Recoinage Act passed Flashcards
Recoinage Act passed:
Summary
Silver coins that had been produced during the reign of Charles II had been regularly clipped on their edges or forged. This meant that their real value in England declined.
However, the value of the silver was higher on the continent, leading to increasing numbers of coins being melted down and shipped abroad.
Parliament requested that old coins be surrendered and weighed in order to ascertain their true value, and new coins were struck at a number of mints around the country.
Recoinage Act passed:
Significance
Was promising at first, with the value of the new coins being maintained for a time, and much confidence was restored to the economy. However, within two years the silver was again worth more than it was in coin.
