Coinage in Medieval Scotland (1100-1600): The Second Oxford Symposium on Coinage and Monetary History 9780860540021, 9781407321196

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Coinage in Medieval Scotland ( II 00-I 600) The Second Oxford Symposium on Coinage and Monetary History edited by

D.M.Metcalf

British Archaeological Reports 4 5 1 977

British Archaeological Reports 122, Banbury Road, Oxford OX2 7BP, England

GENERAL EDITORS A. C. C. Brodribb, M.A. Mrs. Y. M. Hands

A. R. Hands, B.Sc., M.A., D.Phil. D. R. Walker, M.A. ADVISORY EDITORS

C. B. Burgess, B.A., F.S.A. Neil Cossons, M.A., F.S.A., F.M.A. Professor B. W. Cunliffe, M.A., Ph.D.� F.S.A. Sonia Chadwick Hawkes, B.A., M.A., F.S.A. Professor G. D. B. Jones, M.A., D.Phil., F.S.A. · P. A. Mellars, M.A., Ph.D. Frances Lynch, M.A., F .S.A. P. A. Rahtz, M.A., F.S.A.

B.A.R. 45, 1977: "Coinage in Medieval Scotland (1100-1600)". © The individual authors, 1977. The authors’ moral rights under the 1988 UK Copyright, Designs and Patents Act are hereby expressly asserted.

All rights reserved. No part of this work may be copied, reproduced, stored, sold, distributed, scanned, saved in any form of digital format or transmitted in any form digitally, without the written permission of the Publisher. ISBN 9780860540021 paperback ISBN 9781407321196 e-book DOI https://doi.org/10.30861/9780860540021 A catalogue record for this book is available from the British Library This book is available at www.barpublishing.com

PREFACE The second Oxford Symposium on Coinage and Monetary History, which took the uses of money in medieval Scotland as its theme, was held partly in the Coin Room of the Ashmolean Museum and partly in Wolfson College. Two dozen invited guests met for supper on the Friday evening, and on Satur­ day and Sunday attended eight lectures on invited topics. The general idea, as it had been the year before when a similar gathering was arranged to dis­ cuss English monetary affairs in the period 1279-1344, was to bring together numismatists, archaeologists, and historians, and to invite them, from the standpoint of their different disciplines, to pool their insights into the evidence that coinage offers for monetary history. There is plenty of preliminary work. that the three disciplines can legitimately undertake on their own - in the case of archaeology literally, one may say, the spade-work. But it is never the wrong time to try to learn from each other. The most serious failure arising from limited cooperation is that students have been deflected from the central topics, and from the questions of most general interest, by their feeling unable to tackle them single-handed. Many numismatists have in the past verged to­ wards antiquarianism; and historians have sometimes felt nervous about exposing their numismatic inexperience in the face of what they imagined to be an impenetrable craft mystery. (Actually, numismatic research follows procedures which are particularly straightforward). We met, then, to discuss not the coins themselves, but the evidence that coinage can provide about monetary affairs. The sort of information that may constitute evidence for that purpose usually has little to do with the designs and inscriptions on the coins, and even less with their artistic quality. It tends more towards interpreting government decisions, for example, about the work of the mints or about monetary reform, and towards describing and explaining gradual changes in the size and overall composition of the currency. How many coins are there in Scotland at the present day? No statistics are available, and certainly none which would help to show the regional distri­ bution of coinage in different parts of Scotland (except for the odd survey of the age-structure of the currency). An informed guess, based on the holdings of silver coin by the banks, would be some £40 millions, or a total of approxi­ mately 800-900 million coins: an astonishing 150 each for every man, woman, and child. Each person's share has a face value of between £7 and £8. This is very much the same rate of provision as in England and Wales, and the overall figure is quite accurately known. In the period directly following deci­ malization the U. K. total was about 7, 000 million, and has since then crept up to 9,000 million or more. But the estimate for Scotland's share could well be in error by plus or minus 10 per cent, and there is apparently no way of check­ ing it. We can judge the number of coins in Scotland in the thirteenth century almost as reliably, although hampered by exactly the same problem of guessing how much of a common currency was circulating north of the Border. iii

A comparable estimate - but still only an estimate - was made at the time of the recoinage of 1707. The value of the silver money which circulated in Scotland before the Union, and which, immediately after it, was brought into the Bank of Scotland in orde.r to be recoined, amounted to f:411, 118. This sum was made up of Scottish hammered coin (f:142, 180), Scottish milled coin (f:96, 857), English milled coin (f:40, 000), and foreign silver coin (f:132, 081). The gold coin in circulation at the same date was not easy to estimate, but the total currency in 1707, Adam Smith suggested, cannot have been less than a million sterling. It was thus only about a fortieth of the present metal­ lic currency (though not at constant prices); moreover the modern total of course does not include the paper money and bank deposits which are nowadays the staple. "There is at this day a village in Scotland where it is not uncommon, I am told, for a workman to carry nails instead of money to the baker' s shop or the alehouse". Smith, who gave us this vignette, had many informed observations to make about monetary affairs in Scotland, and about the effect that changes in the circulating medium had had upon the country's economic history. His book, The Wealth of Nations, published just two hundred years ago, offers a careful theoretical analysis of the economic benefits of a properly regulated paper currency, with facts drawn from the Scottish experience in his lifetime. In the third quarter of the eighteenth century, he tells us, new banking com­ panies were set up in almost every considerable town and even in sorne country villages. Business was almost entirely carried on, at the time when he was writing, by means of the paper of these different banking companies. Silver very seldom appeared except in the change of a twenty shilling bank note, and gold still seldomer. From the time when the Bank of Scotland and the Royal Bank were established (in 1695 and 1727) until Smith's day, the trade and in­ dustry of Scotland increased very considerably - even, it was said, as much as four-fold. He was careful to point out that monetary expansion was unlikely to have been the sole cause of such a striking expansion in the nation's wealth. There is virtually no first-hand information, whether anecdotal or other­ wise, about Scottish monetary affairs in the middle ages. Ideas about the state of the currency and its possible influence on the national economy are recorded in only the most token fashion, in statutes and in the archives of royal government. And it is illusory to imagine that anyone can accurately observe economic facts other than purposefully; the monetary and economic analysis behind the medieval records (such as they are) was short on theory, and per­ functory as to its statistical basis. The student today is entitled, therefore, to come to the subject with an open mind. In the absence of first-hand information he must rely on the methods of enquiry of the historian, and - especially for the earlier middle ages, from which the documentary record is slender - on the methods of the archaeologist. And in exploring an age in which, unlike our own, coinage and money were al­ most one and the same, he will need to make use of the systematic knowledge that has been built up about the coins themselves. Scotland has been well served by numismatists. Burns was ahead of his time, and the handsome volumes that he and Cochran-Patrick have given us are still the starting-point for a working library. From the first half of the iv

twentieth century there are· many articles of record by Macdonald and others. In recent decades the British Numismatic Society has been the main forum, and the exceptionally high standards of careful scholarship which the Society has devoted to English medieval coins have extended also to the Scottish series. The leading exponent of our knowledge at the present day is Mr. Ian Stewart, whose handbook, The Scottish Coinage, is widely consulted. The standard work on Scottish medieval coins, however, is his more recent and more detailed monograph, "Scottish mints", published in the Albert Baldwin memorial volume Mints, Dies and Currency. A full bibliography can be compiled without too much difficulty from the notes in that volume and this, from the publications of the International Numismatic Congresses, and from the bibliographical periodical Numismatic Literature. The major collections of Scottish coins have not as yet been systematically published. The finest is that of the National Museum of Antiquities of Edin­ burgh. There are others in the British Museum, the Hunterian Museum, the Ashmolean Museum, and elsewhere. These are rivalled by at least one pri­ vate collection. One hopes that all may eventually be catalogued in the Sylloge of Coins of the British Isles. Meanwhile, a large number of coins in aggre­ gate have been illustrated in auction sale catalogues, among which the Lockett collection catalogues are useful for their illustrations of sterlings. D. M. M.

V

CONTENTS Page Preface

iii

Contents

vii viii

Abbreviations The evidence of Scottish coin hoards for monetary history, 1100-1600, by D. M. Metcalf.

1

The evidence of site-finds and stray losses for the currency of medieval Scotland, by S. E . Rigold.

61

The volume of early Scottish coinage, by Ian Stewart.

65

The quality of Scottish sterling silver, 1136-1280, by D. M. Metcalf.

73

Money in Scotland in the thirteenth century, by N. J. Mayhew.

85

Scottish monetary problems in the fourteenth and fifteenth centuries, by Professor Ranald Nicholson.

103

The black money of James III, by Mrs. Joan E. L. Murray.

1 15

The usual money of Scotland and exchange rates against foreign coin, compiled by John M. Gilbert.

131

The organisation and work of the Scottish mint, 1358-1603, by Mrs. Joan E. L. Murray.

155

Debasement: the Scottish experience in the fifteenth and sixteenth centuries, by C. E. Challis.

17 1

The Symposiasts.

197

vii

ABBREVIATIONS APS

The Acts of the Parliaments of Scotland

BAR

British Archaeological Reports

BNJ

British Numismatic Journal

CP

R. W. Cochran-Patrick, Records of the Coinage of Scotland. 2 vols. Edinburgh, 1876.

Dumfriesshire Trans:. Transactions of the Dumfriesshire and Galloway Natural History and Antiguarian Society. ER

The Exchequer Rolls of Scotland (Edinburgh, 1878-1903)

NC

Numismatic Chronicle

NCirc Numismatic Circular PSAS

Proceedings of the Society of Antiquaries of Scotland

RMS

Registrum magni sigilli regum Scotorum

RPCS The Register of the Privy Council of Scotland RSS

Registrum secreti sigilli regum Scotorum (Edinburgh, 1908-66)

SCBI

Sylloge of Coins of the British Isles

SRO

Scottish Record Office

TA

The Accounts of the Lord High Treasurer of Scotland. (Edinburgh, 1877-1970).

viii

THE EVIDENCE OF SCOTTISH COIN HOARDS FOR MONETARY HISTORY, 1100-1600 D. M. Metcalf

In English medieval studies, economic history has been a flourishing dis­ cipline for half a century, and a lively debate has been made possible by the abundance of surviving financial accounts and other commercial and fiscal records. Scottish economic history is not quite so fortunately endowed with facts to examine, particularly for the twelfth and thirteenth centuries, for which we may blame Edward r.1 Its perspectives and outlines, which are the immediate context for Scottish medieval monetary history, are necessarily rather general, and cannot often be tested quantitatively. Monetary affairs rarely obtrude into the foreground of Scottish medieval history, where the dominant themes are altogether more dramatic and personal. In the background, however, generally passed over almost in silence by the historical sources (as is the unceasing, careful round of animal and crop hus­ bandry which sustained life), there is a money economy. We can be confident that this is so, and that the use of coinage was linked, from the earliest date from which documentary sources survive, if not indeed from the late eleventh century, with the burghs, with markets and local trade in bread, oats, ale, meat, fish, salt, fuel, cloth and leather goods, with the southward shipping trade in wool and hides and in victuals, and with tolls and aids. 2 Money nowadays means paper: five-pound notes; cheques; computerized credit transfers; and sophisticated government intervention in the money mar­ kets as a major instrument of policy. In the middle ages, money meant coinage, and very little else, as commercial credit was relatively undeveloped, and such credit as existed at a local level could stretch the money supply only in the sense that it increased the velocity of circulation. 3 Equally, coinage meant gold and silver coins of a good intrinsic value, for although Scotland was early in the European community to use low-grade silver-copper alloy for coins, the budgetary significance of their token valuation was small. The Scottish currency thus consisted essentially of a certain number of intrinsically valu­ able coins, unevenly distributed regionally, and unevenly distributed among the social classes. The precise embodiment of the country' s money supply in the form of these small metal discs, scattered in private ownership and con­ tinually changing hands, imposed various limitations - for example on political choice and on the opportunities of economic development. The same character­ istics of coinage, namely its untraceability and the fact that it was closely analogous to private property, imposed continuity on the currency. For the mints to put coins into circulation was like turning sheep out onto the moor: letting them loose is easy enough, but rounding them up again is more trouble­ some. Thus the currency, which was physically dispersed throughout Scotland, had a degree of inertia for technical reasons and was not subject to the same

1

s hort-ter m f l uctuat ions a s m in t-ou tput o f ten w as. We may e nv isage i ta s a c on t inuu m , i n s pace a nd t ime . A s s uch , i tu nder lay t he c oun try ' s money e cono my . I ndeed , i td id more . I t was t he n ecessary p hysica l f orm o f money , a nd t he p a t tern o f i t s d istr ibu t ion l arge ly d ef ined a nd s o me t i mes l im ited t he e x ten t o f t he money e cono my . When we h ave t he o ppor tun ity t o s tudy a h oard o f c o ins a cc iden ta l ly b rough t t o l i gh t i n modern t imes, we a re a b le t o t ake a s ound ing i n t ha t c on t inuum. T he h oard g ives u s ag l i mpse o f t he c urrency a t ap ar t icu lar momen t i n t ime a nd ap ar t icu lar p lace . I t may o r may n ot b e af a ir s amp le, a nd i n o rder t o d iscoun t a ny p ar t icu lar it ies, o ne d oes b et ter t o e xam ine a w ho le s er ies o f h oards i n t he c hrono log ica l o rder o f t he ir c oncea l men t , a nd s o t o c har t t he s ta t ist ica l c ont ours o ft he c urrency .

A s w ith t he s ea b ed , t here i s ap resu mp t ion o f g radua l

c hange , b u t s udden c hanges c an o ccur , a nd i fa n i nsuf f ic ien t n u mber o f s epara te s ound ings h ave b een t aken , t he c har t may u n for tuna te ly om it f ea tures. T here i s n o way i n wh ich we c an r ecover a d e ta i led f actua l d escr ip t ion o f t he S cot t ish c urrency a s i td eve loped t hrough t he m idd le a ges e xcep t b y s tar t ing f ro m t he e v idence o ft he h oards .

T hey s how u s n ot o n ly wha t k inds o f c o in

were e n ter ing t he c urrency , b u t a lso h ow l ong t hey r e ma ined i n u se :

t ha t i s

t o s ay , t hey i l lustra te t he c hang ing a ge-structure o f t he c urrency ,— a c oncep t wh ich i s q u ite s im ilar t o t hat o f t he a ge-structure o f ap opu lat ion . I n c erta in p ropor t iona te ly f ew o ft he h oards c o me f ro m t he l arger b urghs where monet ary c ircu la t ion was p resu mab ly a s i t s most i n tense .

T he e v idence o f t he

h oards n ever the less e n joys a p r i macy . An a ccoun t b ased o n h oard-ev idence a lone w ou ld b e i nco mp le te i n ways t ha t a re o f c en tra l i n terest t o t he mone tary h istor ian . I n p ar t icu lar , o ne c annot d er ive a ny e xact i dea f ro m t he h oards a s s uch a bou t t he s ize o f t he c urrency - t here may h ave b een t hree t o f i ve m i l l ion s ter l ings i n c ircu la t ion i n S cot land i n t he m idtwe lf th c en tury , a nd p robab ly 3 0 t o 5 0 m i l l ions b y t he l a ter t h ir teen th c en tury 4 - a nd t h is i n forma t ion s hou ld o bv ious ly i nf luence h istor ica l j udge men ts o n t he e x ten t o f t he mone tary s ector o f t he e cono my . F or t he Eng l ish c o ins wh ich f or c en tur ies w ere t he ma jor e le men t i n t he S co t t ish c urrency , we h ave e xce l len t d ocumen tary i n forma t ion a bou t t he q uant it i es s truck. F or t he S cot t ish i ssues, e st i ma tes h ave t o b e b ased o n t he c oun t ing o f d ies a nd d ie-dup l ica tes, a nd o n c o mpar isons w i th t he Eng l ish e v idence , a nd o n t he c arefu l a ssess men t o f t he q u irks o f s urv iva l . I an S tewar t p resen ts t h is impor tan t i n forma t ion b e low . Aga in , o ne c anno t t e l l much f ro m h oards a bou t t he v e loc i ty o f c ircu la t ion , wh ich e cono m ists s ee a s ac o mponen t i n t he t ota l s ize o ft he money s upp ly .

A lso, o ne n eeds t o k now s o me th ing a bou t t he i n tr in-

s ic a nd t he o f f ic ia l v a lue o f c oins o f d if feren t v ar iet ies i n r e la t ion t o o ne a no ther . B u t t he h oards d ef ine t he c urrency o f ar eg ion , a nd t hey a re t he f actu a l s tar t ing-po in t . When F ranc is Bacon , i n h is wr it ings o n t he p h i losophy o f s c ience , d iscuss ed t he a r t o f d iscovery , h e s poke a bou t a ids t o t he s enses, s uch a s t he m icros cope a nd t he t e lescope , wh ich e nab le u s t o s ee o b jects n ot c lear ly v isib le t o t he n aked e ye , a nd h e wen t o n b y a na logy t o d eve lop t he i dea o f a ids t o t he me mory - f or e xamp le me thods o f r ecord ing a nd d escr ib ing d e ta i l w h ich a l low u s t o g rasp o r v isua l ize c o mp lex i n forma t ion .

F or n um is ma t ists, a nd i ndeed

f or mone tary h istor ians, a n a sse mb lage o f a l l t he h oards f ro m a r eg ion i s j ust

2

such an instrument of study, an excellent example of which is Michael Dolley' s critical survey of the Edwardian hoards from Scotland and elsewhere.5 A find­ assemblage marshals the primary evidence for monetary circulation, and it reveals the statistical patte.rns and trends in the composition of the currency. A listing of Scottish medieval hoards is the basis of this paper. From the period _£. 1100-1600 we Imow of about 260 hoards. Their distribution is shown on two maps (Fig. 1, 2), the first covering the period£· 1100-_£. 1360 but re­ flecting chiefly the fourteenth century, and the second continuing from£· 1360.£· 1600. Throughout the middle ages, the hoards are very largely confined to the Lowland zone, in sharp contrast with the preceding Viking-age hoards of Anglo-Saxon and other coins, most of which are from the Highlands and Islands, and were presumably not concealed in the context of a local money economy. One is entitled to ask whether, in the middle ages, there was any significant use of coinage beyond the Great Glen, but, as always with negative evidence, it is as well to err on the side of caution in drawing conclusions, and the more so as there are exceptions to the rule, in particular the early and very interesting Dun Lagaidh hoard found during excavations beside Loch 6 Broom in 1968. Nevertheless, if the consensus is that the later historical distinction between Highlands and Lowlands had hardly developed before the mid-fourteenth century, the hoards offer us a sharp reminder of difference in one respect at least. In the east and south of Scotland there are hoards from almost every district. A significant proportion of them have been found within a few miles of the coast, but the strongest impression, for the period 11001360, is of numerous hoards from the open countryside, found by chance during ploughing or drainin of the land.. Sometimes the coins were concealed in a � cow' s horn or hoof, sometimes in a cloth or leather purse or a pirlie pig, 8 sometimes in a bronze tripod cooking-vessel or water-jug, 9 and often in an earthenware pot or jug. Hoards have been found in remote and uncultivated places, by shepherds, for example, at Langhope, and in Glenetive and Glen Afton: 10 other finds have come from high up on hillsides, as in Strathdon, and Glenbrerarchan.11 Anyone who was concealing coinage would, obviously, prefer to be unobserved, and hoarding in what was so far as we can tell open countryside is the dominart feature of the distribution, but there are secondary patterns, of hoards from the burghs, 12 from churchyards or burial-grounds, 13 from the vicinity of castles or mottes, 14 and occasionally from stone-quarries and from monastic sites.15 This balance does not necessarily bear a close

relationship to the local whereabouts of the currency in circulation: obviously, for example, castles and monasteries enjoyed a relative security and continuity of communal life which would favour the recovery of money set aside. A special explanation has been put forward for the thick cluster of hoards from Nithsdale and the coast of Dumfriesshire, many of which are likely to have been con­ cealed because of the fighting in the 1330 ' s. Similarly, many of the eastcoast hoards, from Perthshire northwards to Aberdeen, should probably be explained in military terms.16 If one tries to discount all the hoards from the 1320s or 1330s, the residual patter n is quite neutral, and does not draw atten­ tion to any particular region of Scotland. It harmonizes quite well with the geographical distribution of burghs.17 The distribution-map for 1360-160 0 is not very different from the earlier one, although there is a greater concentra­ tion of hoards in the burghs, and within a radius of a few miles of the larger burghs, and a greater emphasis on the central lowlands. This may reflect the inadequacy of the currency, and perhaps also a growth in urban population.

3

The o r ig ina l p ub l ica t ion o f t he 2 60 h oards h as b een s ad ly u neven .

Many

were d escr ibed i nexper t ly , a nd i n o n ly a s en tence o r t wo , s ince when t he c o ins h ave b een d ispersed o r me l ted d own .

S uch h oards c anno t n ow b e d a ted e xact ly ,

a nd i ti s imposs ib le t o b r ing t he n um is ma t ic d e ta i l o f t he ir c o mpos it ion i n to t he s harp f ocus wh ich p erm its p ercen tage c o mpar isons w i th o ther h oards, a nd wh ich s o o f ten s uggests i n terest ing a nd u nexpected l i nes o f e nqu iry .

T he ir

t opograph ica l v a lue r e ma ins ; a nd t hey h e lp t o c on f ir m t he g enera l c o mpos it i on o f t he c urrency a t d if feren t p er iods . Argu men ts a bou t t he c luster ing o f h oards i n p ar t icu lar d istr icts c er ta in ly n eed t o t ake a l l t he a va i lab le e v idence i n to a ccoun t .

T he h oards p ub l ished i n a n e n t ire ly s a t isfactory manner n u mber

a t most 5 0 , a nd t he o n ly c onso la t ion i s t ha t c hance d iscover ies a re s t i l l p ut t ing n ew h oards i n to o ur h ands f ro m t ime t o t ime , a nd t ha t t hey n ow s tand a b et ter c hance o f r ece iv ing e xper t s cru t iny a nd d e ta i led p ub l ica t ion t han was o nce t he c ase .

T he h oards a re u neven , a lso, i n t he ir c hrono log ica l s pread .

F or t he

p er iod f ro m 1 100-1250 , f ro m wh ich we s hou ld most we lco me t he ir e v idence s ince d ocu men tary i nforma t ion i s s o r estr icted , t here a re u nfor tuna te ly v ery f ew , a nd t hose f ew a re most ly l ost t o u s w i thou t p roper r ecord . B y c on trast t here a re ( as a lready men t ioned ) n u merous h oards f ro m t he f irst h a lf o f t he f our teen th c en tury , c oncea led b ecause o f t he mi l itary c ampa igns o f t he 1 330s . War fare a nd i nstab i l ity mean t t ha t many o f t hose who c oncea led t he ir money f or s afe ty n ever r e turned t o r ecover i t . c on tex t ,

1 8

Craw ford h as p o in ted o u t , i n a no ther

t ha t t he r eg ions f ro m wh ich h oards h ave b een r epor ted may n ot

c o inc ide e xac t ly w ith t he a reas o f c onf l ict :

s o ld iers, f or e xa mp le , may b ury

t he ir c ash a t h o me o n t he f ar m , b efore g o ing a way t o f igh t , a nd t o b e k i l led , e lsewhere .

Wi th t ha t t hough t i n mind , i t migh t b e wor th e nqu ir ing , a bou t t he

p laces where f our teen th-cen tury h oards h ave b een f ound , who w ere t he t enan tsi n-ch ief . The h oards s how t ha t u n t i l t he l a te f our teen th c en tury t he S cot t ish c oinage a nd t he c urrency o f S cot land were b y n o means o ne a nd t he s ame t h ing . much a s 9 5% o f t he h oard ma ter ia l c ons ists o f Eng l ish c o ins .

A s

The c ircu la t ion

o f f ore ign c o inage i s q u ite a no ma lous i n med ieva l Eng land , a nd i ndeed was w ide ly d iscouraged b y s trong g overn men ts e verywhere t hroughou t med ieva l Europe .

Norma l ly , we may s ay , t he r u lers o f e ach s ta te i ns isted s o f ar a s

t hey were a b le o n c lose c on tro l o f t he n a t iona l c urrency a nd t he s tr ict e xc lusi on o f f ore ign c o ins f ro m c ircu la t ion . were r equ ired t o b e e xchanged .

Any t ha t e n tered t he c oun try b y t rade

T he S cot t ish k ings d ur ing much o f t he midd le

a ges f ound i ta dvan tageous o r e xped ien t t ha t t hey s hou ld b reak t he g enera l r u le , a nd g ive t he ir s anct ion t o t he u se o f Eng l ish money .

L ikew ise , S cots

c o ins were p erm it ted t o c ircu la te i n Eng land , a nd a l though n a tura l ly t hey r are ly made u p more t han t hree o r f our p er c en t o f t he h oards b ecause o f t he d ispar i ty b e tween t he t o ta l s ize o f t he t wo c o inages, t hey d id c ircu la te f ree ly i n s ou thern a s we l l a s n or thern Eng land . t hough t hey may b e p ar t ly mis lead ing .

T here a re modern a na log ies, a l-

The c ircu la t ion o f Eng l ish c o ins i n

I re land , f or e xamp le , i s p erhaps n o more t han a h angover f ro m t he p er iod b efore 1 921, b u t s t i l l t he I r ish e xchange-ra te i s t ied t o t he Eng l ish , a nd o ther s ign if ican t a spects o f I r ish f inanc ia l a nd f i sca l p o l icy a re i n efec t d e ter m ined a t West m inster o r o n t he L ondon S tock Exchange . S im i lar ly t he S cot t ish med ieva l c o inage was u n t i l t he l a ter f our teen th c en tury t i ed t o t he Eng l ish a nd o n ly t hen b egan t o d iverge .

T he we igh t-standards a nd a l loy o f t he c o ins were ,

w ith s o me t e mporary d ev ia t ions, t he s ame ; t he d eno m ina t ions - s ter l ings, 4

•

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2 2 4 7 16 , 146

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h a lfpenn ies, g roa ts -were t he s ame ; t he d es igns o f t he c o ins were c lose ly d er iva t ive , e ven t he a r t ist ic s ty le i s a ston ish ing ly s im i lar ; a nd when a t i n terva ls t he Eng l ish c o in d es ign was c hanged , t he S cots f o l lowed s u it .

O nce

l aunched u pon t h is c ourse , t here wou ld b e p ower fu l r easons f or k eep ing t o i t , b u t i t was n o t a s i nev itab le a s i t may a ppear a f ter t he e ven t . I n O ctober 1 367 , S cot land d eva lued . T he g roa t , a l though i t was s t i l l o f "a s g ood a nd p ure me ta l a s t he money n ow made i n t he K ingdo m o f E ng land" we ighed l ess, a nd h ad a n i n tr insic v a lue o f o n ly a bou t f i ve-s ix ths t he c orresp ond ing Eng l ish c o in .

I n Eng land i t was s oon o rdered t o p ass a t t hreepence ,

t ha t i s, a t ah eavy d iscoun t o fb e tween 1 3 a nd 1 4 p er c en t o n i t s me ta l l ic v a lue . T he o ld s yste m h ad b een b rought t o a n e nd a f ew y ears e ar l ier , when Edward I I p roh ib ited t he c urrency o f c o ins o f Dav id I i n Eng land u nder s evere p ena lt i es, o n t he g round t ha t t hey were i n fer ior i n w e igh t a nd a l loy t o t he s ta ted a nd t rad i t iona l s tandard - i .e . t hey were b ad money i n t erms o f G resham ' s L aw . Edward ' sl e t ter o f 1 355/6 t o t he S her if fo f N or thumber land i mp l ies t ha t i t was s i mp ly b y i m me mor ia l c usto m t ha t S co ts money h ad b een p erm it ted t o c ircu la te i n Eng land .

T he embargo i s s a id t o h ave b een l i f ted i n 1 358 , b u t

was l a ter r e i mposed a nd i n e f fect w i thdrawn i n 1 374 b y t he i n troduc t ion o f a d if feren t e xch a nge-ra te . 1 9 T hus 1 356/ 1374 i s at urn ing p o in t i n S cot t ish mone tary h istory .

T he c urrency f o l lowed a r ap id s er ies o f r educt ions i n i n tr in-

s ic v a lue a nd c orrespond ing d eva lua t ions a ga inst t he Eng l ish d eno m ina t ions, a s t he p ound h as d one a ga inst t he d o l lar i n r ecen t y ears . T he c ircu la t ion o f Eng l ish c o ins i n S cot land g radua l ly d ec l ined i n i mportance. A t t he m idd le o f t he f i f teen th c en tury t here w as a t hree-fo ld d i f ference i n t he n om ina l v a lue o f t he c urrenc ies , t hat i s t o s ay , t he S co t t ish g roa t , wh i le i tw as o f a lmost t he s a me w e igh t a s a n Eng l ish g roat o f f our p ence, h ad b ecome a c o in o f t we lve p ence.

A t t he Un ion o f t he C rowns, i n 1 603, t he d i f ference w as t we lve-fo ld.

I n o ur own t ime , we h ave w itnessed a t hree-fo ld d ec l ine i n t he r ea l v a lue o f t he c urrency s ince t he e ar ly 1 960s . As im i lar d egree o f i n f la t ion s pread o ver a bou t ac en tury - a s h appened i n med ieva l S cot land -n o l onger h as t he p ower t o s hock u s . O ur c urrency , h owever , i s e n t ire ly f i duc iary ( i f f i duc iary i s t he word ) , whereas t he p rob le ms o f manag ing a g o ld a nd s i lver c urrency o f c orrect i n tr ins ic v a lue i n ap er iod o f f a ir ly r ap id c hange were r a ther g rea ter . I fo ur u nderstand ing o f t he way t hose p rob le ms w ere h and led i n t he m idd le a ges h ad t o b e d er ived o n ly f ro m t he c o ins t he mse lves a nd f ro m t he h oards, i t wou ld b e i mper fec t i ndeed , s ince t he c o ins b ear n o i nd ica t ion o f t he ir o r ig ina l v a lua t ion a nd o f c ourse n one o f a ny r e-tar if f ing .

F or tuna te ly , t he d e ta i led

c o mmen ts a nd i nstruct ions c on ta ined i n A cts o f Par l iamen t , Proc lama t ions, t he Exchequer R o l ls, a nd o ther o f f ic ia l d ocu men ts s urv iv ing f ro m 1 357 o nwards 2 ° i n form u s o f t he ma in o u t lines o f mone tary p o l icy , a nd p rov ide i ns ights i n to t he r eason ing b eh ind t he g overn men t d ec is ions .

