The counsellors of his son Edward—a most rapacious set of adventurer's—however, even out-Harryed Harry; for though Edward restored at first the value of the mint mixture in some degree, in 1551 the amount of silver in a pound of that alloy was only three ounces, or an ounce less than the worst coin of his father. And still worse, instead of 48s., the largest number coined by his father out of a pound, he coined 72s., or instead of 450 pennies out of four ounces of silver, 861 pennies were coined out of three ounces. The ruin, the confusion of prices, and the public outcry, however, consequent upon this violent public fraud, at length compelled Government to restore the amount of silver in the pound to nearly what it was at the beginning of the reign of Henry VIII., and the number of shillings was reduced from seventy-two to sixty. The gold, which was equally abased, was also restored to the same extent.
Dandies of the time of Henry VII.
Queen Mary, whilst she issued a proclamation at the commencement of her reign, denouncing the dishonest proceedings of her predecessors, again increased the alloy in a pound of mint silver to an ounce instead of nineteen pennyweights; and she added two pennyweights more of alloy to the ounce of gold. The coins issued by Philip and Mary bear both their profiles.
Ehzabeth honourably restored the coinage to its ancient value. She fixed the alloy in a pound of silver at only eighteen pennyweights; but she coined sixty-two shillings out of the pound instead of sixty, at which it remained till 1816, when it became sixty-six, as it still remains. The standard mixture of Elizabeth has continued the same to our own day. She called in and melted down the base money of her father and brother to the nominal value of £638,000, but of real value only £244,000. The gold coins of Elizabeth are rials, angels, half-angels, and quarter-angels, crowns and half-crowns, nobles and double nobles. Some of her coins were the first which had milled edges, both of gold and silver. Besides shillings, sixpences, groats, and pence, Elizabeth coined a crown, for the use of the East India Company, called portcullis crowns, in imitation of the Spanish dollar. These were valued at four shillings and sixpence, and are now rare.
In Scotland the alloy of the silver at the mint was not so great as in England during this period; but the number of shillings coined out of one pound of silver was astonishingly increased. This kind of depreciation had been going on for two centuries before this period; but from 1475, when only 144 shillings were coined out of the pound of silver, the number was rapidly augmented every few years, till in 1601 no less than 720 shillings were coined out of it, or, in other words, the original value of one pound was made to pass for thirty-six pounds.
SHIPS, COMMERCE, COLONIES, AND MANUFACTURES.
In tracing the historical events of these reigns, we have had occasion to show the increasing strength of the Royal navy of England. Both in the reigns of Henry VIII. and of Elizabeth the sea fights were of a character and attended by results which marked out England as a maritime power growing ever more formidable. In the fourth year of his reign Henry drove the French fleet
Dress of the Commenalty in the time of Edward VI.
from the Channel with forty-two ships, Royal and others. He chastised the Scotch, who, under James V., had become daring at sea; and on various occasions during his reign he showed his superiority to the French and Spaniards.
But it was the victory of the Armada under Elizabeth, and the exploits of Drake, Essex, Raleigh, and others in the Spanish ports, and of Drake, Hawkins, and Frobisher in the Spanish settlements of America, that raised the fame of the British fleet to a pitch which it had never reached before. Yet, after all, the amount of Henry's fleet never was large. We are told, indeed, that at first he had only one ship of war, the Great Harry, till he took the Lion, a large Scottish ship, with its commander, the celebrated Andrew Barton; but probably this is meant of such size as to merit the name of man-of-war. Parsimonious as was Henry VII., and careful to avoid any collisions with foreign powers, we cannot suppose he left the kingdom totally destitute of a navy. But Henry VIII. was not contented with owning merely a mediocre fleet; he had an ambition of building large vessels; and in 1512 he built one of 1,000 tons, called the Regent. This was blown up in a battle with the French fleet off Brest, and instead of it he built another called Gráce de Dieu. The
