Coins and the Sea - Maritime Trade
Britain is a maritime nation that has been shaped by the sea and the same is true about our coinage. Explore highlights from the third episode of the Royal Mint Museum's podcast.
Portcullis Money by The Royal MintThe Royal Mint Museum
Maritime Trade
The golden age of sail gave way to a world of global trade, where gold and silver could be sailed internationally for vast profit.
Portcullis Money
Portcullis money was a short lived currency that was struck by the Royal Mint for the East India Company in order for them to trade in Asia. Its name is derived from the portcullis design that features on the reverse.
Charles II Guinea (1663) by The Royal MintThe Royal Mint Museum
Charles II Guinea
Based around the weight and fineness of the Spanish silver coin, it failed to make an impression with the local traders who had come to trust in the Spanish currency so much that no substitutes were as acceptable.
The coin picked up its name from the little elephant mark which appeared beneath the bust of the monarch. This was a provenance mark and denoted the source of the bullion which had been used to make the coin.
In this case, it was the mark of the Royal Africa Company who had imported the gold from the Guinea coast of Africa, which was where the coin picked up its name.
Its value fluctuated from the original 20 shillings in 1663 through to as high as 31 shillings before it was set on the advice of Sir Isaac Newton in 1717.
George II five guineas (1729) by The Royal MintThe Royal Mint Museum
George II Five Guineas
Companies other than the Royal Africa Company imported precious metal that went on to become part of the English coinage. The East India Company was another such trading organisation that would bring gold into the country, some of which eventually became coin of the realm.
This five guinea piece has the provenance mark EIC below the bust of the King to show that the East India Company was the origin of the gold.
George III Third-guinea
With the shortage of silver coinage developing throughout the 18th century, fractional guineas were struck at smaller values to make up for this.
The coins, however, proved unpopular owing to their small size and inconvenient denominations.
Token Coinage
Another method to plug the gap created by the shortage of small silver currency was for manufacturers or retailers to strike their own token coinage which they used to pay their workforce or in their shops.
This became popular in the 18th and early 19th century but created its own problems as it was often only accepted within a limited geographic region, or by retailers that had links with the issuer.
You are all set!
Your first Culture Weekly will arrive this week.