Fro m t he p er iod b efore Dav id

I ' sr eturn t o S cot land t here i s v ery l i t t le mone tary d ocumen ta t ion , a nd i ti s j ust a s we l l , t herefore , t ha t mone tary mechan is ms, u n inf luenced a t t ha t t ime b y b i me ta l l is m o r b y r ap id d eprec ia t ion , were r e la t ive ly s tab le a nd s i mp le . T hus, t he i n terpre ta t ion o f t he h oard-ev idence , a nd i t s p ar t icu lar d i f f ic u lt ies, w i l l v ary f ro m c entury t o c entury , w ith t he we igh t o f i n terest a t tach ing t o t he e ar l ier m idd le a ges.

L e t u s a t te mp t t o c haracter ize t he p rob lems i n

s uccess ive p er iods .

6

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2

7

I .

Fro m t he b eg inn ings o f t he n a t iona l c o inage t o c . 1 174 .

a re s evera l f inds f ro m t he 1 030s,

2 1

A lthough t here

t here i s a s y e t n o n um is ma t ic e v idence

t ha t Eng l ish s ter l ings c ircu la ted i n S cot land i n t he h undred y ears b efore Dav id ' s f irst i ssues o f c o inage .

These c anno t p oss ib ly h ave b egun u n t i l af ter 1 135 , a s

t hey a re a c lose im ita t ion o f t he e ar ly c o ins o f S tephen .

Apar t f ro m t wo s tray

N orweg ian p enn ies o f t he l a te e leven th c en tury f ro m S het land 2 2 a nd f rom N orth U ist ,

2 3

as ing le Arab ic g o ld d inar f ound i n A berdeensh ire i s a l l t ha t t he n um is-

ma t ist c an o f fer .

2 4

N ega t ive e v idence i s o f c ourse i nconc lus ive , a nd w e h ave

amp le r eason t o b e l ieve t ha t t here was a d eve loped money e cono my b efore c . 1 136 .

T he i dea t ha t Dav id v irtua l ly i n troduced t he u se o f c o inage i n to t he

S cot land o f h is d ay , a s p ar t o f ap ackage o f p o l it ica l i deas a nd d eve lop men ts impor ted f ro m t he s ou th , s hou ld t herefore b e f irm ly r es isted , a nd t he c en tra l q uest ion i s r a ther t o wha t e x ten t t he s uccessfu l g row th o f t he money e cono my was l inked w ith t he p rosper i ty o f t he b urghs.

Ag enera l d ef ic iency o f c o inage

i n Eng land may h ave i nf luenced Dav id ' so r ig ina l d ec is ion t o s tr ike h is own s ter l ings .

He was u s ing money i n S cot land e ven b efore h e b ecame k ing .

He

g ave G lasgow c a thedra l , p robab ly c .1114, a money i nco me o f 1 00s. a y ear d er iv ing f ro m e sta tes n ear N or tha mp ton , a nd a s im i lar g ran t was made a t a bou t t he s a me t ime t o t he monks o f S e lk irk .

I n 1 124 x 1 128 t he c hurch a t

Dunferm l ine was g iven 1 00s . ay ear d er iv ing f ro m Eng land .

T he c anons o f

J edburgh i n t he ir t urn , af ew y ears l a ter , r ece ived a t e mporary g ran t o f money r evenues t o s e t t he m u p , a nd were i n d ue c ourse r equ ired t o s urrender i t , l i ke t he c hurches a lready men t ioned , i n e xchange f or e ndowmen ts i n l and .

2 5

I tw i ll b e n ot iced t ha t t h is e v idence f or t he u se o f c o inage b efore c . 136 i s n ot c on f ined t o t he B orders, b u t e x tends b eyond t he F or th , a nd t o G lasgow .

T he

most i l lu m ina t ing o f t he e ar ly d ocu men tary s ources i s Dav id ' sf ounda t ionc har ter t o H o lyrood A bbey , wh ich p o in ts t o ab urgha l c urrency , c onnected p r i mar i ly w ith f ore ign t rade b y s ea , d own t he e ast c oast .

I n t ha t c har ter, n ot

l a ter t han t he mid-1140s, t he k ing makes p rov is ion f or t he s uppor t o f t he c anons, i n t he f irst i nstance b y i nco me i n k ind f ro m l ands a nd r en ts a nd r igh ts a nd t i thes, a nd t he f ree t ak ing o f t imber , a nd o i l f ro m s tranded wha les, a nd much e lse , a nd t hen g oes o n t o g ive t he m a lso , a pparen t ly , ac ash i nco me : "f or ty s h i l l ings f ro m my b urgh o f Ed inburgh y ear ly ;

a nd a r en t o f ah undred

s h i l l ings y ear ly f or t he c loth ing o f t he c anons, f ro m my c a in o f Per th , a nd t h is f ro m t he f irst s h ips t ha t c o me t o Per th f or t he s ake o f t rade ;

a nd i fi t

h appens t ha t t hey d o n ot c o me , Ig ran t t o t he a foresa id C hurch , f ro m my r en t o f Ed inburgh f or ty s h i l l ings, a nd f ro m S t ir l ing t wen ty s h i l lings , a nd f ro m Perth f or ty s h i l l ings."

Fur ther , t he c anons a re f reed f ro m t o l ls a nd c usto ms

"o n a l l t h ings t ha t t hey b uy a nd s e l l" .2 6

Here a t ad a te v ery c lose t o 1 136,

when Dav id b egan t o s tr ike c o inage ( and t hen o n ly o n a sma l l s ca le) , i s c lear e v idence o f a money e cono my , a nd o f e stab l ished p a t terns o f t rad ing , i n Ed inburgh , Per th , a nd S t ir l ing a nd a lso a t a more l oca l l eve l , wh ich c an h ard ly h ave b een o fv ery r ecen t o r r ap id g row th . o f h oards ' .

S o much f or t he n ega t ive e v idence

And s o much f or t he n ega t ive e v idence o f a rchaeo log ica l s i te f inds

o r o ther s tray f inds f ro m , f or e xa mp le , Per th a nd Ed inburgh . An e x ist ing money e cono my i s t hus t he b ackground t o Dav id ' sd ec is ion t o c opy S tephen ' sc o inage s o c lose ly i n a l l p art icu lars. Bu t t here a re v irtua l ly n o p re-1174 h oards f ro m S cot t ish t err i tory .

T he l arge O u tchester h oard o f

1 817 , f ro m t he 1 170s, may r ef lect t he l oca l c urrency b efore 1 157 when

8

N or thu mber land was u nder S cot t ish r u le .

S im i lar ly t he Bu te h oard o f 1 863 ,

a l though f ro m Norse t err itory , p resu mab ly d er ives d irect ly f ro m t he S cot t ish c urrency .

T he o n ly h oard f ro m S cot land p roper c onsists o f a mere h a l f-dozen

c o ins a nd i s o f u nknown p rovenance , a nd y e t i s o f t he h ighest i n terest , a s i t s hows Dav id m in t ing a t P er th a nd a t Aberdeen , whereas h ither to t he e v idence h as b een t ha t h is i ssues were c on f ined t o t he B orders a nd t o Ed inburgh .

2 7

A t Car l is le a nd Newcast le , i t m igh t h ave b een a rgued , n o g rea t p o l it ica l s ign if icance n eed b e r ead i n to Dav id ' sd ec is ion t o s tr ike c o ins : b u l l ion c on t inued t o b e b rough t t o t he e x ist ing m in ts, a nd i t was a n ecessary a nd n ot v ery d if f icu lt d ec is ion t o n ame t he n ew r u l ing a u thor ity o n t he o bverse o f t he c o ins.

But i f

min ts were o pened a s f ar n or th a s P er th a nd A berdeen , t he f u l l d eve lop men t o f t he S cot t ish n a t iona l c o inage was a pparen t ly e nv isaged a t av ery e ar ly d a te . T he imp l ica t ions o f t he d ec is ion a re o f s o me p o l i t ica l i n terest . A s t here a re s o f ew h oards f ro m t he e ar ly p er iod , i ti s w or th men t ion ing t he s tray f inds, wh ich a re a l most e qua l ly s carce .

T here a re t hree i fn o t f our

o f t he r are c o ins o f Ear l Henry , n ame ly o ne f ro m Brough-under-S ta in more , o ne o bta ined a t Morpe th , a nother f ound n earby a t B ly th , a nd t he f our th f ound c . 1 820 "a t t he mou th o f t he R iver Tyne ." was r epor ted f ro m L och maben ;2 9

2 8

A c o in i n t he n a me o f Dav id

a nd ab roken c o in was f ound a t as i lver mine

n ear A lston ( t he p resu med s ource o f s o me a t l east o f t he s i lver min ted a t Car l is le a nd Newcast le) .

3 0

T he p at tern i s p er iphera l t o wha t o ne must s uppose

were t he ma in c en tres o f c ircu la t ion o f c o inage , n a me ly t he b urghs o n t he e ast c oast .

I ti s w ith s o me h es i ta t ion t ha t o ne p o in ts t o t he a pparen t ly h igh r a t io

o f S cot t ish t o Eng l ish c o ins e verywhere e xcep t i n t he Outchester h oard .

Even

t here , t here were a bou t 1 50 S cot t ish c o ins t o 7 00 Eng l ish c ross-and-cross le ts s ter l ings - a n i ssue wh ich was i t se lf b y n o means c op ious, h av ing b een s truck f ro m a t o ta l o f p erhaps 1 ,350 d ies.

Probab ly t he e ar l iest n a t iona l c urrency was

more s e lf-conta ined i n i t s c ircu la t ion t han i tb eca me i n t he t h ir teen th a nd f our teen th c en tur ies. I .

Fro m c . 1 174 t o 1 296 .

I n t he t we lf th a nd t h ir teen th c entur ies t he Eng l ish

c urrency was c o mp le te ly r ep laced , w i th a c hange o f d esign , a t i n terva ls o f a g enera t ion o r more .

T he s a me p ract ice o f r enewa l was f o l lowed b y t he

S cot t ish m in ts, t he Eng l ish "S hor t c ross" t ype b e ing a dop ted ( accord ing t o t he Me lrose Chron ic le) i n 195 , t he "L ong c ross" t ype i n 1 250 , a nd t he Edward ian t ype i n 1 280 .

Dur ing e ach r eco inage t here was a n i n it ia l p hase o f

i n tens ive min t a ct iv ity , c on trast ing w ith i n ter med ia te p er iods d ur ing wh ich t he g eograph ica l p a t tern o f min t ing , a nd t he r easons f or min t ing , were g enera l ly q u ite d if feren t , d epend ing more u pon t he c oun try ' sn e t b a lance o f f ore ign t rade .

3 1

Prov inc ia l min ts were c a l led i n to a ct iv ity t o imp le men t ar eco inage ;

a t o ther t imes min ts a t t he f ron t ier o r a t p o in ts where merchan ts u sua l ly e nt ered t he c oun try , n a me ly Can terbury a nd L ondon , a ccoun ted f or most o f t he min t ing a ct iv ity .

Q uest ions o f i n terest f or mone tary h istory a re t o wha t e x ten t

b efore 1 280 t he S cot t ish p rov inc ia l min ts h ad t he s a me r easons f or a c t iv ity a s t he Eng l ish min ts, a nd t o wha t e x ten t t he b order min ts o f R oxburgh a nd e spec ia l ly Berw ick , f unct ioned a s " po in t o f e n try" m in ts when o bv ious ly n o a t te mp t was made t o e xc lude Eng l ish c o in f ro m c ircu la t ion .

Merchan ts a re h ard ly

l i ke ly t o h ave t aken t he ir money t o t he e xchanges a s av o lun tary a c t iv i ty :

was

i to n ly c on t inen ta l s i lver , a rr iv ing b y s ea , t ha t was r equ ired t o b e r eco ined? 3 2

9

O n t h is i mpor tan t p o in t , s o me work ing i deas s t i l l n eed t o b e f ormu la ted .

I n

many ways t he S cot t ish min ts s ee m t o b e a na logous t o t he Eng l ish m in ts o ther t han L ondon a nd Can terbury , a nd t he ir c o ins c ircu la ted i n b oth c oun tr ies j ust l i ke t hose o f t he Eng l ish p rov inc ia l min ts.

Au sefu l v iew o f t he p a t tern o f

S cot t ish min t a ct iv i ty w i l l b e e ssen t ia l ly q uan t i ta t ive .

I tw i l l h ave t o b e o b-

t a ined f ro m a s ta t ist ica l a na lysis o f s o me l arge t h ir teen th-century h oards ( o f wh ich r e markab ly f ew h ave y e t b een p ub l ished i n d e ta i l) .

I n o rder t o b r ing

t he n um is ma t ic e v idence i n to a ny s or t o f e xac t c oord ina t ion w ith t rends i n e cono m ic h istory , i ti s n ecessary t o d a te t he s uccess ive minor v ar ie t ies o f t he c o in t ypes a s p rec ise ly a s p oss ib le :

t he "S hor t c ross" t ype , f or e xamp le ,

r an f or s even ty y ears, b u t t he c o ins, a nd t he h oards, a re s uscep t ib le o fb e ing d a ted v ery much more c lose ly .

T he t ota l n umbers o f c o ins s truck i n e ach s ub-

v ar ie ty a t e ach S co t t ish min t may e ven tua l ly r evea l g eograph ica l s h if ts i n t he p a t tern o f min t ing i n t he mone tar i ly c ruc ia l d ecades a round t he m idd le o f t he t h ir teen th c entury , a nd i ts hou ld t hen b e p oss ib le t o c on trast t h is p at tern w ith t ha t f or t he r eg iona l c o mpos it ion o f t he c urrency - t he f reedo m w ith wh ich i t c ircu la ted f ro m o ne p art o f S cot land t o a nother , a nd t he r a te a t wh ich i ssues wasted away t hrough wear a nd t ear , r em in t ing , e xpor t , h oard ing , a nd v ar ious o ther u naccoun tab le l osses .

T h is p rogra mme f or t he f uture may h e lp t o e x-

p la in why d e ta i led h oard r epor ts a re t he s traw w ithou t wh ich we c annot make b r icks, a nd t o emphas ize t he p it ifu l l ack o f i n forma t ion a bou t t he c urrency ( as s uch ) o ft we lf th a nd t h ir teen th-century S co t land .

T hus, f or e xa mp le ,

Wi l l ia m t he L ion ' sc rescen t-pe l le t c oinage , s truck a pparen t ly f ro m c . 1 174, p rov ides a t er m inus p ost q ue m f or t wo o r t hree h oards, b u t t hey were s o s ke tch i ly r ecorded a s t o b e a l most u se less .

T he b est o ne c an s ay i s t ha t a

v ery l arge f i nd f ro m t he c hurchyard a t Dyke , n ear I nverness, i n 1 780 , i s n otab le f or i t s n or ther ly p rovenance .

I t migh t b e f ro m t he t ime o f Wi l l ia m ' s

e xped it ion o f 1 187 , when h e l ed a n a r my t o I nverness a nd c onso l ida ted h is c on tro l o f Moray .3 3 Both a t Dyke a nd a t Badd insg il l i n P eeb lesh ire, Wi l l ia m ' sc o ins a pparen t ly a ccoun ted f or a l l t he S cot t ish p or t ion o f t he h oard , e ar l ier i ssues b eing a bsen t . d isappeared

E i ther t hey h ad dw ind led away a nd g radua l ly

f ro m u se o r , a s s ee ms more l i ke ly , a n a t te mp t may a lready

h ave b een made t o r eca l l e ar l ier i ssues a nd t o r enew t he c urrency ( as h ad h app ened i n Eng land i n 1 158 ) .

A sma l l h oard f ound o n t he I s le o f Man b efore 1 769 ,

a nd w ith a more e x tended a ge-structure , n eed n o t b e t aken a s e v idence t o t he c on trary , a s Man l ay o u ts ide t he s phere o f ar egu la ted S cot t ish c urrency . S cot t ish c o ins f ro m t he s econd q uar ter o f t he t h ir teen th c en t ur y o nwards a re p len t ifu l t oday , b u t t o as urpr ising e x ten t t he h oards t ha t h ave b rough t t he m t o l i gh t a re n ot f ro m S cot land , where t he f inds a ppear t o c ons ist e n t ire ly o r a lmost e n t ire ly o f Eng l ish c o ins.

The p aradox i s more a pparen t t han r ea l .

I f

we s hou ld e xpect S cot t ish i ssues t o b e o n ly , s ay , 5% a s n u merous a s Eng l ish , t hen t he a bsence o f a ny S cot t ish s ter l ings i n ah oard o f u p t o 5 0 o r 6 0 c o ins wou ld wou ld h ard ly b e s ta t ist ica l ly s ign if ican t .

Th is a pp l ies t o t he f i nds f ro m T om

a ' Bhura ich , Dun H iad in , Newcast le ton , a nd Ba l mac le l lan . I ti s b ecause o ne n eeds t o e xp lore sma l l p ercen tages t ha t t he e v idence o f v ery l arge h oards i s s o v a luab le . T hus, t he Ecc les h oard f ro m L ancash ire , c oncea led c . 1 230 , c on ta ined 9 6 S cot t ish among n ear ly 6 ,000 Eng l ish s ter l ings - a mere 1 .6% . T he C o lchester h oard o f 1 902 , c oncea led c . 1 237 , c on ta ined 1 68 among n ear ly 1 1,000 , a nd t he C o lchester h oard o f 1 969, d a t ing f ro m c . 1 256, c on ta ined 4 89

1 0

among about 11,000. The enormous Brussels hoard of 1908, concealed c. 1264, contained about 2, 200 Scottish coins along with 80,000 English. To ;ay that most of the Scottish coins available to us today were in use outside Scotland at the moment wh�n they were hoarded is not necessarily the same as to say that most of the Scottish coinage circulated outside Scotland, al­ though this was almost certainly the case. Let us look at the arithmetic, taking some very simple figures as an example. Suppose that the hoards tell us that 6% of the Scottish currency consisted of Scottish coins, and that 4% of the English currency consisted of Scottish coins. We can estimate the volume of the English coinage, which is, let us say, between 200 and 300 million coins existing in the third quarter of the thirteenth century, and (from Stewart's researches presented below) we have a good idea of the volume of the Scottish coinage at the same date, let us say comparably between 10 and 15 million coins in existence. It is difficult to be more precise because of the heavy wast­ age rates which quickly reduced the total original output of the mints. At first glance one might imagine that one could calculate some statistics for the size of the Scottish currency from these several pieces of information. Unfor-. tunately, it is arithmetically impossible to do so, as we simply do not know what proportion of the grand total of coins were circulating in Scotland. This really is an impasse, since the size of the currency and not the size of the Scottish issues is, of course, the information which is of primary interest for Scottish monetary history, as a pointer to the extent of the monetary penetra­ tion of the economy, as an index of long-term trends in economic history, and for purposes of comparison with the contemporary situation in England. Common sense suggests that between 10 and 20% of the total may have been in Scotland, that would be between 20 and 60 million pence, but so far as I can see there is not a shred of direct evidence for the ratio in which the two countries shared their common currency, and it is extraordinarily difficult to devise any statistical procedure to estimate the Scottish currency, as the usual methods based on die-duplication are inapplicable. The best that can be said - and this serves to underline the important contribution made by Stewart' s calculations - is that the recoinage of 1250 onwards, which was implemented by a network of some 16 mints throughout Scotland, and which may have recycled a high proportion of the coin, both English and Scottish, then available in Scotland, points us towards a probable minimum total of 12-19 million pence, and the Alexandrian recoinage of 1280 similarly to a figure of 35-50 million pence. This is, of course, before there is any question of English military intervention affecting the Scottish currency. III. From 1296 to the introduction of groats and gold coinage. There are far more coin hoards of the Edwardian period from Scotland than there are from England, even though England was the wealthier country.34 The great increase over the number of thirteenth-century hoards from Scotland need not in any way imply that there was more money about: the opposite was probably true. On a general view, there can be little doubt that many of the Scottish hoards were concealed and were not recovered because of the insecurity and warfare of the times. A cluster of hoards in Perthshire and Angus, and another in Dumfries­ shire, have been associated with the arrival of Edward Balliol and the "Disinherited" in 1332 and with the various military campaigns of 1332-8. Several hoards from Aberdeen have been associated with the sacking of the town by Sir Thomas Roscelyn in 1336. One cannot, of course, be sure of the 11

c ircu mstances a t tach ing t o a ny o ne p ar t icu lar h oard ( and A berdeen , f or e xamp le , was d a maged b y f ire i n 1 326) , b u t where t here a re s o many f ro m a s hor t p er iod , i ti s r easonab le t o e xp la in most o f t he m i n t er ms o f war fare . With in t he c on tex t o f t h is g enera l e xp lana t ion , a more d e ta i led a na lys is s t i l l s ee ms d es irab le . Why , f or e xa mp le , s hou ld t here b e s o many h oards f ro m N ithsda le , whereas t here a re h ard ly a ny f ro m Annanda le? M igh t t hey r ef lec t c hanges i n t he p o l it ica l a l leg iance o f t he d istr ic t ;

o r at enur ia l s tructure o f

sma l l f i efs h e ld d irect ly f ro m t he Crown ; o r t he p rox im ity o f c ast les a nd s trong s trong-po in ts ;3 5 o r c a t t le d rov ing , 3 6 o r s i mp ly t he u se o f t he v a l ley a s a ma in r ou teway? A c onv inc ing i n terpre ta t ion r e ma ins v ery e lus ive . T he l arge s ize o f s o me o f t he h oards - o ver 9 ,000 c o ins a t Mon trave , f or e xamp le , a nd o ver 1 2 ,000 i n t he A berdeen U pperk irkga te f i nd - may r ef lect m i l i tary e xpend it ure e i ther d irect ly o r a t o ne o r t wo r e moves.

T he Brech in h oard o f 1 785 a nd

t hose f ro m Du mfr ies, 1 849 a nd f ro m C roa lchape l ( a l ias C loseburn ) a lso were r epor ted ly v ery l arge .

A lthough t he n u mbers o f c o ins s ee m v ast , t he s u ms o f

money t hey r epresen t , e .g . £ 40 a nd £ 50 , a re n o t p ar t icu lar ly l arge b y c o mpar ison w ith many r ecorded t ransact ions o f t he t ime . Af ar mer , p erhaps, s o ld s o me c a t t le o r h orses t o t he a r my ; o r al andowner s o ld s o me t imber f or b u i ld ing works. ( Note a lso v ar ious h oards f ro m q uarr ies . )I n o ther p ar ts o f E urope o ne c an p o in t t o h oards wh ich d e monstra te t ha t t he p resence o f a n a rmy i n jected a n e xcess money s upp ly i nto a r eg ion , a nd t ha t s o me o f t he c o inage s tagna ted t here f or d ecades, i nsuf f ic ien t u se b e ing f ound f or i t .

3 7

T here s ee ms t o b e a

c on trast b etween t he p ropor t ion o f l arge h oards f ro m S cot land , a nd t he c orresp ond ing p ropor t ion f ro m s ou thern Eng land , i n s p ite o f t he g rea ter p rosper ity o f t he s ou th , a nd i ti s t h is g enera l c on trast i n t he s ize o f t he h oards wh ich e ncourages o ne t o wonder whe ther warfare may h ave a f fected t he p a t terns o f a va i lab i l ity o f c o inage a s we l l a s t he p a t terns o f h oard ing a nd n on-recovery . Any s uch i nf luence wou ld s ee m t o h ave b een o n o n ly a sma l l s ca le , s ince t here i s n o c lear e v idence t ha t t he a ge-structure o f t he c urrency was d if feren t i n S cot land a nd Eng land .

I fe xcess money h ad s tagna ted i n S cot land , o ne w ou ld

e xpect i tt o h ave s u f fered l ess wastage t han i n Eng land , a nd o ne w ou ld s ee t ha t r ef lected i n t he r e la t ive p ropor t ions o f c o ins o f ap ar t icu lar v in tage i n h oards .3 8 T here i s , a s e ver , as hor tage o f l arge , c arefu l ly-pub l ished h oards o n wh ich t o b ase c o mpar isons, b u t t hose t ha t a re a va i lab le p o int t o a n i den t ica l a ge-structure i n S co t land a nd i n t he s ou th o f Eng land , a nd t hus , a pparen t ly , t o av ery r ap id c ircu la t ion o f c o inage b e tween n or th a nd s ou th .

3 9

T o p u t t he ma t ter i n p erspect ive o ne may s ay t ha t e ven i fh oards o f a s pec ia l c haracter c an b e r ecogn ised i n f our teen th-cen tury S cot land , a nd i ti s b y n o means b eyond d ispu te t ha t t hey c an , t hese a re mere ly e dd ies i n t he r ock p oo ls, c o mpared w i th t he f l ow o f t he t ide wh ich washed s o much Eng l ish money i n to S cot land i n t he t h ir teen th c entury , a nd i nexorab ly s ucked i tb ack o u t a ga in i n t he f our teen th a s Eng land ' ss tock o fb u l l ion e bbed a way .

I ti s d if f icu l t t o e nv isage

t he e xact mone tary a nd e cono m ic mechan is ms b y wh ich mi l l ions o f c o ins emana t ing f ro m t he L ondon a nd Can terbury m in ts were r ap id ly t ransferred f ro m r eg ion t o r eg ion i n r esponse t o market c ond it ions.

Even t he s i mp lest mode l

s ee ms t o c a l l f or a s ens it ive money marke t , i n a dd it ion t o al i ve ly c o m merce . Among t he Edward ian h oards s uf f ic ien t ly we l l r ecorded t o b e d a teab le , t here i s a n e ar ly g roup f ro m C . 1 . 300 .

S evera l o f t hese c on ta in a n e xcep t iona l ly l arge

1 2

proportion of continental sterlings, or even are composed entirely of contin­ ental coins, which may, in a brief episode, have been thriftily carried to Scot­ land when they had been called down or demonetized in England. The Mellendean hoard seems, however, to be two or three years earlier than the others in this groups, 40 which may include the Perth find of 1812. There are a few hoards consisting ostensibly only of coins of Alexander III, and one wonders whether official payments were ever made solely in Scots coin. Two such finds are from Aberdeenshire, and thus among the more re­ mote provenances.41 But they are by no means well-attested, and should probably be discounted unless similar, but more reliable, information comes to light. The larger Edwardian hoards provide splendid opportunities for numerical analysis, and they demonstrate an impressive homogeneity in the currency throughout Britain, the mechanics of which have never been convincingly ex­ plained. The Boyton hoard from Wiltshire,_ for example, shows no significant differences from the Aberdeen hoard, although the percentage of Scottish coins was actually slightly higher in Wiltshire. In the table below, it will be seen that even the Irish and Continental proportions match closely. The size of the Scots coinage relative to the English, at around 2-3%, is less than it had been in the preceding Short-cross and Long-cross periods, or in the years immedi­ ately following the recoinage of 1280. Some of the apparent discrepancies, such as the 4.4% Scottish element at Bootham, or the 3. 0% at Montrave, are not true variations, for they obviously arise from the age-structure of the hoards. If one compares the Alexandrian coins with the earlier Edward class­ es, I-V only, the proportions are more consistent. There is a technical dif­ ficulty here, to distinguish between hoards of anomalous age-structure, such as savings-hoards, and hoards offering genuine evidence of differences in the age-structure of the currency. The Renfrew" double" hoard, for example, may be untypical, but comparison with other early Edwardian hoards found in central Scotland in the future will be the only method of proof. In the present state of our lmowledge, these statistics are a cardinal point of reference in interpreting the evidence of Scottish hoards for monetary his­ tory. They are cardinal because they prove that in spite of all the caveats one must enter in seeking to interpret the hoards - the uncertainties of negative evidence, the bias of the evidence - there was in the fourteenth century a re­ markable consistency in the composition of the currency, which seems to imply a vigour of monetary circulation, a thoroughness of mixing, which one would not otherwise have ventured to assume. Coinage obviously circulated with great swiftness, and was carried from end to end of the land. Even the issues of the various Scottish mints seem hardly to be localized within Scot­ land.42 Another testimony to the effectiveness of monetary circulation is that, in all the Edwardian hoards, the survival of coins struck before the reforms of 1279-80 is minimal.43 It is because the currency tended to so surprising a degree to become homogenous that one can look for differences and contrasts in the hoards as evidenc� for trends or chronological patterns in monetary history. At some future date, it may be possible to extend the Edwardian statistical analyses in order to trace the development of the currency in other periods on the basis of far richer information deriving from large hoards as 13

0

. c

, . _

a

, a

c d

.-

. i _ + . )

' 5

. . -

. .

n

C l )

0

C . )

; . 4

C . )

C l )

c . 1 290 _

Coven try 1 937

c . 1 290 _

Brough ton

c . 1 295/1300 _

U )

C l )

" a

A . , -

P c 1

C on t inen ta l

c p c d

; 1

6 .2

-

8 6.8

2 .8

4 .2

-

1 0.00

-

8 5.2

3 .3

1 .5

-

Me l lendean

7 .3

-

7 9.0

2 .1

1 1.6

-

c . 1 300 _

Canonb ie

3 .8

6 .4

8 8.5

1 .3

-

-

c . 1 300 _

Ren frew

2 2.9

0 .4

6 9.3

7 .4

-

-

A f ter c . 1 310

Middr idge,

9 .1

0 .6

8 5.1

3 .8

0 .8

0 .6

3 .5

6 .0

8 8.9

1 .1

0 .4

0 .1

( f irst s ect ion )

Durha m Af ter c . 1 311

Wh it tonsta l l ,

Northu mber land 1 318-25

B lackh il ls

2 .0

3 .4

9 2.4

1 .4

0 .5

0 .3

c . 1 325-30 -

Boy ton , Wilts.

2 .3

1 .6

9 3.4

1 .3

1 .4

-

C . 1 325-30 _

Bootha m,

4 .4

1 .0

9 1.5

1 .8

1 .3

-

C . 1 331-35 _

Loch Doon

2 .4

2 .1

9 1.0

1 .6

1 .4

1 .5

1 336?

Aberdeen

1 .1

1 .8

9 5.0

0 .7

0 .9

0 .5

1 363-70

Mon trave

3 .0

1 .7

8 7.8

1 .4

3 .0

3 .1 .

Yorks.

