Next club meeting Monday 7th September 2015.

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

 

July Meeting

Thirty two members attended the July meeting to hear Jonathon De Hadleigh talk on ‘The State of Coins at the End of the Middle Ages’. When not talking about coins and related matters, Jonathon explained that his ‘day job’ is as a comedian – so we knew we were in for an amusing talk!

Amongst the sources that Jonathon used for the talk was the list of             proclamations about coins which he had recently read about in the Annals of the Coinage from 1840.  Jonathon then pointed out that the Middle Ages ran from about 1100 to 1500AD, broken down into two eras, pre-Plague and post-Plague, the Plague being in 1348. Pre-plague the coinage was based on the penny. These coins often had bits cut off them, referred to as ‘snicking’ and a bag of these bits turned up recently. This practice was clearly illegal despite claims to the contrary that the ‘snipped’ coins were only used as bullion – they were not – weights purported to be available for this purpose were actually used in the great recoinage of 1696. In the days of the ‘cross’ pennies, the rule was that if three of the ends of the cross were present, then the coin could pass, though two ends would often circulate.

These days the other question people ask is “what’s it worth?” a question often linked to condition. For hammered coins Jonathon pointed out that a truly uncirculated, well struck, full round coin is worth a lot of money, but numismatically it is less interesting because it has no tale to tell. Coins that are worn and clipped have a more interesting story to tell. Collectors place a great deal of value on a ‘full round strike’ even if the portrait is weak.

Pre-plague the mint struck pennies at 22 ½ grains. During the Middle Ages the prices of items remained static whereas the weight of the coins diminished, unlike Continental countries where prices escalated with inflation. When the Plague came along, there were fewer people working and consequently wages increased fourfold from 1d to 4d a day. By 1351, gold coins started to circulate. Ordinary people used silver and occasionally gold, merchants used gold and occasionally silver and noblemen had both. Farthings were always in short supply, partly because noblemen would exchange gold for farthings and then end up with large hordes of them (up to £1000) which never reached circulation. In 1388 the Lord Mayor of London gave his plate to be made into farthings, to help alleviate the supply in the Capital. A gold noble in 1351 was 120 grains, a groat is 72 grains and both of these coins are readily available today, since so many were struck. In 1412 the noble was reduced to 108 and the groat to 60 grains, so ‘old’ nobles were worth 7/4d and ‘old’ groats 5d. The first thing that happened was that the Government put out brass weights. The legal limit for nobles was 97 grains and this was almost a licence to clip the coins but anyone found guilty of doing so was liable to end up being hung, drawn and quartered. Groats from this period come in at 58-59 grains, which means that part of the legend is missing, usually clipped all the way around. Pennies and halfpennies suffered the same fate. Although base metal was used for small change because of the scarcity of farthings, there existed a basically bimetallic system, gold and silver. This reduction in the weight of the coins was the way that inflation was worked out at this time, rather than rising prices as we do now. In 1464 the weight is reduced again, the groat to 48 grains, penny etc in correspondence but gold was not altered and hence the noble was now worth 8/4d. 1465 saw the introduction of the Rose noble, 120 grains and valued at 10/- and an angel of 80 grains worth 6/8d. At this time the old gold coins were only marginally clipped. From the 1460s onward the Wars of the Roses started and clipping increased so that by the time Henry VII came to the Throne the coinage was in a very bad state. In Ireland the problem was even worse, Scotland likewise. However, unlike the Continent, we did not debase the silver. Henry VII tried to sort out the problem by replacing the old coinage.

Incidentally, the interchangeable terms Middle Ages and Mediaeval to describe the period are due to the names used at Oxbridge, Oxford uses Middle Ages, Cambridge Mediaeval period.

 

A question and answer session followed and Jonathon answered various questions about Henry VIIIs tactics in debasing the coinage, how coins were clipped (small shears were used), the value of part of the Thames Conservatory sold to the City of London (1500 Marks, about £7,000,000 in today’s money - very cheap at the price) the origin of the term ‘push comes to shove’ (a game called shove-groat shilling) the origin of the window tax (to cover the cost of the recoinage) and dates when we finally paid back the loans for World War I and II.

 

 

Summer Social

This year’s summer social harked back to times past with a garden party hosted by Peter. In the 1990’s the garden party was the usual summer social and so this years was the first for many years.

In glorious sunshine 22 members, wives and friends enjoyed an afternoon of convivial chat catching up on all the news and holiday adventures, and of course some talk about coins. Several attendees bought along some coins to show, and by sheer coincidence forgery was a main theme as 3 persons bought along such items. There were forged octagonal & oval countermarked 8 Reales, but the real eye opener were 4 trays of bewildering forgeries from ancient to modern in all sorts of metals, including gold.

 

The host showed several trays of common Roman coins and someone else had some very unusual Asian pieces including a rare ancient slab of silver and an array of Roman and early Asian coins he wanted identified. A reminder that we all started somewhere was the pride & joy modern proof set bought along by a member’s young daughter. And while all this was going on high tea was delivered for which we all have to thank Georgina.

Overall a very enjoyable afternoon for which our thanks go to Peter & Georgina.

 

Subscriptions

Be reminded that subscriptions are now due. It would be most appreciated if members yet to renew their subscription would please do so at the next meeting. Please see our treasurer Peter. Membership cards are now available for  paid-up members.

 

Future Events

Past Events

·         Ten years ago the talk was on “The Life & coins of the Emperor Aurelian” by John White

Club Secretary.