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{{short description|Medieval English coin}}
{{about|the medieval English twenty-pence coin|the modern British coin|Twenty pence (British coin)}}
{{Use dmy dates|date=November 2019}}
{{Use dmy dates|date=November 2019}}
The '''gold penny''' was a medieval English coin with a value of twenty pence (i.e. {{frac|12}} [[pound sterling]]).
The '''gold penny''' was a medieval English coin with a value of twenty pence (i.e. {{frac|12}} [[pound sterling]]).
==History==
===Need for higher value coins===
⚫
Until the reign of King [[Henry III of England]] (1216–1272), any need in England for coins worth more than one [[Penny (English coin)|penny]], at the time a [[silver coin]], was met by the use of [[Byzantine currency|Byzantine]] or [[Arab]]ic [[Gold coin|gold]] and [[silver coin]]s which circulated among merchants and traders. However, as commerce increased, so did the need for higher value coins. In 1257, Henry instructed his goldsmith, William of Gloucester,<ref>{{Cite journal |last=Noppen |first=J. G. |date=1927 |title=William of Gloucester, Goldsmith to King Henry III |url=https://www.jstor.org/stable/863358 |journal=The Burlington Magazine for Connoisseurs |volume=51 |issue=295 |pages=189–195 |jstor=863358 |issn=0951-0788}}</ref> to produce a coinage of pure gold.
===Introduction and use===
⚫
The gold penny was introduced, with a value of twenty pence. The coin's obverse showed the king enthroned, in his royal attire, with a scepter in his right hand and a ''[[globus cruciger]]'' in his left, with the legend <small>HENRICUS REX III</small> (King Henry III). The reverse contained a long cross extending to the edge, with a flower in each quarter, and the [[Moneyer|moneyer's]] name in the legend, thus <small>WILLEM ON LVND</small> (William of London). Some examples read <small>LVNDEN</small> or <small>LVNDE</small> instead of <small>LVND</small>.<ref>{{cite book |last=Grueber |first=Herbert A. |title=Handbook of the Coins of Great Britain and Ireland in the British Museum |url=https://babel.hathitrust.org/cgi/pt?id=mdp.39015008402995&view=1up&seq=110 |location=London |publisher=British Museum |date=1899 |page=42}}</ref>


⚫
The gold penny was not popular. [[Thomas Carte]], in his ''A general history of England'', says that the citizens of London made a representation against them on 24 November 1257, and that "the King was so willing to oblige them, that he published a proclamation, declaring that nobody was obliged to take it [the gold penny], and whoever did, might bring it to his exchange, and receive there the value at which it had been made current, one halfpenny only being deducted from each, most probably for the expense of coinages".<ref>{{cite web |url=http://detecting.merseyblogs.co.uk/2007/04/gold_penny_of_h.html |title=Gold Coin of Henry 111 |last=Rice |first=Steve |date=April 19, 2007 |website=www.detecting.merseyblogs.co.uk |archive-url=https://web.archive.org/web/20070928211940/http://detecting.merseyblogs.co.uk/2007/04/gold_penny_of_h.html |archive-date=2007-09-28}}</ref>
⚫
Until the reign of King [[Henry III of England]] (1216–1272), any need in England for coins worth more than one [[Penny (English coin)|penny]], at the time a [[silver coin]], was met by the use of [[Byzantine currency|Byzantine]] or [[Arab]]ic [[Gold coin|gold]] and [[silver coin]]s which circulated among merchants and traders. However, as commerce increased, so did the need for higher value coins. In 1257 Henry instructed his goldsmith, [[William of Gloucester]], to produce a coinage of pure gold.
===Valuation and melting===
⚫
Compared to its bullion weight, the coin was undervalued. By 1265, the gold in the coin was worth twenty-four pence rather than twenty, and it is believed that most of the coins were melted down for profit by individuals. Gold coins would not be minted again in England until the reign of King [[Edward III of England|Edward III]] about seventy years later.
===Disappearance===
⚫
As all the coins were recalled and melted down, the gold penny completely disappeared from view, and all knowledge of its prior existence was forgotten. However, in the 1700s, documentation came to light indicating that it had been minted. Inevitably, a few coins escaped the melt—perhaps being lost. Eight examples are now known to survive.<ref>{{Cite web |title=Gold Penny |url=http://www.coinandbullionpages.com/english-gold-coins/gold-penny.html |author=<!--Not stated--> |website=Coin and Bullion Pages |access-date=2020-05-27}}</ref>
==Surviving examples==
In 2022, an example found with a [[metal detector]] in [[Hemyock]]<ref>{{Cite news |title=I owe it to the kids |newspaper=The Guardian |url=https://www.theguardian.com/uk-news/2022/jan/24/devon-detectorist-13th-century-gold-coin-sold|date=24 Jan 2022 |last1=Morris |first1=Steven }}</ref><ref>{{Cite web|last1=Museum|first1=The British|last2=Street|first2=Great Russell|last3=T: +4420 73238618|first3=London WC1B 3DG|title=Record ID: DEV-C34DA6 - MEDIEVAL coin|url=http://finds.org.uk/database/artefacts/record/id/1039261|access-date=2022-02-12|website=The Portable Antiquities Scheme|language=en}}</ref> was sold at auction for £540,000.<ref>{{Cite web|title=The Planta Genista auction - A new gold penny of Henry III|url=https://www.spink.com/auction/22104}}</ref>


⚫
The gold penny was introduced, with a value of twenty pence. The coin's obverse showed the king enthroned, with the legend <small>HENRICUS REX III</small> (King Henry III), while the reverse contained a long cross extending to the edge, with a flower in each quarter, and the moneyer's name in the legend, thus <small>WILLEM ON LUND</small> (William of London).