1 4

yet unlmown. For the foreseeable future, however, we are severely limited in the information available, except for the second quarter of the fourteenth century. IV. The later middle ages Although the sterlings issued in the first quarter of the fourteenth century continued to supply the currency without much supplementation until the 1360s, and are therefore prominent in hoards such as Montrave and C roalchapel, the currency was dwindling as it drained out of the country. From as early as 1331 a tax of twelve pence in the pound was imposed on the export of money, and the rate was subsequently increased to half a mark. 44 Other measures may have been intended, at least as part of their purpose, to block the drain. Scottish mint output under Robert II seems to have remained at relatively quite a high level, which was not the case in England under Richard II, and English complaints that the Scots by their subtlety were attracting good English money to make into their own worse money·may have had some substance. The weight-reduction in 1367 may for a time have made it profitable to holders of English coin in Scotland to take it to the mints as bullion. There are several hoards of groats from the later fourteenth century, which show that English money had almost disappeared from use by the 1380s. They make very clear the meaning of the phase, "the usual money of Scotland" , which begins to appear in documents at about that time. English money made a partial come-back in the currency of Scotland from time to time in the next two hundred years, in particular around the third quarter of the fifteenth century. Hoards indicate that sometimes as much as half the silver was English. The use of gold coinage in Scotland from the middle of the fourteenth cen­ tury reminds us that the currency was still automatically under the pressure of English monetary influence, and had to react to it - either for or against even when in their outward form the two national coinages had diverged. Edward III committed England to bimetallism, rather late in the day by Euro­ pean standards, and Scotland seems to have accepted the noble promptly fol­ lowing its introduction. The new coin, at 6 s. 8d. , was worth vastly more than the silver penny which had for so long been the highest denomination. The importance of gold from a monetary point of view is that the coins, being of high value, made a significant addition to the total size or book value of the currency. Historians have tended to mlnlmize the role of gold coinage in a country' s internal economy, but Lloyd has recently argued that the price­ rises of the 1350s, when silver was scarce, are linked with the effective addi­ tion which the Edwardian nobles made to the size of the money supply. 45 The use of hoards as evidence for the composition of the Scottish currency becomes more complicated, since gold and silver tended to be hoarded on their own, and there are thus two strands of information which need to be traced out sep­ erately, and then combined. David II struck.£· 1357 a small number of gold nobles modelled in every detail on those of Edward III; but their monetary significance was minimal. Perhaps one should consider whether they are reliable negative evidence. English nobles were the standard gold coinage of Scotland from the mid15

f our teen th c en tury :

ah oard o ft he m i s k nown f ro m Raeh i l ls, i n D umfr iessh ire .

AS cot t ish g o ld c o inage was f i rm ly e stab lished i n t he t ime o f R ober t I I , ( 13901 406) a nd we h ave o ne h oard , f ound a t G lasgow i n 1 837 , wh ich s hows R obert ' s l i ons m ing led i n r ough ly e qua l n u mbers w ith n ob les o f Edward I I a nd R ichard I , "most ly f ro m d if feren t d ies a nd i n f i ne p reserva t ion" . T he Cr ief f h oard a pparen t ly c ons isted o n ly o f R ober t ' sc o ins ; b u t a t Dryburgh A bbey , a long w ith S cot t ish g o ld o f R ober t a nd J a mes, Edward ian n ob les were a ga in p resen t . Ah oard f ro m Gadder Cast le s ee ms t o h ave b een p ure ly S cot t ish i n c on ten t , w ith 1 18 d em ies o r l i ons a nd 2 3 o ther g o ld c o ins o f J ames Ia nd I , a nd i n t he L ochar Moss h oard , a nd a lso i n t he l a te-f if teen th c en tury h oard o f G len Af ton , a l l t he g o ld was s im i lar ly S cot t ish , o f J ames Ia nd I . Fro m t he midd le o f t he f i f teen th c entury , wh i le g o ld s ee ms t o h ave b een r easonab ly p len t ifu l , s i lver was o bv ious ly s t i l l i n s hor t s upp ly . I n t he a bsence o f S cots h a lf-groa ts, t he l i gh t-we igh t g roa ts o f J ames Ia nd I c ircu la ted a s h a lves, a long w ith w orn o ld E ng l ish c o ins, p ar t icu lar ly h a lf-groa ts o f Edward I I , c l ipped d own i n o rder t o make t he m a pprox i ma te t o t he c urren t S cot t ish we igh t s tandard . A l loyed g roa ts a nd p lacks w ere i n troducted t o f i l l t h is g ap i n t he d eno m ina t iona l s yste m , a nd t he p lacks e ventua l ly c ame t o b e t he most p len t ifu l c o in f ound i n h oards. B i l ion , ac opper-based a l loy s o me t i mes c ont a in ing v ery l i t t le s i lver , was a n e stab l ished c o inage- me ta l i n F rance a nd t he L ow C oun tr ies, b u t was n ever u sed i n med ieva l Eng land -p erhaps t o t ha t c oun try ' se cono m ic d isadvan tage . The b i l lon p lacks a u thor ized b y J ames V i n 1 533 c on ta ined o n ly t wotwe lf ths s i lver .

E ven l ower i n t he d enom ina t iona l

s yste m t here were p enn ies, o f w h ich t he p urchas ing p ower i n r ea l t erms was q u i te modest . The e ar ly b i l lon p enn ies, o f J ames I a nd I I , h ave b een s tud ied v ery f u l ly f ro m t he G len luce a nd Rhoneston h oards • 46 T he s upposed ly e cc les ia st ica l i ssues o f S t . A ndrews, 47 k nown p ar t icu lar ly f ro m t he C rossrague l A bbey f i nd , s ee m e ven t o h ave b een o f p ure c opper o r b rass. T he e x istence o f s uch c oins i s n ot i n i t se lf a s ign o f mone tary d ec l ine : o n t he c on trary , a p len t ifu l p et ty c urrency i s o f g rea t e cono m ic u sefu lness. I n f la t ion , a lso, i s n ot n ecessar i ly a n e v i l . I fk ep t w i th in l im its, i t may b e i n ac oun try ' sb est i n terest , a nd n o more c on trary t o n a tura l j us t ice t han t he a l terna t ives .

Bu t

when o ne s ees b i l lon b e ing h oarded , misg iv ings a re a roused . T hroughout med ieva l Europe , wherever s evera l c o in-deno m ina t ions were i nu se s ide b y s ide , i t was n orma l t o h oard t he l arger d eno m ina t ions, a nd r igorous ly t o e xc lude t he sma l ler c o ins f ro m h oards.

There a re e xcep t ions, o f c ourse .

S o met i mes money was c oncea led i n g rea t h aste . g o ld a nd s i lver , o r s i lver a nd b i l lon ;

T here a re mixed h oards, o f

a nd t here a re h oards c o mpr is ing s uch

sma l l s u ms o f money t ha t t hey a re n ecessar i ly o f l ow-va lue c o ins .

B u t a s a

r u le , h oards a re p u t t oge ther f ro m t he b est a nd most v a luab le c oins a va i lab le . When i n s ix teen th-cen tury S cot land we s ee n umerous h oards c ons ist ing o f l i t t le b u t b i l lon - p ar t icu lar ly , i ts ee ms, i n t he l arger b urghs - t here i s as trong imp l ica t ion t ha t , f or most p eop le , g ood s i lver c o inage was n ot o bta inab le . The l a ter f if teen th a nd s ix teen th c en tur ies w i tnessed many d if feren t i ssues o f S cot t ish c o inage , wh ich were a mat ter o f d e ta i led c oncern a t t he t ime , a nd wh ich h ave a t tracted e qua l ly d e ta i led n um is ma t ic s tudy a nd i n terpre ta t ion . T h is s hou ld n ot b e a l lowed t o o bscure t he ma in p o in t , wh ich i s t ha t most o f t he c o inages were o n ar e la t ive ly sma l l, o r e ven av ery sma l l s ca le , a nd t ha t b i l lon d om ina tes t he h oards t o as urpr is ing e x ten t . 1 6

T here a re , h owever , h in ts

of a regional difference in the character of the hoards. Good-quality silver, and gold of various kinds, seems to have been rather more freely available for hoarding in northerly or westerly districts, particularly in Ayrshire and at Glasgow. This may have been the corollary of a less active monetary cir­ culation, a national currency that was in some ways inadequate tending to "retreat" to the burghs. 48 The relative poverty of Scotland that was highlighted by the contrast be­ tween the court circles of Edinburgh and London in 1603 should not be allowed to colour unduly our ideas about the economic history of the middle ages. The gap was probably wider at the time of the Union of the Crowns than it had been for centuries - certainly wider than it was before 1296. And there is some reason to think that in the later middle ages coinage for technical reasons was in itself an instrument which increased inequality between nations. When the money supply was inadequate, what little there was tended in those centuries to be drawn away from the poorer regions, and the resultant shortages of cash hampered their economic development. The gap between rich and poor tended to widen for that reason, and there was no internationally or regionally redis­ tributive taxation such as exists at the present day, for example, within the European Economic Community. Any technical hindrance to economic progress in Scotland, arising from the limited control that could be exercised over the currency, was of course compounded in the fourteenth and fifteenth centuries by frequent political misfortune, and by other damaging conditions, such as bloody quarrels and a general lack of solidarity, which were of Scotland' s own devising.

NOTES 1.

He was responsible for removing the state papers from Edinburgh Castle.

2.

A. A. M. Duncan, Scotland: the Making of the Kingdom, 1975, chapters 18 and 19.

3.

Loans and credits among neighbours and residents in a mainly peasant society in medieval Cumbria (offering some analogies at least with the Scottish situatton) are discussed by G. P. Jones in Trans. Cumberland and Westmorland Antig. and Arch. Soc. NS LXXV (1975), 275-92. If actual cash was lent, the lender was deprived of its use, and the money supply was therefore increased only in terms of velocity of circulation, i. e. the lender might not have had occasion to use the cash. Deferred payment amounts to the same thing in terms of this economic analysis. When letters of credit become negotiable instruments, one enters a different era.

4.

Estimates are, in the present state of the available information, inevit­ ably influenced by personal judgment. They follow on from the (more­ securely based) figures for the size of the English coinage, which also increased phenomenally during the thirteenth century. For the procedures by which the size of the Scottish currency may be estimated, see further below at pp. 65f.

17

5

R .H .M . Do l ley , " The I r ish min ts o f Edward Ii n t he l i gh t o f t he c o in h oards f ro m I re land a nd Grea t Br ita in", P roceed ings o f t he Roya l I r ish A cade my LXVI C , n o . 3( 1968) , 2 35-97 .

The d eve lop men t a nd p ract ice

o f t h is me thod o f s tudy ing a f i nd-asse mb lage i s a ssoc ia ted p ar t icu lar ly w ith t he G erman s choo l o f med ieva l M t inz- u nd G e ldgesch ich te .

I ti s

av ery n ecessary t echn ique i n c en tra l E urope , where t he c urrency was f rag men ted a nd mixed . 6 .

N o . 1 5 i n t he I nven tory b e low .

7 .

S ee n os . 7 5, 9 5, 1 66, 1 68, a nd 2 42 ; h oof .

8 .

N os . 2 3 , 4 3 a nd 6 4 i n p urses ; n o . 8 2 i n a sma l l wooden b ox ;

n o . 6 7 was c oncea led i n ac ow ' s

ab ronze we igh t-box ; n os. 2 01, 2 04 , 2 17 ,

n o 1 37 i n

a nd p erhaps 1 88 i n p ir l ie-

p igs . 9 .

N os . 5 7 , 6 8 , 1 27 , 1 45 , 1 47 , a nd 1 62 .

1 0 .

N os. 8 0, 1 27 , a nd 1 83 .

1 1 .

N os . 1 3 a nd 7 9 .

1 2 .

A lso n o . 2 0 .

I n p ar t icu lar f ro m A berdeen , Du mfr ies, Per th , G lasgow , a nd E dinburgh , b u t a lso Hadd ing ton , Haw ick , J edburgh , L in l i thgow , Ren frew , a nd Mon trose .

N ote , i n t he i ndex , t he f inds u nder "Cast leh i l l" a nd "H igh

S tree t" - f ind-spots t ha t a re w ith in t he b u i lt-up a rea t oday were n ot n ecessar i ly s o a t t he d a te o f c oncea l men t . 1 3 .

N os . 1 , 7 , 6 0, 6 2 , 6 8 , 1 15, 1 49, 1 51, 1 52 , 1 61, e tc .

1 4 .

N os . 2 1, 4 9, 1 06, 1 37 , 1 71, a nd 1 76 .

C f . n os. 8 5 , 9 4, a nd 1 84 f ound

a ctua l ly w ith in c ast les. 1 5 .

F ro m q uarr ies, n ote n os . 2 9 a nd 4 7 .

Fro m r e l ig ious h ouses ( 9 1 .

c hurchyards) , s o met i mes i n an iche i n t he wa l l, p erhaps t he f o l low ing , a l though t he c ircu mstances o f c oncea l men t a re c on jectura l :

n os . 3 , 1 1,

1 28 , 1 48 , 1 58 , 1 65, 1 70, 1 77 , 2 48 . 1 6 .

T h is i s d iscussed f urther b e low .

1 7 .

S ee An H istor ica l A t las o f S cot land , c . 4 00-c.1600 , e d . P . McNe i l l a nd R . N icho lson , ( Conference o f S cot t ish Med ieva l ists) , 1 975, p p . 1 33-4 f or d istr ibut ion- maps o f t he b urghs.

1 8 .

M .H . Craw ford , "C o in h oards a nd t he p at tern o f v io lence i n t he l a te Repub l ic" ,Papers o f t he Br i t ish S choo l a t R o me XXXVI I ( 1969) , 7 6-81, S ee a lso J .P . C. K en t , "I n terpret ing c o in-f inds" ,C oins a nd t he Archa eo log ist ( Br it ish Archaeo log ica l Repor ts, Vo l . I V) , 1 974 , 1 84-98 .

1 9 .

R . N icho lson , S cot land , The L a ter M idd le Ages, 1 974, 1 75-6, 2 68 ; H .J . Dakers, "The f irst i ssue o f Dav id I " ,BNJ XX I I I ( 1938-41) , 5 1-8 . Dav id i s s a id t o h ave p e t it ioned Edward i n 1 358 t ha t t he money o f t he t wo c oun tr ies s hou ld a ga in b e i n terchangeab le - Exchequer Ro l ls, I p .xcv i i .

1 8

2 0 . 2 1.

R . W . C ochran-Pa tr ick , Records o f t he C o inage o f S cot land , 1 876 . F or h oards f ro m t he p er iod c . 7 95-1105, s ee t he l i st i n R .H .M . Do l lW S T , T he H iberno-Norse C o ins i n t he Br it ish Museu m ' ( SCBI v o l . V I I I , )1966, 4 7-54 . Th is s hou ld b e s upp le men ted f ro m t he more d e ta i led n o tes i n R . B . K . S tevenson , S CB I Ed inburgh , I , p p. XVii- XXiii. N ote t wo c o ins o f Edward Con fessor o f u nknown p rovenance , p . x x i i, a nd t wo H ibernoN orse p enn ies o f t he l a te e leven th c en tury , p oss ib ly o f S cot t ish p roven ance , n os . 7 51-2 .

2 2 .

M . D o l ley ,

AV ik ing-age c o in o f N orway d iscovered i n S he t land ',

PSAS C ( 1967-8 ) , 1 93-5 .

The c o in i s d a ted t o al i t t le b efore c . 1 080 ,

a nd i s a pparen t ly f ro m t he J ar lshof s i te a t S u mburgh . 2 3 .

M . D o l ley a nd K . S kaare , "T o p enn inger f ra Haro ld Hard Ade f unne t V esterhays9 iyene ," N ord isk Nu m is ma t isk Un ions Med le msb lad V I I I , 2 21-7 ;

I . Crawford a nd R . Sw t isur , "S andscap ing a nd C 14 :

N . U ist", An t iqu i ty L I ( 1977) 1 24f f .

t he Uda l ,

T he c o in , a l though min ted c .

1 055-65, may h ave b een l ost i n 1 098 when Magnus Barefoot r a ided t he Western I s les. 2 4 .

N o . 1i n t he i nven tory b e low :

t h is g o ld c o in , a l though a s ing le f ind ,

may we l l h ave b een a d e l ibera te c oncea l men t , a nd h as a ccord ing ly b een i nc luded a s a "h oard" o f m in i mu m s ize . 2 5 .

G . W .S . Barrow , T he K ingdo m o f t he S cots, 1 973 , p p . 1 80-3 . t he a rrange men ts a t Dun ferm l ine A bbey , i b id ., p p . 1 94-5 ;

C f . a lso

a nd a p ay-

men t o f 1 0 marks o f s i lver a y ear , a s at e mporary s ubst itu te f or h a lf ak n igh t ' sf ee , "f ro m my c hamber"

-i b id . ,p . 2 81.

2 6 .

G . D ona ldson , S cot t ish H istor ica l Docu men ts, 1 970 , 2 0-3 .

2 7 .

Iam i ndebted t o Mr . S tewar t f or a l low ing me t o men t ion t h is h oard i n a dvance o f i t s d e ta iled p ub l ica t ion .

2 8 .

L ocke t t s a le , p ar t V ( G lend in ing , 1 8 J une 1 957 , l o t 1 6 , Car l is le m in t ; B urns, p . 3 6 ( f ig . 2 3) a nd p . 3 8 ;

S CBI O xford 2 91;

t he t h ird c o in , f or

i nfor ma t ion a bou t wh ich Iam i ndebted t o Mr . H .E . Pagan , was i n t he J .T . Brocket t s a le 0 .1823 , a nd r ead EDICI CON .

I t was d escr ibed a s

h av ing b een r ecen t ly f ound a t t he mou th o f t he r iver Tyne . s o me d oubt whe ther i tm igh t n ot b e t he Ox ford s pec i men .

There i s T he p oss ib i l i ty

s hou ld a lso b e c ons idered o f ah oard , p erhaps a t B ly th , f ro m wh ich t he B ly th a nd Morpe th s pec i mens migh t h ave c o me . 2 9 .

I .H . S tewar t , "A t we lf th-century S cot t ish s ter ling f ro m Annanda le", Du m fr iessh ire Trans . 3 rd s er . XL IX ( 1972) , 1 16-17 .

3 0 .

Burns, p . 3 1.

3 1.

Ad e ta i led s urvey o f t he r easons f or a ct iv i ty a t t he v ar ious S cot t ish min ts w i l l b e f ound i n I . S tewar t , "S cot t ish m in ts" M in ts, D ies a nd C urrency ( ed . R . A. G . Carson) , 1 971, 1 65-289, p ar t icu lar ly p p . 1 66-78 .

S tewar t

p erhaps emphas ized t he p o l it ica l r easons a t t he e xpense o f t he e cono m ic a nd c o m merc ia l, whereas t he t wo c o-ex isted , a nd e xp lana t ions i n d iff eren t t erms n eed n ot e xc lude e ach o ther .

O n t he c ontrast b e tween r e-

c o inages a nd i n ter med ia te a ct iv ity , s ee t he a rgu men ts a s d eve loped i n

1 9

r e la t ion t o Eng land i n D .M . Me tca lf , "G eograph ica l p a t terns o f min t ing i n med ieva l Eng land" ,S eaby ' sC oin a nd Meda l Bu l le t in 1 977 , 3 14-17 . 3 2 .

The c hang ing o f money a t Berw ick i s men t ioned i n 1 329, b u t t h is i s p rob ab ly n ot d irect ly r e levan t t o t he p er iod b efore 1 296 .

S ee E xchequer

R o l ls, I , 2 1 .6 . 3 3 .

D .P . K irby , "Moray i n t he t we lf th c en tury", i n A n H istor ica l A t las o f S cot land , p p . 4 8-9 .

3 4 .

O n t he b as is o f DoHey ' sl i st ing , t here a re f ro m t he p er iod c .1280-c . 1 350 s o me 6 8 h oards f ro m S cot land a nd a f ur ther 1 5 f ro m n or th-eastern Eng land , a s a ga inst 1 6 f ro m t he r est o f Eng land ; b u t t he d ispar ity i s g rea ter t han t hese f igures i mp ly , a s t he t ota l f ro m S co t land c an n ow b e s een t o b e 1 14 .

3 5 .

T he e xpans ion o f t he D oug las f am i ly i n f our teen th-century N i thsda le i s s ke tched i n R oya l C omm iss ion o n Anc ien t a nd H istor ica l Monu men ts, Du m fr iessh ire ( 1920) , p p . x x iv-xx ix ;

R .C . Re id , "Edward d e Ba l l io l",

Du m fr iessh ire T rans ., 3 rd s er ., YXXV ( 1956-57) , 3 8-63 ;

A .B .

Webster , "The Eng l ish o ccupa t ion o f Du mfr iessh ire i n t he f our teen th c en tury", i b id ., 6 4-80, d raws a t ten t ion t o t he d estruct ive c ampa ign o f t he a utu mn o f 1 337 ; S cot land 3 6 .

G . S te l l , "Mot tes" ,i n An H istor ica l A t las o f

p p . 2 8-9 .

S hou ld o ne t ake n ote o f t he h oards c oncea led i n c ow ' sh orns, e .g . f ro m Dur isdeer , Mor ton , a nd L ochar Moss?

3 7 .

D .M . Metca lf ,

"C o inage a nd c o in f inds a ssoc ia ted w ith a m i l itary p re-

s ence i n t he med ieva l Ba lkans" ,K ovan je ik ovn ice a n t ickog is redn jovek ovnog n ovca , Be lgrade , 1 976 , p p . 8 9-97 . 3 8 .

T o a pprec ia te t he d rama t ic e x ten t o f wastage , o ne may s tudy t he d iagram a t p . 9 4 i n N .J . Mayhew , "Im ita t ive s ter l ings i n t he A berdeen a nd Mon tra ive h oards" ,Nu m is ma t ic Chron ic le 1 976 , 8 5-97 .

3 9 .

T he s ta t ist ics a re we l l s e t o u t i n P . Woodhead , I .H . S tewar t , a nd G . L . V . Ta t ler , "The L och D oon t reasure t rove , 1 966", BNJ XXXV I I I ( 1969) 3 1-49.

4 0 .

Argued b y Mayhew , b e low p p. 8 8f .

4 1.

C ock mu ir h i l l, a nd C ou l l c ast le ,

4 2 .

Aga in , r egret tab ly , we l ack "L ong-cross" h oards f ro m wh ich t o s peak a bou t m in ts o f t he 1 250 r eco inage.

S ee n os . 2 0-23 i n t he i nven tory b e low .

The 1 280 S cot t ish c o ins w ere n ot

min t-s igned , b u t i ti s b e l ieved t ha t t he n u mber o f "p o in ts" o f t he mu l le ts a nd s tars o n t he r everse was u sed a s as yste m o f p r ivy- mark ing .

I th as

b een g uessed t ha t 2 4 p o in ts i nd ica tes Berw ick , 2 6 P erth , 2 5 R oxburgh , 2 0 a nd 2 3 Ed inburgh a nd A berdeen , a nd t ha t 2 8 , 2 7 , 2 2 , a nd 2 1 p o in ts s ign ify c er ta in minor m in ts ( S tewar t , "S cot t ish min ts" ,p p . 2 20-1) . S o me s ta t ist ics a re t abu la ted b y Woodhead e t a l ., BNJ 1 969, p . 3 8 , where i tc an b e s een t ha t t he 2 3-po in t c o ins a re p erhaps o ver-represen ted i n t he L och D oon h oard , b u t t ha t t he p ercen tages a re o therw ise q u ite c ons isten t , e ven when t he a ctua l t ota ls a re sma l l .

2 0

O ne m igh t n ow a dd t he

A berdeen h oard t o t he t ab le ( Mayhew , BNJ 1 975) , w i th 2 4 p o in ts, 7 7% ; 2 6 p oin ts, 1 8% ; 4 3 .

2 5 p o in ts, 5% :

n o s ign o f i nf luence o f t he l oca l min t .

I n t he L och D oon h oard t here were 7 S hor t-cross a nd 1 L ong-cross s terl i ngs, amoun t ing t o 0 .5% o f t he h oard .

C o ins o f "Henry I I" a re men-

t i oned i n t wo o r t hree o ther l arge h oards where t hey may h ave made u p a n e qua l ly sma l l p ropor t ion - I nverness, c oncea led a f ter c .1350 ; Redgor ton 1 834 , c oncea led a f ter 1 300; a nd L anghope , c oncea led af ter 1 318 ; 4 4 . 4 5 .

a lso a t K irkcudbr igh t 1 851, f ro m c .1300 .

Exchequer R o l ls I ,

XXXViii,

n o te

4 .

T .H . L loyd , "O verseas t rade a nd t he Eng l ish money s upp ly i n t he f ourt een th c en tury" ,Edward ian Mone tary A f fa irs ( 1279-1344) , AS y mpos iu m h e ld i n Ox ford , August 1 976 , ( ed . N . J . Mayhew ) ( BAR ) =V I ), 1 977, 9 6-124, a t p . 1 11.

Th is c onc lus ion i s s uppor ted a nd d eve loped f ur ther

i n af or thco m ing p aper b y M . Ma te . 4 6 .

B .H .I .H . S tewar t , " The G len luce a nd Rhoneston h oards o f f i f teen thc en tury c o ins" PSAS XCI I I ( 1959-60) , 2 38-44 .

4 7 .

T he q uest ion o f t he ir a t tr ibu t ion h as b een r e-opened i n I . S tewar t , "S cot t ish min ts", i n M in ts, D ies a nd C urrency ( ed . R .A .G . Carson ) , 1 971, 1 65-289, a t p . 2 42 .

4 8 .

There may b e as l igh t b ias i n t he e v idence , i n t ha t f inds o f b i l l ion f ro m t he c oun trys ide , b e ing o f l i t t le p resen t-day c o m merc ia l v a lue , h ave t ended n ot t o b e r epor ted t o t he a u thor it ies.

ACKNO WLEDGE MENTS Iam i ndeb ted t o my c o l league Mr . Mayhew f or t he b enef it o f n u merous d isc uss ions a bou t work i n p rogress.

Mrs. Murray , Mr . S tevenson , a nd Mr .

S tewar t a l l g enerous ly p laced u npub l ished p apers a t my d isposa l, a nd were k ind e nough t o r ead a n e ar l ier d ra f t o f t he a r t ic le .

T hey s aved me f ro m v ar i-

o us e rrors, a nd o f fered a n u mber o f v a lued s uggest ions f or improve men ts t o t he t ex t .

2 1

AN ANNOTATED B IBL IOGRAPHY OF S COTT ISH CO IN HOARDS , c .1100-1600

There a re r ecords o f t he d iscovery o f c o in h oards i n S co t land f ro m t he l ate f i f teen th c en tury o nwards.

Deta ils o f e x g rat ia p aymen ts t o t he f inders

a re g iven i n t he Accoun ts o f t he T reasurer a nd i n t he Reg is ter o f t he P r ivy S ea l.

These a ccoun ts u n fortuna tely i nc lude n o i n for ma t ion a bou t t he c o ins

t he mselves, a nd t hus a re o f l argely a n t iquar ian i n terest .

They a re d iscus-

s ed i n J . Murray , " Hoards i n S co t land u nder J a mes I V" , Num is mat ic C ircu lar LXXV I I ( 1969 ), 1 99.

S ee a lso Reg ister o f t he P r ivy S ea l V I I , 2 3, n o. 1 45 ,

f or a l ate-s ix teen th c en tury h oard f ro m H add ing ton . The S tat ist ica l Accoun t o f S cot land ( 1791-9 ) p roduced a c rop o f h oardr eports wh ich , a l though b r ief a nd s o met i mes o bv ious ly i naccura te , a re n o t w ithout v a lue.

More w ere a dded i n t he N ew S tat ist ical Accoun t .

Iam g reat ly

i ndebted t o Mr. R . B . K . S tevenson who k ind ly i nv ited me t o c onsu l t t he MS n otes o f Mr. R . K err t aken f ro m t he S tat ist ica l Accoun ts, a nd a lso h is own a nno tated c ard-index o f f inds n o t i n Tho mpson 's I nven tory .

Ih ave c hecked

t he S tat ist ica l Accoun ts a nd a dded o ne o r t wo f ur ther h oards f ro m t ha t s ource. L indsay t oo p ub l ished b r ief n o t ices o f e ighteen th-century S cot t ish h oards , d er iv ing e x tens ively f ro m a manuscr ip t b y Wr igh t , w ith a dd it ions b y W. F erguson. Fro m t he 1 860s o r t hereabouts, more t echn ica l ly a dequate h oard-repor ts b egan t o b e p ub l ished.

I ncreas ing ly , h oards h ave b een p ub l ished w ith s uf f i-

c ien t d eta i l t o p er m it t he ir r e-eva luat ion f ro m t ime t o t ime a s r esearch h as p rogressed. The b ib l iograph ica l i n for ma t ion g athered h ere i s i n tended t o g u ide t he r eader t o t he most u p-to-date o r r el iab le a ccoun t o r s u m mary o f e ach h oard , a nd t o a ny c o m men ts p ub l ished e lsewhere o n i t s i n terpre tat ion , a nd t o d raw a t ten t ion t o a ny a ddenda t o t he s tandard r eferences.

Those h oards o f wh ich

p art o f t he c on ten ts h ave b een a dequately p ub l ished a re marked w ith a n a ster isk , a nd t hose t hat h ave b een f u l ly p ub l ished a re marked w ith t wo a ster isks.

A f ew

h oards wh ich a re o f p art icu lar n o te, f or t he ir s ize a nd f or t he c are a nd r el i ab i l ity w ith wh ich t hey h ave b een s tud ied , a re g iven t hree a s ter isks.

Br ief

n otes h ave b een a dded o n s o me o f t he more i n terest ing p o in ts, a nd o n h oards o f wh ich t he p ub l ica t ion i s r elat ively i naccess ib le. An a t te mpt h as b een made t o l i st t he h oards i n t he a pprox i ma te o rder o f t he ir d ate o f d epos it , a l though t here i s c ons iderab le o verlap , a s many i l lr ecorded f inds c anno t b e d ated t o w ith in h a l f ac entury .

The l i st i s i n tended

t o i nc lude a l l h oards f ro m w ith in t he modern b oundar ies o f S co t land ( and t herefore s o me e ar ly h oards f rom a reas t hen u nder N orse o r Manx c on tro l ), a nd a lso f rom a reas o f n orthern Eng land wh ich f or med p art o f t he S cot t ish k ingdo m o r w ere u nder S cot t ish c on tro l a t t he d ate o f c oncea l men t.

I n

marg inal c ases, Border h oards h ave b een i nc luded r ather t han e xc luded. 2 2

ABBREV IAT IONS E . Burns, The Co inage o f S cot land, 3 v o ls., 1 887. BD

I . D . Brown a nd M. Do l ley , A B ibl iography o f Co in Hoards o f G reat Br ita in a nd I reland , 1 500-1967, 1 971.

