A Penny Saved: The Fascinating Story of the British Penny Milled by King Edward III
A Penny Saved: The Fascinating Story of the British Penny Milled by King Edward III
The humble British penny, a small denomination of currency still widely used today, has a rich and storied history that dates back to the 13th century. One of the most intriguing chapters in this history is the story of the pennies milled by King Edward III in the 14th century. In this article, we’ll delve into the fascinating tale of how King Edward III latched onto a clever idea to increase the king’s revenue, and the outcome was the introduction of a coin that would become an iconic part of British currency for centuries to come.
The Problem of Counterfeiting
In the 14th century, the British pound was being devalued due to a severe problem of counterfeiting. With the rise of trade and commerce, the need for standardized currency had become essential. However, the then existing system, which relied on feudal moneyers – officials responsible for minting coins – was rife with inefficiencies and, more alarmingly, counterfeiting. To combat this, King Edward III, who came to power in 1327, sought a solution that would ensure the integrity of his currency and boost his royal treasury.
Innovative Milling Techniques
King Edward III’s answer to the problem of counterfeiting lay in the realm of technology. He commissioned the design and construction of a new mill at the Tower of London, which would revolutionize the way coins were produced. The new mill employed a system of metal rollers to stamp out coinage, rather than the traditional hammer-and-anvil method used by moneyers. This innovation led to a significant reduction in the number of coins required to produce the same amount of currency, resulting in substantial cost savings for the crown.
The rolled coins also featured a smaller but more consistent size, with a uniform weight and texture, making them more valuable and desirable than their irregular predecessors. This new method of milling coins not only addressed the problems of counterfeiting but also increased the king’s revenue through the sale of more coins.
The Impact of the New Coinage System
The introduction of the milled penny had a profound impact on the British economy. With its introduction, trade and commerce flourished, as the new coins became the standard unit of currency in England. The increased efficiency of the milling process allowed for more coins to be produced, reducing the need for foreign trade and promoting a more stable, British-based economy.
The effect was not limited to the economic sphere alone. The new coinage system also played a significant role in raising the prestige of the British monarch. King Edward III, who had already secured the throne through a series of victories in the Hundred Years’ War, further solidified his position as a strong and visionary leader, capable of modernizing and strengthening his kingdom.
Conclusion
The story of the British penny milled by King Edward III is a testament to the power of innovation and the entrepreneurial spirit of monarchs. By embracing new technology and addressing the pressing issue of counterfeiting, the king not only secured his treasury but also transformed the British economy and left a lasting legacy in the world of currency. The humble penny, once a simple token of value, had become a symbol of British resilience and adaptability, a story that continues to inspire and captivate us to this day.
