COINAGE
A.D. 1247
(Chronicles of Old London, Edited by H. T. Riley)
In the same year, Michael Tovy was again made Mayor, and by precept of his lordship the King it was published that if any clipped penny or halfpenny should be found offered for the purchase of anything, the same should immediately be perforated. At this time, the money was entirely made anew, that is to say, immediately after the Feast of All Saints [November 1.]
A.D. 1257
In this year, the King issued a new coinage, of golden pennies, each of two sterlings [i.e., silver pennies] in weight, and of the purest gold; and it was his will that such gold coin should pass current in value for twenty sterlings.
This year, on the Sunday next after the Feast of All Saints the Mayor and citizens appearing before his lordship the King at the Exchequer in obedience to his precept, he put them to the question, conjuring them by the fealty in which they were bound to him, that they would certify him, according to their consciences, whether the aforesaid coinage would be beneficial and for the common weal of his kingdom, or not. Accordingly, holding counsel and conference thereon among themselves, they appeared before the King and said, that through that coinage the greatest detriment might accrue to his realm, and more especially to the poor of his realm, the chattels of very many of whom are not worth in value a single gold coin. And further they said that through that coinage gold would be held of much lower value, when that money should come to be dispersed in so many hands; a thing that was already evident, seeing that sheet gold, which always used to be worth ten marks, was then worth nine marks only, or even eight (p. oz.). Whereupon after they had set forth many reasons why that coinage would prove otherwise than beneficial, his lordship, the King replied: “It is my will that this coinage shall pass current, the penny for twenty sterlings, but that no one shall be compelled to take it; and whosoever shall take it, shall be at liberty to exchange it wherever he may please, without hindrance therein; and if he shall think proper, he may come to our Exchange, and shall have for every such golden penny nineteen pence and one halfpenny.”
A.D. 1278
In this year the exchange was made at the Tower of London, of the new money, sterling, halfpenny and farthing, and Gregory de Rokesle, Master of the Exchange throughout all England.
A.D. 1300
... On the day of St. Stephen (Dec. 28), at the beginning of the eight and twentieth year [of Edward I], the crocards and pollards were proclaimed. (i.e., the crooked or polled, i.e. clipped coins of inferior value. They generally passed for one penny, but by proclamation their value was fixed at one halfpenny.) They were cried down throughout England and continued current only until the Vigil of Easter Day next ensuing: upon which Vigil it was forbidden that they should pass current. This money came from Flanders and was current in England throughout the land for six years, to the great damage of all the realm.