COIN. ""Twas mine, 'tis his, and has been slave to thousands." At the conquest, the little coined silver that we had, bore the same countenance with that which had been current in the days of our Saxon kings; for the Conqueror's penny is of the same size as them, presenting his head full-faced, a cross in his right hand, and a sceptre in his left, inscribed Willem Rex Anglo. On the reverse, an arms fleireè, with four sceptres quarterly, the inscription Jesthn on Herefor. Stowe says, the conqueror, as he appeared on his coins, wanted a beard, and quotes William of Malmesbury to prove, that the Normans never wore any; he also mentions, that some of the conqueror's coins had Le Rey Wilam inscribed on them, though all that are now attributed to him, have either the simple style of Rex, or with the addition of An or Angolo. It is presumed, that the coinage of money in this fashion, was one of the improvements which the Norman court received from our Edward the Confessor, who by their own writers, is acknowledged to have taught them a great many English customs. All great sums were paid at this time by weight; thus, the monks of Ely, paid the king 700 marks; and Edgar Atheling's allowance was a pound of silver daily (1074). The purveyances were even changed into money, and the sheriff collected them in the following proportions. Instead of Bread for 100 men, one shilling. One pasture-fed ox, one shilling. Provender for 20 horses, four pence. But when these little contributions were thus gathered, the collectors still paid the gross sums into the exchequer by weight. Origin of Gold Coin in England. The first gold that was coined in England, was in the reign of Edward III., who in the year 1320, caused several pieces to be coined, called Florences, because they were coined by Florentines. Afterwards he coined Nobles, then Rose Nobles, current at 6s. 8d., Half Nobles at 3s. 4d, called Halfpennies of Gold; and Quarter Nobles at 1s. 8d., called Farthings of Gold. Guineas were first coined in the reign of Charles II., and were thus named, because the gold was brought from Guinea. Shillings were first coined in England, in the reign of Henry VII. in the year 1501. Crowns and Half Crowns in 1552. The first legal copper coin was made in the reign of James I., in the year 1609, prior to which, private leaden tokens were in general circulation. Penny Pieces, and Two Penny, of copper, were first coined in England, 1794. Coins of Edward VI. The term sovereign, as applied to a piece of money, is not new in the history of our coinage; for so far back as the reign of Edward VI., who brought the gold used at the Mint to its original purity, which has been greatly debased by his predecessor, there were both sovereigns and half-sovereigns. The following is the description of the current money of that reign. King Edward's Silver Crown-piece, coined at York. It had the king's figure, at full-length, on horseback, in full-armour, crowned, and holding a drawn sword at his heart. The horse is adorned with large embroidered trappings, with a plume of feathers on the head, and the date under him. The Mint mark is y, and it is circumscribed with these words:-EDWARD VI. D. G. AGL., FRA. Z. HIBR. REX. The reverse like that of the shilling. The Sovereign, struck in the sixth year of his reign, had the profile figure of his majesty in armour, crowned, holding a drawn sword in his right hand, and the orb in the left. The Mint marked a tun over the royal head, circumscribed with these words:-EDWARD VI. E. G, AGL. FRAN. Z. HIB. REX. The reverse had the arms crowned, and the like supporters as his father, with E. R. on the pedestal, and the following motto:-JHS, AVTEM, TRANSIENS PER, MEDIUM, ILLORY, IBAT. The base Shilling of Edward V1., coined at York. The Mint mark y, the head in profile, crowned with the legend, EDWARD VI. D. G. AGL. FRA. Z. HIB. REX. On the reverse, TIMOR, DOMINI, FONS VITE, M. D. XLIX. The Half-Sovereign, coined in his third year. It has the king's bust in armour, bareheaded, circumscribed SCUTUM FIDEI PROTEGIT EUM-a rose between each word, and a rose the Mint mark. On the reverse the arms in a shield, crowned, between the initial letters E. R. with the title circumscribed as above. The fine Shilling of Edward VI. It bore the king's bust, fullfaced, crowned, and in his parliamentary robes, with a chain of the order. On one side of the head is a large double rose, and on the other the figures XII, denoting the value, with the title, as above, in old English characters. The Mint mark y, N. B. This is the first English coin on which we see the Collar of the Order of the Garter. The Sixpence of his third year, of the York Mint. The Mint mark y. On the obverse is the king's bust, in armour, crowned, and labelled with the regal title. On the reverse are the royal arms, in an oval shield, garnished and crowned, with the motto, SCUTUM, FIDEI, PROTEGIT, EUM. The