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Gold penny

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Gold penny
Obverse: Henry III upon throne holding orb and sceptre; inscribed HENRICUS REX III Reverse: cross with five-petal flower in each quarter; inscribed WILLEM ON LVND
AV 23 mm, 2.95 g. First coinage, 1257.

The gold penny was a medieval English coin with a value of twenty pence (i.e. 1⁄12 pound sterling), minted in 1257 during the reign of Henry III. The coin was short-lived as it quickly became undervalued, which led to its almost complete disappearance; only eight known coins exist.

History

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Need for higher value coins

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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

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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

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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

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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.[4]

Surviving examples

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Eight examples are now known to survive.[4] The most recent was discovered in September 2021 by amateur detectorist Michael Leigh-Mallory in a field in Hemyock, Devon.[5][6] It sold at auction for £648,000 in January 2022.[7]

References

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  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. ^ a b "Gold Penny". Coin and Bullion Pages. Retrieved 27 May 2020.
  5. ^ Morris, Steven (24 January 2022). "'I owe it to the kids': coin found by detectorist dad sold for £648,000". The Guardian. Retrieved 1 August 2024.
  6. ^ "Record ID: DEV-C34DA6 - MEDIEVAL coin". The Portable Antiquities Scheme. London: The British Museum. Retrieved 22 February 2022.
  7. ^ Sullivan, Rory (24 January 2022). "Rare gold Henry III coin found by metal detectorist sells for almost £650,000". The Independent. Retrieved 31 July 2024.
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