© Roy Davies & Glyn Davies, 1996 & 1999.
Based on the book: A History of Money from Ancient Times to the Present Day by Glyn Davies, rev. ed. Cardiff: University of Wales Press, 1996. 716p. ISBN 0 7083 1351 5. (Page numbers in the 3rd edition published in 2002 may be slightly different).
c. 561 | Coins are minted again in England by Bishop Liudard |
---|---|
The minting of coins in Britain had been abandoned after about 435 as a result
of the Anglo-Saxon invasions. Bishop Liudard came over from France with the
Merovingian Princess Bertha who married Prince Aethelbart who later, in 590,
becomes King of Kent.
p 118 |
|
c. 604-616 | Bishop Mellitus issues gold coins from a mint in London |
These are used more for ornament than as currency.
p 118 |
|
620-625 | Sutton Hoo ceremonial Saxon burial ship |
Among the various treasures on board, are 37 Merovingian gold coins, but no
English coins.
p 119-121 |
|
c. 630 | Saxons first start to produce gold coins in significant numbers |
As a result of the gradual rebuilding of commercial and cultural contacts with
France and Italy Anglo-Merovingian types of coinage begin to circulate in
south-east England.
p 118-119 |
|
c. 630-c. 650 | Crondall hoard of coins |
A hoard of 101 gold coins, most of which were minted in England, is buried at
Crondall in Hampshire. The precise date is not certain.
p 119-121 |
|
c. 675 | Silver starts to displace gold in Saxon coinage |
Initially silver is used with gold as an alloy but early in the 8th century
silver and base metals are the only ones used.
p 121-122 |
|
752 | Pepin the Short of France starts minting the Denier |
This new silver coin serves as a model for the English penny.
p 124 |
|
757-796 | Reign of Offa, King of Mercia the most powerful Saxon Kingdom |
During Offa's reign the minting of coins in England reaches new heights, both
in terms of quality and quantity.
p 123-126 |
|
c. 765 | King Heaberth of Kent produces the first English pennies |
After the conquest of Kent by Offa, King of Mercia, production of the silver
penny increases enormously and it replaces the older, more crudely
designed sceat as the main English coin, except in Northumbria.
p 123-126 |
|
789 | Vikings raid Portland |
For the next 2-3 centuries England is subjected to repeated Viking attacks.
p 127 |
|
806-821 | Reign of Emperor Hien Tsung and the development of paper money |
In China a severe shortage of copper for making coins causes the emperor to
issue paper money notes.
p 180 |
|
871-899 | Reign of Alfred the Great |
Alfred prevents the Danes from conquering the whole of England. The output of
the mints is vastly increased to pay for the defence of Wessex.
p 127-128 |
|
910 | Another state issue of paper money in China |
p 180 |
|
925-940 | Reign of Athelstan |
Athelstan reconquers the Danelaw and unites the whole of England. This leads to
the establishment of a single national currency.
p 129 |
|
928 | Statute of Greatley |
Among the provisions of this statute is that England should have a single
national currency.
p 129 |
|
c. 960- | Issues of Chinese paper money start to become regular |
p 180 |
|
959-975 | Reign of Edgar the Pacific |
Edgar reforms the English coinage by controlling the issue of dies and strictly
regulating the moneyers to ensure that the coinage is of uniform type and
standard.
p 129-130 |
|
973 | Beginning of a regular six-year cycle of recoinage |
Because of their convenience as a royally authenticated means of payment the
value of coins is higher than the value of their silver content. By recalling,
melting down and reminting coins Edgar and his successors not only maintain the
quality of the currency but also make handsome profits from the operation.
p 129-130 |
|
978-1016 | Reign of Aethelred II, the Unready |
Aethelred adopts a policy of trying to buy off the Vikings. His 75 mints
produce nearly 40 million pennies to pay Danegeld.
p 130-132 |
|
1016-1035 | Cnut of Denmark reigns over England |
Cnut pays nearly 20 million pennies to his invasion force and disbands it.
During his reign England prospers and English coins continue to arrive in
Scandinavia in large quantities, this time mainly as a result of trade.
p 132-133 |
|
c. 1020 | Quantity of Chinese paper money reaches an excessive level |
The total amount is nominally worth 2,830,000 ounces of silver. Vast amounts of
cash are used to buy off potential invaders from the north and to pay for
imports causing a cash famine. As a result the authorities increase the note
issues thus fuelling inflation.
p 180 |
|
1032 | Private note-Issuing banks add to inflation in China |
By this time there are 16 of these note-issuing houses.
p 180 |
|
1042-1066 | Reign of Edward the Confessor |
The length of the English recoinage cycle is reduced to less than three years
in order to make greater profits from minting.
p 133 |
|
1066 | Battle of Hastings |
William the Conqueror's invasion is financed partly by debasement of the
currency in Normandy but in England he introduces an efficient system of
taxation, thus avoiding debasement. Subsequently, throughout the Middle Ages
England's coinage tends to maintain its value to a greater degree than most
continental currencies.
p 135 |
|
1086 | The Domesday Book is compiled |
This detailed survey of the wealth of England provides the information for
determining appropriate levels and yields of taxation and forms the basis of
the new English fiscal system.
p 135-138, 159 |
|
1095-1270 | The Crusades |
The need to transfer large sums of money to finance the Crusades provides a
stimulus to the re-emergence of banking in western Europe.
p 152-155 |
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