ABSTRACT
In the century after Elizabeth I and Sir Thomas Gresham had engineered the restoration of the coinage following Henry VIII’s debasements, there were no formal changes in the weight standards of English coins. The country was preoccupied with politics and religion, rather than with money. Following the death of Elizabeth in 1603 James VI of Scotland became James I of England, making a single kingdom whose currencies were unified on the basis of the shilling Scottish equalling the penny English. This tells us something about previous monetary policy, but there is little to guide us about modern problems of monetary union. The actual ratio was about 13, and the convenient rounding gave a very small benefit to the smaller partner. The Civil War between Charles I and Parliament led to the reign of the Stuarts being interrupted by Cromwell’s ‘Commonwealth’ (1649-60).
