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<p>[QUOTE="FitzNigel, post: 2205919, member: 74712"]Thanks chrsmat! They pretty much had to do this, as the penny was their only coin. When the Romans pulled out of Britain in the 400s, a monied economy essentially left with them. Coins were certainly still made, but not widely used, so the penny was all that was needed even though there would be some experimentation in making smaller denominations. The monied economy began to be revived during the reign of Henry II (as it did for most of Western Europe), and with the growth of the merchant classes in the 13th century, it became necessary to start minting larger denominations to ease long distance trade. Hence, during Edward's reign they started minting Groats, or 4pence coins. That is also the time they would begin minting half pennies and farthings as a part of the 'New Coinage.' </p><p><br /></p><p>During the reign of Edward III (r. 1327-77), gold coins were introduced as a means to create larger denominations to more easily facilitate trade (a silver groat was still 4 times the weight of a penny, so merchants wanting larger, but lighter denominations received a larger coin, but not a lighter coin - the more precious metal of gold would allow for carrying less weight but more money). Here is what I find strange abou these gold coins: while England only had the penny for centuries, they had accounting terms for larger denominations. The receipts of the exchequer (called the Pipe Rolls) universally use pence (denoting 'd' after Denari), shillings (originally 20d., but shifted to 12d. Sometime in the 8th or 9th century (I think...)), pounds (£, one pound of silver, or 240d. Or 20s.), and marcs (2/3 of a pound, or 13s. 4d.). The larger gold coins don't reflect any of the accounting terms! So here is what is floating around England in the 13th century:</p><p><br /></p><p>£1 - accounting term only; 20s.</p><p>Marc - accounting term only; 2/3 of a pound</p><p>Noble - gold coin; 6s. 8d., or half a marc</p><p>Double Florin/Leopard - gold coin; 6s.</p><p>Half-noble - gold 3s. 4d.</p><p>Florin - Gold 3s.</p><p>Quarter-noble - gold 1s. 8d.</p><p>Half-florin - Gold 1s. 6d.</p><p>Shilling - accounting term only; 12d.</p><p>Groat - silver 4d.</p><p>Halfgroat - silver 2d.</p><p>Penny - 1d.</p><p>Halfpenny - 1/2d.</p><p>Farthing - 1/4d</p><p><br /></p><p>So during the course of three monarchs, the coinage explodes from 1 to 11, and they don't mint any coins that they have been using for accounting for centuries!</p><p><br /></p><p>Sorry for the long post with no pictures - unfortunately I don't have any of these coins to show what they look like![/QUOTE]</p><p><br /></p>
[QUOTE="FitzNigel, post: 2205919, member: 74712"]Thanks chrsmat! They pretty much had to do this, as the penny was their only coin. When the Romans pulled out of Britain in the 400s, a monied economy essentially left with them. Coins were certainly still made, but not widely used, so the penny was all that was needed even though there would be some experimentation in making smaller denominations. The monied economy began to be revived during the reign of Henry II (as it did for most of Western Europe), and with the growth of the merchant classes in the 13th century, it became necessary to start minting larger denominations to ease long distance trade. Hence, during Edward's reign they started minting Groats, or 4pence coins. That is also the time they would begin minting half pennies and farthings as a part of the 'New Coinage.' During the reign of Edward III (r. 1327-77), gold coins were introduced as a means to create larger denominations to more easily facilitate trade (a silver groat was still 4 times the weight of a penny, so merchants wanting larger, but lighter denominations received a larger coin, but not a lighter coin - the more precious metal of gold would allow for carrying less weight but more money). Here is what I find strange abou these gold coins: while England only had the penny for centuries, they had accounting terms for larger denominations. The receipts of the exchequer (called the Pipe Rolls) universally use pence (denoting 'd' after Denari), shillings (originally 20d., but shifted to 12d. Sometime in the 8th or 9th century (I think...)), pounds (£, one pound of silver, or 240d. Or 20s.), and marcs (2/3 of a pound, or 13s. 4d.). The larger gold coins don't reflect any of the accounting terms! So here is what is floating around England in the 13th century: £1 - accounting term only; 20s. Marc - accounting term only; 2/3 of a pound Noble - gold coin; 6s. 8d., or half a marc Double Florin/Leopard - gold coin; 6s. Half-noble - gold 3s. 4d. Florin - Gold 3s. Quarter-noble - gold 1s. 8d. Half-florin - Gold 1s. 6d. Shilling - accounting term only; 12d. Groat - silver 4d. Halfgroat - silver 2d. Penny - 1d. Halfpenny - 1/2d. Farthing - 1/4d So during the course of three monarchs, the coinage explodes from 1 to 11, and they don't mint any coins that they have been using for accounting for centuries! Sorry for the long post with no pictures - unfortunately I don't have any of these coins to show what they look like![/QUOTE]
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