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Discussion: Currency debasing and restoration
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henry's7thwife |
Currency debasing and restoration
Nov 18 2009, 7:31 AM EST
Henry VII left a good economy which helped Henry VIII. Then for his war with France, he debased the currency (mixed gold with other metals) leading to a fall in the value of English coins. Then, Edward debased it even further. Mary & Elizabeth also played with it. Elizabeth finally fully restored the coin to its proper value. I read somewhere that Mary had actually done this first. What I would like to know is whether Mary improved the value of coins or whether she introduced some kind of currency system. Does anyone know the exact value of the reduction. I believe Henry reduced the value by 75% but please correct me if I am wrong. I am also inclined to think Mary tried to do something with the currency but not exactly sure what. Will welcome any info ... Do you find this valuable?
Keyword tags:
coins
currency
Edward VI
Elizabeth 1
gold
Henry VIII
Mary 1
Tudor
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AJBates |
1. RE: Currency debasing and restoration
Nov 18 2009, 1:04 PM EST
I've read that Elizabeth is the one who completely redid them and pretty much just took the hit and made new coins since the old ones were relatively useless
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SemperEadem |
2. RE: Currency debasing and restoration
Nov 18 2009, 10:08 PM EST
Not certain on the specifics, but I believe if you consult DM Loades's book on Mary, you will find the answer. I would pull the book right now, but don't currently have access to it. If you've still not found the answer by then, I will search it out.
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