Fine Sovereigns and Pound

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By Queen Mary's reign (1553-4), gold coins were once more struck to the 23¾ carat standard. The newly issued 'Fine Sovereigns' struck to this standard, were valued at 30 shillings.

Gold Crown
Tower Mint, London, Hammer struck
Queen Elizabeth I (1558-1603)

In 1592, under the reign of Elizabeth I, a 22 carat (91.6%) gold 'Pound' coin with a value of 20 shillings was introduced alongside the 30 shilling 'Fine Sovereign'. By 1603-4 in the reign of James I, this confusing state of affairs had been rationalised (in the short-term) by the issue of a smaller and lighter 22 carat gold sovereign coin valued, once more, at 20 shillings. This was to be the last sovereign issued for over two centuries!

The Unite, the Laurel and the Broad

In 1604, the weight of the gold sovereign/pound was again reduced and the new coin became known as the 'Unite'. In 1612, the 'unite' was revalued to 22 shillings. A yet again smaller 20 shilling gold coin - the 'Laurel' was introduced in 1619 but survived only until 1625 when the 'unite' was devalued to it's original value of 20 shillings.

The 'unite' survived the civil war and execution of Charles I in 1649 and continued to be minted during Oliver Cromwell's 'Commonwealth'. Another, smaller 20 shilling gold coin known as the 'broad' was issued in 1656. After the 'Restoration' of Charles II to the crown in 1660, unites were hammered for another two years.

Gold from Guinea

In 1662, two major initiatives were introduced. Firstly, hand hammering of coins was abandoned in favour of manufacture by the Roettiers improved mill and screw presses. Secondly, new 20 shilling coins were minted with gold imported by the Africa Company from Guinea - hence the name of the new coin - the 'guinea'. 50 shilling (5 guinea) and 10 shilling (Half Guinea) coins were also introduced. All coins were minted at the 22 carat (91.6%) gold standard.

1691 William and Mary Guinea

The guinea was revalued to 21s 6d at the commencement of the reign of William and Mary (1688-1694) and by the end of their reign had reached 30 shillings. The fluctuating value finally settled again at 21s 6d by 1698 and remained at this value for the balance of William III's reign (1694-1702) and throughout Anne's reign (1702-14), the latter period significant for the Act of Union of 1707 which effected the unification of the ancient kingdoms of England and Scotland into a single realm and resulted in changes to the royal arms appearing on all coins.

During the first of the Hanoverian kings, George I's, reign (1714-27) more changes occurred to the royal arms. The guinea was re-valued for the final time to 21 shillings in 1717 and remained at this value for 96 years. A short-lived issue of quarter-guinea coins was made in 1718 and in 1733, all hammered gold coins were officially withdrawn and demonetized.

1797 "spade" Guinea coin

The last of the guineas, the famous 'spade guinea' featuring a spade shaped shield on the reverse, was issued between 1787 and 1797. In the first years of the 19th century, gold coin issues were restricted to half and third guinea coins. After a gap of 17 years the spade guinea was issued for the final time in 1813.

continued in the next post...

Article source: australianstamp.com