Status #14368

"A statute of 1266 decreed that the penny should weigh [...]

Plymouth, Plymouth
via The Full Circle Project
"A statute of 1266 decreed that the penny should weigh 'thirty two wheat corns in the midst of the ear,' and there are suggestions that this enactment simply made official an old tradition. A later statute of 1280 stated that the penny should weigh 24 grains, which by the schedule of weights official at that time was as much as the former 32 grains of wheat. thus the 24 grain pennyweight came into being and was continued into the 16th century, when troy weight began to be used in the Mint.

Early in the 12th century the penny was called a 'sterling', a designation that probably comes from 'sterroa', meaning 'star', because some of the early pennies were so imprinted. These coins gained a wide reputation of the continent for their consistent fineness, and the term of approbation, 'sterling silver', grew out of their ready acceptance and the respect accorded them. Ultimately, the designation became current for the pound sterling. But, this reputation of the English pound was built on the quality of the silver penny, rather than the other way around.'

Jastram, R.W; The Golden Constant; p10

So the value of money has long been recognized by its quality and weight of silver/gold, with its weight being tied to that of a staple primary product.

I have also heard that 'bank notes' came into fashion in the UK as a result of a forced confiscation of merchants gold by Charles 1st, by moving their gold into private storage the merchants then started exchanging paper notes as a way of protecting their gold from a megalomaniacal King.

Is it any wonder what has happened to the world's economy since the debasement of at least 750 years of the most basic financial and economic knowledge??

Personally speaking, i reckon the weight of new silver pennies should be tied to the weight of 'twelve nugs of high grade, from the midst of the bud', we'll all know where we feckin stand then!
[deleted user]
Nice, or should I say "kind"?
Thursday 14 July 2016, 15:48:51
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