I . D . Brown , " First

a ddendu m t o t he B ib l iography o f Co in Hoards o f Great Br ita in a nd I reland , 1 500-1967" , Nu m is mat ic C ircu lar 1 , 200ü ( 1973 ), 1 47-51. BNJ CH

Br it ish Nu m is mat ic J ournal. Co in Hoards. R . H . M. Do l ley , " The I rish min ts o f Edward Ii n t he l igh t o f t he c o in-hoards f ro m I reland a nd Great Br ita in" , P roceed ings o f t he Royal I r ish Acade my LXV I C , n o. 3 ( 1968 ), 2 35-97. J . L indsay , A V iew o f t he Co inage o f S cot land , Cork , 1 845. S upp le men t t o t he Co inage o f S cot land , Cork , 1 859.

A

A S econd S up-

p le men t t o t he Co inage o f S co t land , Cork , 1 868. D . M. Metcal f, " So me f inds o f med ieva l c o ins f ro m S cot land a nd t he n orth o f Eng land" , BNJ XXX ( 1960-1), 8 8-123. NC

Nu m is mat ic Chron icle.

NSAS

The New S tat ist ica l Accoun t o f S cot land , 1 5 v o ls., Ed inburgh a nd London , 1 845.

( Where more t han o ne s h ire i s i nc luded i n av olu me,

e ach i s s epara te ly p ag inated. ) PSAS

P roceed ings o f t he S oc iety o f An t iquar ies o f S cot land.

S AS

J . S inc la ir, The S tat ist ical Accoun t o f S cot land , Drawn u p f ro m t he Co m mun icat ions o f t he Min isters o f t he D if feren t Par ishes, 2 1 v ols., Ed inburgh , 1 791-9.

S S

W. A . S eaby a nd B . H . I . H . S tewart , " A f ourteenth c en tury h oard o f S co t t ish g roats f ro m Bal leny t own land , Co. Down" , BNJ XX X E I I ( 1964 ) 9 4-106. J . D . A . Tho mpson , I nven tory o f Br it ish Co in Hoards, A .D. 6 001 500, 1 956.

D . M. Wilson , " So me a rchaeo log ical a dd it ions a nd

c orrect ions t o J . D . A . Tho mpson , I nven tory o f Br it ish Co in Hoards," Med ieva l Archaeo logy I ( 1958 ), 1 69-71;

J . D . A .

Tho mpson , " So me a dd it ions a nd c orrect ions t o J . D . A . Tho mpson , I nventory o f Br it ish Co in Hoards :

ar ecens ion" , i b id., I I ( 1959 ),

2 80-2. J . Wil l ia ms, " Co in f inds a nd h oards f ro m Du m fr iessh ire a nd Gal loway" , Nu m is mat ic C ircu lar LXXV I I I ( 1970 ), 2 88-9 , 3 31-3, 3 88-9, 4 42-4, 4 91-3.

2 3

1 .

*MONYMUSK ( Churchyard ), Aberdeensh ire , 1 823 M.120 N SAS X I I , 4 64.

a f ter 1 097

( An Arab ic g o ld d inar o f

Y usuf b in Tashf in , min ted a t Marrakesh [ Morocco ], 4 91 H ./A.D. 1 097. Eg l is meny thok :

We igh t , 6 2 g r . Monymusk =

s ee Barrow , The K ingdo m o f t he

S co ts, p . 6 3, a nd map a t p . 6 2.

On t he House o f

Cu ldees a t Monymusk , s ee Easson , Med ieva l Rel ig ious Houses , s .v. 2 .

* STE WART PARCEL

e ar ly 1 150s

To b e p ub l ished b y I an S tewart.

( I nc ludes Dav id I

c o ins o f P erth a nd Aberdeen .) WESTRUTHER S ee b e low , n o. 1 40. 3 .

BUTE, I SLE OF, 1 863 T .63.

4 .

( Un l ikely t o b e Dav id I . ) 1 150s

( I n a wa l l n ear t he c hapel o f S t . B lane.)

BA MBURGH ( Cast le ), Northu mbr ia , 1 844 L ., p . 2 70.

B , p . 1 9.

T . 3 1.

c .1160?

( S tewart i s o f t he

o p in ion t hat i ti s merely a p arce l f ro m Outchester , n o. 5b elow.) 5 .

OUTCHESTER , Northu mbr ia , 1 817 T . 2 99 a nd r efs. c i ted t here. Ba mburgh.

1 170s ( Found a f ew mi les f ro m

S a id t o h ave c on ta ined a bou t 1 50 S co t t ish

c o ins a long w ith s o me 7 00 Eng l ish c o ins o f t he C rossa nd-crosslets i ssue ( 1 158-80 ).

There a re u nproven-

a nced s pec i mens p robab ly f rom t he h oard i n v ar ious c o l lec t ions.

The t er m inus p ost q ue m i s f ixed b y a

c o in o f C lass E o f t he Cross-and-crosslets c o inage ( E. 1 170 ), a nd t he c oncea l men t may h ave b een a t t he t ime o f t he r is ing o f t he Young K ing , 1 173-4 ). 6 .

S tewart i n BNJ = 7 .

c .1180

*MAN , I SLE OF, b efore 1 769 M I ( 1964 ), 4 8-56.

DY KE ( Churchyard ), E lg in , 1 780 T . 1 50.

T . 2 73.

S AS ) 0 ( , 2 24-5.

M, p . 1 22, n os. 1 50 a nd 2 73. Do l ley i n BNJ XX IX ( 1958-59 ), a t

p . 2 99 v o ices a s usp ic ion t hat t he Eng l ish e le men t i n t he h oard w as S hor t-cross r ather t han Cross-andc rossle ts.

H is p roposed d a t ing o f c . 1 240 s hou ld

e v iden t ly b e r e jec ted , h owever , o n t he b as is o f t he S co t t ish c o ins.

( The f ind c ons isted " ch ief ly o f

Wi l l ia m 's c o ins w ith c rescen ts o n t he r everse" ,

2 4

1 180s?

a l though a no ther wr i ter s tates t hat " a v ery c ons iderab le n u mber" o f Eng l ish c o ins o f H enry I w ere mixed w ith t hose o f Wil l ia m.

The h oard

was r e moved c landest inely b y t he f inder , who a l leged ly g rew p rosperous o n t he p roceeds, t he ma in p art o f t he h oard b e ing s o ld a s b u l l ion f or £ 46 a nd , n o d oubt , mel ted d own.

The c o ins o f

Wi l l ia m were n o t a t f i rst r ecogn ized a s b e ing S co t t ish. l ars.

S o me w ere d ispersed b y i t ineran t p ed-

The S tat ist ica l Account r ecords t hat t here

w ere s o me c o ins o f S tr ivel ing ( S t ir l ing ) r ead ing RE V ILLA M :

t hese a re u nknown a t t he p resen t

d ay , a nd a re p robab ly m isread c o ins o f t he moneyer Rau l Der l ing.) 8 .

BADD INSG ILL , P eeb lessh ire, 1 834 T . 3 04.

1 180 x 1 250

( The h oard h as r ecen t ly c o me t o l igh t

a ga in , a f ter b e ing i n f am ily p ossess ion f or many y ears.

I th as b een a cqu ired b y Mr. I an S tewart ,

who h opes t o p ub l ish a d eta iled a ccoun t o f i t . ) 9 .

LE W INSHOPE Far m , S e lk irksh ire, 1 865 T . 2 32.

1 0.

( Short-cross s terl ings. )

GLENCHA MBER Moss , N ew Luce, Wig townsh ire, 1 859 T . 2 85.

1 1.

1 180 x 1 250

1 180 x 1 250

( 4 miles E o f N ew Luce. )

HOLY WOOD ( Churchyard ), Du m fr iessh ire, 1 904

1 205 x 1 250

W., p . 3 33 ( Four s hort-cross s terl ings f ound " in g raves" — ? a h oard — f ro m t he s ite o f Ho lywood o r Derconga l Abbey : 1 2.

Easson , s .v.)

KEITH ( Co ldho me f ar m ), Ban f fsh ire , 1 881 CH I , 4 49. 4 31-43.

BNJ ) 0 (X , 9 5.

1 205 x 1 250

P SAS 1 881-2,

( Co ldho me o r Cau ldha me f ar m i s 1 1

mi les SW o f K e ith .

The h oard was f ound j ust e ast o f

o f Doug las-brae o ld l ime q uarry , a nd n ear t he o ld c l if f o f t he R iver I s la. ) 1 3.

TOM A ' BHURAICH , ( GARCHORY ) ,S trathdon , c .1210 x1250

Aberdeensh ire, 1 822 T . 3 61.

T . 1 69.

Do l ley i n P SAS XCV ( 19 62 ),

2 41 f . ( Con fused r ecords, a b ly i n terpreted b y Do l ley , o f ah oard t hat i s importan t a s e v idence f or t he n ortherly a va ilab i l ity o f h a l fpence a nd f ar th ings.

Found 3 1 m iles a bove t he Doune o f

I nvernoch ty , o n t he h i l ls ide o ppos ite Garchory .)

2 5

1 4.

* DUN H IAD IN , I s le o f T iree, 1 787

A f ter c .1240

Do l ley i n BNJ XX IX ( 1958-59 ), 3 18-19.

( Con-

c ea led i n ap ot tery c on ta iner t wo t o t hree f eet b elow t he s urface , i n t he i m med iate v ic in ity o f Dun H iad in .

Forty c o ins f rom t he h oard a re i n

t he Br it ish Museu m :

t he t er m inus p ost q ue m i s

g iven b y C lass Vi le. ) 1 5.

* *DUN LAGAIDH , L ochbroo m , Ross a nd C romarty , 1 968 CH I , 4 51.

G lasgow Arch. J .

I I ( 1974 ),

A f ter 1 242

7 8-81.

E . W. MacK ie, Excavat ions o n L och Broo m... S econd I n ter i m Report , G lasgow , 1 968.

( Excava-

t ed i n a sma l l c ast le, made o ut o f ac onverted r ound d rystone d un.

Fourteen p enn ies a nd 8 h a lves ,

i nc lud ing a h a l fpenny i n t he n a me o f Wil l ia m t he L ion . 1 6.

C f . n o. 1 3.)

GLENLUCE S ands, Wig townsh ire, b efore 1 880 P SAS XV ( 1880-1 ), 2 75.

1 247 x 1 280

( A l ong-cross s ter l ing

w ith 3 c u t h alves.) 1 7.

* *NE WCASTLETON , Roxburghsh ire, 1 937

1 253 o r l ater

T . 2 83 ( A sma l l , s cat tered h oard b ut a pparen t ly f a irly c omp lete. 1 8.

Dated b y c lass Vc .)

*HA ZE LR IGG ,Ba l mac lel lan , Du mfr iessh ire , c . 1 924 Du m fr iessh ire Trans. XXV I ( 1947-48 ), 1j 0-13.

c .1270 ( A

g roup o f 6 4 Eng l ish a nd 4 S cot t ish c o ins f ro m t he h oard a re l i sted i n d eta il , a nd r un u p t o c lass Vh. One c on t inen ta l s ter l ing o f J ohn I ( 1261-94 ), Duke o f Braban t , Ch. v i i i, 4 .) 1 9.

J EDBURGH ( t he Cast leh il l ), Roxburghsh ire, b efore 1 831 M.21.

2 0.

( Ten s terl ings o f H enry , a nd t wo o thers.)

COCKMU IR h il l , Kenneth mon t p ar ish , Aberdeensh ire, b efore 1 845

1 250 x 1 350

N SAS X I I , 5 85.

( "A b ag o f sma l l s i lver c o ins , w ith

A lexander Ie ngraved o n o ne s ide" [ Alexander I I? ], f ound i n t rench ing t he h il l.) 2 1.

COULL c ast le, Aberdeensh ire, b efore 1 792 S AS I I , 2 01.

2 2.

( Severa l c o ins o f A lexander I I .)

DUNKELD , P erthsh ire , 1 860 M. 1 2.

1 250 x 1 350

1 250 x 1 350

( Three c o ins o f A lexander I I.)

2 6

2 3.

*GLASSERTON , Wig townsh ire, 1 886

A f ter 1 280

W, p . 4 91 a nd p . 4 92 ( Sorby p ar ish ).

( A l eather

p urse c on ta in ing t wo f arth ings o f A lexander I I a nd a s p ind le whorl o f s tea t ite. ) 2 4.

c .1296?

MONTROSE ( H igh S treet ), Angus, 1 859 N ineteen s i lver Edward ian c o ins , w ith s poon , e tc. — MS n ote i n NMA, Ed inburgh.

C f . P SAS I V

( 1860-2 ), 3 97. 2 5.

* ** MELLENDEAN f ar m , n ear S prouston , K elso , Roxburgh ire, 1 911

c .1295 x c .1302

G . Macdona ld i n NC 1 913, p p . 2 66-7 .

5 7f f .

D . 3 8 a nd

PSAS 1 911-12 , 9 0 , 2 00 , 3 74 ; i b id .,

1 913-14, 1 7 ;

1 951-2, 2 11 f .

c ast le 1 911-12, 1 39 ;

P SAn t iq. N ew-

i b id., 1 925-6, 1 38.

( There were 1 03 c on t inen ta l s terl ings i n a h oard o f s o me 8 90 c o ins. ) 2 6.

* *KIRKCUDBR IGHT ( near ), 1 850 o r e ar l ier E . Hawk ins i n NC 1 850-1, 8 6-94. p p. 2 65-6.

W. p . 4 43.

c .1296 x c .1302

D . 3 5 a nd

( There were 9 2 c o ins,

f ound o n t he p roperty o f t he Earl o f S elk irk , i n t he n e ighbourhood o f K irkcudbr igh t — Do l ley 's l i st ing o f t he f ind-spo t a s K irkcudb r igh t Burgh i s u nsupported — b ut i ti s d if f icu lt t o r econs truc t t he t o ta l f ro m Hawk ins 's a ccoun t . Apparen t ly a l l b u t 7o f t he c o ins were c on t inen tal , t he o thers b e ing o f H enry I I ( 1 ), Edward I ( 4 ), A lexander I I ( 1 ), a nd a b arbarous im i ta t ion o f a n I r ish p enny .

The f ore ign c o ins may h ave b een

e xported f rom Eng land t o S cot land when t hey w ere c a l led d own t o ah a l fpenny a nd s ubsequen t ly p ros cr ibed i n Eng land , f rom Chr istmas 1 299 o nwards. I t s ee ms l ikely t hat t he c onceal men t o f t h is a nd s im i lar h oards i n S co t land , f or wh ich t he c o ins g ive at er m inus p ost q ue m o f 1 296, was i n 1 300 o r l ater.

A lthough n o d ocu men tary e v idence s urv ives,

t he c on t inen ta l s ter l ings w ere p resu mab ly p roscr ibed i n S co t land a lso , a s t here i s n o s ign t ha t t hey p ers ist i n l ater h oards.) 2 7.

* **GALSTON ( Auchenbart ), Ayrsh ire, 1 922 G . Macdona ld i n NC 1 923, 6 Of f . a nd p . 2 49.

T . 1 68.

1 296 x c .1302 D . 1 11

( There w ere 2 28 s ter l ings, o f wh ich

2 21 were f ore ign a nd 7 were o f Edward I , i nc lud ing a c on te mporary f orgery , i n a n e arthenware j ug.

The o r ig ina l t o ta l i s b el ieved t o h ave b een

2 40 t o 2 50, S ee t he n o te a bove, u nder K irkcudbr igh t.) 2 7

2 8.

* *CLEUCHHEAD f ar m , n ear J edburgh , Roxburghs h ire , 1 897

1 296 x c .1302

A . B . R ichardson i n P SAS X '0 ( I I ( 1898 ), 2 95f f D . 9 9 a nd p p. 2 65-6.

( The h oard c ons isted o f

1 38 c on t inen ta l s ter l ings. K irkcudbr igh t.

S ee a bove, u nder

Found i n H il l End F ield , n o t

f ar f ro m " Old Ro man Road" [ Dere S treet ? ]. ) 2 9.

* *FYV IE, Aberdeensh ire , b efore 1 898 Do l ley i n NC 1 961, 1 69-70.

c .1300?

D . 9 2.

The d ate

o f d epos it i s d iscussed b y Mayhew , p . 8 6f b elow . ( Con t inen ta l s terl ings , f ound i n a n a band oned q uarry .) 3 0.

* CANONB IE ( Woodhead ), Du mfr iessh ire, 1 863 ( 1861? ) D . 1 4 a nd p . 2 59.

W., p . 2 89.

1 298 x c. 1302

P SAS LV I I I

( 1923-4 ), 1 60-84.

( I nc luded b rooches, 2 g o ld

r ings, a nd b eads.

On Canonb ie p r iory , s ee

Easson , s .v. ) 3 1.

* *BRAE MORE ( Ca ithness? ), b efore 1 900 S tewart i n NC 1 973, 1 38-9.

1 301 x 1 320

( Presu med o n g enera l

g rounds n o t t o b e f ro m t he Brae more n ear L och Broo m ; 3 2.

b ut c f . n ow Dun L aga idh. )

NORTH BER W IC K , East L oth ian , 1 882

1 302 x c .1330

D . 5 0 a nd p . 2 71. 3 3.

1 303 x c .1330

K ER ICN I ICHAEL , P erthsh ire, 1 867 D . 9 6 ( Concea lmen t c . 1 332-6? - Mayhew 1 975 ).

3 4.

NETHERFIELD ( Cu m mertrees p ar ish ), 1 305 x c .1320

Du mfr iessh ire, 1 860 D . 4 5 a nd p p. 2 68-9. 3 5.

W, p . 3 31. 1 307 x 1 330

DUMBARTON ( Cast le Rock ), 1 975 CH I , 4 55 .

3 6.

D . 1 10. 3 7.

W., p . 3 31.

( "About £ 80 worth" .)

* FAULDHOUSE, West L oth ian , 1 913 D . 2 9 a nd p . 2 63.

3 8.

c .1310 x1330?

DUMFR IES , 1 849

M., p . 1 22.

1 311 x c .1320 P SAS 1 913-14, 1 7.

* AYR , 1 874 D . 4a nd p . 2 57.

1 318 x c .1320 S tewart i n NC 1 973, 1 42-4.

( I nc luded b rooches. ) 2 8

3 9.

1 318 x c .1335

* *BLAC KH IL L S f ar m , Parton , K irkcudbr igh ts h ire, 1 911 G . Macdona ld i n NC 1 913, 5 7f f. D . 8a nd p . 2 58.

CH I ,456.

Mayhew , i n BNJ XLV ,

1 975, 3 5, q uer ies whether t he h oard may n ot h ave b een c oncealed c . 1 332-5.

( More t han

2 ,000 c o ins, f ound i n— a wooden b ow l , " about 4 00 y ards f ro m t he U rr Water a nd 7 00 y ards f ro m Corsock Tower", i .e .a bou t a mi le S . o f Corsock V il lage, a t NG 7 60750 a pprox .

C f .

t he N ether Corsock h oard, n o. 9 6 b elow , wh ich was f ound a bout a mile f urther s outh. ) 4 0 . * **RENFRE W ( Bel l S treet ), 1 963

1 320 x 1 322

P . Woodhead a nd I . S tewart , " The Ren frew t reasure t rove, 1 963" , BNJ XXXV ( 1966 ), 1 28-47. a nd p . 2 73.

D .57

A . S . Robertson , " The Ren frew ( 1963 )

c o in h oard" , G lasgow Archaeo log ical J ournal I ( 1969 ), 7 2-4.

( An u nusual d oub le h oard , c o mpr is ing a

s av ings h oard p ut away i n l ate 1 299 o r 1 300, p lus ac ash e le ment a dded t wenty y ears l a ter, w ith a n e xcep t iona l ly h igh p roport ion o f h alfpenn ies a nd f arth ings.) 4 1.

CRATHES, Aberdeensh ire, 1 863

1 320 x c .1336

Pub l icat ion f orthco m ing b y Mayhew , who s uggests ( BNJ XLV, 1 975 , 3 5 ) 1 333-6 a s ap oss ible d ate o f c onceal men t. 4 2.

DORNOC K , Du mfr iessh ire, 1 871 D . 2 5 a nd p . 2 62.

1 320 x c .1335?

W., p . 3 31 . Mayhew , i n BNJ

XLV, 1 975, 3 5, q uer ies whether t he h oard may n ot h ave b een c oncea led c .1332-5. h orn " on a f ar m i n t he p ar ish".

( Found i n a

C f . what i s a p-

p aren t ly a no ther, l arger h oard f ro m Dornock , n o. 7 2 b elow , b ut wh ich migh t b e t he s a me.) 4 3.

c .1324 x 1 335?

DUMFR IES , 1 878 D . 2 7 a nd p p. 2 62-3. 8 4.

W. p . 3 31.

PSAS LV I I I ( 1923-4 ), 1 60-

Mayhew , i n BNJ XLV, 1 975 ,

3 5 q uer ies whether t he h oard may n o t h ave b een c oncealed c. 1332-5. a n o ld h ouse.

( In a p urse i n t he wal l o f

With s i lver j ewel lery , i nclud ing

ac ross, a c ha in , ab rooch , a smal l b ow h and le, e tc.

A c o in o f c lass XVc i n Ed inburgh.)

2 9

4 4.

* *DUNBLANE, P erthsh ire, 1 937 D . 2 8 a nd p . 2 63.

c .1322 x 1 336

Mayhew , i n BNJ XLV , 1 975, 3 5

s uggests 1 333-6 a s ap ossib le d a te o f c oncea l men t . S ee t he n ote o n Carspha irn , n o. 5 2 b elow. 4 5.

G IFFNOCH, Ren frewsh ire, 1 879

1 320 x 1 335?

D . 3 0, a nd p p. 2 63-4 ( I ncluded b rooches ). 4 6.

K INGHORN IE ( I nverberv ie f ar m ), K incard inec .1320 x 1 336?

s h ire, 1 893 D . 1 03 a nd p p. 2 78-9.

( "Cur iously e nough ,

t h is j ar .. was l y ing o ver t he s ite o f ac hapel e rec ted b y Dav id I , i n 1 342, i n g rat itude f or h is e scape f ro m s h ipwreck".

Conceal men t

c .1332-6? — Mayhew , 1 975 :

b u t c f . a nother

h oard p loughed u p o n t he s a me f ar m, n o. 1 10 b elow , f or wh ich a d ate o f d epos it i n t he 1 290s i s v ery l ikely .

On a [ l ater ? ] r el ig ious h ouse a t

I nverberv ie, s ee Easson , s .v.) 4 7.

STANLEY , P erthsh ire, 1 834 D . 9 8.

M., p . 1 22.

1 318 x c .1340

( I n a n o ld q uarry .

Con-

c eal men t c .1332-6? — Mayhew 1 975.) 4 8.

* DUNCANSBY HEAD, L adyk irk , Ca ithness, 1 969

A f ter c .1318

S tewart i n NC 1 973, 1 34-44. 4 9.

DUNS Cast le, Berw icksh ire, 1 811 T . 1 45.

1 318 x 1 350

( 2 ,361 c o ins i n ap ew ter j ug a nd wooden

c up , i n a meadow i n f ron t o f t he c ast le.) 5 0.

UNKNO WN S COTTISH PROVENANCE, 1 783

1 318 x 1 350

D . 5 8 a nd p p. 2 73-4. 5 1.

* * MONTROSE ( Cast le S treet ), Angus, 1 973 CH I , 3 73.

1 322 x 1 370

Mayhew , i n BNJ XLV , 1 975, 3 5

s uggests 1 333-6 a s ap ossib le d ate o f c oncea l men t. 5 2.

* *CARSPHAIRN ( Cra igeng il lan f ar m ), K irkcudbr ight1 324 x c .1335

s h ire, 1 913 G . Macdona ld i n P SAS 1 914, 3 98-402. a nd p . 2 59.

W., p . 4 42.

D. 1 5

The h oard was made

ac rux f or t he r eat tr ibut ion o fu ns igned c o ins o f Tho mas d e Bourle mon t , b ishop o f Tou l , t o Ferr i I V o f L orra ine, a nd a lso f or t he r eat tr ibut ion o f

3 0

Ang lo-Gascon c o ins o f Edward I I t o Edward I . S ee G . C . Brooke i n NC 1 914, 3 82-3.

Wh ile b oth

r eattr ibut ions a re q u ite p robab ly c orrect , t he a rgu men t f ro m t he Carspha irn h oard d oes n o t s tand u p.

Nor d oes t he Dunb lane h oard , n o. 4 4 a bove,

o f fer u nequ ivoca l e v idence, p ace Do l ley i n NCirc 1 962, 8 0.

C f. a lso n o. 5 4.

( Over 2 ,000 c o ins

f ound i n a n e arthenware j ug i n a marshy h o l low o n Goat Cra ig H il l.

Mayhew , i n BNJ XLV , 1 975, 3 4f.,

n o tes t he p rox im ity o f t he f i nd-spo t t o t hat o f t he L och Doon h oard , a nd q uer ies whether t he h oard may n ot b elong t o ag roup c oncealed c . 1 332-5.) 5 3.

*PEN ICU IK ( Fa l lh il ls Wood , Mt. L oth ian ), c .1324 x 1 340

M id loth ian , 1 898 Do l ley i n BNJ XXV I I ( 1953 ), 2 15-18. a nd p p. 2 71-2. 5 4.

D .52

( Dated b y c lass XVc.) 1 329 x c .1335

* *LOCH MABEN , Du mfr iessh ire, 1 904 G . Macdona ld i n NC 1 905, 6 3f f. p . 2 66.

W., p . 3 88.

D.37 a nd

Mayhew , i n BNJ XLV,

1 975, p . 3 4, n .2 a nd p . 3 5, r ecords t he p resence o f c lass XVd i n t he h oard.

The c o in a ttr ibuted

t o Tho mas d e Bourle mon t i s p robab ly o f Ferr i I V o f L orra ine :

c f . t he n ote u nder n o. 5 2 a bove.

( Found i n a n e arthenware j ug , i n ap ark n ear t he t own.) 5 5.

* *BERSCAR, C loseburn p ar ish , Du mfr iessh ire, 1 900 D. 1 1 a nd p . 2 58.

W. p . 2 89.

1 331 x c .1335

Mayhew , i n

BNJ XLV, 1 975, p p. 3 4, n .2 a nd 3 5, n o tes t hat t here were s everal c o ins o f c lass XVd i n t he h oard , i nclud ing a York c o in wh ich g ives a t er m inus p ost q ue rn.

Repub l ished u s ing t he Fox

c lass if icat ion i n S tewart , BNJ XLV I I, 1 977. 5 6.

1 331 x c .1335

* **LOCH DOON , Ayrsh ire, 1 966 D. 3 6 a nd p . 2 66.

P . Woodhead , I . H . S tewart ,

a nd G . L . V . Tat ler, " The Loch Doon t reasure t rove, 1 966" , BNJ XXXVI I I ( 1969 ), 3 1-49.

A

c yclosty led l i st o f t he we ights o f t he c o ins h as b een c ircu lated s epara tely.

( 1 ,887 c o ins, d ated b y a

c lass XVd p enny o f York .

Found o n t he e ast s hore

o f t he l och , b elow Muck le Er iff h il l, a t N S 4 83004. Perhaps a ssoc iated w ith t he a rr iva l o f Edward Ba l l io l a nd t he " Dis inher ited" i n S co t land i n 1 332, o r w ith t he mil itary c a mpa igns o f 1 332-35.

The a u thors

g ive a v a luab le c omparat ive s tat ist ica l a na lys is o f h oards o f t he p er iod.) 3 1

5 7.

* **ABERDEEN ( Upperk irkgate ), 1 886 D . 1a nd p p. 2 54-5.

1 331 x 1 336

N . J . Mayhew , " The

Aberdeen Upperk irkgate h oard o f 1 886", BNJ XL IV ( 1975 ), 3 3-50.

F or t he i m i ta t ive

s ter l ings , s ee Mayhew , i n NC 7 .XV I ( 1976 ), 8 5-97.

( Over 1 2,000 c o ins i n ab ronze t r ipod

c ook ing p o t.

Ter m inus p ost q ue m g iven b y a n

Edward ian c o in o f c lass XVd , a nd a ( s igned ) c on t inen ta l s ter l ing o f b ishop Bour le mon t o f Tou l ( 1330-53 ).

C f . Carspha irn , n o. 5 2.

Con-

c ea lment p oss ib ly when Roscelyn s acked t he t own i n 1 336. ) 5 8.

ABERDEEN ( S t. N icho las S treet ), 1 4 N ove mber 1 807 T . 1 -2.

( "Un ion S treet" ).

I ( 1958 ), 1 69 ;

1 280 x 1 360

Med ieva l Archaeo logy

i b id., I I ( 1959 ), 2 80.

D . 8 5.

J . C . Wi l l ia ms i n N um is mat ic C ircu lar LXX M I I ( 1975 ), 4 78.

An " i m mense n u mber" o f c o ins i n a

l arge wooden v esse l , f ound a bou t 1 0 f eet b elow s treet l eve l , i n d igg ing f oundat ions f or s ome n ew b u i ld ings i n t he l ine o f t he i n tended o pen ing [ o f S t . N icho las S treet ] i nto Un ion S treet.

D ispersed

w ithou t a ny d eta i led i n format ion a bout t he c o ins ( 'Edward Ia nd A lexander I I" ): s ib ly i n 1 326 o r 1 336. 5 9.

c oncea lmen t p os-

C f . n o. 1 21 b e low .

ABERDEEN 1 867

1 280 x 1 360

D . 8 6 ( Concea l men t 1 326 o r 1 336? ) 6 0.

BAILE MHAODAIN b ur ia l g round , Ardchat tan ,Argy l l , 1 829

1 280 x 1 360

N SAS V I I, 5 00. Co ins o f L ondon , Canterbury , a nd p erhaps Exeter. ( NM 9 71 3 54. There w as a h ouse o f Va l l iscau l ian monks a t Ardchat tan , f ounded i n 1 230 o r 1 231: 6 1.

s ee Easson , s .v .)

BANFF, n o t l ong b efore 1 836 D . 8 7.

N SAS X I I I, 3 1.

1 280 x 1 360 ( On t he s i te o f an ew h ouse

o n t he h igh s hore, a t t he f oo t o f t he Cast leh i l l. Edwards ( 11 s een ), A lexander I I ( 1 ). ) 6 2.

