The Paper Pound of 1797-1821: A Reprint of the Bullion Report (Classic Reprint) - Softcover

Bullion, Great Britain Parliament; House

Softcover

ISBN 10: 1330837975 ISBN 13: 9781330837979

Publisher: Forgotten Books, 2018

Synopsis

Excerpt from The Paper Pound of 1797-1821: A Reprint of the Bullion Report

Silver coins were legal tender by tale for amounts under £25; but above that sum they were only legal tender by weight, at the coinage rate Of 55. 2d. An ounce, and there was no possible inducement to anyone to tender them at that rate, as they were commonly very much worn, and consequently any one paying them away at 53. 2d. To the ounce would have lost heavily as compared with passing them in small amounts at their nominal value.

There was no legal-tender paper. Bank Of Eng land notes, promising to pay the bearer on demand £10, £20, and a few larger sums, circulated freely in London and the immediate neighbourhood. Out side that area there were in circulation similar notes for sums Of £5 and upwards, issued by over two hundred banks with less than six partners, called the country banks because the London private banks had long ago abandoned the business of issuing notes. The country banks did not go below £5, because the law had forbidden smaller notes since 1777 the Bank of England's abstention from issuing £5 notes (maintained by it till soon after the beginning Of the war) seems to have been due to mere conservatism - it had only begun to issue £10 notes in 1759. The whole amount of Bank Of England notes in circulation was about 12 millions: the amount of country notes is unknown, but later statistics suggest that it may have been not far Off the same figure. The amount Of gold coin in the country is supposed to have been from 20 to 30 millions, but it must be remembered that a far larger proportion than in modern times would be locked away in hoards only coming into circulation at long intervals.

About the Publisher

Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com

This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.

About this title

Product Description:

Excerpt from The Paper Pound of 1797-1821: A Reprint of the Bullion Report When war broke out with France in February, 1793, the pound sterling, which with its subdivisions, the shilling and the penny, formed the " s. d." in which all English money accounts and contracts were expressed, was (as it was again from 1821 to 1014) interchangeable with 1231/4 grains or nearly 8 grammes of 22 carat (i.e. eleven-twelfths fine) gold. Owing to variations in the rating of the gold and silver coins which took place long before, there was indeed no gold coin representing 1, but the gold coins called guineas (because the gold from which the first issue of them was made came from the Guinea Coast) passed for twenty-one twentieths of 1, half-guineas for twenty-one fortieths, and seven-shilling pieces for seven twentieths, and these gold coins were all legal tender to any amount at those rates. One troy pound of 22 carat gold was coined into 441/2 guineas, and anyone who had gold could demand that the Mint should coin it for him at that rate, but in practice he found it better to accept the slightly lower price, 46 10s. the pound or 3 17s. 6d. the ounce, given on the spot by the Bullion Office of the Bank of England. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works."

About this edition

• Publisher: Forgotten Books
• Publication date: 2018
• ISBN 10: 1330837975
• ISBN 13: 9781330837979
• Binding: Paperback
• Number of pages: 132