History of Money Part 2 – Forgers, Firesticks & Financial Fiascos
- Marc Zakian
- 13 hours ago
- 2 min read
In this history of money podcast, hear how kings once used wooden tally sticks as money, how the gold Guinea turned Britain into a nation of gamblers, and how Sir Isaac Newton hunted coin forgers through London’s underworld.
During the 1660s, Britain faced a bizarre economic crisis — a shortage of small change. In response, businesses began minting their own coins. One London gin seller even created his own currency. Private tokens briefly kept trade alive… until fraud and confusion forced the King to step in.
In August 1642, Parliamentary soldiers seized the Tower of London and captured the Royal Mint. Coins bearing King Charles I head were melted down and replaced with Puritan propaganda. For the first time since 1066, England’s money no longer carried the face of a monarch.
When the monarchy returned in 1660, so did the King’s image — along with the new Guinea coin made from African gold. But the Guinea caused chaos, angered Samuel Pepys, and triggered widespread speculation as people gambled on its changing value.
When Isaac Newton later became Master of the Royal Mint, hear how he infiltrated criminal networks and oversaw prosecutions that sent forgers to the gallows. He also stabilised the currency, pushing Britain towards the gold standard.
In 1694, the newly founded Bank of England transformed money forever by introducing paper banknotes — simple promises to pay the bearer in coin. People distrusted this new money, we tell the story of the Gordon Riots of 1780 when an angry mob stormed the Bank of England in an attempt to seize its gold reserves.
Paper money also triggered an explosion in counterfeiting, leading to hundreds of executions — many involving ordinary people unknowingly passing forged notes.
Long before banknotes, Britain relied on tally sticks to record government debts. But in 1834, the burning of thousands of old tally sticks set fire to the medieval Houses of Parliament.
Even as Britain became a global financial superpower, its currency system remained complex and outdated. Hear how inl 1971 decimalisation finally transformed everyday money in Britain — despite fierce public resistance.
In this episode of Stories of Britain we uncover the dramatic story of how money helped shape the nation.
This is part two of our history of British money. Listen to part one here.
Listen to this British history money podcast here:
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