History of the English penny (1485–1603)

The period from 1485 to 1603, spanning the reigns of Henry VII through Elizabeth I, witnessed significant changes in the production, design, and usage of the English penny. This era saw a transition from hammered coinage to milled coinage, though hammered coins remained dominant for much of the period. Economic pressures and the need for smaller denominations also led to the introduction and eventual abandonment of fractional pennies, namely the halfpenny and farthing.

Henry VII (1485-1509): Henry VII's reign marked a period of relative stability and economic consolidation. The penny, still struck in silver, remained a key part of daily transactions. Coinage was overseen by the Royal Mint, and quality control was becoming more emphasized. The King's portrait began to evolve towards more realistic representations compared to earlier medieval coinage. Penny design typically featured the king's bust facing right or left and a long cross extending to the edges of the coin on the reverse, intended to facilitate easy division into halves and quarters when smaller change was needed.

Henry VIII (1509-1547): Henry VIII's reign saw considerable debasement of the coinage, impacting the silver content of the penny. Driven by the need to finance wars and extravagant spending, the silver content was progressively reduced, leading to a decline in public confidence and a rise in prices. This "Great Debasement" had significant economic consequences. The King's portrait on the penny reflected these changes, becoming increasingly crude in style as the quality of the silver declined. Towards the end of his reign, the penny contained very little silver and was largely base metal.

Edward VI (1547-1553): Edward VI continued the debasement policies of his father, further reducing the silver content of the penny. This period saw some experimentation with new coinage designs, but the overall quality remained poor due to the ongoing debasement. The financial instability of the realm was exacerbated by these monetary policies.

Mary I (1553-1558): Mary I attempted to reverse the debasement initiated by her father and brother. While some improvements were made to the silver content of coinage, the restoration was gradual and faced significant challenges. Her penny coinage is relatively scarce compared to that of her predecessors.

Elizabeth I (1558-1603): Elizabeth I oversaw a major recoinage program, restoring the silver content of the English penny to a reasonable level. This was a crucial step in stabilizing the English economy and restoring confidence in the currency. The standard weight and fineness of the silver penny were re-established, and the coinage became more consistent in quality and design. Elizabeth's pennies were well-struck and featured her portrait, often with variations in her hairstyle and attire reflecting different stages of her reign. The introduction of screw presses for the production of coinage was considered during her reign, however, the introduction of milled coinage was limited. Hammered coinage remained the primary method of production. The sizes of these coins also decreased during her reign. The recoinage under Elizabeth I was a landmark achievement, laying the foundation for a stable currency system that would continue into the Stuart era.