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Coinage Act 1816

The Coinage Act 1816 (56 Geo. III c.68), also known as Liverpool's Act,[1] defined the value of the pound sterling relative to gold but of an unchanged monetary standard for gold. One troy pound of standard (22-carat) gold was defined as equivalent to £46 14s 6d.,[2] i.e. 44½ guineas, the guinea having been fixed in December 1717 at £1 1s exactly. According to its preamble, the purposes of the Act were to:

  • prohibit the use of silver coins (which would now be of reduced weight, 66 shillings rather than 62 shillings per troy pound), for transactions larger than 40s
  • establish a single gold standard for transactions of all sizes.[3]

See also

References

  1. ^ Sargent, Thomas J., The Big Problem of Small Change, 2002, published by Princeton University Press, p.303
  2. ^ Lisle, George, Accounting in Theory and Practice, 1906, republished by Read Books 2008 (ISBN 1409771288, ISBN 978-1-4097-7128-9), p.277 "British Currency: Gold" (Google Books)
  3. ^ Scott, William Amasa, Money And Banking, XV.2: "Currency Reform in England and the Act of 1816", Henry Holt And Company, 1903 (chestofbooks.com)

External links

  • The Royal Mint - official website
  • The Royal Mint - official blog


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