Welcome to Old Coin Exchange
Collect, swap and share about our passion: numismatics.
Register for your free account   Sign in to your free account
 
The English penny first appeared in Anglo-Saxon ti
Coin Collecting News

1914 - 2014 100th anniversary of Wo  ....
1914 - 2014 During July 2014 The Royal Mint were selling 1914 sovereigns on their website to tie in with the 100th anniversary of World War One for £350.

1937 Gold Sovereigns - Edward VII 1  ....
1937 Gold Sovereigns - Edward VII 1937

1975 Full Sovereign British Gold Co  ....
1975 Full Sovereign British Gold Coin Uncirculated Decimal Head

Three new British coins  ....
New coins released include a 50p to commemorate Battle of Britain and a £2 to mark First World War centenaryThird coin is £2 marking 800th anniversary of Magna Carta showing King John accepting historic treaty in 1215

1925 Gold Sovereigns - Edward VII 1  ....
1925 Gold Sovereigns - Edward VII 1925

gold coin from reign of King George  ....
Rare £5 gold coin from reign of King George III expected to fetch £250,000 at auction

€3.5m cost of minting copper coins  ....
€3.5m cost of minting copper coins makes no cents


The English penny first appeared in Anglo-Saxon times, as a silver coin. It was derived from another silver coin, the sceat, of 20 troy grains weight, which was in general circulation in Europe during the Middle Ages

The weight of the first English penny was fixed at 22.5 troy grains (about 1.46 grams) by Offa of Mercia, an 8th century contemporary of Charlemagne.

The coin’s designated value, however, was that of 24 troy grains of silver (one pennyweight, or about 1.56 grams), with the difference being a premium attached by virtue of the minting into coins.

Thus 240 pennyweights made one troy pound of silver in weight, and the monetary value of 240 pennies also became known as a “pound”. (240 actual pennies, however, weighed only 5400 troy grains, known as tower pound, a unit used only by mints. The tower pound was abolished in the 16th century.) The silver penny remained the primary unit of coinage for about 500 years.

The purity of 92.5% silver (i.e., sterling silver) was instituted by Henry II in 1158 with the “Tealby Penny” — a hammered coin.

Over the years, the penny was gradually debased until by the 16th century it contained about a third the silver content of a proper troy 24 grain pennyweight.

By 1915, a penny was worth around 1/6 what it had been worth during the Middle Ages. British government sources suggest that prices have risen over 61-fold since 1914, so a mediaeval sterling silver penny might have had purchasing power equivalent to £4.50 today, and a farthing (a quarter penny) would have the value of slightly more than today’s pound (about £1.125).

 
.Cookie Policy