The Importance of Precious Metals in Coins
A coin’s value goes beyond its face value, as it’s also determined by the value of the materials it’s made of, such as nickel, brass, gold, and silver. The Royal Mint’s annual Trial of the Pyx ensures that coins meet the required standards and have the correct amount of precious metal.
Sir Isaac Newton’s Trial of the Pyx
In 1710, Sir Isaac Newton, Master of the Royal Mint, failed the Trial of the Pyx due to under-fine gold coins. However, he proved that the trial plate used was incorrect, and his coins were actually of the correct fineness.
The Great Debasement
In the 16th century, King Henry VIII debased the English coinage by reducing the purity of gold and silver, leading to economic chaos and a loss of trust in the English coinage. Merchants and creditors stopped accepting the coins, and it took many years for the economy to recover.
Elizabeth I’s Restoration
Elizabeth I restored the purity of the English coinage in the 1560s, bringing back the integrity of the English economic system. Merchants continued to check the quality of coins, using scales and guides to ensure they were of the correct value.
Too Much Precious Metal
In the 13th century, King Edward III introduced gold coinage, but initially put too much gold into the coins, making them worth more as bullion than as currency. This led to the coins being melted down, causing economic problems.
In conclusion, the process of making coins with the correct amount of precious metal is crucial to a nation’s economy, as it affects the trust and value of the currency.
| Term | Definition | Example Usage |
|---|---|---|
| Debasement | The act of reducing the purity or value of a currency, often resulting in economic chaos. | In the 16th century, King Henry VIII debased the English coinage by reducing the purity of gold and silver. |
| Fineness | The purity or quality of a metal, often measured in terms of its proportion of precious metal. | Sir Isaac Newton proved that the trial plate used was incorrect, and his coins were actually of the correct fineness. |
| Bullion | A valuable metal, often used as a standard for currency, that is valued for its intrinsic worth rather than its face value. | The coins were melted down, causing economic problems, as they were worth more as bullion than as currency. |
| Pyx | A trial or test, often used to ensure that coins meet the required standards and have the correct amount of precious metal. | The Royal Mint’s annual Trial of the Pyx ensures that coins meet the required standards and have the correct amount of precious metal. |
| Integrity | The quality of being honest and trustworthy, often used to describe the value and trustworthiness of a currency. | Elizabeth I restored the purity of the English coinage, bringing back the integrity of the English economic system. |
| Scales | Instruments used to measure the weight or value of something, often used to check the quality of coins. | Merchants continued to check the quality of coins, using scales and guides to ensure they were of the correct value. |
| Guide | A standard or reference used to ensure that something meets the required standards, often used to check the quality of coins. | Merchants continued to check the quality of coins, using scales and guides to ensure they were of the correct value. |
| Restoration | The act of restoring something to its original state or condition, often used to describe the improvement of a currency. | Elizabeth I restored the purity of the English coinage, bringing back the integrity of the English economic system. |
| Standard | A reference point or benchmark used to measure or compare something, often used to ensure that coins meet the required standards. | The Royal Mint’s annual Trial of the Pyx ensures that coins meet the required standards and have the correct amount of precious metal. |
| Value | The worth or importance of something, often used to describe the value of a currency or coin. | A coin’s value goes beyond its face value, as it’s also determined by the value of the materials it’s made of. |
The Importance of Precious Metals in Coins Vocabulary Quiz
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What does the phrase “beyond its face value” mean in the context of coins?
- The value written on the coin
- The value of the materials used to make the coin
- The value of the coin in a specific country
- The value of the coin in a specific year
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What is the term for reducing the purity of gold and silver in coins?
- Debasement
- Restoration
- Trial of the Pyx
- Fineness
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What is the purpose of the Trial of the Pyx?
- To determine the face value of coins
- To ensure coins meet the required standards and have the correct amount of precious metal
- To reduce the purity of gold and silver in coins
- To introduce new coin designs
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What happened to King Edward III’s gold coins in the 13th century?
- They were used as currency for many years
- They were melted down due to being worth more as bullion than as currency
- They were replaced with silver coins
- They were used only for international trade
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What did Elizabeth I do to the English coinage in the 1560s?
- Debased the coinage
- Restored the purity of the coinage
- Introduced new coin designs
- Stopped using gold and silver in coins
Answer Key:
- b. The value of the materials used to make the coin
- a. Debasement
- b. To ensure coins meet the required standards and have the correct amount of precious metal
- b. They were melted down due to being worth more as bullion than as currency
- b. Restored the purity of the coinage
The Use of the Passive Voice in Describing Historical Events
| The passive voice is often used to describe historical events, as it allows the focus to be on the action rather than the doer of the action. This is particularly useful when the doer of the action is unknown, or when the emphasis is on the event itself rather than the person responsible. In the text, the passive voice is used to describe various events, such as the Trial of the Pyx, the debasement of the English coinage, and the restoration of the purity of the English coinage. |
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Quiz:
Choose the correct sentence that uses the passive voice:
1. Sir Isaac Newton failed the Trial of the Pyx.
a) The Trial of the Pyx was failed by Sir Isaac Newton.
b) Sir Isaac Newton was failing the Trial of the Pyx.
c) The Trial of the Pyx failed Sir Isaac Newton.
d) Sir Isaac Newton had failed the Trial of the Pyx.
2. The purity of the English coinage was restored by Elizabeth I.
a) Elizabeth I restored the purity of the English coinage.
b) The purity of the English coinage restored Elizabeth I.
c) Elizabeth I was restoring the purity of the English coinage.
d) The purity of the English coinage has been restored by Elizabeth I.
3. The English coinage was debased by King Henry VIII.
a) King Henry VIII debased the English coinage.
b) The English coinage debased King Henry VIII.
c) King Henry VIII was debasing the English coinage.
d) The English coinage had been debased by King Henry VIII.
4. The coins were melted down.
a) Someone melted down the coins.
b) The coins melted down.
c) The coins were being melted down.
d) The coins had been melted down.
5. The process of making coins with the correct amount of precious metal is crucial to a nation’s economy.
a) A nation’s economy makes coins with the correct amount of precious metal.
b) The correct amount of precious metal is made into coins by a nation’s economy.
c) Coins with the correct amount of precious metal are made crucial to a nation’s economy.
d) It is crucial to a nation’s economy that coins are made with the correct amount of precious metal.
Answer Key:
1. a) The Trial of the Pyx was failed by Sir Isaac Newton.
2. a) Elizabeth I restored the purity of the English coinage.
3. a) King Henry VIII debased the English coinage.
4. d) The coins had been melted down.
5. d) It is crucial to a nation’s economy that coins are made with the correct amount of precious metal.
