Money in Stewart & Tudor Times
The pound was still the unit of currency, but instead of pounds and pence, the Tudors had pounds, sovereigns, crowns, half-crowns, shillings, sixpences, groats and pennies. In the early middle ages, because the coinage was actually made of silver, coins minted anywhere in Europe were used as currency. English minted coins first appeared in the tenth century, and Scottish coins under King David I in Both countries used the same ratio of pennies to the pound, and the currencies were interchangeable.
Tudors carried out all of their transactions in coins, as at the time there was no form of paper money in existence at all. While the coins that were minted contained either gold or silver, the valuable metal was always mixed with one of a lesser value, as this made the valuable metals go further. The value of a specific what drugs do to your face was linked to the amount of either precious metal that they contained.
Pounds and pence are still in use in England today, however the shilling was retired in when the country introduced decimalisation. Unlike today where a ghe contains one hundred pennies, during the Tudor period there were pennies in every pound. The half penny, was literally half of a penny as prior to halfpenny coins being minted, a penny could be cut in half.
The same applied to the farthing which was a quarter of a penny. The way that money was written in England during the Tudor period used Latin and Roman symbols. There were twenty shillings to each pound. In total there were sixteen types of coins in circulation, many of cureency dropped out of use cuerency ago. It is doubtful if many of the population ever got to see a fine sovereign in their life time.
One thing that has not changed since the time of the Tudors, is the way that one job pays more than another. While the noble classes could expect to deal in angels, pounds and fine sovereigns, the poor working classes would have traded with pennies and smaller coins of the realm. Tudor Money Names Coins Shilling. All rights reserved.
Aug 30, · During the Tudor period a pound had pennies. A half penny was half a penny – you would cut the penny in half. And a farthing was a quarter of a penny. Do you ever see the abbreviation d in household account lists? The money and currency of that period were all in coins and, that too, only of gold and silver. There were no copper coins and certainly no paper notes. Even the pennies were either of silver or gold. The worth of a coin was the same as the value of the constituent metals. E arly multiples of coins in England were the groat (4d) and half groat (2d.), then, under Henry VII, the first shillings, or “testoons” were created in The leap from 4d as the largest coin to 12d value was probably too great, and the coins were not that popular, and were not reissued until , when Henry VIII reissued them at a considerably lower quantity of silver.
A few months ago I did an episode on credit in Tudor England, and the big shift that was happening out of Renaissance thought — credit is a deep manifestation in the belief that tomorrow will be better than today ie, lend me money so I can start a bakery, which will succeed, and I can pay you back in a year or two.
If you want more on that, you can listen to the episode here , or read the transcript. But what about other money? What would that buy you? Food today is much cheaper than it was even just a few generations ago, for example. Cloth was also much more expensive.
Could you afford to survive? Live well? You could buy 3, days of skilled labor with that, for example. Or cows, or 70 horses. All coins had either gold or silver in them, but the amount differed making the coins more or less valuable depending on how much they were mixed with other metals.
England still uses pounds and pence, but the shilling ended in During the Tudor period a pound had pennies. A half penny was half a penny — you would cut the penny in half. And a farthing was a quarter of a penny. Do you ever see the abbreviation d in household account lists? It stands for the Roman name denarius, which was the silver coin of Rome, and it represented a penny.
So something that was 13d was 13 pennies. Shillings were expressed with an s which came from sestertius, another Roman coin. There were twenty shillings to each pound and remember, pennies to a pound, so 12 pennies in a shilling. Skilled workmen could earn 6d a day. It cost 12d to hire a horse for the day and 4d for a dozen eggs. So for that 6d a skilled workman earned he could buy a dozen eggs and a pound of cheese with half a penny left over. People used to cheat the system by chopping off tiny amounts around the edges — notice how today coins have a texture at the edge?
Home England Tudor Money. Want more Tudor in your life? Sign up free at TudorLearningCircle. Heather Teysko is the creator, writer, and producer of The Renaissance English History Podcast , one of the longest running indie history podcasts, going since She's been writing about history online for over 20 years, since her first site on Colonial American history became number one in history on Yahoo in She writes books , created the original Tudor Planner a yearly diary filled with Tudor history runs the popular Tudor Fair online shop , and in created the world's first Tudorcon.
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