Coinage Act 1816 Explained

Type:	Act
Parliament:	Parliament of the United Kingdom
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.
Year:	1816
Statute Book Chapter:	56 Geo. 3. c. 68
Territorial Extent:	United Kingdom of Great Britain and Ireland
Royal Assent:	22 June 1816
Repealing Legislation:	Coinage Act 1870
Status:	Repealed
Original Text:	https://archive.org/stream/statutesunitedk32britgoog#page/n436/mode/2up

The Coinage Act 1816 (56 Geo. 3. c. 68), also known as the Coin Act 1816 or Liverpool's Act,^[1] 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., the guinea having been fixed in December 1717 at 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, rather than per troy pound), for transactions larger than 40s
• establish a single gold standard for transactions of all sizes.^[3]

See also

• Great Recoinage of 1816

External links

• Text as originally enacted
• The Royal Mint - official website
• The Royal Mint - official blog

51.5542°N -3.3889°W

Notes and References

1. Book: Sargent, Thomas J. . The Big Problem of Small Change . 2002 . Princeton University Press . 303 .
2. Book: Lisle, George . Accounting in Theory and Practice . William Green & Sons. 1906 . 277 . British Currency: Gold . https://archive.org/stream/accountinginthe06lislgoog#page/n295/mode/2up .
3. Book: Scott, William Amasa . Money and Banking . XV.2: Currency Reform in England and the Act of 1816 . Henry Holt and Company . 1903 .