Its depreciation. coinage and provide a seigniorage for the Crown. In 1549 a pound weight of silver was coined into 7l. 4s., out of which the Crown retained 4l. for seigniorage and cost of minting, paying the merchant only 3l. 4s. for his silver.[1] Of course the prices of all articles rose to the level of the metallic value of the current coin, and that, too, in the teeth of the numerous statutes passed to regulate prices, and in defiance of proclamations forbidding sales except on conditions specified by law. Indeed, coins of the realm became mere tokens, and though convenient enough for the people at home, were of no value abroad beyond that of the amount of pure metal they might happen to contain; hence exchanges with foreign countries ceased to be any longer intelligible. The measure of corn worth formerly, on an average, ten shillings and sixpence, sold in 1551 for six shillings and eightpence, and rose to thirty shillings in the following year.
To make matters worse, there were in those days men high in authority who reaped pecuniary advantages from the debasement of the currency. Indeed those of the Lords of the Council who had provided funds for the suppression of the rebellion adopted the following extraordinary if not nefarious means of repaying themselves. They addressed a warrant to the Master of the Mint, setting forth that "Whereas our well-beloved councillor, Sir William Herbert, in suppressing the rebels had not only spent the great part of his plate and substance, but also had borrowed
- ↑ Harleian MSS. 660. See also, for debasement of the currency in the later years of Henry VIII., Hawkins' 'Silver Coins of England.' Lond., 1841.
