The gold penny was a medieval English coin with a value of twenty pence (i.e.

pound sterling Sterling (abbreviation: stg; Other spelling styles, such as STG and Stg, are also seen. ISO code: GBP) is the currency of the United Kingdom and nine of its associated territories. The pound ( sign: £) is the main unit of sterling, and t ...

). Until the reign of King

Henry III of England Henry III (1 October 1207 – 16 November 1272), also known as Henry of Winchester, was King of England, Lord of Ireland, and Duke of Aquitaine from 1216 until his death in 1272. The son of King John and Isabella of Angoulême, Henry a ...

(1216–1272), any need in England for coins worth more than one

penny A penny is a coin ( pennies) or a unit of currency (pl. pence) in various countries. Borrowed from the Carolingian denarius (hence its former abbreviation d.), it is usually the smallest denomination within a currency system. Presently, it is t ...

, at the time a

silver coin Silver coins are considered the oldest mass-produced form of coinage. Silver has been used as a coinage metal since the times of the Greeks; their silver drachmas were popular trade coins. The ancient Persians used silver coins between 612–330 ...

, was met by the use of

Byzantine The Byzantine Empire, also referred to as the Eastern Roman Empire or Byzantium, was the continuation of the Roman Empire primarily in its eastern provinces during Late Antiquity and the Middle Ages, when its capital city was Constantinopl ...

Arab The Arabs (singular: Arab; singular ar, عَرَبِيٌّ, DIN 31635: , , plural ar, عَرَب, DIN 31635: , Arabic pronunciation: ), also known as the Arab people, are an ethnic group mainly inhabiting the Arab world in Western Asia, ...

gold Gold is a chemical element with the symbol Au (from la, aurum) and atomic number 79. This makes it one of the higher atomic number elements that occur naturally. It is a bright, slightly orange-yellow, dense, soft, malleable, and ductile met ...

and

s which circulated among merchants and traders. However, as commerce increased, so did the need for higher value coins. In 1257, Henry instructed his goldsmith, William of Gloucester, to produce a coinage of pure gold. The gold penny was introduced, with a value of twenty pence. The coin's obverse showed the king enthroned, in his royal attire, with a scepter in his right hand and a ''

globus cruciger The ''globus cruciger'' ( for, , Latin, cross-bearing orb), also known as "the orb and cross", is an orb surmounted by a cross. It has been a Christian symbol of authority since the Middle Ages, used on coins, in iconography, and with a sceptre ...

'' in his left, with the legend HENRICUS REX III (King Henry III). The reverse contained a long cross extending to the edge, with a flower in each quarter, and the moneyer's name in the legend, thus WILLEM ON LVND (William of London). Some examples read LVNDEN or LVNDE instead of LVND. The gold penny was not popular.

Thomas Carte Thomas may refer to: People * List of people with given name Thomas * Thomas (name) * Thomas (surname) * Saint Thomas (disambiguation) * Thomas Aquinas (1225–1274) Italian Dominican friar, philosopher, and Doctor of the Church * Thomas the A ...

, in his ''A general history of England'', says that the citizens of London made a representation against them on 24 November 1257, and that "the King was so willing to oblige them, that he published a proclamation, declaring that nobody was obliged to take it he gold penny and whoever did, might bring it to his exchange, and receive there the value at which it had been made current, one halfpenny only being deducted from each, most probably for the expense of coinages". Compared to its bullion weight, the coin was undervalued. By 1265, the gold in the coin was worth twenty-four pence rather than twenty, and it is believed that most of the coins were melted down for profit by individuals. Gold coins would not be minted again in England until the reign of King

Edward III Edward III (13 November 1312 – 21 June 1377), also known as Edward of Windsor before his accession, was King of England and Lord of Ireland from January 1327 until his death in 1377. He is noted for his military success and for restoring r ...

about seventy years later. As all the coins were recalled and melted down, the gold penny completely disappeared from view, and all knowledge of its prior existence was forgotten. However, in the 1700s, documentation came to light indicating that it had been minted. Inevitably, a few coins escaped the melt—perhaps being lost. Eight examples are now known to survive. In 2022, an example found with a

metal detector A metal detector is an instrument that detects the nearby presence of metal. Metal detectors are useful for finding metal objects on the surface, underground, and under water. The unit itself, consist of a control box, and an adjustable shaft, ...

Hemyock Hemyock () is a village and civil parish in Devon, England. It is about 8 miles north-west of Honiton and south of the Somerset town of Wellington. The 2011 Census recorded the parish's population as 1,519. Hemyock is part of the electoral ward ...

was sold at auction for £540,000.

References

{{Coins of England English gold coins Coins of medieval England 1257 establishments in England