BRECH IN , ( Churchyard ), Angus , 1 785 D . 8 8 M., p . 1 21. s i lver s poons.

( A v ery l arge q uan t ity.

Concea l men t c . 1 332-6? —

Mayhew 1 975.)

3 2

1 280 x 1 360 With

63. BRECHIN, Angus, 1891

1280 X 1360

D. 89. PSAS LVIII(1923-4), 160-84. (Found ''in a garden.'' Included silver spoons and brooches. Concealment£.· 1332-6? - Mayhew 1975.) 64. CANONBIE, Dumfriesshire, 1811

1280 X 1360

W., p. 289. NSAS IV, 490. ("In some marshy ground near the place where the Rowan Burn falls into the Liddle • They were contained in an old purse".) 65. CARLUKE (St. Oswald's Chapel), Lanarkshire, before 1793

1280

X

1360

1280

X

1360

1280

X

1360

1280

X

1360

1280

X

13.60

SAS VIII, 136-7. Coins of(?) Alexander III, etc., found in the SE of the parish, near a field called Friar's Croft. 66. CARLUKE (Chapel Yard), Lanarkshire, before 1793 SAS VIII, 136-7. Coins of(?) Alexander III, etc., found on the W. corner of the parish. 67. CARSTAIRS, Lanarkshire, 1838 NSAS VI, 554. On the side of a reclaimed moss, 36 Edwardian sterlings, neatly packed into a cow's hoof. 68. CORRIMONY(Churchyard), Inverness-shire, 1870 D • 90 • (At the head of Glen-Urquhart. One of the very few hoards recorded from west of the Great Glen. The coins were carefully packed edgeways in a copper pot, and almost all those examined were of the Lincoln mint. This last seems highly implausible.) 69. CRAWFORDJOHN, Lanarkshire, before 1836 NSAS VI, 503. An Edwardian hoard including coins of Dublin and Waterford. 70. CUMMERTREES(Hurkledale farm), Dumfriesshire, 1833

1280 x 1360

D. 21 and p. 261. W. p. 331. Found on a piece of moss recently brought under cultivation. 71. DALRYMPLE, Ayrshire, 1835

1280

NSAS V, 279. (Four silver coins "of Edward I and III'' found in a ploughed field near the village • )

33

X

1360

7 2.

DORNOC K , Du mfr iessh ire b efore 1 889 W, p . 3 31.

1 280 x 1 360

( At S tap le ton Tower n ear Woodha l l.

C f . n o. 4 2 a bove — s a me h oard?. ) 7 3.

DU MFR IES , u nda ted

1 280 x 1 360

W, p . 3 32, n o. 6 . 3 5. 7 4.

Mayhew i n BNJ XLV ( 1975 ),

( "£80 worth" .)

DUNSCORE, Du mfr iessh ire, u ndated

1 280 x 1 360

W, p . 3 32. 7 5.

DUR ISDEER , Du mfr iessh ire, 1 815/20

1 280 x 1 360

W, p p. 3 32-3.

( Over 1 ,000 c o ins i n ah orn. Found

a t I ng les tone.)

( L isted b y Wil l ia ms u nder S anquhar ,

p . 3 88, i n a l l p robab il ity t he Dur isdeer h oard.) 7 6.

EASS IE, Angus, b efore 1 795 S AS XV I , 2 19.

1 280 x 1 360

N SAS I , 4 76.

( "Severa l o f

Edward I , o n al arge c ircu lar mound a bou t a mi le f ro m t he o ld c hurch o f Eass ie." ) 7 7.

ED INBURGH ( South Br idge ), 2 3 J une 1 787

1 280 x 1 360

S AS V I, 5 84. The S co ts Magaz ine XL IX , J u ly 1 787 , p . 3 58, g ives t he f o l low ing f u l ler a ccoun t : ' The workmen emp loyed i n d igg ing t he f oundat ion o f o ne o f t he h ouses o n t he e ast s ide o f t he S ou th Br idge, Ed inburgh , f ound d epos ited i n ac av ity , wh ich a ppeared t o h ave b een made f or t he p urpose , av ast q uan t ity o f s i lver c o in... ED WAR. ANGL. DNS HYB 7 8.

ED INBURGH ( N iddry 's Wynd ), b efore 1 787 AS I I, 6 5.

7 9.

e tc. 1 280 x 1 360

( N ine Edward ian s ter l ings = 7 7?)

GLENBRERARCHAN , Mou l in p ar ish , P erthsh ire, b efore 1 835

1 280 x 1 360

N SAS X , 4 67-8 a nd 6 50.

D . 9 7 s .v. Mon l in .

" On S tronchane f ar m, a t t he h ead o f G lenb r iarchan , w el l u p t owards t he r idge o f al of ty h i l l , n ear ly t wo d ozen s ter l ings o f t he Edwards a nd A lexander I I ." 8 0.

GLENET IVE ( I nbh irfhao la in f ar m ), Ardchat tan p ar ish , Argy l lsh ire , 1 830 N SAS V I I, 5 01.

1 280 x 1 360 An Edward ian h oard , f ound n ear

3 4

t he r iver b y as hepherd s he l ter ing f ro m a s tor m c lose t o al arge u pr igh t s tone o f ten u sed f or s uch p urposes. 8 1.

GLEN QUA ICH, K enmore , P erthsh ire, b efore 1 845

1 280 x 1 360

N SAS X , 4 67-8. Edward ian s terl ings , f ound i n af i e ld n ear t he h ead o f L och Freuch ie. 8 2.

GRETNA, Du mfr iessh ire , b efore 1 791 D . 1 13.

S AS I , 5 28.

1 280 x 1 360

( 25 Edward ian s ter l ings

a nd 4 s o mewha t sma l ler [ ha lfpence? ] i n a sma l l wooden b ox i n a moss n ear t he H irst.

A lso i n

N SAS I V , s .v . Gra itney.) 8 3.

HA W IC K ( H islop ), Roxburghsh ire, b efore 1 845. N SAS I I, 3 94. moss g round :

8 4.

Many c o ins , f ound i n ap iece o f o ne w as o f A lexander I I.

I NVERAR ITY , Angus, b efore 1 797 S AS X IX , 5 60.

1 280 x 1 360

1 280 x 1 360

S even h undred Edward ian s terl ings

a nd 4 o f A lexander I I.

C f . t he L ongforgan h oard ,

n o. 9 3, wh ich was b e l ieved t o h ave b een i den t ica l i n i t s c o mpos it ion.

I fr e l iab le t he l ow p roport ion

o f A lexandr ian c o ins s uggests a d ate w el l i n to t he f ourteen th c entury . 8 5.

K INCLAVEN CASTLE, Per thsh ire , 1 803

1 280 x 1 360

D . 9 3. M . 2 3 . ( Concea lmen t c . 1 332-6? — Mayhew 1 975. Found i n t he r u ins o f t he c ast le. ) 8 6.

K ENNEFF Church , K incard inesh ire , C . 1 788 D . 1 05.

S AS V I, 2 09.

1 280 x 1 360

( Abou t 1 1 p ounds o f

s ter l ings o f t he Edwards a nd A lexander I I, i nc lud ing a f ew h a l fpenn ies , i n a n e ar then p o t. Concea l men t p oss ib ly i n 1 336 , when t he Eng l ish o ccup ied t he c ast le? ). 8 7.

K INNELL , Angus, 1 790 D . 9 4.

S AS I , 4 94.

1 280 x 1 360 N SAS X I, 3 98.

Between

Ha tton a nd Hat ton- m i l l , i n t he f ace o f t he b ank a bove t he r iver L unan ( i n t he S o f t he p ar ish ), u nder a s tone ( SAS I ), [1 i n a n e arthenware p o t ( NSAS X I ). 8 8.

S ilver p enn ies.

C f. K innel l , n o. 1 09.

K ERCO WAN ( Glassnock Far m ), Wig townsh ire, b efore 1 836 D . 1 15.

( Cf . P enn ingha me ? .)

3 5

1 280 x 1 360

8 9.

K IRKCUDBR IGHT p ar ish ( Loch F ergus f ar m ), b efore 1 845 W, p . 4 43.

N SAS I V, 2 4.

1 280 x 1 360

( One mile t o t he e ast , n ear

t he r oad l ead ing d own i n to K irkcudbr igh t. ) 9 0.

K IRK M ICHAEL , Du mfr iessh ire , 1 821 W, p . 3 88.

N SAS I V , 7 1.

1 280 x 1 360

( Ha l f-way b etween

N ether-Garre l l a nd Courance. ) 9 1.

LESMAHAGO W , L anarksh ire, c . 1 815 D . 1 16.

9 2.

N SAS V I, 3 3.

1 280 x 1 360

Found b e low a l arge s tone.

LOCH MABEN , Dumfr iessh ire , b efore 1 823 W. p . 3 88. 7 8n .

1 280 x 1 360

C f . Archaeo log ia S cot ica I I ( 1831 ),

( Paper o n L ochmaben c ast le , r ead 1 823 ),

r eferr ing p resumab ly t o t he s ame h oard.

( I n

Wh iteh i l ls Moss, a bou t t hree-quarters o f am ile f rom t he t own. ) 9 3.

LONGFORGAN , Perthsh ire , b efore 1 797 S AS X IX , 5 59-60.

1 280 x 1 360

N ear a b arrow I mown a s

Market Knowe, a n e ar then p ot c on ta in ing 7 00 Edward ian s ter l ings a nd 4 o f A lexander I I. C f . t he I nverar ity h oard , n o. 8 4 , f ro m a bout 1 2 miles away :

i t was c on jectured t hat t wo

b rothers migh t h ave d iv ided a SU

M

o f money

e qua l ly b etween t he m. 9 4.

MOCHRU M ( Cast le L och Mochru m ), Wig townsh ire W, p . 4 92. c ast le s ite :

1 280 x 1 360

( Found d ur ing e xcava t ions a t t he s tray f inds o r h oard? Depos it

d ated a f ter 1 309 b y c o in o f J ohn t he B l ind? ) 9 5.

MORTON p ar ish ( Thornh i l l ), Du m fr iessh ire, 1 866 W, p . 3 88.

9 6.

( Found i n ah orn c on ta iner.)

NETHER CORSOC K f ar m, P arton , K irkcudbr igh t , C . 1 840 D . 1 20.

1 280 x 1 360

M. 4 0.

1 280 x 1 360

Mayhew , i n BNJ XLV , 1 975, 3 5

s uggests 1 332-5 a s ap oss ib le d ate o f c oncea lmen t.

( Found a t NG 7 60 7 30 a pprox ., s o me 2

miles S o f Corsock a nd " three-quarters o f a mi le" So f t he B lackh il ls f ar m h oard , n o. 3 9. ) 9 7.

NE W CU MNOC K ( Wh iteh il l Far m ), Ayrsh ire, C . 1 830 D . 1 18.

S tewar t , i n NC 1 973, 1 34-44.

3 6

1 280 x 1 360

9 8.

PEN ICU IK ( East f ield f ar m ), Mid lo th ian , 1 792 P SAS XXV I I I ( 1893-94 ), 2 39.

1 280 x 1 360

The sma l l j ug ,

wh ich was " f il led w ith c o ins o f A lexander I I, a nd Edward Ia nd I" , i s i l lustrated i n T ., p l. I Vb , where i ti s m istaken ly a ss igned t o t he P en icu ik 1 898 h oard. 9 9.

PENN INGHA ME, Wig townsh ire, 1 835 D . 5 3 a nd p . 2 72.

1 280 x 1 360

Mayhew , i n BNJ XLV, 1 975 ,35

s uggests 1 332-5 a s ap oss ib le d a te o f c oncea l men t. 1 00.

PORTOBELLO L inks, M id lo th ian , 1 852 D . 5 4 a nd p . 2 72.

1 01.

M., p . 1 22.

1 280 x 1 360

( About 6 00 c o ins.)

ROSL IN ( Harpers H i l l Brae ), M id loth ian , b efore 1 843 N SAS I , 3 52.

1 280 x 1 360

( Three Edward ian s ter l ings , f ound

" on t he p ub l ic r oad".

A s i lver b uck le o f r ough

workmansh ip a nd a b rooch , f ound a t t he s a me p lace, w ere p erhaps a ssoc ia ted.) 1 02.

S ALTCOATS , Ayrsh ire , b efore 1 781 D .121.

1 03.

1 280 x 1 360

M. 4 5.

S ANQUHAR, Du m fr iessh ire, 1 892 W., p . 3 88.

( I n Craw ick Water n ear i t s j unct ion

w ith t he N ith , h a l f a mi le w est o f S anquhar.) 1 04.

TARBAT Churchyard , R oss a nd Cro mar ty , d a te? P SAS XXV I ( 1891-2 ), 6 0.

1 280 x 1 360

( Donat ion o f af ore ign

s ter l ing , ( ? ) f ro m a h oard.) 1 05.

TWYNHOL M , K irkcudbr ightsh ire, 1 842 D . 1 22.

W, p . 4 91.

1 280 x 1 360

Mayhew , i n BNJ XLV,

1 975 , 3 5 s ugges ts 1 332-5 a s ap oss ib le d ate o f c oncea lmen t. 1 06.

1 280 x 1 360

URR ( near Mo t te o f U rr ) 1 950/1 W., p . 4 91.

1 07.

1 280 x 1 360

WIGTO WNSH IRE, 1 838 M. 5 4.

1 08.

1 292 x 1 360

AYR , 1 892 D . 1 08 ( 1862 ).

P SAS 1 891-2, 6 0.

3 7

I b id., 1 923-4,

1 60-84.

( Found i n a n e arthenware j ar ;

b rooches. 1 09.

i nc luded

Dated b y c o in o f J ohn Ba l l io l. )

K ENNELL , Angus, 1 805 D . 9 5 .

1 292? x 1 360

N SAS X I, 3 98.

An e ar thenware p o t o f

c o ins f ound i nt he s a me p lace a s K inne l l , n o. 8 7 ( by t he b ro ther o f t he f inder o f t he e arl ier h oard ) . One o r o ther o f t he h oards c on ta ined a h a lfpenny o f J ohn Ba l l io l.

Mayhew , 1 975, s ugges ts c on-

c ea lmen t o f b o th h oards c . 1 332-6. 10.

K INGHORN IE, ( I nverberv ie f ar m ), K incard inesh ire , 1 902

1 292 x 1 360 D . 1 04.

M. 2 4.

( Found o n t he s a me f ar m a s

K inghorn ie , n o. 4 6.

The e xcep t iona l ly h igh

p roport ion o f c o ins o f J ohn Ba l l io l s uggests a d a te o f d epos it i n t he 1 290s ;

u n less w e a re

d ea l ing w ith a s av ings h oard o r " doub le" h oard.) 1 11.

K INROSS ( Co ldon ), 1 820 D . 3 4 a nd p . 2 65.

1 292 x 1 360 N SAS L X , 1 1.

B etween 3 00

a nd 4 00 Edward ian s ter l ings , w ith s o me o f J ohn Ba l l io l , f ound i n af i eld i n t he s ou th o f t he p ar ish o f K inross.

( Concea lmen t c . 1 332-6? —

Mayhew , 1 975.) 1 12.

PAISLEY ( near ), Ren frewsh ire, 1 791 D . 1 19.

L ., p . 2 63.

1 292 x 1 360

( 515 Edward ian s ter l ings ,

5o f A lexander I I, 3 o f J ohn Ba l l io l.

The l ow

p roport ion o f A lexandr ian c o ins s uggests a d ate we l l i n to t he f ourteen th c en tury . ) 1 13.

COULNAKYLE, Abernethy p ar ish , E lg in , 1 870 D . 9 1.

1 14.

( Dated b y c o in o f Berw ick m in t. )

KEIR M ILL ( Beuchan ), Du mfr iessh ire , 1 865 D . 1 14.

1 296 x 1 360

W., p . 3 33.

1 296 x 1 360

Mayhew , i n BNJ XLV

( 1975 ), 3 5, s uggests 1 332-5 a s ap oss ib le d ate o f c oncea lmen t .

( Beuchan i s a bou t 1 mi le S o f

K e ir Mi l l.) 1 15.

*MON IF IETH ( Churchyard ), Angus , 1 854 D . 3 9 a nd p . 2 67.

L . ( S ), p . 5 2.

p ost q ue m f ro m c o in o f Hu l l min t.

1 300 x 1 360 ( Ter m inus Mayhew , i n

BNJ XLV, 1 975 , 3 5 s uggests 1 332-6 a s ap oss ib le d ate o f c oncea l men t.

On a n e ar l ier h ouse o f

Cu ldees h ere , s ee Easson , s .v .) 3 8

16.

REDGORTON ( Th ist le Br idge ), Perthsh ire, 1 834 D . 5 6.

N SAS X , 1 77.

1 300 x 1 360

( About 1 ,500 s i lver c o ins,

o f Henry I I a nd t he Edwards, a nd i nclud ing J ohn Bal l io l.

Dated b y c o ins o f t he Hu l l min t.

Found

u nder a l arge s tone, c lose b es ide t he Th ist le b r idge.) 17.

GLASGO W ( South Br idge, a t f oot o f N iddry 's Wynd ), 1 787

1 303 x 1 360 M., p . 1 22.

D. 1 12.

Gaucher d e Chät il lon.

( Dated b y c o in o f Poss ib le c on fus ion w ith

Ed inburgh? — c f . n os. 7 7, 2 44.) 1 18.

COC KBURNSPATH ( Blackburn f ar m ), Berw icksh ire, c .1310 x 1 360

1 856 D. 1 7 a nd p . 2 60.

( See Do l ley i n NCirc 1 962,

8 0 f or s terl ings o f L igny.) 1 19.

c .1310 x 1 360

DU MFR IES, u ndated W, p . 3 32, n o. 1 0 (e xcavated a t t he " Travel ler 's Rest" .)

1 20.

CROSSCRYNE, B iggar, L anarksh ire , b efore 1 868 D. 1 09.

c .1317 x 1 360

S tewart i n NC 1 973, 1 39-40 a nd e arl ier

n otes c ited t here.

CH I , 3 71.

( Dated b y c lass

X IV. ) 1 21.

ABERDEEN ( Dyer 's Ha l l ), 1 7 Nove mber 1 807 Mayhew , i n BNJ XLV ( 1975 ), 3 6.

1 318 x 1 360

J . C . Wil l ia ms,

i n Nu m is mat ic C ircu lar L 200 ( I I I ( 1975 ), 4 78. "Workmen , i n d igg ing n ear t he s i te o f Dyer 's Ha l l , f ound a n e arthenware j ar c on ta in ing n ear ly 2 ,000 p ieces o f v ar ious r e igns a nd v a lue.

They

a re f or t he most p art s i lver p enn ies o f Edward I , I , a nd I I;

s o me o f A lexander I I;

s o me o f Rupert Ia nd I ." c o ins o f Robert I ) .

a nd, i ti s s a id ,

( These may h ave b een

An E l izabethan s ixpence ( ? )

was p robab ly i n trus ive.

The s i te, b etween

George 's S treet a nd Un ion S treet , was c lose t o t hat o f t he Aberdeen h oard o f 1 4 Nove mber 1 807. Date o f c onceal men t 1 326 o r 1 336?

C f. n o. 5 8

a bove. 1 22.

ASCOG, I sle o f Bu te, 1 813 T . 6 4.

1 318 x 1 360

Wilson , Gu ide t o Bu te, 1 848.

S urvey Na me Book , 1 869. 1 880 , p . 4 7 .

( An im mense q uan t ity 3 9

Ordnance

J . B la in , H istory o f Bu te ,

Cra ig-Brown s ays 4 ,000 — o f Edward ian s ter l ings, w ith s o me o f A lexander a nd o f Robert , a nd o ne o r t wo o f J ohn Ba l l io l ;

c o ins o f F landers, e tc.

L indsay d escr ibes

t he f ind-spot a s " by t he s eas ide a t t he f oo t o f Moun t S tewart".

O S r ecords g ive Ascog Bank , M i l lbank

( NS 1 06638) , c orrect ly f o l low ing B la in . 1 23.

COLDINGHA M ( Ca irncross ), B erw icksh ire, 1 853

1 318 x 1 360

D . 1 00 ( Dated p robab ly a f ter 1 318 b y c o in o f Robert Bruce.) 1 24.

DU MFR IES, b efore 1 793 W., p . 3 32.

1 318 x 1 360

( Near Queensberry S quare.

b y c o in o f Bruce?

Dated

S evera l c o ins , a long w ith 4 o r

5f i bu lae o r b rooches, i n al eather b ag w ith in a n e ar thenware p ot .) 1 25.

DUR ISDEER ( Chapel ), b efore 1 876 W., p . 3 33.

1 26.

1 318 x 1 360

( Found i n aw e l l.)

GARVOC K ( Arthurhouse f ar m ), K incard inesh ire , c . 1 830 D . 1 02.

NSAS I , 3 8.

1 318 x 1 360

( I ncluded Robert I .

Concea lmen t c . 1 332-6? — Mayhew 1 975. ) 1 27.

LANGHOPE, K irkhope p ar ish , S e lk irksh ire , 1 880 D . 1 06.

P SAS LV I I I ( 1923-4 ), 1 60-84.

Brown , H istory o f S elk irksh ire, I , 3 64.

T . Cra ig( A

b ronze t r ipod v esse l 1 0" d eep , 7 " w ide a t t he mouth , 2 9" i n c ircu mference, f u l l o f c o ins. Over 4 ,000 s terl ings o f Edward I , I , a nd I I, Henry I I, A lexander I I , J ohn Ba l l io l , Robert I , a nd c on t inen ta l c op ies , t ogether w ith a s i lver r ing , t wo s i lver b rooches, e tc., d iscussed i n P SAS. Found " about a m i le a nd a q uarter u p t he L anghope b urn , i n a sma l l g u l ley wh ich b ranches o f f t o t he l ef t .

[ NT 4 12197 ? ]

Oppos ite...are t wo v ert ica l

r idges o f b are r ock , wh ich may h ave b een t he mark b y wh ich t he d epos itor h oped t o i den t ify t he p lace o f b ur ia l".

I t was s uggested t ha t t he c oncea l men t

may h ave b een i n 1 356 d ur ing " the b urn t Cand le mas" o r d ur ing t he s ubsequen t d isorder ly r etrea t o f t he Eng l ish a r my , o n t he g rounds t ha t "many o f t he Eng l ish p enn ies w ere c o ined j ust b efore 1 356" , a nd n one l ater.

A l though Edward I I p enn ies were

i den t if iab le b y 1 880, i ti s n o t c lear h ow r e l iab le t h is i n for mat ion i s.)

B rooches i n Ed inburgh.

4 0

1 318 x 1 360

1 28.

M INT° Church , Roxburghsh ire, 1 831

1 318 x 1 360

D . 1 07. N SAS I I , 3 71. Abou t 4 00 Eng l ish c o ins, a nd o ne o r t wo S cot t ish , o f A lexander a nd Robert , c oncea led i n a wa l l i n t he c hurch. 1 29.

PERTH ( H igh S treet ), 1 818 ( 1812 ) N SAS X , 7 3.

1 318 x 1 360

Co ins f ound when P arl ia men t House

was p u l led d own , " ch ief ly o f Bruce, Ba l l io l , a nd A lexander, a l l p enn ies e xcep t f or a f ew [ ha l fpenn ies ] o f Bruce". A c onfused r eference t o t he h oard o f 1 812, o n wh ich s ee Addendu m , p . 5 4 . 1 30.

BROWNLEE, L anarksh ire , 1 770 T . 6 0.

1 31.

L ., p . 2 60.

A f ter 1 340

( Found i n ap ot .) A f ter 1 344

* SCOTLAND, n ineteen th c en tury? D . 5 9 a nd p . 2 74.

1 32.

W., p . 3 33. 1 33.

A f ter 1 344

RAEH ILLS, J ohnstone p ar ish , Dumfr iessh ire, 1 864 ( "Edward I I g o ld r ose n ob les".)

ABERDEEN ( Footdee ), 1 827

A f ter 1 344

T . 3 . M., p . 1 22, u nder Wel l ing ton S t., F ootdee ( The a ccoun t c i ted b y Tho mpson d oes n o t men t ion g o ld c o ins, b u t mere ly s ays t ha t " the g reater p art o f t he m w ere s i lver , l arger t han a s h i l l ing" .) 1 34.

GREENLA W ( Black Dykes ), Berw icksh ire, C . 1 843 N SAS I , 4 3.

A f ter 1 344

( "A n u mber o f g o ld a nd s i lver

c o ins o f Edward I I" .) 1 35.

ARKLETON , Dumfr iessh ire, 1 883 D . 3a nd p p. 2 55-57.

1 36.

1 344 x c .1355

W., p . 3 33. ( S i lver.)

* *DUNFER ML INE, F ife, 1 896 T . 1 42.

( S ilver.

1 344 x c .1355

2 65 c o ins i n ab ronze j ug ,

wh ich i s n ow i n t he Br it ish Museu m. ) 1 37.

DALQUHARRAN Cast le , Da il ly , Ayrsh ire, C . 1 818

c .1350 x c .1360

T . 1 14. Do l ley i n BNJ XX IX ( 1958-9 ), 4 21. ( Dated b y p enny o f Dav id I . Con ta ined i nb ronze we ight-box n ow i n Ed inburgh — c f . Med. Arch. I I , 1 959 , 2 81. )

4 1

1 38.

I NVERNESS , 1 824 o r e ar l ier

c .1350 x 1 370

More t han 3 ,000 s i lver c o ins o f H enry I I, t he Edwards , A lexander, Robert ; I ;

i n aj ar.

p enn ies o f Dav id

Found n ear Grey fr iars c hurchyard.

Barron , The N orthern H igh lands i n t he N ineteen th Cen tury , I , 2 49. ( The n a me r ests o n ac on fus ion w ith w ith t he B lack fr iars — s ee Easson , s .v.) 1 39.

PETERCULTER, Aberdeensh ire, b efore 1 795 S AS XV I , 3 65.

A f ter c. 1350 ?

" Near a h andfu l" o f s i lver

p enn ies r ead ing Dav idus Rex ." 1 40.

WESTRUTHER ( Flass f ar m ), B erw icksh ire, b efore 1 845 N SAS I , 7 2.

A f ter c .1350? ( "A f ew c o ins , b e long ing t o t he

a ge o f Dav id I ".

More l ike ly t o b e Dav id I ,

u n less l inked w i th t he Ba mburgh f ind o f 1 844 o r t he c o ins a cqu ired i n Berw ick a t a bout t he s a me d ate.) 1 41.

ST. MEDAN 'S CAVE, n ear Portank il l , Wig townsh ire , c . 1 825

A f ter c. 1350 ?

PSAS XX ( 1885-6 ), 8 6.

S ter l ing h oard d ated b y

ac o in o f Dav id? 1 42.

* C OC KLA W Cast le, Haw ick , Roxburghsh ire,before 1 878 S tewart i n NC 1 973, 1 40-2.

( S i lver.

1 351 x 1 370

Found a bou t

ah undred y ards f ro m t he s i te o f t he c ast le [ NT 5 24 1 43 ], o ne m i le e as t o f Haw ick .) 1 43.

FL ISK ( Eas t F l isk f ar m ), F ife , b efore 1 845 N SAS I X , 6 01.

1 351 x c .1360?

( S i lver c o ins o f Edward I I

f ound o n t he f ar m , d escr ibed a s s ixpences , s h i l l ings, a nd h a lf-crowns.) 1 44.

c .1355

ABDEN ( "K inghorn" ), F ife, 1 864 D. 3 3, a nd p . 2 65.

PSAS V ( 1862-4 ), 1 37-8.

( Found c lose t o t he o ld mans ion-house o f Abden , p erhaps t he s i te o f ah un t ing-sea t o f t he e arly S cot t ish k ings.

Abden i s p erhaps t he l oca t ion

o f Ecc les ma l ine.

S ee Barrow , The K ingdo m

o f t he S co ts, p . 4 3.) 1 45.

CROALCHAPEL , C loseburn , Du m fr iessh ire, 1 844 L ., p p. 2 69-70.

T . 9 2-3.

M., p . 1 22.

( Groats o f

Edward I I a nd Dav id I , p enn ies o f Edward I , I a nd

4 2

A f ter 1 357

I I, A lexander I I, e tc. A t l east 1 0,000 c o ins. Abou t 1m i le S E o f C loseburn , ( ? ) n ear C loseb urn Cast le. ) 1 46.

REDGORTON ( Ba l mbla ir f ar m ), P erthsh ire , 1 789

A f ter 1 357

S S x xv i i i. 1 47 . * ** MONTRAVE, F i fe, 1 877

A f ter 1 363

Burns , v o l. i , p p. 1 86-220.

Ta t ler a nd S tewart

i n BNJ XXX I ( 1962 ), 8 0-7. S S x i i. D . 4 1 a nd p p. 2 67-8. Mayhew i n NC 1 976 , 8 5-97. ( On t he b as is o f t h is f a mous h oard , wh ich c on ta ined o ver 9 ,000 c o ins , Burns e vo lved h is c lass if icat ion o f Edward ian s ter l ings.

I th as c on t inued t o b e a

f ocus o f n um is ma t ic s tudy.

Tat ler a nd S tewart r e-

a ssessed t he Eng l ish c o mponen t i n 1 962, o f fer ing ac oncordance b etween t he Burns a nd Fox s che mes o f c lass if icat ion .

S eaby a nd S tewart , w ith

S tevenson , h ave e stab l ished a t er m inus p ost q ue m o f 1 363.

Do l ley h as s uggested t ha t i t may h ave

b een a d oub le h oard , t he ma in p art o f wh ich was p ut t ogether i n t he 1 330s.

Mon trave i s a n importan t

s ource f or i m itat ive s ter l ings, wh ich h ave b een s tud ied b y Mayhew .) 1 48.

DRUMNADROCH IT ( S t . N in ian 's Chapel ), I nverness-sh ire , 1 931

A f ter 1 371 P SAS LXV I ( 1931-2 ), 1 38, b u t Mrs. J . Murray h as k ind ly s upp l ied t he f o l low ing f u l ler a ccoun t :

Dav id

I , 1 1 g roats a nd 1h a l f-groa t , o f Ed inburgh ; Robert I , 1 2 Ed inburgh g roats a nd 9 P erth g roats , o ne h a l f-groat , P er th. 1 49.

LU MPHANAN , Aberdeensh ire, b efore 1 750 The S cots Magaz ine MI, 1 750, 2 53.

A f ter 1 371 ( I n d igg ing

an ew e n try t o t he c hurch-yard o f L u mphanan , workmen f ound a n e arthen p o t f u l l o f s i lver c o ins, many v ery c orroded.

