Exchange Rate Between Pennies and Shillings During Medieval Times
The term 'penny' is often used as the singular, with 'pennies' as the plural when referring to the actual coins. However, the plural 'pence' is used when discussing the value of the coins as a unit of account. This distinction is crucial in understanding the monetary system of medieval times, especially concerning the exchange rates between pennies and shillings.
Understanding Medieval Currency: Pennies and Shillings
In the medieval period, the value of shillings remained consistent as the twentieth part of the pound or the equivalent of twelve pence. Nonetheless, there was never a coin specifically denominated in shillings until the 15th century. The largest silver coin available during medieval times was the groat, valued at four pence. It wasn't until the reign of King Henry VII that a silver testoon with a value of one shilling was first minted.
The transition from groat to testoon to shilling reflects the economic dynamics of the period. The groat became the largest unit of silver currency, while the testoon filled a gap in the monetary system for those needing a coin of greater value. With the introduction of the testoon, the name 'testoon' was used, but it quickly shifted to 'shilling' in later reigns starting from Edward VI.
Gold Coinage and Its Value
Medieval gold coinage had its own hierarchy and values. Early attempts at gold coinage included the gold mancus of King Henry III, which had a nominal value of 20 pence but a gold content value of 24 pence, making it susceptible to melting for a profit. The Leopards, introduced by Edward III, became the standard gold coins with the Noble valued at 6 shillings and 8 pence, the Half Noble at 3 shillings and 4 pence, and the Quarter Noble at 1 shilling and 8 pence. These values closely matched the earlier mancus but with the correct gold content.
As the Noble was re-valued to 8 shillings and 4 pence, there was a public outcry due to the significant change, as 6 shillings and 8 pence, a third of a pound, was a common lawyer's fee for one day in court. This structural shift necessitated the introduction of the Angel, Half Angel, and Quarter Angel with corresponding values, leading the Noble to fall out of use. The sovereign, introduced by King Henry VII, holding a value of 20 shillings or one pound, further solidified the existence of the shilling as a standardized coinage unit.
Economic Adjustment and Exchange Rate Fluctuations
Under King Henry VIII, the silver content of the coinage was debased in 1544, but the gold coinage remained unaffected. As a result, the value of all silver coins increased by 50%, necessitating a reevaluation of the monetary system. The sovereign's value rose to 30 shillings, the angel to 10 shillings, the half angel to 5 shillings, and the quarter angel to 2 shillings and sixpence. This event marked a significant shift in the exchange rates and highlighted the flexibility of medieval currency systems to adapt to economic pressures.
The historical evolution of the exchange rate between pennies and shillings offers a unique insight into the monetary systems of medieval times, reflecting both the c?stoms and the economic adaptations of the era. By understanding these changes, we can gain a deeper appreciation for the complexity and dynamism of medieval economic practices.