January 25^th 2002.

Next club meeting Monday 4^th February 2002.

• This will be the Numismatic Brains Trust by Alistair McKay.

Meetings are held at the Abbey Baptist Church, Abbey Square, commencing at 7.00 p.m.

January meeting.

The meeting was devoted to the club auction. There were 240 lots on offer covering a wide range of material, including coins, banknotes and medallions. All but 29 lots sold realising £683. With donated material and commisions, the club funds benefited to the tune of £186.

Our grateful thanks go to Frank who was the auctioneer and to other members who assisted in making the evening go smoothly and yourselves for attending.

Twenty three members members and three guests attended. The member's display was by Michael, being the new Euro notes and some of the starter kits.

Puzzle

Future Events.

London Coin Fair. Saturday 9^rd February. Holiday Inn, Coram Fields London WC1.

Birmingham Coin Fair at the National Motorbike Museum, Birmingham Fair. Sunday 10^th February.

Davidson Monk Coin Fair. Saturday 16^th February. Commonwealth Institute. Kensington. London W8.

Past Events

30 years ago, Andre DeClermont delivered a talk entitled 'The Coinage of the Napoleonic Family'

20 years ago, the club held a mini coin fair for members to buy and sell numismatic items

10 years ago, the club social skittles evening was held at the Red Lion Theale

Numismatic Interlude

Ever since Henry VIII split with Rome the faith in England has been predominately Church of England. However, followers of the Roman Catholic faith have periodically made efforts to reintroduce Catholicism. In fact Mary, by virtue of being married to Phillip of Spain, did mandate Catholicism, and is remembered for her 'bloody' enforcement. Her successor (Elizabeth 1st) was initially somewhat open minded over imposing religious beliefs, but Catholic plots put down early in her reign ensured England remained staunchly C of E. And so it was for the next 120 years. Upon the death of the 'Merry Monarch' (Charles II) his brother James II succeeded to the throne. During the Commonwealth James was exiled in France where Catholicism was the principal faith. Under the strong influence of his mother James embraced the Catholic faith, which upon becoming king, he tried to force on the English people. This did not go down at all well and some influential magnates who eventually invited the proclaimed Protestant prince of Europe, 'William of Orange', to deliver England from the 'perpetuation of evil'. Duly William landed in Torbay in 1688 with the expectation of doing battle with James. However, James army deserted him and he was forced to flee to Ireland. Once there he set about raising an army but he had a problem - he had no money (or wealth that could be converted into money). Thus was born Gun Money. These look alike coins, minted primarily in denominations of 2/6, 1/-, 6d and made from melted cannon, were in fact pledges. The concept was that after James had won back his crown he would have lots of money and the Gun Money pledges could be redeemed for coin of the realm. This idea of 'promise to pay later' in times of strife seems such a good idea I have often wondered if it had been tried before. Last year I found the answer.

While on holiday in Cyprus last year I visited the wonderful collection of Cypriot coins on display in the Bank of Cyprus. One particular copper piece, nominally valued at 1 silver Bezant and issued in Famagusta in 1570, caught my eye. The obverse has the winged lion of St Mark and the reverse is a pledge guaranteeing the inviolable faith of Venice for redemption. This promise to pay later piece therefore predates the Gun Money by some 118 years. However, as with James the outcome was not successful. For much of the 16th century the Venetians ruled Cyprus. In 1570 Ottoman forces invaded and besieged several cities, one being Famagusta. During the siege the Venetian commander needed money and so he established a small mint to make copper 'coins of credit' that could be redeemed for silver after the war. When Famagusta finally fell in August 1571 the Ottoman commander was so enraged that such a small number of defenders had inflicted such heavy losses on his army that he put the town to the sword.

Hence it seems the use of base metal Gun Money pledges was not an original idea. However, the Gun money did have one unique feature. It was realised by some bright spark that even when James won it would take time to accumulate wealth, and if everybody cashed in the pledges at the same time they would be unable to meet demand. Therefore, not only was Gun Money year dated, it also carried the month of issue. The idea was then that redemption would take place in phased periods according to the year and month. Thus the rate of redemption would be controlled.

Thus my belief that Gun Money is special still holds true.