Wyatt's Torch

When Henry I reached the throne in the early twelfth century, the value of the English currency was falling. The Mints of England that manufactured and stamped the coinage were substituting the silver content with base metals like tin. This is the origin of the term debasement to describe a devaluing currency. Apart from precious metal substitution, coins were tampered with by clipping off the edges. By collecting scraps of silver, one could effectively conjure up coins from nothing. In common with similar episodes when a currency is debased, a period of inflation - or rising prices - sets in. In order to receive the same quantity of silver in exchange for one’s goods, a greater number of these clipped coins would be required, so higher prices had to be charged.

By 1124 Henry I had had enough of this abuse and summoned the various Mints to Winchester (then the capital of England) in what was called the ‘Assize of Moneyers’. Two thirds of them were found guilty of debasing the currency and they either had their right hand cut off or were castrated: it was unlikely that they were given a choice between the two options. The law and logic of the day dictated that they were effectively stealing, so the removal of a hand was called for. Likewise, clipping the edges off coins was de-facing the image of the King so castration resulted. Perhaps castration - which of course prevents procreation - was an apt punishment. Debasing currency is the same as stealing wealth from the next generation, much like we do with debt today. The harshness of these penalties did not completely prevent further abuse. All coins were later recalled and replaced by the Short Cross penny, lasting some 70 years.