| Gold penny | |
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| Obverse: Henry III upon throne holding orb and sceptre; inscribed HENRICUS REX III | Reverse: cross with five-petal flower in each quarter; inscribed WILLEM ON LVND |
| AV 23 mm, 2.95 g. First coinage, 1257. | |
The gold penny was a medieval English coin with a value of twenty pence (i.e. 1⁄12 pound sterling), minted in 1257 during the reign of Henry III. The coin was short-lived as it quickly became undervalued, which led to its almost complete disappearance; only eight known coins exist.
Until the reign of King Henry III of England (1216–1272), any need in England for coins worth more than one penny, at the time a silver coin, was met by the use of Byzantine or Arabic gold and silver coins which circulated among merchants and traders. However, as commerce increased, so did the need for higher value coins. In 1257, Henry instructed his goldsmith, William of Gloucester, [1] to produce a coinage of pure gold.
The gold penny was introduced, with a value of twenty pence. The coin's obverse showed the king enthroned, in his royal attire, with a scepter in his right hand and a globus cruciger in his left, with the legend HENRICUS REX III (King Henry III). The reverse contained a long cross extending to the edge, with a flower in each quarter, and the moneyer's name in the legend, thus WILLEM ON LVND (William of London). Some examples read LVNDEN or LVNDE instead of LVND. [2]
The gold penny was not popular. Thomas Carte, in his A general history of England, says that the citizens of London made a representation against them on 24 November 1257, and that "the King was so willing to oblige them, that he published a proclamation, declaring that nobody was obliged to take it [the gold penny], and whoever did, might bring it to his exchange, and receive there the value at which it had been made current, one halfpenny only being deducted from each, most probably for the expense of coinages". [3]
Compared to its bullion weight, the coin was undervalued. By 1265, the gold in the coin was worth twenty-four pence rather than twenty, and it is believed that most of the coins were melted down for profit by individuals. Gold coins would not be minted again in England until the reign of King Edward III about seventy years later.
As all the coins were recalled and melted down, the gold penny completely disappeared from view, and all knowledge of its prior existence was forgotten. However, in the 1700s, documentation came to light indicating that it had been minted. Inevitably, a few coins escaped the melt—perhaps being lost. [4]
Eight examples are now known to survive. [4] The most recent was discovered in September 2021 by amateur detectorist Michael Leigh-Mallory in a field in Hemyock, Devon. [5] [6] It sold at auction for £648,000 in January 2022. [7]
The standard circulating coinage of the United Kingdom, British Crown Dependencies and British Overseas Territories is denominated in pennies and pounds sterling, and ranges in value from one penny sterling to two pounds. Since decimalisation, on 15 February 1971, the pound has been divided into 100 pence. Before decimalisation, twelve pence made a shilling, and twenty shillings made a pound.
A penny is a coin or a unit of currency in various countries. Borrowed from the Carolingian denarius, it is usually the smallest denomination within a currency system. At present, it is the formal name of the British penny (abbr. p) and the de facto name of the American one-cent coin (abbr. ¢) as well as the informal Irish designation of the 1 cent euro coin (abbr. c). Due to inflation, pennies have lost virtually all their purchasing power and are often viewed as an expensive burden to merchants, banks, government mints and the public in general.
The noble was the first English gold coin produced in quantity, introduced during the second coinage (1344–1346) of King Edward III. It was preceded by the gold penny and the florin, minted during the reign of King Henry III and the beginning of the reign of King Edward III; these saw little circulation. The derivatives of the noble, the half noble and quarter noble, on the other hand, were produced in quantity and were very popular.
The English penny, originally a coin of 1.3 to 1.5 grams pure silver, was introduced c. 785 by King Offa of Mercia. These coins were similar in size and weight to the continental deniers of the period and to the Anglo-Saxon sceats which had preceded it.
The history of the English penny from 1154 to 1485 covers the period of the House of Plantagenet, up to the Battle of Bosworth Field which brought about the beginning of the Tudor period. The Plantagenet era saw an overall rise in quality of the coinage but saw a decline in the number of mints used to produce coins.
The history of the English penny from 1485 to 1603 covers the period of the House of Tudor up to the death of Elizabeth I without an heir. The Tudor era saw the debasement of the penny under Henry VIII and Edward VI, with Elizabeth I's reign overseeing the recovery of the silver quality. Under the Tudors, the penny decreased in size.
The penny of Great Britain and the United Kingdom from 1714 to 1901, the period in which the House of Hanover reigned, saw the transformation of the penny from a little-used small silver coin to the bronze piece recognisable to modern-day Britons. All bear the portrait of the monarch on the obverse; copper and bronze pennies have a depiction of Britannia, the female personification of Britain, on the reverse.
