposit . w fact , ho ever , appears to be that it undertook the

of n i t t custody bullion , pledgi g itself to keep intac i n the vaults , and to return i t to the depositor at

a an any time , or to transfer the mount to y one else . I t was in fact a treasury or storehouse

T he rather than a bank . earliest real bank appears to have been that of B arcelona , founded

1 0 1 . w e i n 4 I n this case , the city funds er made responsible for any moneys entrusted to the bank , which not only received deposits , but ex

T he changed money and discounted bills . B ank

1 T he s o o f A msterdam was founded i n 609 . called B ank of St George , at Genoa , dates back

1 0 to 4 7 , but does not appear to have done

1 T he genu ine banking business until 67 5 . B ank

1 6 8 of Stockhol m commenced in 6 . U p to 1 7 7 0 there were very few banks out

A c W ar of London , but duri ng the meri an a M large n umber w ere f ounded . y own fi rm com m n c 1 2 e ed business i n 7 7 .

E XC HEQU E R T A LLI ES .

A o o c an lth ugh banking , in some form or ther , ,

w e b ed as have seen , e carri back to an early d perio i n history , and even i n ou r own cou ntry has long ex isted , still i n ou r national accou nts a very archaic system was pu rsued u ntil qu ite

“ d e recently . I t is in eed scarcely cred ibl that the old wooden “ tall ies were only abolished

’ M r B A c t 1 8 2 by urke s , which was passed i n 7 ,

f 1 8 2 6 but did not come into full ef ect till , on the death of the last of the chamberlains .

T he w tally was a willo stick , not exceed ing

5 feet in length , about one i nch in depth and thickness , with the fou r sides roughly squared . O n on e of the fou r sides the amount was expressed in notches Th e stick was then split

: down the m iddle one half, constituting the

tally , was given to the person m aking the pay E men t into the xchequer , the other half, the

cou nter tally , or counterfei t , was kept in the E xchequer . T here was no single notch for a larger su m than £ 1 000 ; a notch of the gauged width of 1 % inch denoted £ 1 000 ; 1 inch £ 1 00 ; 3 inch £ 1 0 ; and half a notch of this last si z e £ 1 ; of

3 I S I d d T ? inch . , and the smallest notch 5 . was

denoted by a small pounded hole . I n the Return on Publ ic I ncome and E x pendi

2 th 1 8 6 i u ture , o j uly 9 , the follow ng acco nt is given of the mode in which these tallies were

actually issued . 1 2 6 BAN K- NOTES AND B A N KI N G

’ Th e slip of parchment , or teller s bill , as it

' w was called , was thrown do n a pipe into the

’ ' th e tally court , a large room u nder teller s f o fi ces , notice being given to the tally officer “ ” by a clerk calling out down through the pipe .

’ The tel ler s bill fell upon the large table i n the

u tally court , which was covered with a cheq ered

cloth . I n the tally court sat officers of the o clerk of the pells , and of the audit r as perform ing the duties of the Chamberlai n of the E x

’ T he e chequer . teller s bill was first r corded by

the officer of the clerk of the pells , in his book of introitus or receipt , and then passed over to

’ the auditor s clerk , who entered it i nto a book A called the bi ll of the day . copy of each

’ ’ teller s bill was written by the auditor s clerk upon an indented form of receipt (up to 1 8 2 6 u pon the wooden tally , the amount being ex

i n a pressed notches only) , and given upon his p plication , generally on the following day , to the receiver or oth er person paying in the money. A t ’ the close of the day , when all the teller s

e bill had be n sent down and entered , the bill of the day was sent on to the clerk of the . cash

i i n w hich book , book all the receipts of the day were entered .

’ Th e auditor s cash - book was the foundation

1 2 8 BANK -NOTES AN D B ANKI N G

T T I N E R ES .

