The 1696 Recoinage

Historical Context Essay

Richard Kleer (University of Regina)

The Literary Encyclopedia. Volume 1.2.1.05: English Writing and Culture from the Glorious Revolution to the French Revolution, 1689-1789.
Vol. editors: Paul Baines (University of Liverpool), Daniel Cook (University of Dundee), Pat Rogers (University of South Florida), Nicholas Seager (University of Keele)

Domains

Currency

Dates

Date of occurrence 1696-04-27-1699

Places

United Kingdom (Location)

Resources

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Before the 1660s all English coin was produced by hand; contemporaries called it “hammered” money. It wasn’t uncommon for “clippers” to scrape away small amounts of precious metal from the edges, pass the coin back into circulation, and pocket the illicit proceeds. In 1662, in a bid to halt clipping, the Mint introduced mechanized production; “milled” coins bore a serrated edge that made it easy to detect when a coin had been clipped. But many older hammered silver coins remained in circulation, and upon these clippers went on plying their trade. Hammered coins naturally shrank over time, but so gradually that they continued circulating at normal face values. Clipping quickened with the onset of the Nine Years War (1689-97); by 1695 hammered coin had dwindled to a mere 50%…

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581 words

Citation: Kleer, Richard. "The 1696 Recoinage". The Literary Encyclopedia. First published 14 October 2003 [https://www.litencyc.com/php/stopics.php?rec=true&UID=1304, accessed 04 May 2024.]

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