Pounds, shillings, and pence: a history of English coinage

The speaker begins by expressing a desire to demystify the historical complexities of English coinage, acknowledging the confusion surrounding the various currencies like marks, groats, florins, and shillings used in medieval England. Despite not being a numismatist, the speaker aims to provide a broad and interesting overview of coinage for the layman, starting with the Celtic period before the Roman invasion. The Celts, described as sophisticated despite not initially using coins, began adopting coinage around 150 BC, first using imported coins before minting their own. This change rapidly led to a diverse and widespread use of coins across Britain.

The influence of Roman denominations on English coinage is explained, with a focus on the origins of the pound, shilling, and pence system. The speaker details the transition from Celtic to Roman coinage in Britain, highlighting the adoption of Roman currency by the native Britons. The significance of the Roman weight system and its impact on the English currency symbols (L for pounds, S for shillings, D for pence) is discussed, illustrating the legacy of Roman denominations in modern English coinage. The section concludes with the adoption of Roman coins by the Britons and the continuity of certain Roman coinage practices into English currency.

This section traces the development of English coinage from the Saxon era through the Norman conquest. Initially, Saxons imported Frankish coinage but eventually began minting their own coins, with the penny becoming the standard unit of currency. The discussion includes various coins like the sceat and the shilling, their origins, and their significance in the Saxon economy. The narrative then transitions to the Norman period, noting the continuity of the penny as the primary currency, demonstrating the evolutionary nature of English coinage through significant historical milestones.

The speaker delves into the technical aspects of coin minting during the Viking Age, including the crafting of dies and the striking of coins using spring steel and hand engravers. The meticulous process is highlighted alongside the proliferation of mints across England, showcasing the spread and importance of coinage as a medium of exchange and a tool for propaganda by various kings. The narrative touches upon the challenges of maintaining coin quality across the numerous mints and the legal repercussions for debasing currency.

Focusing on the harsh punishments meted out for debasing the currency in medieval England, this paragraph recounts the event of 1124 when Henry I summoned the moneyers to Winchester for a trial that led to severe penalties for those found guilty. The narrative paints a vivid picture of the era's strict measures against currency fraud, illustrating the critical role of coinage in medieval society and governance. The continuation into the Normans' era highlights their adoption of the existing coinage system without significant changes, emphasizing the stability of the penny as a currency unit.

This section explores the complexities and challenges of gold coinage in England, touching on the varying values of gold relative to silver and the introduction of coins like the sovereign and the guinea. It discusses the economic implications of the fluctuating gold-to-silver ratio and the international trade dynamics that influenced the valuation of English gold coins. The narrative also covers the innovative approach to the valuation of the guinea and the persistence of its value as a unit of account even after the coin itself was no longer minted, highlighting the social and economic nuances of English coinage.

After the English Civil War and the Cromwellian interregnum, the restoration of the monarchy under Charles II brought significant changes to English coinage. This period saw the introduction of milled coinage, marking a technological advancement in the fight against counterfeiting. The narrative describes the social and economic backdrop of this era, including the public's embrace of merriment and the arts post-Puritan rule, and discusses the ongoing challenges in maintaining the quality and integrity of the currency amidst technological advancements and commercial demands.

Highlighting Sir Isaac Newton's significant but less-known role as the master of the Royal Mint, this section recounts his rigorous efforts to combat counterfeiting. Newton's hands-on approach, including his use of disguises to gather evidence in pubs and taverns, led to numerous successful prosecutions of counterfeiters. The narrative illustrates Newton's dedication to ensuring the integrity of English coinage, amidst broader historical contexts of technological advancements and the introduction of steam-powered mints that would eventually lead to the production of the world's finest coins during the Industrial Revolution.

In defense of the pre-decimalization system of 240 pence to the pound, this section argues for the mathematical and practical superiority of this system over decimalized currency. By showcasing the flexibility and the ease of transaction that the 240 pence system offered, due to its highly composite nature, the speaker challenges the modern perception of its complexity. The discussion includes comparisons with the decimal system, emphasizing how familiarity with a currency system shapes its perceived complexity, and how the 240 pence system facilitated more convenient subdivisions for transactions and pricing.