Four and a half centuries ago, Elizabeth I made the reform of currency one of her government’s top priorities. Invested as queen in 1558, she inherited a coinage which was fraught with problems. Elizabeth’s father, Henry VIII, had authorised a series of debasements which meant that in the space of just seven years the silver content of English coins was reduced by more than 80%. Counterfeiting was rife, with contemporary reports claiming that a great multitude of “noythy [naughty] money” was in circulation.

Read More: Naughty money: clippers and coiners in 16th-century England : Archaeology News from Past Horizons.