The sovereign is a British gold coin with a nominal value of one pound sterling (£1) and contains 0.2354 troy oz of pure gold. Struck since 1817, it was originally a circulating coin that was accepted in Britain and elsewhere in the world; it is now a bullion coin and is sometimes mounted in jewellery. In addition, circulation strikes and proof examples are often collected for their numismatic value. In most recent years, it has borne the design of Saint George and the Dragon on the reverse; the initials of the designer, Benedetto Pistrucci, are visible to the right of the date.
Sterling is the currency of the United Kingdom and nine of its associated territories. The pound is the main unit of sterling, and the word pound is also used to refer to the British currency generally, often qualified in international contexts as the British pound or the pound sterling.
The half sovereign is a British gold coin denominated at one-half of a pound sterling. First issued in its present form in 1817, it has been struck by the Royal Mint in most years since 1980 as a collector's and bullion piece.
The pound was the currency of Scotland prior to the 1707 Treaty of Union between the Kingdom of Scotland and the Kingdom of England, which created the Kingdom of Great Britain. It was introduced by David I, in the 12th century, on the Carolingian monetary system of a pound divided into 20 shillings, each of 12 pence. The Scottish currency was later devalued relative to sterling by debasement of its coinage. By the time of James III, one pound Scots was valued at five shillings sterling.
There have been three sets of coins in Ireland since independence. In all three, the coin showed a Celtic harp on the obverse. The pre-decimal coins of the Irish punt had realistic animals on the reverse; the decimal coins retained some of these but featured ornamental birds on the lower denominations; and the euro coins used the common design of the euro currencies. The pre-decimal and original decimal coins were of the same dimensions as the same-denomination British coins, as the Irish punt was in currency union with the British pound sterling. British coins were widely accepted in Ireland, and conversely to a lesser extent. In 1979 Ireland joined the Exchange Rate Mechanism and the Irish punt left parity with sterling; coin designs introduced after this differed between the two countries.
From c. 1124 until 1709 the coinage of Scotland was unique, and minted locally. A wide variety of coins, such as the plack, bodle, bawbee, dollar and ryal were produced over that time. For trading purposes coins of Northumbria and various other places had been used before that time; and since 1709 those of the Kingdom of Great Britain, and then of the UK.
Irish coins have been issued by a variety of local and national authorities, the ancient provincial Kings and High Kings of Ireland, the Kingdom of Ireland (1541–1801), the United Kingdom of Great Britain and Ireland (1801–1922), the Irish Free State (1922–1937), and the present Republic of Ireland. Since 2002, the Republic of Ireland has minted Euro coins, featuring symbols such as flax and the harp.
The British halfpenny coin was worth 1/480th of a pound sterling. At first in its 700-year history it was made from silver, but as the value of silver increased the coin was made from base metals. It was finally abandoned in 1969 as part of the process of decimalising the British currency. "Halfpenny", colloquially written ha'penny, was pronounced HAY-pə-nee; "1 ½d" was spoken as a penny ha'penny or three ha'pence.
The British pre-decimal penny was a denomination of sterling coinage worth 1⁄240 of one pound or 1⁄12 of one shilling. Its symbol was d, from the Roman denarius. It was a continuation of the earlier English penny, and in Scotland it had the same monetary value as one pre-1707 Scottish shilling. The penny was originally minted in silver, but from the late 18th century it was minted in copper, and then after 1860 in bronze.
The Great Recoinage of 1696 was an attempt by the English Government under King William III to replace the hammered silver that made up most of the coinage in circulation, much of it being clipped and badly worn.
The quarter sovereign is a British gold bullion and collector's coin, issued by the Royal Mint since 2009. The smallest in the sovereign range, it has a face value of 25 pence.
The English farthing was a coin of the Kingdom of England worth 1⁄4 of a penny, 1⁄960 of a pound sterling. Until the 13th century, farthings were pieces of pennies that had been cut into quarters to make change. The first English farthing coins were minted in the 13th century, and continued to be struck until the early 18th century, when England merged into the Kingdom of Great Britain in 1707.
Viking coinage was used during the Viking Age of northern Europe. Prior to the usage and minting of coins, the Viking economy was predominantly a bullion economy, where the weight and size of a particular metal is used as a method of evaluating value, as opposed to the value being determined by the specific type of coin. By the ninth century, the Viking raids brought them into contact with cultures well familiarised with the use of coins in economies of Europe, hence influencing the Vikings own production of coins.
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