Other
AQA A Level Tudors Notes, Henry VIII, Economy
- Course
- Institution
In depth a level aqa tudor history notes
[Show more]
Seller
Follow
rubydowling1
Content preview
Economy and FinanceDebasement of coinage
- practice of reducing precious metal content in coins affecting trade and the economy as
value of coins fall and they are no longer accepted internationally, or sell at a huge loss.
This leads to inflation and economic destabilisation of the issuing country
- first 17 years not much change to value as HVIII inherited lots of money from HVII
- at this stage gold coins followed standard 23 carats 3 ½ grains fine metal and ½ grain
alloy. Silver were 12 grains of silver to a penny.
- 1522 H lifted ban on foreign coins and allowed venetian ducats, Florentine florins and
French crowns as well as Spanish Habsburg to be circulated in England
- 1526 second coining. First shilling was introduced in england. HVII had introduced
limited edition of a shilling it had never been picked up. New coin, the George Noble
stuck by HVIII.
- no change in composition or weight but gold coin was debased by enhancing it’s value,
increased from 20s to 22s.dp and that of the angel from 6s. 8d. To 7. 6d.
- people’s real income decreased and prices increased
Henry’s Angel:
- gold content of crown of the double rose was decreased to 22 carats, but the value of
the coin stayed same. The silver coins were debased from 12 grams to 10 grams of
silver to a penny.
Crown of the Double Rose:
- a proclamation was issued forbidding any person to raise the price of goods or
merchandise under the colour of money being enhanced - attempt to control inevitable
inflation (failed).
- debasement was common practice and is seen by most economic historians as way to
make up for wear and tear of metal coins
- debasement of 1526 was done to regulate money supply and increase economic viability
of the mint
- at this point all foreign currency was again banned and were to be treated as bullion gold
- a commodity not currency
The Great Debasement
- Suspected by many as master plan of Thomas Wriothesley - earl of Southampton and
King’s principal secretary
- began in 1544
- Act passed to raise money for french war
- as parliament hated lending King money, debasement was adopted as method
- 1542-51 silver coins struck were 25% silver with 1-2g of silver to a penny
- 5th issue of silver coins was copper with only a hint of silver - changed ratio of gold and
silver coins to 1:10 while continent still followed 1:12
- Proclamation that the King, by advice of council, fixed value of the ounce of fine gold of
24 carats at 48s and of ounce of finest silver at 2s (in Flanders and France value of
money so enhanced that coin was daily carried out of realm despite King’s commands to
officers of ports to enforce statutes against this so only solution was to increase value of
gold and silver in England)
- all groats, pence, half-pence and farthings not clipped nor fully broken were made legal
even if cracked and people refusing them were to be imprisoned
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller rubydowling1. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $3.86. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
52355 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now