|
10. THE GREAT RECOINAGE TO DECIMALIZATION |
The so-called "Great Recoinage"
that commenced in 1816 was fundamentally concerned with the re-introduction of a
silver coinage and a change in the gold coinage from the guinea valued at 21
shillings to the slightly lighter sovereign worth 20 shillings. The value
of the shilling remained unchanged at twelve pence.
Gold sovereign of George III 1820
The sovereign, as issued in 1817, made first
use of the famous "St. George and dragon" design by Benedetto Pistrucci, still employed today. The introduction of the
half sovereign came at the same time. The standard, 8 grammes of 22 carat gold
for the sovereign, 4 grammes for the half, has been maintained ever since.
A gold five pounds piece was introduced by
George IV in a proof set issued in 1826. Similar coins were also produced as
proofs for Queen Victoria in 1839 (the famous Una and lion reverse), 1887 and
1893. Further proofs were issued in sets for Edward VII (1902), George V (1911)
and George VI (1937). Five pounds coins of 1887, 1893 and 1902 were also issued
for general circulation.
Similarly, two pounds coins in gold were
included in proof sets made for George IV in 1823, 1825 and 1826, William IV
(1831), Victoria (1887 and 1893), Edward VII (1902), George VI (1911) and
George VI (1937). Those dated 1823,
1887, 1893 and 1902 were also issued for circulation.
George IV 1823 and Victoria 1887 two pounds
With the value of the sovereign or gold pound
set at 20 shillings this gave a fixed value of 240 copper pennies. Under this
system amounts were written out in pounds, shillings and pence
e.g. £12. 14s. 6d.
The new silver coinage began with halfcrowns, shillings and sixpences issued in 1816,
followed by a crown in 1818. The mintage figures for these were colossal
compared with anything from earlier years. By comparison, the total
number of silver coins produced in 1787 was about one and a half million. It
was to be many decades before these mintage figures were exceeded.
Silver halfcrown of
George III with "bull's head" bust 1817
It was almost immediately replaced
by a more attractive portrait engraved by Thomas Wyon.
However, a similar bust was retained on the other silver coinage
Silver crown of George III with modified bust
1819
|
MINTAGE
FIGURES |
||||
|
Denomination |
1816-1817 |
1818 |
1819 |
1820 |
|
Crown |
- |
155,232 |
683,496 |
448,272 |
|
Halfcrown |
8,092,656 |
2,905,056 |
4,790,016 |
2,396,592 |
|
Shilling |
23,031,360 |
1,342,440 |
7,595,280 |
7,975,440 |
|
Sixpence |
10,921,680 |
4,284,720 |
4,712,400 |
1,488,960 |
The system of coinage begun in 1816 was to endure
with only minor changes until decimalization in 1970. The minting of
copper coins resumed in 1821 when first farthings were minteded
for George IV. These were followed by pennies and halfpence from 1825
onwards. All three were large and quite heavy, the penny weighing 18.8 g,
the halfpenny 9.4 g and the farthing 4.7 g and continued to be produced at
these standards in most years until 1860.
The reverse consisted of a seated figure of Britannia beside a shield
decorated with the Union flag and holding a trident.. The date was
carried on the obverse below the portrait bust. Most of the obverses were
engraved by William Wyon, whose initials often appear in the design.
Large copper penny of George IV, 1826
Similar pennies were struck until 1860
by William IV and Victoria
Victoria copper halfpenny (1853) and farthing
(1844)
In 1860 a change to much smaller and lighter
pennies, halfpennies and farthings, using bronze instead of copper, was
accompanied by the adoption of a new portrait bust of Queen Victoria wearing
her hair in a bun, hence the description "bun penny" etc. This
was engraved by William Wyon's son, Leonard Charles Wyon. All three
bronze coins maintained this standard until the reign of Queen Elizabeth II.
Production of the farthing ended in 1956 and it ceased to be legal tender after
1960. The penny and halfpenny were minted until 1967. The penny
enjoyed a brief life after the introduction of decimal coins in 1970, remaining
in circulation until demonetized on 31 August 1971. The halfpenny ceased
to be legal tender in 1969.
Victoria
bronze “Bun” halfpenny introduced 1860
together with bronze pennies and farthings
The silver coinage was issued with a silver
content of 92.5%, known as sterling silver, until 1920. One of the outcomes of the enormous damage to
the British economy due to World War 1 (1914-1918) was that the silver content
had to be reduced to 50% and remained so until 1947, when it changed to no
silver at all following World War 2 (1939-1945). Despite this, coins containing silver continue
in circulation until shortly before decimalization, when people became aware
that their bullion value was greater than their face value and began to have
them melted down.. This contravened
regulations, but little or no action was taken to prevent people doing so
despite a new law passed in 1971 and all such coins quickly disappeared.