Noble was also in use in this reign, as an appropriate attendant on the Sovereign. ITALIAN METHOD OF BOOK-KEEPING, Was first published in England in the year 1566. YARD MEASURE, Was first fixed by Henry the First's arm, in the year 1101. INTEREST OF MONEY, Was 2d. per week for 20s. in 1260; 45 per cent. 1307; the first law in England for establishing interest of money at 10 per cent. was in 1546. The pious subjects of Edward VI. repealed this law as unlawful and most impious; but it was restored in queen Elizabeth's time. In those days the monarchs could not borrow without the collateral security of the metropolis. Interest was reduced from 10 to 8 per cent., 1624; reduced by the rump parliament to 6 per cent., and confirmed at the Restoration; to 5 per cent., 1714; from 4 to 3 per cent., 1750. Interest of the National Debt reduced, 1749, 1823. VALUE OF LABOUR AND MONEY IN EARLY TIMES. In the year 1352, in the 25th of Edward III., wages paid to haymakers, was 1d. per day; a mower of meadows, 3d. or 5d. an acre ; reapers of corn, first week in August 2d., in the second 3d. per day, and so on till the end of August, without meat, drink, or other allowance, finding their own tools. For thrashing a quarter of wheat or rye, 24d.; a quarter of barley, beans, peas, or oats, lid. A master carpenter, 3d. a day; other masons 3d., and servants, lid. Tilers 3d., and their knaves* 14d. Thatchers, 3d. per day, and their knaves, lid. Plasterers, and other workers of mud walls, and their knaves in like manner, without meat or drink, and this from Easter till Michaelmas; and from that time less, according to the direction of the justices. About the year 900, king Alfred left to each of his daughters, 1001. in money. In 1221, Joan, eldest daughter to king John, upon her marriage with Alexander, king of Scotland, had a dowry of 10002. In 1278, Edward I. gave his daughter Joan, contracted to the son of the king of the Romans, 10,000 marks sterling, and this to be returned in case the prince died before her. In 1314, Elizabeth, wife of Robert Bruce, king of Scotland, being imprisoned in England, was allowed for herself and family 20s. per week. In 1330, Joan of Oxford, nurse to the Black Prince, had a pension of 101. per annum; and Maud Plumpton, a rocker, had 10 marks. In 1402, the salary of the Lord Chief Justice of the King's Bench, was 401. In 1408, the Lord Chief Justice of the Common Pleas. had 55 marks per annum. In 1545, the former had an addition of 301. to his salary, and the other justices of 201. BOARD WAGES. Board Wages first commenced in England with king Charles I., servants, in 1629. INSURANCE OF SHIPS, &c. Insurance on ships and merchandize, Suetonius conjectures, was contrived by Claudius in 43. Insurance on shipping began in England, in 1560. Insurance offices in London, 1696. RENT Was first made payable in money, instead of kind, in 1136. FIGURES IN ARITHMETIC Were introduced into Europe from Arabia, 991, and into England in 1253. ALGEBRA Was first introduced into Europe, in 1300, and became in general use in 1590. Numerical algebra was invented in 950, and first known in Europe, in 1494; letters were first used in algebra, in 1590. LAC OF RUPEES. A Rupee is an Indian coin of silver, of 2s. 3d. and 2s. 6d., and a lac signifies nothing more than a certain amount, say about 12,5001. sterling. DIAMONDS. Diamonds were first cut and polished at Bruges, in 1489. Dia • See Epithets. mond mines discovered at Golconda, 1584; at Coulour, 1640; and at Brazil in 1730. The weight of diamonds is estimated in carats, 150 of which are equal to one ounce Troy. The average price of rough diamonds is about 21. per carat. According to this scale, a wrought diamond, three carats, is worth 721., and one of 100 carats, 80,000l. The largest diamond probably ever heard of, is one mentioned by Tavernier, who saw it in the possession of the Great Mogul. It was about as big as a hen's egg, and weighed 900 carats in the rough. The largest diamond ever brought to Europe, is one now in the possession of the sovereign of Russia. It weighs 195 carats, and was long employed as the eye of a Braminical idol. A French soldier discovered the value of the gem, and changed his religion, worshipping at the altar of the god, that he might deprive him of his splendid eye. At length he succeeded in substituting a piece of glass for the diamond, and again became a good Christian! After passing through several hands, the empress Catherine at length fixed it in the possession of the Russian crown, giving for it 90,000 and a perpetual annuity of 1000l. It is cut in the rose form, and is the size of a pigeon's egg. One of the most beautiful is the Pitt Diamond, which is a brilliant, and weighs rather more than 136 carats. It was brought from India by a gentleman of the name of Pitt, and purchased by the duke of Orleans, who placed it in the Crown of France, where it still