Those t hat were l eg ib le

w ere o f Dav id [ I] a nd Robert [ I I ], f ro m t he m in ts o f Ed inburgh , P erth , a nd Aberdeen .

C f. S AS

V I, 3 88n . a nd BD :SZ 2 2. ) 1 50.

CRA IG IE ( Ca ms iscan f arm) , Ayrsh ire , 1 893 T . 1 04.

1 51.

D .20 a nd p . 2 61.

S S x x i i.

D IPPLE ( O ld K irk ), Moraysh ire , 1 868 S tewart i n BNJ XL ( 1971), 5 7-61.

4 3

c .1380 x c .1390

1 385 x 1 390

1 52.

B IRSE ( Churchyard ), Aberdeensh ire, b efore 1 842 S S x xv i i i.

1 53.

N SAS X I I, 7 92.

BRANXHOLM, Roxburghsh ire, 1 860 T . 5 3.

A f ter 1 371

P SAS LV I I I ( 1923-4 );

A f ter 1 371 1 60-84.

S S x x .

( I nc luded b rooches.) 1 54.

CLOSEBURN , Du mfr iessh ire, 1 829?

A f ter 1 371

M.7. 1 55.

DRUMLANR IG , N ithsda le, Dumfr iessh ire, e ar ly n ineteen th c en tury

A f ter 1 371

SS XXi V .

1 56.

ED INBURGH ( Sa mson 's R ibs, Ho lyrood ), 1 831

A f ter 1 371

S S x xv. 1 57.

TYNRON ( P ingar ie Cra ig ), Du mfr iessh ire, 1 836 o r e arl ier

A f ter 1 371

SS XXViii

1 58.

*GLASGO W Cathedra l , 1 837 T . 1 72.

1 390s?

( Go ld . L indsay r ecords d ona t ions f ro m

t he h oard t o t en i nst itu t ions.) 1 59.

c .1390 x 1 406

EDINBURGH, 1 846 T . 1 53.

1 60.

K ILL ICHONATE f ar m , K i l mon iva ig p ar ish , ( near S pean Br idge, L ochaber ), I nverness-sh ire , c . 1 831

A f ter 1 390

S S x xv i. 1 61.

ESHA NESS ( Churchyard ), S het land , 1 949 M. 1 4.

1 62.

( Two s ter l ings o f Er ic o f P o meran ia.) c .1400 x 1 406

* *FORTROSE, Cro marty , 1 880 T . 1 65.

NC 3 I V, 1 89-200.

2 0 ), 5 1 ( f orger ies ). 3 22.

A f ter 1 396

P SAS L IV ( 1919-

S S x xv i i.

P SAS 1 947-8,

( Abou t 1 ,100 g roa ts, u sed b y Burns

i n c lass ify ing t he i ssues o f Robert I I .) 1 63.

FORTROSE ( Rose mark ie p ar ish ), Cromarty , C . 1 794 SS XXViii

4 4

Af ter c .1400?

1 64.

BALGONY Far m, Abernethy p ar ish , P erthsh ire, 1 822 S tewart i n BNJ XL ( 1971 ), 5 7-61. s a me a s M. 4 2, " Perthsh ire". o f g roa ts a nd h a l f-groats

c .1400 x 1 406

P robab ly t he

( A l arge h oard

o f Robert I I , d ated

b y l igh t c o ins o f t he Du mbar ton min t . ) 1 65.

CR IEFF Church , P erthsh ire, 1 787 T . 1 05.

S AS I X , 5 98.

A f ter c .1410

( L igh t l i ons o f Robert

I I, f ound i n an iche o f t he wa l l , 6f eet a bove t he f loor o f t he c hurch.

There w ere o ver 4 0

c o ins, much worn , a nd d escr ibed a s " the b read th o f a George I I g u inea a nd p rec ise ly a q uarter o f i ti n w e igh t". ) 1 66.

J EDBURGH ( Sw inn ie ), Roxburghsh ire, b efore 1 845 N SAS I I, 1 3. ah orn .

1 67,

A f ter 1 424

( Co ins o f J a mes I , c oncea led i n

C f . n o. 2 31.)

M ILNE GRADEN, Co ldstrea m, Berw icksh ire, c . 1 830 N SAS I , 2 07.

A f ter 1 424

( "Severa l o ld c o ins , c h ief ly S cotch ,

i n t he r e igns o f t he J a mes ."

The h ouse i s 3 1

m iles NE o f Co ldstrea m.) 1 68.

LOCHAR MOSS , Du mfr iessh ire, 1 765 M. 3 0.

Af ter c .1430

( Go ld a nd s i lver c o ins, i n ac ow 's

h orn.) 1 69.

DALRY MPLE ( Churchyard ), Ayrsh ire, c .1827? N SAS V , 2 79.

A f ter 1 437

Ha l f-groa ts o r g roats o f J a mes I

[ sc. J a mes I ]. d e-l is g roats.

The t wo c o ins d escr ibed a re f l eurN o h a l f-groa ts o f t h is t ype a re k nown ,

a l though t hey were r eferred t o i n 1 451.

Bu t s uch

l ight g roats c ou ld e as ily h ave b een w rong ly d escr ibed a s h a l f-groats. 1 70.

DRYBURGH Abbey , Berw icksh ire, 1 820 L ., p . 2 67.

T . 1 32.

A f ter 1 437?

( "Severa l g o ld c o ins o f

Robert I I, J a mes I , a nd Edward I I". ) 1 71.

CADDER Cast le , L anarksh ire , 1 815 T . 6 5.

M., p . 1 21.

( Go ld.

A f ter 1 437?

1 18 l ions a nd

2 3 o ther g o ld c o ins o f J a mes Ia nd I .

Dug u p

i n f ron t o f Cadder House among t he f oundat ions o f t he o ld t ower.

I n av esse l.)

4 5

1 72.

L INL ITHGO W , J une 1 789 S AS X IV , 5 70-1.

A f ter 1 437?

The S co ts Magaz ine L I , 1 789 ,

2 99 , d escr ibes t he f ind ing o f t wo h oards o n o ne o ccas ion :

' . ...they , i n d igg ing f our f eet b e low

t he s urface o f t he s and , f ound s evera l p ieces , a nd , u pon d igg ing a l i t t le d eeper, f ound a n e arthen v esse l w ith a l arge q uan t ity.'

( About 2 0 g o ld

c o ins, a nd a bou t 4 80 , o r ' upwards o f 3 00 ' s i lver c o ins, o f t he d if feren t J a mes a nd Henry I V.

De-

p os ited d ur ing t he r e ign o f J a mes I V o r V? )

C f .

n o. 2 56 b e low . 1 73.

A f ter 1 437?

H IGHLANDS OF S COTLAND, 1 784 M. 1 9.

( Groats a nd h a l f-groa ts o f J a mes I

a nd I .) 1 74.

FORGANDENNY ( Freeland ), P erthsh ire, 1 876 T . 1 63.

A f ter 1 437?

( 21 Eng l ish a nd 1 6 S cot t ish s i lver c o ins,

f ound a t Free land.) 1 75.

M. 1 5. 1 76.

( S ix f arth ings.)

CROOKSTONE, Renfrewsh ire, 1 797 T . 1 07.

1 77.

A f ter 1 460

GLENLUCE S ANDS , Wig townsh ire, 1 934

A f ter 1 461?

( I n t he n e ighbourhood o f t he c ast le. )

DUMFR IES ( S t . Mary 's F r iary ), b efore 1 791

A f ter 1 461?

Metca l f i n NC 1 958, 8 0-1. ( " N ear t he s i te o f t he f r iary a t Du mfr ies". 1 78.

S ee Easson , s .v .)

AYRSH IRE, 1 782

A f ter 1 461

T . 2 1 ( Eng l ish a nd S cot t ish s i lver.) 1 79.

* *ABERDEEN ( Br idge o f Don ), 1 937 A l len i n BNJ XXX I I I ( 1931), 2 82-5.

A f ter c .1468 ( The h oard

c ons isted most ly o f Eng l ish g roa ts 3 0-40 y ears o ld a t t he t ime o f c oncea lmen t , a l most a l l c l ipped. 1 80.

Found i n a sma l l , h and led p ot tery j ug.)

DUNSCORE, Du mfr iessh ire , 1 961

A f ter 1 470?

W. 3 32. 1 81.

K IL MARNOC K , c . 1 869

1 470 x 1 490

Burns, i , 1 14n .

4 6

1 82.

c .1480

ED INBURGH, n ear, 1 852 L ., S upp l., p . 5 2.

BI , 1 56.

( 3 o r 4s i lver c o ins

a nd 3 b il lon p lacks, a l l o f J a mes I I .) 1 83.

* *GLEN AFTON . ( New Cu mnock ), Ayrsh ire, 1 822 T . 2 84.

( Go ld a nd s i lver.

c .1480?

A l l t he g o ld was

S cot t ish. The d ate o f d epos it may b e e ar l ier, s ince t he f i rm t er m inus p ost q ue m i s g iven b y t he Edward I V h eavy g roat .

The a bsence o f

S co t t ish g roa ts i s p uzzl ing.

Over B lack Cra igs

i s n ot t he f ind-spo t . ) 1 84.

PERTH, ( Cast le ) 1 803 M. 4 1.

A f ter 1 488

BD :SL3. ( Sco t t ish s i lver a nd b il lon ,

f ound i n ab ag , i n a n o ld wa l l i n t he c ast le g ab le.) 1 85.

* **CROSSRAGUEL ABBEY , 1 919 P SAS 1 919-20, 2 Of f . BD :SL2.

A f ter 1 488

I b id., 1 949-50 , 1 09f f . M. 1 0.

( A l arge h oard o r a ccu mu la t ion o f p et ty

c urrency f ro m a d ra in , i nc lud ing t he c o inages d eb ateably a t tr ibuted t o b ishop K ennedy o f S t. Andrews. ) 1 86.

LUSS ( S t . M ichae l 's Chape l , G len luss ), Argy l lsh ire, b e fore 1 869

A f ter 1 488?

W. F raser , Ch iefs o f Co lquhoun , p . 6 1.

v o l. I , 1 869,

Two g o ld a nd o ne s i lver c o in , i den t if ied

a s u n icorns o f J a mes I I a nd I V, t he s i lver worn . Found i n ac orner o f t he wa l l. 1 87.

* *RHONESTON , N ithsda le, Du mfr iessh ire , 1 961

c .1490

B . H . I . H . S tewart a nd R , B . K . S tevenson , i n BNJ XXX IV ( 1965 ), 1 09-17;

I . H . S tewart , " The

G len luce a nd Rhoneston h oards o f f i f teen thc en tury c o ins" , P SAS XCI I I ( 1959-60 ), 2 38-44. ( 83 s i lver a nd b il lon c o ins ). 1 88.

S T. ANDRE WS , ( North Cas t le S treet ) F ife , 1 792 S AS X I I I , 2 15-16.

P SAS XLV I ( 1911-12 ), 3 51-2.

Ap ot tery v esse l , p erhaps a p ir l ie p ig , c on ta ini ng 8 g o ld a nd 1 50 s i lver c o ins, t he l at ter i n v ery f r iab le c ond it ion ;

t here w ere s upposed ly

c o ins o f Rober t I[ I] a nd J a mes I .

S AS d escr ibes

what must b e ar ider ( or p oss ib ly a h al f-r ider ) o f J a mes I I, a nd a u n icorn o f J a mes I V o r l ater, i .e. n ot w ith EXVRGAT o n b oth s ides.

4 7

A MS n ote

A f ter 1 490

i n Ed inburgh r ecords t hat t he f ind was made i n ag arden o n t he e ast s ide o f Cast le Wynd [ now North Cast le S treet ], a nd t hat t here w ere more t han 2 00 Eng l ish , S cot t ish , a nd French s i lver c o ins , w ith t he n a mes o f Henry , Dav id , a nd J a mes. 1 89.

T . 2 0. 1 90.

( Scot t ish a nd Eng l ish g roats, e tc.) A f ter c .1490

* ** K ELKERRAN , K in tyre, Argy l lsh ire, 1 892 T .208.

1 91.

A f ter c .1490

* *AYR ( Wheatsheaf I nn ), 1 863

( 66 s i lver c o ins a nd 1b i l lon c o in. ) A f ter c .1490

*W IC K , Ca ithness, 1 881 T . 3 77.

( Most ly S cot t ish , Eng l ish , a nd f ore ign

g o ld.) 1 92.

c .1495

* **GLENLUCE S ANDS, Wig townsh ire, 1 956 B . H . I . H . S tewart , " The G len luce h oard , 1 956" , BNJ XX IX , 3 62-81;

E . M. a nd H . M. J ope, I . H .

S tewart , a nd J . D . A .

Tho mpson , i n Med ieva l

Archaeo logy I I ( 1959 ), 2 59-79 ;

I . H . S tewart ,

" The G len luce a nd Rhoneston h oards o f f i f teen thc en tury c o ins" , P SAS XCI I I (1 959-60 ), 2 38-44 ( 12 s i lver a nd 1 00 b il lon c o ins f ound b y P rofessor a nd Mrs. J ope c oncea led i n ap urse o r b ag b es ide t he s i te o f ab u i ld ing w ith a h ear th.) 1 93.

* **PERTH, 1 920

A f ter 1 496

G . Macdona ld i n NC 1 921, 2 94f f . a nd i n P SAS 1 921-2, 3 21-4.

T . 3 09.

BD :SL4.

J . E . L .

Murray i n BNJ XL , 7 2 d ates t he i n troduct ion o f t he l igh t g roats o f J a mes I V t o 1 496.

One

s uch ( broken ) c o in e stab l ishes t he t er m inus p ost q ue m.

For a c r it ic is m o f t he a t tr ibu t ion

o f s o me o f t he c o ins t o J a mes I V , s ee I . S tewart , " The a t tr ibu t ion o f t he t h ist le-head a nd mu l let g roats" , BNJ XXV I I, 1 953, 6 6 ; S tewart , The S cot t ish Co inage , p p. 6 6f .

1 8 g o ld ,

c o ins , o f wh ich 1 7 S co t t ish a nd a Burgund ian n ob le ;

2 56 Eng l ish a nd 3 55 S co t t ish s i lver c o ins ,

i nc lud ing a l arge p roport ion o f Eng l ish h a lfg roa ts ; 1 94.

4 99 p lacks a nd h a lf-p lacks o fb il lon . )

* ** WH ITBURN ( Cowh i l l f ar m ), L in l ithgowsh ire , 1 921 PSAS 1 921-2, 3 21-4.

( One g o ld c o in , 7 1 Eng l ish

s i lver , 1 67 S cot t ish s i lver a nd 5b il lon . Da ted b y J a mes I V l ight g roats w ith QRA — s ee J . E . L . Murray i n BNJ XL , 7 2. 4 8

A f ter 1 496

1 95.

LEITH, Mid loth ian , c . 1 850

c .1500 o r l ater

M. 2 9 ( 'B il lon f arth ings ', p resu mab ly J a mes I V p enn ies.) 1 96.

ST. ANDRE WS ( K irkh il l ), F ife, 1 860

c .1500 o r l ater

M. 4 4 ( Four c opper p enn ies.) 1 97.

DU MFR IES, 1 615

A fter 1 500?

DB:SL5. 1 98.

HADDINGTON , East L oth ian , 1 813

A f ter 1 509

L ., p . 2 66 A .S. 1 890, App., p . 6( 3 g old c o ins o f Henry V I I I.) 1 99.

* ** CREGGAN , Argy l lsh ire, 1 876

A f ter 1 513

BD : SL 1 ( 219, most ly p lacks o f J a mes I V a nd V ; o ne c oun terfe it g roat ;

3 6 J a mes I V p enn ies w ith

c rowns a nd f l eur-de-l is o n r ev.) 2 00.

CARN WATH, L anarksh ire, 1 928

A f ter 1 513

BD:S M9. 2 01.

* *BARR ( Ba l l igmor ie Far m ), G irvan , Ayrsh ire, 1 955

c .1515 x 1 520

BD:S M1 ( 578 b il lon p lacks, p enn ies, e tc. o f J a mes I I, I V, a nd V , i n as pher ica l p ot tery s lot-bank o r " p ir l ie-p ig".) 2 02.

EDDLESTON ( K ings ide f ar m ), Peeblessh ire , 1 794

A f ter 1 513

BD:S M7 2 03.

CL IFTON ( K irk l iston p ar ish ), West Loth ian , 1 830 BD:S M4 ( A l arge h oard o f s i lver.

A f ter 1 513

BD g ive t he

f ind-p lace a s Ed inburgh.) 2 04.

PERTH, 1 896

A f ter 1 513

BD:S M2 ( French , S pan ish , a nd Portuguese g o ld , i n ap ir l ie p ig.) 2 05.

MAUCHL INE ( Netherp lace House ), Ayrsh ire J oan E . L . Murray a nd I an S tewar t , i n BNJ ( f orthco m ing ).

( 45 Eng l ish g roats a nd h a lf-groats,

Edward I I t o Henry V I I I, i nclud ing 2 o f Tourna i a nd o ne o f London , i . m. c ast le. s i lver , Robert I t o J a mes I V.

4 9 S cot t ish 2p lacks, 4 p enn ies,

a nd 1 f orgery , o f J a mes I V. 1 p lack o f J a mes V . BNJ XL I, 1 99 a nd 2 01.) 4 9

c .1520

2 06.

J EDBURGH ( Scoon ie ), Roxburghsh ire, 1 833 BD:S M5 .

A f ter 1 526?

I nc luded 2 g roa ts g iven t o J a mes V .

I f c orrect ly i den t if ied ( i .e. n ot J a mes I I, S . g roup I ), t h is g ives a t er m inus p ost q ue m o f 1 526. 2 07.

* *DUNBLANE, Perthsh ire, 1 869 BD:S M3.

1 526 x c .1539

( 180 g o ld c o ins, c o mpr is ing 8 3

S cott ish , 1 3 Eng l ish , a nd 8 4 French a nd Burgund ian.

Ter m inus p ost q ue m f ro m t he

J a mes V c rowns.) 2 08.

*L INL ITHGO W , West Loth ian , 1 963 BD:S M6.

c. 1530

( A l arge h oard o fb il lon .

Ter m inus p os t

q ue m f ro m 3 J a mes V g roats.) 2 09.

ABERLADY , East L oth ian , 1 972 CH I , 3 82.

2 10.

c .1546

( A smal l h oard o f b i l lon. )

* C OLL IN ( R igghead ), Torthorwa ld p ar ish , Du mfr iessh ire, 1 963

A f ter 1 553 BD:SN1 ( 5 French g o ld c rowns, 2 9 g roats, a nd 1 63 b il lon c o ins.)

2 11.

*GLASGO W , 1 795 BD:SN17.

2 12.

1 553 x 1 567

( Large h oard o f g o ld.)

* HA W IC K ( H igh S treet ), Roxburghsh ire, 1 876

1 555 x c .1557

BD:SN2 ( 558 c o ins, most ly b awbees o f Mary .) 2 13.

* **GLASGO W ( corner o f H igh S treet a nd Duke A f ter 1 556

S treet ), 1 902 BD :SN3. 2 14.

(Ma in ly f ore ign g o ld.)

J EDBURGH ( Cast leh il l ), Roxburghsh ire, 1 822

A f ter 1 556

BD:SN21. 2 15.

ABERDEEN ( near Mar ischa l Col lege ), 1 847 BD:SN5 = BD:SN11.

( Uncerta in , b efore 1 860. )

Three l eather o r c anvas b ags t ogether c on ta in ing s evera l t housand b il lon c o ins.

The c oun terfe it

h ardheads o f Franc is a nd Mary a re f ro m t h is f ind.

5 0

1 559?

2 16.

I SLAY ( Ba l lynaughton ), Argy l lsh ire, 1 901 BD :SN12.

A f ter 1 558

( Al most a l l Eng l ish a nd I r ish g roats ,

h idden i n c ha mber o f n eo l ith ic c a irn .) 2 17.

K IRKCUDBR IGHT, 1 912

A f ter 1 558

BD:SN4 ( 108 b il lon a nd 2 s i lver c o ins, i n ap irl ie p ig.) 2 18.

PLUSCARDINE PR IORY o r DUFF HOUSE, 1 827

A f ter 1 558

BD :SN22. 2 19.

* *L INL ITHGO W , West Lo th ian , 1 910 BD:SN6.

A fter 1 559

( 2 g roats, 5 0 p lacks, 1 41 b awbees,

a nd 1 n onsun t.) 2 20.

N IGG, Ross a nd Cro marty , b efore 1 793

A f ter 1 559

BD :SN24. 2 21.

PRESTONPANS ( Birseley Brae ), East Loth ian , 1 869

A f ter 1 559

BD:SN7 ( 1 g o ld , 2s i lver, a nd 1 09 b il lon c o ins, most ly b awbees.) 2 22.

ABERNETHY , Perthsh ire, 1 866 BD:SN8.

2 23.

A f ter 1 560

( 510 b il lon a nd 8 s i lver c o ins.)

K IRK MABRECK ( Ho lecrof t f arm) , K irkcudbr igh tsh ire, 1 871 A fter 1 560 BD :SN9.

2 24.

NE WSTEAD, Roxburghsh ire, 1 863

A fter 1 560

BD:SN10 . ( Most ly b il lon .) 2 25.

AYR, 1 793 BD:SN13.

A f ter 1 562 ( Three miles f ro m Ayr , i n a n o ld

middenstead.) 2 26.

ABERDEEN ( Nor man Dykes ), 1 841

1 542 x 1 567

BD:SN14. 2 27.

DRU MOA K ( Dal ma ik f ar m ), Aberdeensh ire, 1 812

1 542 x 1 567

BD:SN25. 2 28.

1 542 x 1 567

DUMFR IES , b efore 1 870 BD:SN15.

5 1

2 29.

DUNSC ORE, Du mfr iessh ire, 1 945

1 542 x 1 567

W., p . 3 32, BD:SN34. 2 30.

EARLSTON , Berw icksh ire, 1 787

1 542 x 1 567

BD:SN16. 2 31.

EC KF ORD ( Easter Wooden ), Roxburghsh ire, b efore 1 793

1 542 x 1 567

BD:SN26. 2 32.

HADDINGTON , East L oth ian , 1 830

1 542 x 1 567

BD :SN20. 2 33.

J EDBURGH ( Sw inn ie ), Roxburghsh ire, 1 834

1 542 x 1 567

BD:SN28 ( Cf . n o. 1 67.) 2 34.

KA MES, Argy l lsh ire, 1 966

1 542 x 1 567

BD:SN29. 2 35.

LOCH MABEN , Du mfr iessh ire, b efore 1 845 BD:SN33.

2 36.

1 542 x 1 567

( S ite-f inds? )

M ONTROSE, Angus, 1 836

1 542 x 1 567

BD:SN19. 2 37.

PERTH, 1 836

1 542 x 1 567

BD:SN27. 2 38.

TRANENT, East L oth ian , 1 828

1 542 x 1 567

BD:SN30. 2 39.

AYR , H igh S treet , 1 914 BD :S026.

2 40.

A f ter 1 567

( In a r ecess i n ag round-f loor wa l l.)

STORNO WAY ( S te in ish ), L ew is, 1 876

A fter 1 572

BD :S01. 2 41.

H IGH BLANTYRE ( Blan tyre Wel l ), L anarksh ire, 1 797 BD:S011.

( Pot h oard.

A f ter 1 572

Ter m inus p ost q ue m

f ro m J a mes V I h al f- marks.) 2 42.

BRAES IDE, Greenock , Renfrewsh ire , 1 955 BD:S02.

( I n ac ow 's h orn .)

5 2

A fter 1 573

2 43.

* BEITH ( Mossend f ar m ), Ayrsh ire, 1 958 BD:S03.

A f ter 1 574

( 19 c o ins , most ly h al f- a nd q uarter-

merks o f J a mes V I, 1 572-4, s how ing l i t t le o r n o wear.) 2 44.

ED INBURGH ( N iddry S treet ), Mid loth ian , 1 786 BD:S024.

( Just t o t he E . o f S outh Br idge.

n o. 7 7 o f a bout t he s a me d ate. g ive t he f ind-p lace a s L e ith. 2 45.

A f ter 1 583 C f .

Brown a nd Do l ley C f. n o. 1 17.)

ABERDEEN , 1 858

A fter 1 584

BD:SO4. 2 46.

NORA N S IDE ( Tann a ,d ice ), Angus, 1 962 BD:S020.

2 47.

( B il lon .)

EDZELL Cast le, Angus , b efore 1 852 BD : S05.

A f ter 1 587

A fter 1 588

The c ast le i s men t ioned i n al et ter t o

R .W .0 . -P. 2 48.

ELG IN , Moraysh ire, 1 759 BD : S014.

( Supp l.)

A f ter 1 588 ( Go ld c o ins, i n t he r u ins o f

ar el ig ious h ouse. ) 2 49.

BORERAY , N orth U ist , 1 836

A f ter 1 592

BD:S06. 2 50.

ANWOTH, K irkcudbr ightsh ire, 1 784

A f ter 1 567

BD:S029. 2 51.

BONN INGTON , Mid loth ian , 1 853

A f ter 1 567

BD:S012. 2 52.

EDINBURGH ( Canongate ), 1 821

A f ter 1 567

BD:S013. 2 53.

EDINBURGH ( Arthur 's S eat ), 1 831

A f ter 1 567

BD:S023. 2 54.

JOHNSTONE ( Kerse o f K innel f ar m ), Du mfr iessh ire, 1 827

A f ter 1 567

BD :S030. 2 55.

KELLS , K irkcudbr igh tsh ire, 1 828 BD:S033. 5 3

A f ter 1 567

2 56.

KELSO , Roxburghsh ire, 1 789

A f ter 1 567

BD :S015 ( Go ld c o ins , f ound i n t ak ing d own a n o ld h ouse. ) 2 57.

M RKPATR IC K DURHA M , K irkcudbr igh tsh ire, 1 967

A f ter 1 567

BD :S032. 2 58.

L INL ITHGO W , West L oth ian , 1 789

A f ter 1 567

BD :S016 ( Go ld a nd s i lver , f ound " in a n o ld h ouse" , o r " under a h ouse". 2 59.

S ee n o. 1 72 a bove.) A f ter 1 567

NE WMILLS , Ayrsh ire, 1 783 BD :S019.

2 60.

Af ter 1 567

SORN , Ayrsh ire, 1 837 BD :S022.

2 61.

Af ter 1 567

WEST L INTON , Peeb lessh ire , 1 808 BD :S017.

Addendu m 1 29 .

PERTH ( H igh S tree t) , 1 812

T . H . Marsha l l , T he H istory o f Per th , 1 849, p . 3 09 g ives t he f o l low ing f u l ler a ccoun t o f t he c o ins f ound when t he o ld Par l ia men t H ouse was p u l led d own : "a n immense n u mber o f sma l l s i lver c o ins ...adhered t oge ther i n o ne c oncre te mass, a nd many o f t he m c ru mb led t o p ieces : o n b e ing h ea ted , a l most t o f us ion , i n c harcoa l, a g rea t n u mber o f t he m were r ecovered , a nd t he l egend q u ite d ist inc t .

S evera l o f t he m were o f A lexander o f S cot land , a nd o f Edward

o f Eng land ; b u t t he g rea t ma jor ity were F le m ish , b ear ing t he n a mes o f d if fere n t c oun ts o f F landers ;

many a lso h ad t he n ames o f b ishops, s uch a s

Ep iscopus G u ido , o n t he o ne s ide , a nd Mone ta Mon tes o n t he o ther".

The

c o ins w ith G u ido a re i n a l l p robab i l ity o f G u t . d e C o l le mede , b ishop o f Ca mbra i ( 1296-1300) .

Those w ith Mone ta Mon t is a re p robab ly o f J ean d ' Avesnes,

c oun t o f Ha inau t , ( 1280-1304) f ro m t he min t o f Mons .

I ft here r ea l ly were

c o ins n am ing d if feren t c oun ts o f F landers ( GCO MES , RCO MES ) , t he h oard i s u n l ike ly t o b e e ar l ier t han t he t ime o f R ober t ( 1305-22 ) , a nd t hus c anno t b e long w ith t he g roup f ro m c a . 1 300 .

The a ccoun t g iven i n NSAS ( w ith a f i nd-da te o f

1 818) imp l ies a t er m inus p ost q ue m o f 1 318 , b u t ap redo m inan t ly F le m ish h oard o f t ha t d a te i s t o s ay t he l east u nexpected . c onfused ly d escr ib ing a d if feren t h oard .

5 4

I t may b e t ha t N SAS i s

I NDEX OF HOARDS

There i s n o l og ica l s yste m i n t he n am ing o f h oards.

S o met i mes t he n a me

o f t he p ar ish i s u sed , a t o ther t imes t ha t o f t he h am let o r f ar m.

Where a

n a me h as b eco me e stab l ished b y u se, t here i s l i t t le p o in t i n a t te mpt ing t o c hange i t merely f or t he s ake o f c ons istency.

A f ew c hanges h ave, n everthe-

l ess, b een v en tured i n t he f orego ing i nven tory , e ither b ecause more e xact i nfor mat ion a bout p rovenance h as b eco me a va ilab le, o r i n t he i n terest o f a cc uracy.

A l ternat ive a nd o utdated n a mes h ave b een i ncluded i n t h is i ndex.

Abbrev iat ions :

fm. = f ar m, p sh. = p ar ish.

