Despite fluctuations in the exchange rate since 1603, and a 1697 proclamation setting the ratio at 13 : 1, a 12 : 1 ratio was applied to the recoinage, although compensation was paid.
22.
During the Great Recoinage of 1816, the mint was instructed to coin one troy pound ( weighing 5760 grains ) of standard ( 0.925 fine ) silver into 66 shillings, or its equivalent in other denominations.
23.
He also advocated the use of Recoinage of that year, in which the Royal Mint recalled large quantities of silver coins, melted them down and reminted them, resulting in a temporary fall in the supply of money.
24.
Under Mizuno's leadership, the reforms brought about the following : " Moral reform, the encouragement of frugality and retrenchment, recoinage, forced loans from wealthy merchant houses, and the cancellation of samurai debts ".
25.
The "'Great Recoinage of 1816 "'was an attempt by the British Government to re-stabilise the currency of Great Britain following economic difficulties precipitated by the French Revolutionary Wars and the Napoleonic Wars.
26.
The recoinage of silver in England after a long drought produced a burst of coins : the mint struck nearly 40 million shillings between 1816 and 1820, 17 million half-crowns and 1.3 million silver crowns.
27.
The obverse of this medal was designed by Benedetto Pistrucci, who also created the Saint George and the Dragon design which was used on the British gold sovereigns and crowns that first appeared during the Great Recoinage of 1816.
28.
Montagu, after being appointed Chancellor of the Exchequer in 1694 finally put this right; he had previously consulted Newton upon the subject of the recoinage, and took the opportunity to appoint Newton to the post of warden of the Royal Mint in 1696.
29.
Minting ceased in Scotland in 1709 when the Edinburgh Mint produced its last batch of coins at the end of the 1707 1710 Scottish recoinage, although it retained its permanent officials ( though not other staff ) for a further hundred years, until 1814.
30.
The fifth in my series on the Great Recoinage of US coins between 1907 1921 depicts how warped the artistic sense of Americans can be, who in the case of the so-called Mercury dime mistook the female goddess of Liberty for the male god Mercury.
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