remains. The celebrated Pigot Diamond is in the possession of Rundell and Co. STERLING. Origin of the term as applied to money. In the time of Richard J. money coined in the East part of Germany, came in special request in England, on account of its purity, and was called Easterling Money, as all the inhabitants of those parts were called Easterlings; and soon after some of these people, skilled in coining, were sent for to London, to bring the coin to perfection, which was soon called Sterling, from Easterling. King Edward I. established a certain standard for the silver coin of England; but no gold was coined until the reign of Edward III., who in the year 1320, caused several pieces to be coined, called Florences, because they were coined by Florentines. Afterwards he coined Nobles, then Rose Nobles, current at 6s. 8d., Half Nobles at 38. 4d, called Halfpennies of Gold; and Quarters at 1s. 8d., called Farthings of gold. The succeeding kings coined Rose Nobles, and Double Rose Nobles, Great Sovereigns, and Half Henry Nobles, Angels, and Shillings. James I. coined Unites, Double Crowns, and Brittania Coins, Shillings, and Sixpences. Charles 11. converted most of the ancient gold coins into guineas. INTERNAL NAVIGATION IN ENGLAND. It was so late as the year 1720, when inland navigation commenced in England, by the deepening of the rivers Mersey and Irwell. The carrying trade between Manchester and Liverpool, was then performed principally by gangs of pack-horses. The owners of these horses, of course, alledged, that their rights would be invaded, and their profits diminished, by the new navigation; though whether they presented petitions to parliament, complaining of the infringement, and praying that the proprietors might not be allowed to proceed (continues the Leeds Mercury), is more than we can say; but supposing this had been done, and that parliament in its wisdom had determined to protect the vested interests of these ancient carriers from invasion; and allowing further, that the intercourse between Manchester and Liverpool had continued to increase, till it had attained its present magnitude of 1000 tons a day, the consequence would have been, that the inhabitants of Lancashire, would have had to maintain upon the road alone, Forty Thousand Pack-horses, which would, when in marching order, have formed a continuous line, in close array, of upwards of Eighty miles. The above may be taken, as pretty good reply to those, who are continually exclaiming against innovation, and those every-day improvements, which we are told will ultimately deprive the labourer of his bread, by superceding the necessity of manual employment. Such reasoners ought to remain in a state of mere vegetation, as being unworthy of the social and political system of the universe. PAWNBROKERS' BALLS. The three balls, as a Pawnbroker's Sign, dates its origin from the Lombards, the great money-lenders, who came from Lombardy and settled here. The sign they made use of, was the Three Golden Balls, which the pawnbrokers use to this day, and who date their origin from the Lombards, or first money-lenders, known in England. It has been wittily remarked, that the Three Balls intimate, that it is two to one against your redeeming what you pledge! ORIGIN AND PROGRESS OF THE BANKING SYSTEM. The Trapizata of the Greeks, and Argentarii or Nummularii of the Romans, were persons who lent money upon usury, kept the accounts of other usurers, and exchanged worn for new money, for a profit, but did not deal in cheques, drafts, &c. Beckman, however, says, that they did pay money by a bill, which process was termed præscribere and rescribere, and the assignment or draft attributia, and dealt besides in exchanges and discounts. Philip the Fair, in 1304, ordered a bank to be held upon the great bridge of Paris; and they had booths and tables before church doors, &c. called mensa combiatorum, (our Scriptural Tables of the Money Changers) stands at fairs for changing money, &c. They were obliged to give security in property, and were formed into guilds.* We had a set of them called Caursini, from the family Caursini, at Florence, it being agreed, that however divided, they should take the name of that family, penes quam summa mercatura erat. All the Italian merchants who practised usury, were called Lombards; hence our Lombard Street.† The draft of one banker upon another, and the cheque, occur in Rymer. The deposit of money to be let out at interest, is a practice of the Roman Argentarii, who exercised their trade in the Forum, under the inspection of the town magistrate; and when they ceased to show themselves, their bankruptcy was declared by these words, foro cessit.-Fosbroke's Encyclopædia. Such is the ancient history of bankers; with regard to modern times, Pennant says, regular banking by private people, resulted in * See article on Guild. + See article on Lombard Street. |