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Aqa A Level History Revision Notes, Henry VIII, Economy
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In depth revision notes about Henry VIII's economy covering whole reign
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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
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