The recoinage and exchange of 1816-17
The Coinage Bill of 1816 was a turning point in monetary history, establishing Britain on the gold standard and making provision for a major recoinage and exchange of silver. The intention in this thesis has been to examine why the reform happened when it did, what its legacy was for the nineteenth century and what the surviving records, particularly of the exchange, reveal about the nature of the circulating medium. In Chapters 1 and 2 the eighteenth-century background is explored in order to clarify why government chose to allow the condition of the silver coinage to decline. The argument is advanced that economic stability for many years lessened the necessity for reform and the importance of gold in the economy made ministers wary of damaging its position through change. An investigation into the wear of silver coins has also been conducted which demonstrates that by the 1780s they were likely to have lost virtually all trace of design details. The reasons why reform was enacted in 1816 are discussed in Chapter 3, the explanation offered being the importance of war with France having ended and the Bank of England's needing to prepare for the resumption of redeeming its notes in gold. In Chapter 4 the political
Clancy, Kevin
Monetary reform; Silver coin; Currency; Locke
The recoinage and exchange of 1816-17. The Coinage Bill of 1816 was a turning point in monetary history, establishing Britain on the gold standard and making provision for a major recoinage and exchange of silver. The intention in this thesis has been to examine why the reform happened when it did, what its legacy was for the nineteenth century and what the surviving records, particularly of the exchange, reveal about the nature of the circulating medium. In Chapters 1 and 2 the eighteenth-century background is explored in order to clarify why government chose to allow the condition of the silver coinage to decline. The argument is advanced that economic stability for many years lessened the necessity for reform and the importance of gold in the economy made ministers wary of damaging its position through change. An investigation into the wear of silver coins has also been conducted which demonstrates that by the 1780s they were likely to have lost virtually all trace of design details. The reasons why reform was enacted in 1816 are discussed in Chapter 3, the explanation offered being the importance of war with France having ended and the Bank of England's needing to prepare for the resumption of redeeming its notes in gold. In Chapter 4 the political
exchange coinage bill turn_point monetary history establish britain gold standard make provision major exchange silver intention_examine reform happen legacy surviving record particularly exchange reveal nature circulate medium background explore order_clarify government chose allow condition silver_coinage decline argument_advance economic stability necessity reform importance gold economy make minister position change investigation wear silver coin also conduct demonstrate likely lose virtually trace design detail reason reform enact discuss explanation_offer importance war_france end bank_england need prepare resumption note gold political