’ T hat the rate of i nteres t does not depend on the abundance of gold or silver was strikingly C A shown by the cases of aliforn ia and ustralia , where , although , i n consequence of their gold m ines , that metal was peculiarly abundant , the rate of interest has been extremely high . I t is now generally ad mitted that the rate depends partly on the secu rity of repayment , r and partly on the ave age, rate of profit deriv able from the employment of capital . The rates in ancient times seem to have been

our extraord inarily high according to ideas . I t

0 . i s stated that Pompey lent money at 5 per cent ,

Th e B C f 8 . rutus , and ato himsel , at 4 per cent rate of i nterest in Rome , as elsewhere in ancient

T w as i . t i mes , was , in fact , excess ve here , how

T s T . ever , no legal rate ti ll the law of welve able r I t was then fixed nom inally at 8 2 pe cent . C Subsequently , i n the time of icero , it was raised

1 2 . to per cent , at which it continued until it was h reduced by J ustinian , who made w at seem to

. us the curious provisions that the rate should

6 . be 4 per cent . for illustrious persons , per cent

8 . f or those engaged in com merce , and per cent

s i n other case . The hig h rates w hi ch prevailed so generally in u ncertainty of repayment , both fro m the u nsettled state of politics , and from the u nsati sfactory character of the law . I nstead of endeavou ring to cure the evil by removing the cause , legislators attempted to put down the high rates of interest by rendering them illegal . I n this they were not only not successful , but they produced the very Opposite eff ect from that which they in

T h e u tended . res lt was to raise , not to lower , the actual rate paid , because the borrower had not

to l only pay i nterest , but to compensate the ender for the additional risk .

I ndeed , the idea that there is something wrong about charging i nterest for the use of money is

not the least remarkable , or d isastrous , of the variou s prej udices which have interfered w ith the

T he happiness and comfort of m an . supposed

' “ ‘ et u n i a n on ar zl et u ni a/n axiom that p p p , the m is application of certai n texts of Scripture , and the t supposed i nterests of the poor , all con ributed

to the same error . M I n oham medan countries , notwithstand ing that i nterest is expressly forbidden i n the Koran

— or rather , perhaps , to a certain extent , in con

sequence of that prohibition — the ord inary rate is

three or four ti mes as high as in Europe . E C I n ngland after the onquest , interest was n ds aturally into their han . Subsequently , a si m ilar privilege w as accorded to the I talian or Lombard merchants , from whom Lombard

r i c t e St eet , st ll the en re of banking , deriv d its name . ei I n the r gn of Henry V I I I . a statute was passed l egalising interest to the extent of 1 0

E z 1 1 1 per cent . I n the reign of li abeth , 57 ( 3

E iz Act l . , cap . an was passed against usu ry “ an d corrupt chevisance and bargaining by ” way of sale of wares , which were declared to “ the have abounded , to the importable hurt of declaring usury to be forbidden b ythe law of God , in its nature sin , and detest

w as able . Quaintly enough , however , this in the

s ub s e fi rst i nstance lim ited to five years , but

E 1 8 quently (3 9 liz . , cap . ) it was continued , on the ground that it was fou nd by experien c e to be very necessary and profitable to the Common a wealth of this re lm . 8 Under J ames I . the lim it was lowered to per cen t ; in the time of Q ueen A nne to 5 ; and the usury laws were not altogether abol have failed , and that som e still fail to appreciate “ the simple statement of Locke , that it is in vai n to go about eff ectually to reduce the price of interest by a law ; and you may as rationally hope to get a fixed rate upon the hire of houses o ” or ships as of m ney .

D E R I VAT I O N O F WO RDS RE LAT I N G T o CO I N S A N D C CY U RR EN .

T he derivatio n s of words relating to money and

P ec un i com merce are interesting and instructive . ary ” takes us back to the times when value was

T e reckoned by so many head of cattle . h word “ ” mon em money is from , because in Rome coins were fi rst regularly struck in or near the temple M of Juno oneta , which again was probably

mafi a/ e derived from , to warn , though this deriva

s ee tion is uncertain , as has been already stated ( “ an te C , p . oin is probably from the Latin

f un g us T he mmm m s word , a d ie or stamp . Latin , ” from which we derive our word nu mismatics , was ' ' “ ” vo o u a vo o the Greek m y , derived from fl g, law , and referring to the legal character of the coin . M any coins are merely so called from their weight , F as , for instance , our pound , the rench livre , I talian

: lira , the Jewish shekel others from the metal , as others from the design , as the angel , the testoon , from tas te or head ; others from the proper

’ name of the monarch , such as the Lo uis d or or N the apoleon .

