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British Monetary Standard

In: Essays in Economic History

Author

Listed:
  • Lawrence H. Officer

    (University of Illinois at Chicago)

Abstract

The pound-shilling-pence unit of account began early in British history. Unlike the American experience of delayed coining, minting of coin existed since Roman times. The silver penny was the foundational coin for a long time, though the penny steadily declined in size. Gold coins were first issued in 1257, with the guinea and sovereign entering circulation in 1663 and 1817. Formal bimetallism was disturbed in 1774, and ended in 1816—in favor of the gold standard, but ironically during the paper standard of the Bank Restriction Period. Interestingly, Britain had effective bimetallism for a few years at the turn of the 18th century. The second (and final) paper standard began in 1914, though there was a spin-off into gold internationally (but not domestically) 1925–1931.

Suggested Citation

  • Lawrence H. Officer, 2022. "British Monetary Standard," Springer Books, in: Essays in Economic History, chapter 0, pages 341-357, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-95925-8_18
    DOI: 10.1007/978-3-030-95925-8_18
    as

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