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A coin is a small object, usually round and flat, used primarily as a medium of exchange or legal tender. They are standardized in weight, and produced in large quantities at a mint in order to facilitate trade. They are most often issued by a government. Coins often have images, numerals, or text on them. The faces of coins or medals are sometimes called the obverse and the reverse, referring to the front and back sides, respectively. The obverse of a coin is commonly called heads, because it often depicts the head of a prominent person, and the reverse is known as tails.
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.
The peso is the monetary unit of several Spanish-speaking countries in Latin America, as well as the Philippines. Originating in the Spanish Empire, the word peso translates to "weight". In most countries of the Americas, the symbol commonly known as dollar sign, "$", was originally used as an abbreviation of "pesos" and later adopted by the dollar. The dollar itself actually originated from the peso or Spanish dollar in the late 18th century. The sign "₱" is used in the Philippines.
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 British threepence piece, usually simply known as a threepence, thruppence, or thruppenny bit, was a denomination of sterling coinage worth 1⁄80 of one pound or 1⁄4 of one shilling. It was used in the United Kingdom, and earlier in Great Britain and England. Similar denominations were later used throughout the British Empire and Commonwealth countries, notably in Australia, New Zealand and South Africa.
In numismatics, the term milled coinage is used to describe coins which are produced by some form of machine, rather than by manually hammering coin blanks between two dies or casting coins from dies.
The guinea was a coin, minted in Great Britain between 1663 and 1814, that contained approximately one-quarter of an ounce of gold. The name came from the Guinea region in West Africa, from where much of the gold used to make the coins was sourced. It was the first English machine-struck gold coin, originally representing a value of 20 shillings in sterling specie, equal to one pound, but rises in the price of gold relative to silver caused the value of the guinea to increase, at times to as high as thirty shillings. From 1717 to 1816, its value was officially fixed at twenty-one shillings.
The crown was a denomination of sterling coinage worth a quarter of one pound. The crown was first issued during the reign of Edward VI, as part of the coinage of the Kingdom of England.
The sovereign is a British gold coin with a nominal value of one pound sterling (£1) and contains 0.2354 troy ounces 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.
The Royal Mint is the United Kingdom's official maker of British coins. It is currently located in Llantrisant, Wales, where it moved in 1968.
A debasement of coinage is the practice of lowering the intrinsic value of coins, especially when used in connection with commodity money, such as gold or silver coins, while continuing to circulate it at face value. A coin is said to be debased if the quantity of gold, silver, copper or nickel in the coin is reduced.
This glossary of numismatics is a list of definitions of terms and concepts relevant to numismatics and coin collecting, as well as sub-fields and related disciplines, with concise explanations for the beginner or professional.
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.
The silver real was the currency of the Spanish colonies in America and the Philippines. In the seventeenth century the silver real was established at two billon reales or sixty-eight maravedíes. Gold escudos were also issued. The coins circulated throughout Spain's colonies and beyond, with the eight-real piece, known in English as the Spanish dollar, becoming an international standard and spawning, among other currencies, the United States dollar. A reform in 1737 set the silver real at two and half billon reales or eighty-five maravedís. This coin, called the real de plata fuerte, became the new standard, issued as coins until the early 19th century. The gold escudo was worth 16 reales de plata fuerte.
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.
Conder tokens, also known as 18th-century provincial tokens, were a form of privately minted token coinage struck and used during the later part of the 18th century and the early part of the 19th century in England and Wales, Scotland, and Ireland.
Tokugawa coinage was a unitary and independent metallic monetary system established by shōgun Tokugawa Ieyasu in 1601 in Japan, and which lasted throughout the Tokugawa period until its end in 1867.
William Chaloner was a serial counterfeit coiner and confidence trickster, who was imprisoned in Newgate Prison several times and eventually proven guilty of high treason by Sir Isaac Newton, Warden of the Royal Mint. He was hanged on the gallows at Tyburn on 22 March 1699.
The Great Recoinage of 1816 was an attempt by the government of the United Kingdom of Great Britain and Ireland to re-stabilise its currency, the pound sterling, after the economic difficulties brought about by the French Revolutionary Wars and the Napoleonic Wars.
A gold coin is a coin that is made mostly or entirely of gold. Most gold coins minted since 1800 are 90–92% gold (22‑karat), while most of today's gold bullion coins are pure gold, such as the Britannia, Canadian Maple Leaf, and American Buffalo. Alloyed gold coins, like the American Gold Eagle and South African Krugerrand, are typically 91.7% gold by weight, with the remainder being silver and copper.
References
- ↑ Seaby Standard Catalogue of British Coins, Volume 1, 18th Edition, 1981. ISBN 0-900652-58-6
- ↑ Waddell, Brodie (2023). "The Economic Crisis of the 1690s in England". The Historical Journal. 66 (2): 281–302. doi: 10.1017/S0018246X22000309 . ISSN 0018-246X.
- 1 2 3 BBC Radio 4, Book of the Week, Sept 2009, Newton And The Counterfeiter by Thomas Levenson
- 1 2 UK Retail Price Index inflation figures are based on data from Clark, Gregory (2017). "The Annual RPI and Average Earnings for Britain, 1209 to Present (New Series)". MeasuringWorth . Retrieved May 7, 2024.
- ↑ Thomas Salmon, The Chronological Historian, London 1723, p. 220, 224
- ↑ The Great Recoinage of 1696-1699, Li, Ming-Hsun, London 1963