Finance:Coinage Act 1816
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Short description: Act of the Parliament of the United Kingdom
Short description: United Kingdom legislation
| Act of Parliament | |
 | |
| Long title | An Act to provide for a New Silver Coinage, and to regulate the Currency of the Gold and Silver Coin of this Realm. |
|---|---|
| Citation | 56 Geo. 3. c. 68 |
| Territorial extent | United Kingdom |
| Dates | |
| Royal assent | 22 June 1816 |
| Commencement | 22 June 1816[lower-alpha 1] |
| Repealed | 4 April 1870 |
| Other legislation | |
| Repealed by | Coinage Act 1870 |
Status: Repealed | |
| Text of statute as originally enacted | |
The Coinage Act 1816 (56 Geo. 3. c. 68), also known as the Coin Act 1816 or Liverpool's Act,[1] was an act of the Parliament of the United Kingdom that 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.,[2] i.e. 441⁄2 guineas, the guinea having been fixed in December 1717 at £1 1s exactly. According to its preamble, the purposes of the act were to:
- prohibit the use of silver coins (which would now be of reduced weight, 66 shillings rather than 62 shillings per troy pound), for transactions larger than 40s
- establish a single gold standard for transactions of all sizes.[3]
Legacy
The whole act was repealed by section 20 of, and the second part of the second schedule to, the Coinage Act 1870 (33 & 34 Vict. c. 10)
See also
- Great Recoinage of 1816
Notes
- ↑ Section 1.
References
- ↑ Sargent, Thomas J. (2002). The Big Problem of Small Change. Princeton University Press. p. 303.
- ↑ Lisle, George (1906). "British Currency: Gold". Accounting in Theory and Practice. William Green & Sons. p. 277. https://archive.org/stream/accountinginthe06lislgoog#page/n295/mode/2up.
- ↑ Scott, William Amasa (1903). "XV.2: Currency Reform in England and the Act of 1816". Money and Banking. Henry Holt and Company. http://chestofbooks.com/finance/banking/Money-And-Banking/2-Currency-Reform-In-England-And-The-Act-Of-1816.html.
External links
Template:Mints in the United Kingdom Template:HM Treasury
[ ⚑ ] 51°33′15″N 3°23′20″W / 51.5542°N 3.3889°W
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