Coin-Clippers, Conmen and KING Coppernose – A History of Money
- Marc Zakian
- 7 hours ago
- 2 min read
In part one of our History of Money podcast, we hear how England’s currency was shaped by violence, corruption and power.
In 1124, England’s silver pennies had been so badly clipped and debased that everyday trade was collapsing. King Henry I responded with an act of calculated terror: every licensed moneyer in the realm was summoned to Winchester to be brutally punished.
We trace the origins of British money. Celtic gold coins gave way to Roman pounds, shillings, and pennies—a system so durable it survived nearly two thousand years.
When the Romans left and coinage vanished, England briefly returned to barter. Anglo-Saxon kings later revived minting, making the silver penny the backbone of daily life.
With no smaller denominations, people physically cut pennies into halves and quarters, creating “small change” in the most literal sense.
'Control of money quickly became a tool of royal extraction. In the 13th century, Edward I shut down every mint in England and ordered a total recoinage from the mint at the Tower of London.
Hear the story of how poet Geoffrey Chaucer was sent on a trade mission to Italy and made money on the side by trading gold coins.
Money also shaped some of England’s darkest chapters. Barred from most professions, Jewish communities had become the kingdom’s bankers.
When Edward I found himself deeply in debt, he expelled English jews in 1290, seizing thier homes, synagogues, and outstanding loans—and erasing what he owed overnight.
Italian banking houses soon filled the gap, introducing bills of exchange and financial devices that disguised interest. When kings defaulted, entire banks collapsed—giving us the word bankrupt itself.
Henry VIII’s desperate need for cash led to such debasement of the coin that he became known as “Old Coppernose.”
Finally, in our British history podcast hear how desperate alchemists tried to turn lead into silver and gold.
Listen to the first part of our History of Money podcast here:
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