In silver, crowns were minted until 1847,
among them the so-called "Gothic Crown" of Queen Victoria, often
regarded as the most beautiful coin ever made in Britain.. This was
followed by a gap of 40 years until the Jubilee coinage of 1887, when
production was resumed. After 1902 production was abandoned, only to be
reintroduced in the reign of George V in 1927, after which it became a
commemorative issue rather than being intended for circulation.
Victoria,
Gothic Crown, 1847
COMMEMORATIVE CROWNS
1935 Jubilee of George V (Art Deco St. George and dragon)
1951 Festival of Britain in 1951
Other commemorative crowns:
1937
Accession of George VI
1953 Coronation of Elizabeth II in 1953
1960 British Trade Fair in New York
1965 Death of Sir Winston Churchill
This Winston Churchill crown is thought by many to be the most unattractive
coin ever produced, an unfitting end to a noble series.
The halfcrown was
minted fairly constantly until 1850 but was then supplanted by the florin
valued at two shillings, intended as the first step to the introduction of a
decimal coinage. In 1874, after the interest in decimalization had waned,
the halfcrown was reintroduced, and continued in
parallel with the florin until 1967. It was demonetized in December
1969.
The florin itself, when first introduced in
1849, caused something of a furore as it omitted the letters "D.G.",
meaning Dea Gratia (By the grace of
God) from the obverse legend and consequently dubbed the "Godless
florin". The omission was corrected on subsequent issues.
Those issued 1851-1887 used a "Gothic" bust and lettering similar to
that on the crown. The florin was incorporated seamlessly into the
decimal coinage of 1970 as ten new pence, well over a century after the purpose
for which it was originally intended. It remained legal tender until
1992, when the 10p coins were replaced by a smaller coin.
Queen Victoria - "Godless" florin
1849
An innovation in 1887 was the double florin
or four-shilling piece, forming part of the series of coins struck to mark the
Queen's Jubilee. This series used the new "Jubilee head"
portrait bust designed by Sir Joseph Edgar Boehm. This double florin was
unpopular with the public and only lasted three years before it was
discontinued.
Victoria
double florin 1887
The shilling was struck in most years until
1966. From 1831 to 1887 it used a reverse incorporating the words
"ONE SHILLING" surmounted by a crown and surrounded by oak
leaves. Those with the Jubilee bust replaced this with a coat of arms
surmounted by a crown within a garter, and those with the veiled older head,
1893 onwards by three shields within the garter.##Shillings of Edward VII used
a new reverse consisting of a lion standing on a cow, This was in use until 1927, when a modified
version was introduced during the reign
of George V.
Victoria silver shillings, showing the three portrait
styles used,1871, 1887, 1893
The shillings of George VI and Elizabeth II
had two different reverse types. The one with a lion standing on a crown is
known as the English shilling and the other, with a lion seated on a crown with
shields bearing the cross of St. Andrew and a thistle on either side, is
called the Scottish shilling. This extra design had been intended for
shillings of Edward VIII.
George VI shillings 1837
with separate English and Scottish motifs
All shillings from 1816 onwards remained
legal tender after decimalization in 1970, valued at five new pence, until
finally demonetized in 1990 following changes to the 5p coinage
The sixpence was also struck in most years
until 1967 and briefly became two and a half new pence after decimalization
until demonetized. Silver groats (fourpence) intended for circulation, as
distinct from the Maundy fourpence, were only minted in the period 1836 to
1862. The reverse is a seated figure of Britannia (the reverses of Maundy
coins used numbers , 1, 2, 3, and 4 to indicate the denomination).
William VI groat 1836
The silver threepence piece used for currency
was exactly the same as the Maundy threepence coin until 1927 when the reverse
design was changed to oak leaves and acorns for George V and a Tudor rose for
George VI, the latter continuing to be produced until 1945.
George V silver threepence 1936
In 1937 a new 3d coin was introduced, a brass
coin with twelve sides. This was based on a pattern produced for Edward VIII
and continued to be minted until 1967, production ceasing following the
decision to proceed with a decimal currency.