⚫
The gold penny was not popular. Carte, in his history of England, says that the citizens of London made a representation against them on 24 November 1257, and that "the King was so willing to oblige them, that he published a proclamation, declaring that nobody was obliged to take it (the gold penny), and whoever did, might bring it to his exchange, and receive there the value at which it had been made current, one halfpenny only being deducted from each, most probably for the expense of coinages".<ref>[http://detecting.merseyblogs.co.uk/2007/04/gold_penny_of_h.html Gold Penny Article with picture] {{webarchive|url=https://web.archive.org/web/20070928211940/http://detecting.merseyblogs.co.uk/2007/04/gold_penny_of_h.html |date=2007-09-28 }}</ref>


⚫
Compared to its bullion weight, the coin was undervalued. By 1265, the gold in the coin was worth twenty-four pence rather than twenty, and it is believed that most of the coins were melted down for profit by individuals. Gold coins would not be minted again in England until the reign of King [[Edward III of England|Edward III]] about 70 years later.

⚫
As all the coins were recalled and melted down, the gold penny completely disappeared from view, and all knowledge of its prior existence was forgotten. However, in the 1700s, documentation came to light indicating that it had been minted. Inevitably, a few coins escaped the melt—perhaps being lost. Now, a handful of the gold pennies have come to light—possibly eight in all.<ref>[http://www.coinandbullionpages.com/english-gold-coins/gold-penny.html The Gold Penny – coinandbullionpages.com]</ref>

==Notes==
{{Portal|Money}}
{{Portal|Money}}
⚫
{{Reflist}}


==References==
==References==
⚫
{{Reflist}}
* Herbert Grueber: ''A Handbook of the Coins of Great Britain and Ireland in the British Museum'', London, 1899. [https://books.google.com/books?id=LESLAg3XguwC&q=%22gold+penny%22#v=snippet&q=%22gold%20penny%22&f=false p.42] (1970 reprint {{ISBN|1-4021-1090-1}})


{{Coins of England}}
{{Coins of England}}

Revision as of 01:57, 5 June 2024

The gold penny was a medieval English coin with a value of twenty pence (i.e. 1⁄12 pound sterling).

History

Need for higher value coins

Until the reign of King Henry III of England (1216–1272), any need in England for coins worth more than one penny, at the time a silver coin, was met by the use of Byzantine or Arabic gold and silver coins which circulated among merchants and traders. However, as commerce increased, so did the need for higher value coins. In 1257, Henry instructed his goldsmith, William of Gloucester,[1] to produce a coinage of pure gold.

Introduction and use

The gold penny was introduced, with a value of twenty pence. The coin's obverse showed the king enthroned, in his royal attire, with a scepter in his right hand and a globus cruciger in his left, with the legend HENRICUS REX III (King Henry III). The reverse contained a long cross extending to the edge, with a flower in each quarter, and the moneyer's name in the legend, thus WILLEM ON LVND (William of London). Some examples read LVNDEN or LVNDE instead of LVND.[2]

The gold penny was not popular. Thomas Carte, in his A general history of England, says that the citizens of London made a representation against them on 24 November 1257, and that "the King was so willing to oblige them, that he published a proclamation, declaring that nobody was obliged to take it [the gold penny], and whoever did, might bring it to his exchange, and receive there the value at which it had been made current, one halfpenny only being deducted from each, most probably for the expense of coinages".[3]

Valuation and melting

Compared to its bullion weight, the coin was undervalued. By 1265, the gold in the coin was worth twenty-four pence rather than twenty, and it is believed that most of the coins were melted down for profit by individuals. Gold coins would not be minted again in England until the reign of King Edward III about seventy years later.

Disappearance

As all the coins were recalled and melted down, the gold penny completely disappeared from view, and all knowledge of its prior existence was forgotten. However, in the 1700s, documentation came to light indicating that it had been minted. Inevitably, a few coins escaped the melt—perhaps being lost. Eight examples are now known to survive.[4]

Surviving examples

In 2022, an example found with a metal detector in Hemyock[5][6] was sold at auction for £540,000.[7]


References

  1. ^ Noppen, J. G. (1927). "William of Gloucester, Goldsmith to King Henry III". The Burlington Magazine for Connoisseurs. 51 (295): 189–195. ISSN 0951-0788. JSTOR 863358.
  2. ^ Grueber, Herbert A. (1899). Handbook of the Coins of Great Britain and Ireland in the British Museum. London: British Museum. p. 42.
  3. ^ Rice, Steve (19 April 2007). "Gold Coin of Henry 111". www.detecting.merseyblogs.co.uk. Archived from the original on 28 September 2007.
  4. ^ "Gold Penny". Coin and Bullion Pages. Retrieved 27 May 2020.
  5. ^ Morris, Steven (24 January 2022). "I owe it to the kids". The Guardian.
  6. ^ Museum, The British; Street, Great Russell; T: +4420 73238618, London WC1B 3DG. "Record ID: DEV-C34DA6 - MEDIEVAL coin". The Portable Antiquities Scheme. Retrieved 12 February 2022.{{cite web}}: CS1 maint: numeric names: authors list (link)
  7. ^ "The Planta Genista auction - A new gold penny of Henry III".
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