T he o dollar , or thaler , is short for the J achim s B a thaler , or money of the J oachims valley i n ohem i , w here these coins were fi rst struck in the sixteenth centu ry . Guineas were called after the country f rom which the gold was obtained , and the franc is an abbreviation of the inscription F ran coru m ” he Th e Rex . T sou is from the Latin word shilling ’ appears to be derived from a root Signifying to d ivide ; and in several cases the name indicates the fraction of some larger coin , as the

. The denarius , halfpenny , farthing , cent and m il .

w as w pound originally not a coin , bu t a eight , an d comes from the Latin pon dn s . O ur pound was originally a pound of silver , which was divided

2 The into 4 0 pennies . origin of the word penny

ane/0 is u ncertain . Som e have derived it from p , to

weigh , but this does not seem very satisfactory . ” O ur word sterl ing is Said to go back to the C time of the onquest , but the derivation has been

mu ch disputed . Some have supposed that it was

fi rst attributed to coins struck at Stirling , but for

this there is not the slightest evidence ; others , 1 3 4 B AN K -NOTES AND B A N KI NG that the name was derived from coins having a

' star on the obverse ; but no coins which could T h have given rise to such a name are known . e most probable s uggestion i s that i t had reference N E e . to the asterling , or orth G rman merchants Th e name fi rst occurs i n a pub lic rec ord of the * ti me of H enry I I .

The of purity gold is usually stated i n carats .

2 2 O ur standard gold is described as carats ,

i . e. 2 2 2 of 2 , parts of gold and of alloy out 4 this number being selected because the Roman ” 2 Th e solidus weighed 4 carats . word comes

E s from the ast , and origi nally ignified the beans of the locust tree — called locusts in the N ew T estament , where we are told that J ohn the B aptist lived on locusts and wild honey . The tree still retains the name in its botanical

The appellation of Ceratonia . beans from time im memorial have been used as a weight among Ea stern nations , j ust as barley and wheat grains have been with us . B efore the i nvention of true coins , the Greeks used little spikes or obelisks of metal , whence “ ” “ ” the name obol ; six of which made a handful , c ” whence the name dra hma , which has continued to the present day .

The stater was the standard .

R udin i 1 . g , , 7 4

A P P E N D I X

EXT RA CT F RO M T HE C O I N A G E AC T

I CT 1 8 0 C . 1 0 (3 3 V . , 7 , HAP )

A T ENDE R of payment of money , if m ade i n coins which have been issued by the mint i n

A c t accordance with the provisions of this , and have not been called in by any proclam ation

A ct h made i n pursuance of this , and ave not been d im inished in weight , by wear or otherwise , so as to be of less w eight than the current weight , that is to say , than the weight (if any) specified as the least cu rrent weight in the fi rst

A c t sched ule to this , or less than such weight as m ay be declared by any proclamation made i n

A c t d pursuance of this , shall be a legal ten er

n of I n the case of gold coi s , for a payment any amount

I n the case of silver coins , for a payment of

an amount not exceeding forty shillings , but for no greater amount 1 3 7 1 3 8 AP PE N D I X

I n the case of the bronze coins , for a pay ment of an amount not exceedi ng one ” shilling, but for no greater amount .

T C L FI R S S H E D U E .

Standard Leas t Standard W i u rr n e ght, C e t F i nenes s . r s W i G am . e gh t . gold 1 1 ? all oy

335 s ilv er 3 1 6 all oy

M ixed m et al c o e tin pp r, an d zi n c

B A c t 1 8 1 y a subsequent , passed in 9 , the ” remedy for the silver coinage was altered , and

t . 8 tha for the shilling now stands at 57 . B E ank of ngland notes are a legal tender , except by the bank itself ; but the holder is

o i entitled t demand payment n gold at any time .