Abden , 1 44

Bel l S treet , Ren frew , 4 0

Aberdeen , 1 4 Nov , 1 807, 5 8; N ov. 1 807, 1 21; 1 841, 2 26 ; 2 45 ;

Berscar, 5 5 Beuchan , 1 14

1 827, 1 33;

1 847, 2 15 ;

1 867, 5 9 ;

1 7

B iggar, 1 20

1 858,

B irse, 1 52

1 886 , 5 7;

1 937, 1 79

B irseley Brae, 2 21

Aber lady , 1 972, 2 09

B lackburn fm., 1 18

Abernethy p sh., E lg in , 1 13

B lack Dykes, 1 34

Abernethy p sh., Perthsh ire, 1 822,

B lackh il ls fm., 3 9

1 64;

B lan tyre wel l , 2 41

1 866, 2 22

Anwoth , 2 50 Ardchattan p sh., 1 829, 6 0;

Bonn ington , 2 51 1 830, 8 0

Boreray , 2 49

Ark leton , 1 35

Borscar, 5 5

Arthurhouse fm., 1 26

Brae more, 3 1

Arthur 's S eat , Ed inburgh , 2 53

Braes ide , 2 42

Ascog , 1 22

Branxho l m, 1 53

Auchenbar t , 2 7

Brech in , 1 785 , 6 2; 1 891, 6 3

Ayr, 1 863, 1 89 ; 1 874, 3 8;

1 892

,

Br idge o f Don , 1 79

1 08; 1 914, 2 39

Brown lee, 1 30

Ayr ( near ), 1 793, 2 25

Bu te, 3 ;

Ayrsh ire, 1 78

1 22

Gadder c ast le, 1 71

Badd insg il l , 8

Ca irncross, 1 23

Ba ile Mhaoda in , 6 0

Ca ms ican fm., 1 50

Ba lgony fm., 1 64

Canonb ie, 1 811, 7 4;

1 861, 3 0

Ba l l ig mor ie fm., 2 01

Canongate, Ed inburgh , 2 52

Ba llynaugh ton , 2 16

Carluke, S t. Oswalds, 6 5

Ba l maclel lan , 1 8

Carluke, Chapel Yard , 6 6

Ba l mbla ir fm., 1 46

Carnwath , 2 00

Ba mburgh Cast le, 4

Carsta irs, 6 7

Ban f f , 6 1

Carspha irn , 5 2

Barr, 2 01

Cast leh il l , Ban f f , 6 1

Be ith , 2 43

Cast leh il l, J edburgh , 1 9, 2 14

5 5

Cast le L och Mochru m, 9 4

Du mfr ies , u ndated , 7 3;

Cast le Rock , Du mbarton , 3 5

Dunb lane, 1 869 , 2 07 ;

Cast le S treet , Mon trose, 5 1

Duncansby Head , 4 8

Cau ldha me fm., 1 2

Dunfer m l ine , 1 36

C leuchhead fm., 2 8

Dun H iad in , 1 4

C l if ton , 2 03

Dunke ld , 2 2

C loseburn , ? 1829 , 1 54; 1 844, 1 45 ; 1 900, 5 5

Duns c ast le, 4 9

Cockburnspa th , 18

Dunscore, 7 4 ;

u ndated , 19

1 937, 4 4

Dun L aga idh , 1 5

Cock law c ast le, 1 42

1 945 , 2 29 ;

1 80

Cock mu ir H il l , 2 0

Dur isdeer , 1 815/20, 7 5 ; b efore 1 876 ,

Co ldho me fm., 1 2

1 25

Co ld ingha m , 1 23

Dyers Ha l l , Aberdeen , 1 21

Co ldon , 1 11

Dyke , 7

Co ldstrea m , 1 67

Ear lston , 2 30

Co l l in , 2 10

Eass ie, 7 6

Corr i mony , 6 8

Easter Wooden , 2 31

Corsock , 3 9

East f ie ld fm., 9 7

Cou l l , 2 1

East F l isk fm., 1 43

Cou lnaky le, 13

Eck ford, 2 31

Cowh i l l fm., 1 94

Ed inburgh , 1 785 , 7 7 ;

Cra igeng il lan fm., 5 2

b efore 1 787, 7 8;

Cra ig ie , 1 50

1 831, 1 56 ;

Crathes , 4 1

1 59 ;

Craw ick Wa ter, 1 03

1 786 , 2 44 ; 1 821, 2 52 ;

1 831, 2 53 ;

1 852, 1 82.

Edze l l , 2 47

Creggan , 1 99

E lg in , 2 48

Cr ief f , 1 65

Esha N ess , 1 61

Croa lchape l , 1 45 Crookstone, 1 76

Fa l lh i l ls Wood , 5 3

Crosscryne , 1 20

Fau ldhouse, 3 7

Crossraguel Abbey , 1 85

F lass fm., 1 40

Cu m mertrees , 1 833, 7 0 ; 1 860, 3 4

F l isk , 1 43 Footdee, Aberdeen , 1 33

Da il ly , 1 37

Forgandenny , 1 74

Da l ma ik fm. ,2 27

Fortrose, C . 1 794, 1 63 ;

Da lquharran c ast le, 1 37

1 880, 1 62

F reeland , 1 74

Da lrymp le , c .1827 , 1 69 ; 1 835 , 7 1

Fyv ie, 2 9

Derconga l a bbey , 1 1 D ipp le, 1 51

Ga lston , 2 7

Dornock , 1 871, 4 2 ; b efore 1 889 , 7 2

Garchory , 1 3

Dru m lanr ig , 1 55

Garvock , 1 26

Dru mnadroch it , 1 48

Georges S t., Aberdeen , 1 21

Dru moak , 2 27

G if fnoch , 4 5

Dryburgh , 1 70

G irvan , 2 01

Duf f House , 2 18

G lasgow , 1 787, 1 17 ;

Du mbarton , 3 5

3 6 ;

«

1 837, 1 58; G len A f ton , 1 83

1 849 ,

G lenbrerarchan , 7 9

b efore 1 870 , 2 28; 1 878, 43;

5 6

1 795 , 2 11;

1 902, 2 13

G lasserton , 2 3

Du mfr ies, 1 615 , 1 97 ; b efore 1 791, b efore 1 793, 1 24 ;

1 846 ,

S ee 17.

Edd leston , 2 02

Crawford john , 6 9

1 77 ;

1 961,

K a mes, 2 34

G lenbr iarchan , 7 9 G lenchamber moss, 1 0

K e ir Mil l , 1 14

G lenet ive, 8 0

K e ith, 1 2

G len luce s ands, 1 880, 1 6 ; 1 75 ;

K el ls, 2 55

1 934,

K elso , 2 56

1 956, 1 92

G len luss, 1 86

K en more, 8 1

G len Qua ich , 8 1

K enneth mon t , 2 0

G len U rquhart , 6 8

K erse o f K innel fm., 2 54

Goat Cra ig H il l, 5 2

K ilkerran , 1 90

Gra itney , 8 2

K il l ichona te fm., 1 60

Green law , 1 34

K il marnock , 1 81

Greenock , 2 42

K il mon iva ig p sh., 1 60

Gretna, 8 2

K inghorn ie, 1 893, 4 6 ;

Greyfriars, I nverness, 1 38

K inclaven Cast le, 8 5

1 902, 1 10

K inghorn , 1 44 Hadd ing ton , 1 813, 1 98;

K ings ide fm., 2 02

1 830, 2 32

K innef f , 8 6

Harpers H il l Brae, 1 01 Hat ton , Hat ton- m il l, 8 7;

K innel l , 1 790, 8 7;

1 09

Haw ick , b efore 1 845 , 8 3;

K in tyre, 1 90

b efore 1 878, 1 42

K ircowan , 8 8

Hazelr igg , 1 8

K irkcudbr igh t , b efore 1 845, 8 9 ;

H igh B lan tyre, 2 41

1 912, 2 17

H igh lands, 1 73

K irkcudbr igh t ( near ), b efore 1 850, 2 6

H igh S treet , Haw ick , 2 12

K irkhope, 1 27

H igh S treet , Montrose, 2 4

K irk l iston , 2 03

H igh S treet , P erth, 1 29

K irk mabreck , 2 23

H irst , t he , Gretna , 8 2

K irkm ichael ( Du mfr iessh ire ), 9 0

H islop, 8 3

K irkm ichael ( Perthsh ire ), 3 3

Ho lecrof t f ar m, 2 23

K irkpatr ick Durha m, 2 57

Ho lyrood , 1 56 Ho iywood , 1 1

L adyk irk , 4 8

Hurk leda le fm., 7 0

L anghope, 1 27 L e ith , 1 95

I nbh irfhao la in fm., 8 0

Les mahagow , 9 1

I ng le s tone fm., 7 5

L ew inshope fm., 9

I nverar ity , 8 4 I nverberv ie fm., 1 893, 4 6 ;

L idd le R iver, 6 4

1 902,

L in l ithgow , 1 789, 1 72;

1 10

2 19 ;

I nvereo lan fm., 8 0

2 58;

1 910,

1 963, 2 08

Lochaber, 1 60

I nverness, 1 38

L ochar Moss, 1 68

I s lay , 2 16 I s le o f Bute, 3 ;

Loch Doon , 5 6

1 22

Loch Fergus fm., 8 9

I s le o f Man , 6

Loch Freuch ie, 8 1

I s le o f T iree, 1 4 J edburgh , 1 822, 2 14; 1 833, 2 06;

1 805, 1 09

K inross, 1 11

1 876, 2 12;

Lochmaben , b efore 1 823, 9 2; 1 831,19 ;

1 845, 2 35 ;

1 834, 2 33; b efore

L ongforgan , 9 3

1 845, 1 66

Lu mphanan , 1 49 L uss, 1 86

J edburgh ( near ), 1 897, 2 8 J ohnstone p sh., 1 827, 2 54;

1 904, 5 4

1 864, Man , I s le o f , 6

1 32

Mar ischa l Co l lege, 2 15 5 7

b efore

Market Knowe, 9 3

P etercu lter, 1 39

Mauch l ine, 2 05

P ingar ie Cra ig , 1 57

Mel lendean , 2 5

P luscard ine p r iory , 2 18

Millbank , 1 22

Portank i l l , 1 41

Milne Graden , 1 67

Portobel lo , 1 00

Min to , 1 28

P restonpans, 2 21

Mochru m, 9 4 Queensberry S quare, Du mfr ies, 1 24

Mon if ieth, 1 15 Mon l in , 7 9 Mon trave, 1 47

Raeh i l ls, 1 32

Mon trose, 1 836, 2 36 ;

R edgor ton , 1 789, 1 46; 1 834, 16

1 859, 2 4;

1 973, 5 1

Renfrew , 4 0

Mony musk , 1

Rhoneston , 1 87

Mor ton p sh., 9 5

R igghead , 2 10

Mossend fm., 2 43

R inc laven , 8 5

Mot te o f Urr, 1 06

Rose mark ie, 1 63

Mou l in , 7 9

Rosl in , 1 01

Moun t L oth ian , 5 3

Rowan Burn , 6 4

Moun t S tewart ( S tuart ), 1 22 S t. Andrews, 1 792, 1 88;

Muck le Er iff H il l , 5 6

1 860, 1 96

S t. B lane 's c hape l, 3 N ether Corsock , 9 6

S t. Medan 's c ave, 1 41

N etherf ie ld ,

S t. M ichael 's c hapel , G len luss , 1 86

3 4

S t. N icho las S t., Aberdeen , 5 8

N etherp lace House, 2 05

S t. N in ian 's c hapel , 1 48

N ewcast leton , 1 7 N ew Cu mnock , c .1830, 9 7;

S a ltcoats, 1 02

1 882,

S a mson 's R ibs, 1 56

1 83 N ew Luce, 1 0

S anquhar, 7 5 ;

N ewm il ls, 2 59

S con ie, 2 06

N ewstead , 2 24

S orby , 2 3

N iddry 's Wynd , G lasgow , 1 17

S orn , 2 60

1 03

N iddry S t., Ed inburgh , 2 44

S outh Br idge, Ed inburgh , 7 7

N igg , 2 20

S outh Br idge, G lasgow , 1 17

Norans ide, 2 46

S pean Br idge, 1 60

Nor man Dykes, Aberdeen , 2 26

S prouston , 2 5

N orth Berw ick , 3 2

S tan ley , 4 7

North Cast le S t , S t . Andrews, 1 88

S tap leton Tower, 7 2

North U ist , 2 49

S te in ish , 2 40

Outchester, 5

S tronchane fm., 7 9

Over B lack Cra igs, 1 83

Sw inn ie, 1 67; 2 33

Pa is ley , 1 12

Tannad ice, 2 46

S tornoway , 2 40

Parl ia men t House, Perth , 1 29

Tarbat , 1 04

Parton p sh., c .1840, 9 6 ;

Th ist le Br idge, Redgorton , 1 16

P en icu ik , 1 792, 9 7;

1 911, 3 9

Thornh il l, 9 5

1 898, 5 3

T iree, I sle o f , 1 4

Penn ingha me, 9 8 Perth , 1 803, 1 84; 2 37;

1 812, 1 29 ; 1 836,

1 896, 2 04;

To m a 'Bhura ich , 1 3 Torthorwa ld p sh., 2 10

1 920, 1 93

Tranen t , 2 38

Perthsh ire, 1 64

5 8

T ravel lers Rest , Du mfr ies, 19 Tw inho lm , 1 05 Tynron , 1 57 Uncerta in , 5 0 ;

1 31

Un ion S t., Aberdeen , 5 8;

1 21

Upperk irkgate, Aberdeen , 5 7 U rr, 1 06 Wel l ington S t., Footdee , 1 33 West L in ton , 2 61 Wes tru ther , 1 40 Wheatsheaf I nn , Ayr, 1 89 Wh itburn , 1 94 Wh iteh il l fm., 9 7 Wh iteh i l ls

moss, 9 2

Wick , 1 91 Wig townsh ire , 1 07 Woodha l l , 7 2 Woodhead, 3 0

5 9

THE EVIDENCE OF S ITE-FINDS AND S TRAY LOSSES FOR THE CURRENCY OF MEDIEVAL S COTLAND S .E. R igo ld

If ound myse lf a t ad isadvan tage when a sked t o r epea t f or S cot land my e xper i men t o f l ast y ear o n Eng land a nd Wa les, v iz :

t o a t te mp t t o r econstruc t

t he mob i le , a s d ist inc t f ro m h oarded , c urrency f ro m s tray l osses, o r r e ject i ons . Med ieva l s i te-archaeo logy h as l i t t le t o s how f ro m S cot land a nd l ess p ub l ished . T here h as b een s o me u rban e xcava t ion , b u t i ti s v ery r ecen t a nd o n ly a va i lab le i n

i n ter im ' r eports.

1

Most o f t he f am i l iar c a tegor ies o f a ban-

d oned p easan t s i te , w i th t he e xcep t ion o f s and-b lown l i tora l s e t t lemen ts, a re l i t t le k nown , o r l i t t le s tud ied . T he l oca l l i tera ture i s v ery r estr icted , a nd , t hough t he S oc ie ty o f A n t iquar ies o f S cot land h as a l ong a nd s p lend id r ecord o f med ieva l p ub l ica t ion , i nc lud ing many o f t he h oards t ha t s ee m s o p len t ifu l as earch t hrough e igh ty y ears o fP roceed ings p roduced v ery l i t t le a bout s i tef i nds .

F ur thermore , Ih ave n ot b een i n r egu lar c on tac t o n n um is ma t ic ma t-

t ers w i th e xcava t ions i n S cot land , t hough my Ed inburgh c o l leagues i n t he I nspectora te o f Anc ien t Monumen ts o ccas iona l ly s end me p rob le ms . Hav ing a l most 'd rawn a b lank ' f ro m o ther s ources, Ia sked my c o l leagues wha t r ec ords t hey h ad o f f i nds f ro m 'G uard iansh ip ' Monu men ts s ince 1 913 - a p r ime , b u t n ot t he o n ly , s ource f or my E ng l ish i nvest iga t ions, a nd i n Eng land r eas onab ly we l l c arded , t hanks t o t he l abours o f t he l a te B . W . Pearce .

Il earned

t ha t t here were n o c ards, b u t t ha t t he s ource was a l most o verwhe lm ing - n ine d rawers o f e nve lopes c on ta in ing c oins d escr ibed i n v ary ing d e ta i l , b u t s o me c lear ly e xam ined b y c o mpe ten t n um is ma t ists a nd u sab le e ven i ft he d escr ipt i ons a re o utda ted . T h is h uge d epos it d eserves much more a t ten t ion t ha t I c ou ld f ind t ime f or a nd , wh i le 'c a l l ing f or v o lunteers ' f or t he f uture , f or t he p urpose i n h and , b e ing u nab le t o v is it Ed inburgh o r t o o bta in p hotosta ts o f t he f u l l e nve lopes, Ic an o n ly e xpress my g ra t itude t o Mr . P .J . A sh more , who b ore w ith my p ersistence a nd c o m mun ica ted t o me wha t Iam p ass ing o n t o y ou - a r ando m s amp le o f t he med ieva l a nd s ub- med ieva l ma ter ia l ( a bou t h a l f t ha t a va i lab le ) t o at ota l o f 1 20 i n t hree b a tches o f 4 0 .

Iwas g ra te fu l t o f i nd

t ha t e ach 4 0 p roduced a s im i lar a nd d ist inct ive p at tern , a nd t ha t , p resu mab ly , we h ad a v a l id s a mp le i n t he t o ta l . The s e lect ion i nc ludes j et tons, o f wh ich t here were f ew a nd t hese g enera l ly l a te , a nd e very th ing d own t o J a mes V I i n c opper , b i l lon o r s i lver , b u t s tops s hor t o f p ost-Un ion t urners, t hough a dm it t ing French p ieces o f l i ke d a te .

The t ota l o f 1 20 , o n ly a bou t aq uar ter t he

s ize o f t he t o ta l Eng l ish s amp le , must b e c o mpared w ith , r a ther t han s upp lemen ted b y , t he f ew c o ins n o ted i n t he An t iquar ies ' Proceed ings a nd e lsewhere , u sua l ly i n s pec ia l c ircu mstances . T he s pec i mens a re a l l we l l p rovenanced , b u t c om ing a s t hey d o, l arge ly f ro m o ld-fash ioned c learances, t hey a re s e ldo m p rec ise ly s tra t if ied .

6 1

The p redo m inance o f s pec i mens f ro m r e la t ive ly wea l thy monumen ts, c ast les a nd monaster ies, i s ma tched i n Eng land a nd t he c o mpar ison i s as tra igh t o ne w ith t he p rov iso t ha t S cot t ish f ounda t ions a re g enera l ly s o mewha t l a ter t han Eng l ish , t hough n ot s o much l a ter a s t o l eave t he t we lf th a nd e ar ly t h irt een th c en tur ies u ncovered . s trenuous p lan ters o f a bbeys.

Dav id Ia nd h is i mmed ia te s uccessors were The r ea l l acuna i s i n u rban s i tes, wh ich i n

Eng land s how a 'very d ist inct ive c hrono log ica l d istr ibu t ion o f c o ins, w ith t he O ld Eng l ish p hase we l l r epresen ted . S u f f ice i tt o s ay t ha t when e xcava t ion i n P er th h as y ie lded b u t o ne med ieva l s i te-co in , t hough t ha t o f Wi l l ia m t he L ion . I ti s i n f ac t t he o n ly e ar ly s i te-f ind k nown t o me , a f ter t he r a ther s urpr ising o ccurrence o f N or thu mbr ian s tycas ' ,e spec ia l ly i n t he west . The f i rst p rob le ms t ha t t he s amp le s hou ld i l lu m ina te a re t hose p osed b y h oards : f i rst , i n v iew o ft he mass ive p resence o f Edward ian p enn ies i n S cotl and a nd t he l esser , b ut n o t iceab le , i nc idence o f L ong-cross Eng l ish p enn ies, wha t e v idence i s t here f or a s im i lar Eng l ish p resence i n S hor t-cross a nd b ef ore ( ?) ; s econd , i n v iew o f t he p ers istence o f w orn Eng l ish g roa ts, a s ak ind o fb u l l ion c o inage , t o al a te d a te i n S cot land , d id t he w orn p ence , s o t yp ica l o f l a te med ieva l s ca t ters i n Eng land , h ave a ny p lace i n S cot land?

I nb oth c ases

t he a nswer o f t he s a mp le i s n ega t ive . Edward ian p ence a re p len t ifu l ( 10 i n a l l) a nd t he a bsence o f A lexander I I s ter lings i s c ons isten t w i th t he p ropor t ion o bs erved i n t he h oards.

T here a re n o H enry H I L ong-cross p ence i n t he s amp le ,

b u t af ew i so la ted f i nds a re k nown f ro m o ther s ources.

O n t he o ther h and , n o

S hor t-cross o r e ar l ier p ence a re k nown t o me f ro m a ny s ource , n e ither a re a ny s ter l ing s i lver p ence f ro m l a te Edward I H o nwards . The p icture o f t he h oards i s t hus c onf ir med : t he d oub l ing o r t reb l ing o f a va i lab le c urrency i n Eng land d ur ing t he S hor t-cross p hase i s n o t a t tested i n S cot land e ven b y c u t f ract ions, b u t t he g en t le r ise i n L ong-cross may b e ma tched b y as udden a cc ess i n S cot land s o me 5 0 y ears a f ter t ha t i n E ng land ; t he r ise i n t he t ime o f Edward I , e ven b efore h is a ssau lt o n S cot land , i s p ropor t iona te ly much g rea ter t han t ha t i n Eng land , b u t d oes n ot s ee m t o i nc lude f ract ions. T he s i tua t ions i s ap r im it ive o ne , more l i ke t ha t o f Eng land 3 00 y ears e ar l ier - much g rea ter r eserves o f wea lth , b u t n ot n ecessar i ly much more p et ty t rade . The r e ma in ing 1 10 p ieces i n t he s a mp le c ompr ise 1 5 j et tons ( ma in ly Nure mb erg , af ew French

d er iva t ives ' ) , 1 6 f ore ign c o ins, French , Eng l ish a nd

Du tch o f t he 1 6th a nd 1 7 th c en tur ies a nd 7 9 S cot t ish p ieces, b eg inn ing w ith a R ober t p enny t ha t n eeds c loser e xam ina t ion . T he r est n ear ly t woth irds o f t he t ota l, o r o ver 8 0% i fj et tons a nd l a ter f ore ign p ieces a re e xc luded , i s o f t he 1 5th a nd 1 6 th c en tur ies - a h igh p ropor t ion b y E ng l ish s tandards.

T hey may

b e t abu la ted , b u t t he u ncer ta in d escr ip t ions c a l l f or s o me c onf la t ion a nd a marg in o fp oss ib le e rror . I Trad it iona l t ypes w ith b ust i n b ase s i lver o rb i l lon . a . b .

J ames Ig roa ts - 2 ; P enn ies, o ne o r t wo c a l led 's i lver ' ,t he r est b i l lon a nd t wo c a l led ' James I h a lfpenn ies ' — 1 0 ;

t hree a scr ibed t o J a mes I , f our t o

J ames I I a nd t hree t o J ames I V . I P lacks o ft he e ar l ier t ype — 6 ;

t hree a scr ibed t o J ames I I , t wo t o J a mes

I V a nd o ne t o J ames V , b u t t h is may b e u nre l iab le .

6 2

III

Ecclesiastical issues, so-called ' Crossraguel pennies' - 12, but no moneta pauperum pieces. The supposedly rare pennies, if pennies they are, thus occur more frequently than any other early base money. It may reflect rejection rather than loss, but I have knowledge of 38 pro­ venanced specimens from 20 sites, apart from the Crossraguel hoard. 2

IV

Mary, including Francis and Mary - 18. Only one early Bawbee (and none of James V), but 5 placks of 1557, 2 nonsunts and 10 hardheads.

V

James VI before the Union - 30; 3 silver, including a half-merk, 2 placks of the 1580s and 25 hardheads from 1588.

The foreign coins are: English - 4 silver, 2d or 6 d, of Elizabeth I, not necessarily introduced before the Union; Dutch - one duit; French - 2 billon doubles tournois of Francis I, and 9 copper, 7 apparently, doubles tournois of Henry III to Louis XIV and the rest liards. At least the copper doubles seem to have been regularly current in Scotland, and closely imitated in one issue of James VI. Of the provenances, including those culled from the Antiquaries' Proceed­ ings, there is little to say. Out of 14 Edwardian pennies 10 are from castles and great houses and only 4 from religious sites, but of the later material it is almost ' 50:50' between secular and religious sites, themselves increasingly assimilated - and Holyrood, the most prolific site of all, firmly 'in both camp$'. There is a great chasm between these two groups and a complete lack of any­ thing from the later fourteenth century and the first quarter of the fifteenth. We await the full publication of the excavations at Achanduin Castle, Lismore, with its reportedly well stratified numismatic evidence of this period. 3 The few recorded hoards containing base money might seem to provide controls on the evidence of these stray finds, but one at least shares with cer­ tain other base hoards the possibility that it represents an attempt to make the most of rejected and demonetized material as scrap rather than a reserve of something that would keep its value. This is the celebrated cache from Crossraguel Abbey 4 from which Sir George MacDonald deduced, almost cer­ tainly incorrectly, that the ecclesiastical issues were produced there, and which, if the group was truly a unity, included pennies of James III' s second type, bringing the concealment down at least to£· 14 92. Glenluce Sands, in Galloway, has produced several dissociated so-called 'Crossraguel Pennies', yet there were none in the poor man' s hoard from the same area, found by the amazing good fortune and observance of Professor and Mrs. Jape, 5 which ends just short of James III' s second type. A natural inference might be that the ecclesiastical issues date from the very end of the century, yet other indica­ tions are against this and would rather suggest that they were already withdrawn by the time of the hoard from Glenluce Sands. Their frequency as stray finds may represent a wholesale and catastrophic rejection, rather than a long and plentiful currency. At the other end is the 'pirlie pig', ripe for 'slaughter' , from Kirkcudbright, dating at earliest from 1559: 6 such finds, all too rare, surely show, even better than the pockets of those unlucky enough to end up as Moorleichen in the peat, what money might come the way of the poor or of children. The Kircud­ bright 'pig' contained placks, at least back to James IV; bawbees of Mary 63

b u t n one o f t he e ar l ier t ype ;

a Mary p enny , b u t n one o f t he o lder b ase p ence ,

t o s ay n oth ing o f e cc lesiast ica l i ssues, a s t hough t hey were a l l c lean g one ; n u merous f resh h ardheads a nd t wo b i l lon d oub les t ourno is o f Franc is I , b ear ing s trong w i tness t ha t t hese a s we l l a s t he l a ter c opper d oub les, were a ccep ted i n S cot land .

NOTES 1 .

A s i n Med . Arch ., x v i i i ( 1974) , 2 07 .

2 .

T hese a re : Borders a nd Ga l loway : S tevenston S ands ; L o th ian :

Crossrague l ( ou ts ide t he c ache ) ; S k ir l ing C as t le ;

F ou lden House ;

Cr ich ton Cast le ;

Trapra in L aw ;

Ed inburgh Cast le ;

S t . Andrews S ands ;

Eng land :

J edburgh .

H o lyrood ;

I nchco lm ;

L in l ithgow Pa lace .

F ife a nd t he M id land Va l ley :

Moray :

G len luce S ands ;

Ca mbuskenne th Abbey , Dunferm l ine A bbey ;

S t . Andrews K irkheugh ;

Ba lven ie Cast le ;

C u lb in S ands.

C oven try .

3 .

Med . Arch ., x v i i i ( 1974) , 1 97 .

4 .

PSAS

5 .

BNJ

6 .

PSAS

l i v ( 1919-20) , 2 Of f . x l iv x x ix ( 1960) , 3 62-81. x l iv ( 1912) , 3 52 .

6 4

Tan ta l ion Cast le .

THE VOLUME OF EARLY SCOTTISH COINAGE Ian Stewart When I was invited to contribute a paper on the volume of the Scottish coinage and currency in the sterling period, it quickly became clear to me that a great deal of evidence had first to be assembled about hoards containing Scottish coins of the twelfth to fourteenth centuries and about the number of dies involved in each issue. At the meeting I was able to present some broad conclusions in the context of a general survey of the coinage of the period. The written text, however, in covering the evidence as well as its interpretation, has out-grown the scale of other papers read at the Symposium and included in this volume. It therefore seems more appropriate for it to be published separately, but I welcome the Editor' s request to contribute here a short summary of my principal findings about the size of the early Scottish coinage, since these consti­ tute part of the basic evidence referred to by others. I. S. INTRODUC TION The year 1358 marks the end of a period of more than two centuries during which the basic coin in Scotland as in England was the silver penny, or sterli;ng. 1 No Scottish mint accounts have been preserved from before that date. Indirect methods are therefore needed for obtaining information about the amount of coinage issued during the sterling period. Two kinds of evidence have been used in reaching the conclusions set out below, first, die-analysis of the extant material and, second, the percentages of Scottish coins present in hoards relative to English (or Irish) coins of which the mint output figures are known. Medieval coins were struck from hand-made dies which, although in each series mostly made with the same or similar punches, usually differ suffici­ ently in minor details and in the exact arrangement of lettering and other ele­ ments of design to enable them to be identified and counted without undue difficulty. Since such dies eventually wore out (if they had not already broken or split) as a result of repeated hammering, they had frequently to be replaced, and the number of dies used is therefore a rough indicator of the size of a coinage. To date I have carried out a thorough die-analysis of all Scottish coins struck before 1250 that are accessible to me, and of substantial samples of the issues of 1250 to 1358. Statistical formulae have been evolved which permit the approximate number of dies used in a coinage to be estimated from . the number of them actually observed in a sample of coins of given size. 2 This method gives the most accurate results when the coinage was continuous and sustained (so that dies were fully and more or less evenly used), when the extant sample is random and unbiased (ideally, when the coins are drawn from a number of hoards spread in time and. place), and when the sample is large f;5

e nough f or most o ft he k nown d ies t o b e r ecorded f ro m more t han a s ing le s pec i men . T hese c ond it ions i n g enera l a pp ly t o S cot t ish c o inage f ro m t he t h ir teen th c en tury o nwards, b u t i n t he t we lf th c entury t he c o inage was p a tchy a nd t he ma ter ia l i s u neven ly p reserved . When b o th a re a va i lab le , af igure f or t he n umber o f d ies u sed , mu lt ip l ied b y a n e st i ma te o f t he ir l i ke ly a verage o u tpu t , w i l l p roduce a r easonab ly r e l iab le a ssess men t o f a t l east t he o rder o f magn itude o f t he o r ig ina l m intage .

There

a re s evera l we l l-docu men ted c a lcu la t ions o f d ie-ou tpu t a t Eng l ish m in ts i n t he t h ir teen th a nd f our teen th c en tur ies .

