Under Charlemagne the mint weight of France was heavier than the marc of Troyes afterwards adopted as a standard. Adapting the Roman system to the customs of his Teutonic subjects the emperor Karl divided the pound of silver into 20 silver solidi or sols, each equal to 12 silver penings or pennies of about 25 grains which, assimilated to the Roman denarii, were called deniers, also estelins or sterlings. The solidus appears to have corresponded to a Teutonic monetary unit, the shilling, equal to a variable number of penings, which coins were not of uniform value until about Charlemagne’s time.
The Carlovingian systems of coinage had passed to England long before the Norman Conquest, displacing the old Norse and Saxon systems—the Norse, in which the Ore was of 20 silver penings = 1/8 marc or 1/12 lb., and the Saxon Sceatta of 40 Styca, usually equivalent to pence. The shilling, = 1/20 pound of silver pence, became established—‘xxx scyllinge penega,’ thirty shillings of pence (‘Saxon Chronicle,’ 775). The Norman Conquest made no appreciable change in the English customary coinage. The Tower pound of silver which the Normans found established was coined into 240 of the ‘English peny called a sterling,’ each weighing 22-1/2 grains instead of the 25 grains of Charlemagne’s sterlings. Twelve pence made a shilling of 20 to the pound, and twenty pence or pennyweights made an ounce of 12 to the mint-pound.
England soon followed France, but much more slowly, in the usual dwindling of the weight of coins, as the king, pushed for money, ordered his moneyers to melt down the silver pennies and recoin them of lower weight. They remained at 22-1/2 grains down to the time of Edward I. Edward III’s first pennies were of 22-1/4 grains, but in the 18th year of his reign they weighed 20-1/4 grains, in the 20th year 20 grains, and after the 27th year he made the pound of silver yield 300 pennies at 18 grains. He also coined groats (great sterlings or grosses). Silver halfpence (mayles) and farthings (ferlynges) were coined, and a statute specially ordered that no sterling halfpenny nor farthing be molten ‘for to make vessel or any other thing by goldsmiths nor others.’
At this time, if we may believe the Statute of Labourers, one penny was the usual daily pay of the farm-labourer, but mowers were to have fivepence by the acre or the day. Prices of farm-produce were fixed. A penny would buy a chicken or six pounds of bread, 2 pence a fowl, 4 pence a goose.
The diminution in the weight of the penny was slow and did not affect wholesale dealings in which payment was usually made by weight.[[35]]
In all but retail transactions payment might be agreed to be by weight. In Stephen’s reign the land-revenue of countries was farmed out. The sheriff or ‘fermour’ of Wiltshire and Dorsetshire paid into the treasury £454 10s. by weight (ad pensum) and £262 4s. by tale (numero). He probably picked out the full-weight coins for payment by tale, and had to take (as perhaps he received) weight-value for the rest.
Under Henry IV the sterling had fallen to 15 grains; under Edward IV it fell to 12 grains, at which weight it stood till Henry VIII brought it down to 10-1/2 grains, and also debased it to only one-third its weight of silver. His father had coined shillings, hitherto only a money of account; his own mint continued this coinage, but got 48 of them, instead of 20, from the Troy pound of silver, and subsequently by debasement nearly 150.
In Edward VI’s reign the Protector Somerset continued this system, but, at his fall, efforts were made by the Council to restore honesty to the coinage, at least as regards the shillings and crowns. The pennies remained debased until the wisdom of Elizabeth restored the standard, and since that time our silver coinage has remained of true standard and at the weight of 7-1/2 grains for each penny value, or one-third of its weight at the time of the Norman Conquest. The Scots silver coinage fell much lower than that of England; by the time of the Union it had fallen to 1/36, the pound Scots being worth 20 pence English, instead of 20 shillings.
It is curious that the kings, so ready to make a profit by lowering the silver coins, appear to have disdained the evident profit of a copper coinage. Penalties were repeatedly threatened by statute against the copper coins which necessity of ‘change’ caused to be made or imported. These were unlawful coins called galyhalpens, saskyns, dodekyns and dotkins (probably Scottish ‘doits’). James I granted a patent for the making of copper farthings. Halfpennies were first coined in Charles II’s time, but it was not till near the end of George III’s reign that a copper penny was struck, probably because the tradition of the silver penny weighing 32 wheat-corns, albeit shrunken, was against the penny being other than silver.
The penny was at first a full ounce of copper. Twopenny pieces were also struck weighing two ounces.