Coin Act 1816

Coin Act 1816

The Coinage Act 1816 (56 Geo. III c.68) defined the value of the pound sterling relative to gold. One troy pound of standard (22-carat) gold was defined as equivalent to £46 14s 6d.[1] According to its preamble, the purposes of the Act were firstly to prohibit the use of silver coins, which had become debased, for transactions larger than 40s; and secondly to establish a single gold standard for transactions of all sizes.[2]

See also

  • Great Recoinage of 1816

References

  1. ^ Lisle, George, Accounting in Theory and Practice, 1906, republished by Read Books 2008 (ISBN 1409771288, 9781409771289), p.277 "British Currency: Gold" (Google Books)
  2. ^ Scott, William Amasa, Money And Banking, XV.2: "Currency Reform in England and the Act of 1816", Henry Holt And Company, 1903 (chestofbooks.com)

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