George VI brass twelve-sided three pence 1937
During the whole of the period following the
great recoinage there were only two other significant changes to the
currency. The first was the issue of £1 and ten shillings Treasury notes
during World War I (1914-18). Although these were discontinued in 1922, from
1928 onwards Bank of England notes became a permanent part of the currency. Higher
denomination promissory bank notes had been a feature of the economy since the
mid-eighteenth century, with the name of the person to whom it was
payable written in by hand. From 1855 these were made payable to bearer and
were used for the convenient transfer and payment of large sums rather than as
genuine currency, though this role gradually changed in time and their use
became more accepted, especially after 1930. These were in denominations of
five (the famous "white fiver"), ten, twenty, fifty, one hundred, two
hundred, five hundred and one thousand pounds. These continued to be issued
until 1944, after which only the £5 note was produced. It was not until 1957
that £5 notes truly became part of the money in general circulation, with £10
and £20 notes added in the 1960's.
Treasury £1 note introduced 1914, during World
War I
Although sovereigns continued to be produced,
they were treated solely as bullion once Britain had abandoned the gold
standard in the early 1930's, trading above their nominal value of 20
shillings. The other major change, as already noted above, was the
debasement of the silver coinage from 92.5% silver to only 50%. and
finally to zero.
It should be noted that although 1967 was the
last year of minting the old coinage for currency, commemorative proof sets
including all current denominations were made in 1970 to signal their
passing. Pre-decimal 10 new pence and 5 new pence coins replaced the
florin and shilling in production from 1968 to 1970.
Kings and
Queens of Britain from the Great Recoinage to the present day.
George III 1760-1820
George VI 1820 - 1830
William VI 1830 - 1837
Victoria 1837 - 1901
Edward VII 1901 - 1910
George V 1910 - 1936
Edward VIII 1936 (abdicated)
George VI 1936 - 1952
Elizabeth II 1952 onwards
Note: Only pattern coins were
produced for Edward VIII, however, some of these, particularly the brass
threepence, did escape into circulation.
Mintmarks
GOLD COINS:
In 1871, during the reign of Queen Victoria,
gold sovereigns and half-sovereigns began to be minted in Sydney, Australia. To
differentiate these coins the letter S was added below the shield on the
reverse of the coin. Another mint was opened in Melbourne in 1872 and, towards
the end of the reign a further mint was opened in Perth. On some reverses the
mintmarks for these series were also placed below the head on the obverse.
During the reign of Edward VII a mint in
Ottawa, Canada, produced sovereigns, but no half-sovereigns, from 1908 to 1910,
mintmarked C (to denote Canada). These coins are
comparatively scarce and consequently command a premium. The mint continued to
produce sovereigns for George V, most of which are reasonably common.
Sovereigns were also minted in Bombay, India, for George V, during 1918 and
marked I. From 1923 to 1932 sovereigns were minted in Pretoria, South Africa,
with some half-sovereigns during 1925-26, mintmark SA.
Proofs of the gold £5 and £2 pieces were
struck in Sydney in 1887 and 1902.
BRONZE
COINS:
From 1874 to 1882 the bronze penny, halfpenny
and farthing were minted by Messrs Ralph Heaton of Birmingham and bear a small
letter H below the date on the reverse. The Heaton mint again produced pennies
in 1912 and 1918-19 denoted by the letter H to the left of the date. Also in
1918-19 the Kings Norton Metal Co, Birmingham, produced pennies marked KN.
|
MINT MARKS ON COINS 1872-1932 |
|||
|
Gold |
Five pounds proof 1887 |
S |
Sydney, Australia |
|
Gold |
Sovereign 1871-1926 |
S |
Sydney, Australia |
|
Gold |
Half-sovereign 1871-1916 |
S |
Sydney, Australia |
|
Bronze |
Penny 1874-1882 Penny 1912 Penny 1918-1919 |
H H H |
Messrs Heaton, Birmingham Messrs Heaton, Birmingham Messrs Heaton, Birmingham |
Designer's and initials 1816-1970
Following a precedent set by Benedetto Pistrucci on his 1818 crown for George III, where his name
was added beneath the obverse bust and the exergual line on the reverse (in
letters so small they resemble a line of dots), designers placed their initials
on the coins, usually under the obverse bust. Among these were Pistrucci himself (BP) (which continued to be incorporated
in his famous St George & dragon reverse design) and William Wyon (WW and
W.WYON).
|
BM |
Sir Bertram MacKennal |
Die Numbers
Gold and silver coins of Victoria minted
between 1863 and 1880 have a die number incorporated into the reverse design. Although
dies are known with quite high numbers, modern studies have not yet found
examples of all the possible numbers used.
Artificial Darkening of farthings
From 1897 to 1917 farthings were artificially
darkened by the mint. Allegedly this was done to prevent confusion with the
gold half-sovereign. Farthings from this period which are not darkened have
been cleaned.