Gold penny

:"This article describes the medieval English twenty pence coin. For the modern British coin see British Twenty Pence coin."Until the reign of King Henry III of England (1216–1272), any need in England for coins worth more than one penny (which, at that time, was a silver coin) was met, at least partially, by the use of Byzantine or Arabic gold and silver coins which circulated among merchants and traders. However as commerce increased, so did the need for higher value coins. In 1257 Henry instructed his goldsmith, William of Gloucester, to produce a coinage of pure gold.

The gold penny was the issue introduced, with a value of twenty pence, with the obverse showing the king enthroned, with the legend HENRICUS REX III (King Henry III), while the reverse contained a long cross extending to the edge, with a flower in each quarter, and the moneyer's name in the legend, thus WILLEM ON LUND (William of London).

These coins nevertheless, do not seem to have been popular, as Carte in his history of England, says that the citizens of London made a representation against them on the 24th Nov., in the same year, and that 'the King was so willing to oblige them, that he published a proclamation, declaring that nobody was obliged to take it (the gold penny), and whoever did, might bring it to his exchange, and receive there the value at which it had been made current, a halfpenny on being deducted, probably for the coinage'. [http://detecting.merseyblogs.co.uk/2007/04/gold_penny_of_h.html Gold Penny Article with picture]

Unfortunately the issue was undervalued, so by 1265 the gold in the coin was worth twenty-four pence rather than twenty, and it is thought that most of the coins were melted down for profit by individuals. Consequently this coinage was not a success, and gold coins would not be minted again in England until the reign of King Edward III.

References

* Herbert Grueber: "A Handbook of the Coins of Great Britain and Ireland in the British Museum", London, 1899. [http://books.google.it/books?id=LESLAg3XguwC&pg=PA42&dq=%22gold+penny%22+1257&as_brr=3&sig=ofoZbZqgQnQpz0YcA0q8dQt0PIo p.42] (1970 reprint ISBN 1402110901)

External links

* [http://detecting.merseyblogs.co.uk/2007/04/gold_penny_of_h.html Gold Penny Article with picture]