3

Average o u tpu t o f 2 5 ,000 c o ins p er

o bverse d ie was c o m mon ly a ch ieved , a nd f i gures t wo o r e ven t hree t imes h igher were n ot b eyond t he p hys ica l c apab i l ity o f t he d ie a t p er iods o f i n tens ive c o inage , e spec ia l ly a t t e mporary m in ts d istan t f ro m t he s ource o f d ies . I n t he t we lf th c en tury , when t he v o lu me o f c o inage was s ign if ican t ly l ower a nd i t s p roduct ion l ess c en tra l ised , m in t ing w as s porad ic a nd o f ten i n term itt en t . T he s urv iva l-ra te o f c o ins f ro m d if feren t o bverse d ies v ar ies w ide ly b efore t he S hor t Cross p er iod , a nd t h is v ar ia t ion must r ef lect d if ferences o f d ie-ou tpu t a s we l l a s c ircu mstances a nd c hance o f s urv iva l . A l though i nd iv idua l d ies were s o me t i mes u sed t o e xhaust ion ( a s t he ir l a ter p roducts d e mons tra te) , 4 many o thers were i n a l l p robab i l ity u sed f or much l ess t han t he ir p roduct ive c apac ity . I n s o me c ases t h is must h ave b een d ue t o p re mat ure b reakage , b u t i n o thers t o d iscont inuous o r o ccas iona l min t ing . I ti s t herefore i mposs ib le , i n o ur p resen t s ta te o f k now ledge , t o d ec ide b y h ow much t h ir teen th c en tury f i gures f or a verage d ie-ou tpu t s hou ld b e s ca led d own t o a l low f or t h is f actor o fu nder-use t hrough c ircumstance , o r f or t he ( presumed ) i nf er ior ity o f t we lf th c entury manu factur ing t echn iques . H oard e v idence

5

t oo i s l east s a t isfactory f or t he t we lf th c en tury .

A lthough

we l l r ecorded h oards f ro m t he p er iod o f t he S hort a nd L ong Cross c o inage ( 1 195-c . 1 280) a re r e la t ive ly f ew , s evera l o ft he m were v ery l arge a nd r epres en ta t ive .

F ro m t he Edward ian p er iod t he h oards a re p len t ifu l , a l though t hey

a re ma in ly f ro m t he 1 320s o r l a ter b y wh ich t ime l i t t le c o inage h ad b een p rod uced i n S cot land f or u pwards o f 3 0 y ears . T he u sefu lness o f h oard p ropor t ions f or e st i ma t ing t he s ize o f a n i ssue d epends u pon t he t horoughness a nd s peed w ith wh ich c o ins f ro m t he v ar ious m in ts i n E ng land , S cot land a nd I re land b ec ame e ven ly m ixed i n t he c urrency . Af ter ab r ief i n it ia l p hase o f i n terchange i n t he S tephen p er iod , S cot t ish a nd Eng l ish c o ins a ppear t o h ave b eco me i n terg ra ted w i th e ach o ther i n c ircu la t ion o n ly t o av ery l im ited d egree i n t he s econd h a lf o f t he t we lf th c en tury .

T he p rocess o f i n terchange q u ick ly d eve loped a ga in

i n t he t h ir teen th c entury a nd b y t he Edward ian p er iod was r ap id a nd t horough . A lthough t here was a lways s o me d e lay i n t he i n tergra t ion o f c o ins f ro m t he p er iphera l m in ts o f t he s ter l ing a rea ( wh ich o f c ourse i nc luded t hose f ro m S cotl and ) , n e i ther t h is f actor n or a n e le men t o f s e lect ive b ias i n f avour o f o r a ga ins t S cot t ish c o ins t ha t c an s o met i mes b e d e tected s ee ms t o h ave b een o f s u f f ic ien t f orce t o u pse t t he g enera l t est i mony o f h oard p ropor t ions a bou t t he c on ten t o f t he c urrency , e spec ia l ly when s evera l h oards a re a va i lab le f or c ompar ison . O n a l l t hese c oun ts t he h oard e v idence i s most r e l iab le f or t he Edward ian p er iod ; t hough l ess c o mprehens ive i ti s a lso s uf f ic ien t t o b e mean ingfu l f or t he s econd a nd t h ird q uar ters o ft he t h ir teen th c entury , b u t n ot f or e ar l ier c o inages. 6 6

THE EARLY STERLINGS (1136- £· 1170) Before the introduction of the Crescent type of William I (1165-1214) in £· 1170 (? ), Scottish coinage was sporadic and intermittent. The surviving material is too uneven and ·incomplete for reliable estimates to be made of the number of dies used, except in a few of the series. The picture is complicated by the fact that the various mints do not always appear to have been striking coins of the same type. An approximate general sequence can be worked out, but the absolute dating ls an open question in the absence of a satisfactory chron­ ology for the fragmented coinage of England in the Stephen period. Scottish coinage began as a result of the capture of Carlisle in January 1136 by David I (1124-53). Of the earliest coins (period a), a few are copied from the last type of Henry I but most from the first type of Stephen. They are of Carlisle (in Stephen's name), Corbridge (in Prince Henry's) and Edinburgh (in David's). I have counted 31 specimens from 15 obverse dies. During period b, which falls between period a and. the introduction of a coinage of unified type (Cross Fleury) late in David's reign, a number of mints were operating, including Newcastle for Earl Henry (in Stephen's name). David's principal issues were from Carlisle (with reverse type a cross with pellet-ln-annulet/crescent in each angle) and Edinburgh (still with Stephen's type), but each of these types ls known from other mints. I have records of about 20 of the Carlisle coins, from 5 obverse dies, and a similar number of the Edinburgh ones from 7 (?) obverse dies. While these issues therefore seem to be quite thoroughly known to us, between 25 and 30 other coins are recorded from at least 15 obverse dies, many of them individually unique. The early Cross Fleury coins (period c) are known of five mints, Berwick (28 coins, 4 obverse dies), Roxburgh (17 coins, 4 obverses), Carlisle (4 coins, 2 obverses), Aberdeen (1 coin) and Perth? (1 coin). It is impossible to assess the scale of the Cross Fleury coinage beyond the Border mints. A derivative series of Cross Fleury coins may have continued after David·' s death, since it is represented in English hoards of the 1160s and 1170s. Among some eighty specimens I have noted about 30 obverse dies. Coins in the name of Malcolm IV (1153-65) and of the pre-Crescent issues of William I are ex­ tremely rare. Of Malcolm I have noted about 15, 7 from one obverse die, 2 from another and the rest all different. All seven early coins of William are from different dies. Roxburgh appears to have been the major, sometimes . only, mint in the post-David period. E't.ren in the cases where a reasonable estimate can be made of the number of dies used, it is dangerous to attempt to calculate the size of the issues con­ cerned because of the impossibility of assessing average die-output. Not only are we without information about the productive capacity of dies at this period, but there ls reason to believe that many dies would not have been fully used. THE CRESCENT COINAGE (1170s - 1195) A coinage of uniform type was again established in the 1170s, with a pellet­ in-crescent in each angle of the reverse cross. The only sequential division that can be made in a coinage that lasted for 20 years or more ls according to

67

t he s cep tre-head , a t f irst a s quare c ross l i ke t ha t o n t he 158-80 c o inage o f H enry I o f Eng land , l a ter a c ross p o m mee a s o n t he Eng l ish S hor t C ross c o ina ge f ro m 1 180 o nwards.

R oxburgh was much t he l argest min t , w ith P er th

i n t he s quare c ross s er ies, a nd Ed inburgh i n t he c ross p o m me-e s er ies, t he more a ct ive o ft he o ther m in ts . Ih ave r ecords o fn ear ly 3 00 C rescen t s ter l ings, f ro m a bou t 5 5 o bverse d ies . A verage d ie-ou tpu t o f 1 5-20 ,000 c o ins w ou ld mean a n i ssue o f a bou t o ne m i l l ion c o ins, o r £ 4 ,000 , a ssu m ing t ha t w e k now most o f t he o r ig ina l d ies , wh ich s ee ms l i ke ly b u t i s o n ly a p rov is iona l a ssump t ion i n t he a bsence o f f u l ler h oard e v idence . I n t he l i gh t o f f i gures f or t he t h ir teen th c en tury , h igher d ie o u tpu t i s p oss ib le , e spec ia l ly s ince s o me o bverse d ies s how s igns o f e x tens ive u se a nd r enova t ion . On t he o ther h and , o thers may h ave p roduced much l ess t han t he a verage a s ar esu lt o f imper fec t t echno logy a nd i rregu lar p a t terns o f min t ing . THE S HORT CROSS CO INAGE ( 1 195-1250) I n S cot land t he S hor t Cross c o inage b egan l ong a f ter t he t ype h ad b een i nt roduced i n Eng land ( 1 180) . F ive p hases o f t he c o inage h ave b een i den t if ied : ( a ) , t he e ar l iest , d ur ing Wi l l ia m I 'sl i fe t i me , s truck a t R oxburgh , P er th a nd Ed inburgh ; ( b ) , most ly w i th t he j o in t moneyers ' n ames, Hue Wa l ter , b u t w ithou t m in t n ame , e x tend ing i n to t he r e ign o f A lexander I ( 1214-40) , a l though s t i l l i n W i l l ia m ' sn a me ; ( c ) , a ga in i n W i l l iam ' sn ame , b ut c er ta in ly i ssued b y A lexander , a nd s truck a t R oxburgh o n ly ; ( d ) , i n A lexander ' sn ame , a nd a ga in a l most e n t ire ly o f R oxburgh ; a nd ( e ) , at i ny i ssue f ro m B erw ick , w ith a n u nbearded f ace a nd s o p resu mab ly o f A lexander I I ( 1249-86) b e fore t he i n troduc t ion o ft he L ong C ross t ype i n 1 250 . C o ins o fp hase a a re s carce i n Eng l ish f i nds, c h ief ly b ecause t he ma in f i nds, l i ke E cc les a nd C o lchester , were b ur ied l a te i n t he S hor t C ross p er iod . H owever , t hey a re we l l r epresen ted i n t he French h oards

6

o f t he ir own p er iod

a nd must h ave c onst itu ted a n i ssue o f r espectab le s ize . Among 9 5 c o ins c hecked , 3 3 o bverse d ies h ave b een n oted , 2 0 u sed e xc lus ive ly a t R oxburgh , 6a t Per th a nd 4 a t Ed inburgh , t he o ther t hree d ies b e ing s hared .

I f3 5-40 o bverse d ies

were o r ig ina l ly u sed , a n a verage d ie-ou tpu t o f 2 0-25,000 wou ld mean a n i ssue o f £ 3-4 ,000 . C o ins o f p hase b a re t he most p len t ifu l . Ih ave e xa m ined a bou t 4 00 f ro m 7 2 o bverse d ies, a nd t he n u mber o f d ies u sed i s u n l ike ly t o h ave e xceeded 8 0 , e ven p erhaps 7 5 .

T he a ppearance o ft he c o ins s uggest r a ther h eavy d ie-ou tpu t :

a n a verage o f 2 5 ,000 c o ins p er d ie w ou ld mean a n i ssue o f £ 7 ,500 , o r o f 4 0 ,000 o ne o f £ 12 ,000 . C o ins o f p hase b p redo m ina te i n h oards b ur ied f ro m C . 1 215 u n t i l t he e nd o f t he S hor t Cross c o inage . 5 7 c o ins o fp hase c a re f ro m o n ly 8d ies a nd t he ir r e la t ive a bundance i s l arge ly d ue t o E cc les ( where t hey were t he l a test o f t he S cot t ish s er ies) a nd C o lchester .

Ac en tra l g uess a t t he s ize o f i ssue wou ld b e £ 1,000 .

T he a u tono mous c oins o f A lexander I ( phase d ) a re v ery r are , a nd b ecause h oards f ro m t he 1 240s a re f ew t hey a re l ess t horough ly k nown t han t he c o ins o f p hases b a nd c .

Ih ave c hecked 3 3 s pec i mens a nd f ound 1 3 o bverse d ies,

b u t t here a re p robab ly more t o b e f ound . 6 8

An i ssue o fb e tween £ 1,500 a nd

£ 3,000 s ee ms l i ke ly . A lthough s evera l B erw ick d ies a re k nown o f p hase e , w ith t he h ead o f A lexander I I , a l l t he S hor t Cross c o ins s truck f ro m t he m a re i nd iv idua l ly u n ique , a nd t hey were a pparen t ly s uperseded b efore b e ing much u sed . I ti s t herefore imposs ib le t o e st i ma te t he s ize o f t he i ssue , b u t t he e x tre me r ar ity o ft he c o ins s uggests a f ew h undred p ounds a t most . Adequa te h oard e v idence f or t he c hrono logy o f t he e ar ly S hor t C ross c o ina ge i s l ack ing . Phase a may h ave l asted f or 1 0/ 15 y ears a nd p hase b f or 1 5/20 . Phase cb egan b efore t he E cc les h oard ( . 1 230) a nd p hase d b efore C o lchester ( 2 _ . 1 237 ) . Approx i ma te d a tes wou ld t herefore b e : a , 195-1205/ 10 ; b , 1 205/ 1 0 -l a ter 1 220s ; c , l a ter 1 220s t o mid-1230s ; d , m id 1 230s t o 1 249 . O n t h is r eckon ing , t he a verage a nnua l v o lu me o f c o inage wou ld h ave b een g rea test d uri ng p hase b , b u t a t av ery l ow l eve l d ur ing p hases c a nd d , when t he L ondon a nd C an terbury m in ts were a t t he ir most a ct ive . T h is e xp la ins t he r educed p ropor t ion o f S cot t ish t o Eng l ish c o ins i n t he l a ter S hor t C ross h oards . THE LONG CROSS CO INAGE ( 1250- c . 1 280) O ur k now ledge o f t he S cot t ish L ong Cross c o inage i s d er ived ma in ly f ro m t he C o lchester ( 1 969)

7

a nd Brusse ls h oards.

T he S cot t ish c oins i n C o lchester

( depos i t s um mer 1 256) amoun ted t o 4 89 a ga inst a bou t 1,300 Eng l ish ( 4 .3% ) a nd i n Brusse ls ( 2.. 1 264?) t o a bou t 2 ,200 ( ?) a ga inst a bou t 8 0,000 ( l ess t han 3% ) , wh i lst a n e ven l ower p ropor t ion i s f ound i n s o me l a ter , sma l ler h oards. I ta ppears t ha t t he b u lk o f t he S cot t ish L ong Cross c o inage t ook p lace d ur ing t he r eco inage o f t he e ar ly 1 250s ( wh ich was c o mp le ted b y t he d a te o f C o lchester) ; a ga in t he S co t t ish i ssues t a i led o f f , a s i n t he S hor t Cross p er iod , wh i le L ondon a nd C an terbury c on t inued t o c o in h eav i ly i n t he l a ter 1 250s a nd 1 260s . O u tpu t f i gures a re p reserved f or t he m in ts o f S hrewsbury ( £7 ,167) a nd Dub l in ( £43 ,239) i n t he r eco inage , a nd t he o bverse d ies u sed a t e ach h ave b een c oun ted ( 37 a nd 1 54) . Based o n t he C o lchester a nd Brusse ls p ropor t ions, t hese f igures wou ld s uggest a S cot t ish c o inage o f s o me £ 50/60 ,000 u p t o 1 256 . A s amp le d ie-ana lys is o ft he c o ins o f Aberdeen a nd Ayr i nd ica tes o utpu t o f s o me 6 0,000 a nd 4 0 ,000 c o ins p er o bverse d ie r espect ive ly , c o mpared w i th 7 0 ,000 a t Dub l in a nd 4 6,000 a t S hrewsbury . I n t he f o l low ing t en y ears a nother £ 5 / 10 ,000 may h ave b een s truck ( a l l a t Berw ick ) ; b etween 1 265 a nd 1 280 , t he c o inage s ee ms t o h ave b een a t al ow l eve l , b u t i n t he a bsence o f v ery l a te h oards i tc annot b e q uan t if ied . A r eco inage w ith n amed m in ts p rov ides e v idence f or t he d istr ibu t ion o f t he c urrency i m med ia te ly b efore i t . T he L ong Cross r eco inage i s t he o n ly i nstance o ft h is k ind i n S cot land . 2 5% o f t he i ssue ( and a l most t he who le o ft he c o inage a f ter t he r eg iona l m in ts were c losed ) t ook p lace a t Berw ick ; a nother 2 5% a t Per th a nd R oxburgh ; 2 0% a t Dumfr ies, Ed inburgh a nd A berdeen ; a nd t he r e ma inder d iv ided b e tween G lasgow , Ayr , S t ir l ing , S t Andrews, F or far , L anark , I nverness, K inghorn , Renfrew a nd Mon trose . THE S INGLE CROSS CO INAGE ( 2.. 1 280-1357) T he S cot t ish S ing le Cross s ter l ings were p roduced i n f i ve d ist inct p hases : I , f ro m c . 1 280 u n t i l a nd p robab ly b eyond t he d ea th o f A lexander I I ( 1286) , a nd i n h is n a me ;

I , i n t he n ame o f J ohn Ba l l io l ( 1292-6) ;

6 9

I I , u nder Rober t

Bruce ( 1306-29) , a f ter h is r ecovery o f t he k ingdo m , n ot b efore 1 313/4 a nd p robab ly n ot u n t i l t he r ecapture o f B erw ick i n 1 318 ; I V , i n t he 1 330s a nd/or 1 340s ( ha lfpence a nd f ar th ings o n ly) ; a nd V , i n t he e ar l ier 1 350s, a f ter Edward I I h ad r educed t he we igh t o f t he Eng l ish p enny t o 1 8gr . i n1 351. T he v o lume o f t he c o inage i n t hese p hases d if fered d rama t ica l ly , a nd t here were i n terva ls w ithou t c o inage i n b e tween . O u tpu t was s ubstan t ia l i n p hase Ia nd modest i n p hase I ; t hen , wh i le Berw ick was i n Eng l ish h ands f ro m 1 296 a nd much o f S cot land was o ccup ied , t here a ppears t o h ave b een n o c o inage a t a l l f or 2 0 y ears o r s o . Bruce ' sc o inage was v ery sma l l, a nd t he i ssue o f f ract iona l c o ins i n t he e ar l ier y ears o f Dav id I ( 1329-71)even sma l ler .

T he f i na l i ssue o f s ter l ings

( phase V ) me t w ith r es istance i n Eng land b ecause o f d ef ic ien t we igh t , a nd was s oon o vershadowed i n c ircu la t ion b y t he n ew g roa t c o inage o f 1 358 . Because o ft he wars, h oard e v idence f or t he Edward ian e ra a bounds, a l though t here i s l i t t le f or t he p er iod b efore 1 290 ( phase I ) , when t he b u lk o f t he S cot t ish S ing le Cross c o inage t ook p lace . Most o f t he Edward ian h oards were b ur ied we l l i n to t he f our teen th c entury , p ar t icu lar ly i n t he 1 320s a nd 1 330s . S ince v ir tua l ly a l l t he S cot t ish s ter l ings h ad b een s truck b y 1 296 wh i le t he b u lk o f t he Eng l ish c o inage was p roduced i n t he f i rst q uar ter o f t he f our teen th c entury , t hese l a ter h oards s how a sma l l a nd d im in ish ing p ercen tage o f S cot t ish c o ins . T he m in t a ccoun ts f or L ondon a nd Can terbury a re v ir tua l ly c o mp le te f or t he who le Edward ian p er iod , a nd f i gures a re a lso k nown f or s ix E ng l ish p rov inc ia l min ts i n t he p ar t ia l r eco inage o f 1 300 . 8 By r eference t o t he e ar ly L ondon a nd C an terbury i ssues i n h oards, i ti s p oss ib le t o o bta in f ro m t he p rop or t ion o f S cot t ish c o ins a n i dea o f t he s ize o f t he A lexandr ian c o inage r e la t ive t o k nown Eng l ish m in t o u tpu t u p t o 1 290 . T hese f igures s uggest at o ta l f or t he i ssues o fA lexander i n t he r ange o f £ 130-180 ,000 . As amp le c heck h as p roduced a n e st i ma ted a verage d ie-outpu t o f 2 5/35,000 c o ins, wh ich i s e xact ly i n l i ne w i th t he k nown Eng l ish f i gures f or t he r e igns o f Edward Ia nd I . were a lso a f ew r ound h a lfpence a nd f ar th ings o f A lexander .

T here

F or t he Ba l l io l c o inage c o mpar ison may a lso b e made w ith t he Eng l ish f igures f or 1 300 a s we l l a s w i th t he e ar ly i ssues o f L ondon a nd Can terbury . A bou t £ 9,000 wor th o f Ba l l io l p ence may h ave b een s truck , a nd s ince t he h a lfp ence o ft h is r e ign ( t here a re n o f ar th ings)are r a ther c o mmoner t han A lexander ' s , t he o vera l l t ota l was p robab ly a bou t £ 10 ,000 . Average o u tpu t o f t he 5 5 o bverse p enny d ies wou ld b e a bout 4 0 ,000 c o ins. A bou t 1 1 o bverse d ies f or p enn ies o f R ober t Bruce h ave b een n oted among 5 5 c o ins c hecked , p robab ly i mp ly ing a n i ssue o f £ 2 ,000 o r l ess . T here were a lso 2 o r 2d ies e ach f or B ruce h a lfpence a nd f ar th ings. On ly a bou t 1 5 h a lfpence a nd f ar th ings a re r ecorded i n a l l o f t he e ar ly c o inage o f Dav id I ( phase I V) ; i ssue must h ave b een t iny .

s ince t hey i nc lude s evera l d ie-dup l ica tes, t he

Th ir ty o bverse d ies f or t he p ost-1351 p enn ies h ave

b een n oted among more t han 1 50 s pec i mens c hecked , s o t ha t f ew o thers s ee m l i ke ly t o b e f ound . D epend ing o n t he e st i ma te f or a verage d ie-ou tpu t ( presu ma b ly i n t he r ange 2 5,000 t o 4 0 ,000) , t he s ize o f t h is c o inage ( phase V ) i s l i ke ly t o h ave b een b e tween £ 3 ,000 a nd £ 5,000 . No m in t n ames, e xcep t t ha t o f t he b ishop ' s min t a t S t Andrews u nder J ohn Ba l l io l, a ppear o n t he S cot t ish S ing le Cross s ter l ings. 7 0

Bu t Berw ick was

probably the main mint of Alexander and John. It is also the likeliest candi­ dat.e for Bruce's mint, but having been lost to the English in 1333, was un­ available to David II after that. Edinburgh, the prime mint from 1358, seems to have the strongest claim to have produced the coins of phases IV and V. Only in the Alexandrian recoinage were provincial mints (apparently) used, but we have no sure means of telling which were indicated by the code embodied in the combinations of stars and mullets on the reverse (six of which are found regularly). Although we do not lmow where the mints were, we can be confident that most of the Alexandrian coinage resulted from reminting old (mostly English) Long Cross coins, and so may deduce that the volume of currency in Scotland had multiplied by two or three times between 1250 and 1280. The last twenty years of the thirteenth century were thus the high point of the Scottish sterling coinage. Output in the first half of the fourteenth century was economically insiginficant because the mints were kept idle at first by the English occupation and from the 1320s, when again available, by the sharp change in the availability of silver in the British Isles, from surplus to dearth. Silver was only brought back to English and Scottish mints after 1350 by reductions in the weight of the coins which permitted a more realistic mint price for bullion.

NOTES 1.

The most extensive series of ll lustrations of Scottish sterlings is still that in E. Burns, The Coinage of Scotland, 1887. A more modern account of the coinage may be found in Stewart, The Scottish Coinage, 2nd. edn. 1967, but important revisions to the arrangement and chronology of twelfth and thirteenth century coinage have been made in Stewart, 'Scottish Mints', in Mints, Dies and Currency, ed. Carson, 1971, 165-289.

2.

C. S. S. Lyon, "The Estimation of the Number of Dies Employed in a Coinage", Numismatic Circular, 1965, 180; cf. NC 1964, 298.

3.

Stewart, "Medieval Die-Output" and "Second Thoughts on Medieval Die­ Output", NC 1963, 97-106 and ibid., 1964, 293-303; M. Mate, "Coin Dies under Edward I and II" , NC 1969, 209-18; J. D. Brand, "The Shrewsbury Mint, 1249-50", Mints, Dies and Currency, 129-50; for Dublin see BNJ XLIV (1974), 43-4.

4.

Stewart, 'Mints', p. 259.

5.

For lists of hoards and references see J. D. A. Thompson, Inventory of British Coin Hoards, A.D. 600-1500, 1956; M. Dolley and W. Seaby, SCBI Ulster Museum Belfast, Part I, 1958, pp. xlvii-lv; Dolley, "The trish Mints of Edward I in the Light of the Coin-Hoards from Ireland and Great Britain", PRIA 1968, vol. 66, C3, 235-97; and D. M. Metcalf, "The Evidence of Scottish Coin Hoards for Monetary History, 1100-1600", in this volume, pp. 1-57.

6.

J. Yvon, "Esterlins a la croix courte dans les tresors fran9ais de la fin du XIIe et de la premiere mottle du XIIIe siecle" , BNJ XXXIX (1970), 24-60.

71

7 .

BNJ XL IV ( 1974) , 3 9-61.

8 .

C . G . Cru mp a nd C . J ohnson , "T ab les o f Bu l l ion C o ined u nder Edward I , Ia nd I I" ,NC 1 913 , 2 00-45 ;

c f . NC 1 969, 2 17-8 .

7 2

_ THE QUALITY OF SCOTTISH STERLING SILVER 1136-1280 D. M. Metcalf

If the speedometer of one's car reads 28 m.p.h., and one accelerates un­ til it reads 30 m.p.h., one can accept as quite accurate the instrumental information that one is travelling 2 m.p.h. faster than before. But whether the speedometer is accurately calibrated is another question. It may be that in reality one was travelling at 28.4 and 30.4 m.p.h., or 27.7 and 29.7 m.p.h. The absolute accuracy of the instrument, to within such narrow limits, cannot be guaranteed, whereas the relative difference, of 2 m.p.h., is information of a higher quality, the main limitation on it being the practical difficulty of reading very small units off the dial of the speedometer. This analogy may help to explain the first difficulty encountered in attempting to determine the silver contents of Scottish twelfth- and thirteenth-century sterlings by non­ destructive analysis, using a small X-ray fluorescence spectrometer.1 The procedure involves several separate measurements and calculations. The ratio of silver to copper is measured on the edge of the coin, and is com­ pared with standards of known composition.2 Let us say that it is found to be 1½% higher than a standard containing 92.5% silver and 7.5% copper. The ratio in the coin, then, is 94% silver to 6% copper, and this information is accurate to within quite narrow limits. The practical difficulty here is not in distinguishing small instrumental differences, but in the construction of the calibration curve on graph paper. A curve drawn from fixed points (standards) at 90.5, 92.5, and 97.5% silver allows readings at intervals of about 0.25%, and the result should certainly be within� 0.5%, with no reason to expect any systematic error (i,.e. the average derived from analyses of a group of coins should be very accurate). But the Scottish sterlings are not the product of modern technology. They contain adventitious traces of gold and lead, small additions of zinc, and almost certainly traces of other chemical eleme_nts too, such as bismuth, antimony, tin, and nickel. These various additions or contaminations may add up to 2 · or 3% of the total alloy, and the silver ratio figure, calculated on the assump­ tion that silver and copper together equal 100%, is to that extent in error. The· silver and copper percentages need to be adjusted pro rata to allow for the trace elements. Very small proportions, e.g. 1% or less, are difficult to measure accurately with the "Isoprobe ", because the signal they emit is weak in relation to the back­ ground "noise". Any element, present in the coins, which is ignored in the analysis will cause the final result for silver to be that much too high. In the present series of analyses, for example, it was impracticable to measure bis­ muth, which was probably present in amounts of around O.1 %. From the point of view of any historical conclusions, this inaccuracy will not matter very much; 73

b u t g rea ter e rrors i n t he s i lver f igure c ou ld a r ise f ro m i nexac t measure men t o f t he l ead i n t he s ter l ings , where t he t o ta l may b e a round 1% . Thus t he t race-e le men ts i n troduce a f ur ther sma l l d egree o f u ncer ta in ty i n to t he r esu l t , c o mparable t o t he u ncer ta in ty b e tween 3 0 m .p .h . a nd 2 9 .7 m .p .h .

T he b es t way t o o verco me t h is l i ke ly i naccuracy i s t o t ake c are t o

d raw o ne 's c onc lus ions f ro m r e la t ive f igures — t he d i f ferences o bserved b et ween o ne c o in a nd a no ther . T hus i fo ne w ishes t o a sk whe ther S co t t ish s terl ings were a ny d i f feren t i n t he ir a l loy f ro m t he c on te mporary Eng l ish c o ins , i t i s h igh ly i nadv isab le t o a na lyse s o me S co t t ish s ter l ings a nd t hen t o c o mpare t he r esu l ts w i th p rev ious ly p ub l ished f igures f or Eng l ish c o ins .

T h is wou ld

b e t o r e ly o n t wo d i f feren t s peedo me ters , b oth p oss ib ly i naccura te , i n o rder t o e s tab l ish a v ery sma l l d i f ference i n s peed .

S im i lar ly w i th t he t race-e le men ts :

t he c a l ibra t ion may u n for tuna te ly b e s l igh t ly a dr i f t , b u t c o mpar isons s hou ld b e s ubs tan t ia l ly r e l iab le . I n e ndeavour ing t o d iscover t he i n tended f ineness o f t he c o ins , t he f igure o f c onsequence i s n o t t he p ercen tage o f t he c he m ica l e le men t s i lver ( Ag ) , b u t wha t t he work men o f t he t ime t hough t was s i lver , n a me ly t he ir r e f ined me ta l wh ich s t i l l i nc luded sma l l amoun ts o f c opper , l ead , g o ld , a nd b is mu th .

T o

a pprox i ma te t o t h is , t he t o ta l o bserved q uan t i t ies f or s i lver p lus l ead p lus g o ld h ave b een q uo ted a s t he " s i lver" c on ten ts o f e ach c o in .

Any i naccurac ies i n

t he l ead r esu l ts , a r is ing f or e xa mp le f ro m s egrega t ion i n t he a l loy , w i l l b e l arge ly d iscoun ted b y t he p ro r a ta method o f c o mpu ta t ion , a s t he p ercen tage f or s i lver i s a d jus ted d ownwards b y a n amoun t a l mos t e qua l t o t he l ead p ercent age , a nd t ha t s a me f igure i s s ubsequen t ly a dded i n t o t he t ota l f or " s i lver" . The n ex t p rac t ica l d i f f icu l ty a r ises f ro m t he d i f ference b e tween t he a l loy o f a med ieva l c oin a s i ti s n ow , a nd a s i t was when i t was made .

A f ter l y ing

i n we t s oi l f or s evera l h undred y ears , t he meta l i s l ike ly t o h ave b een micros copica l ly p enetra ted a nd c orroded , a nd s o me e le men ts may h ave b een p ref eren t ia l ly l eached o u t o f t he a l loy . t h is way :

C o ins a re u sua l ly " sur face-enr iched" i n

t ha t i s t o s ay , at h in s ur face z one i s r icher i n s i lver t han i to r ig ina l ly

was , b ecause s o me o f t he c opper h as b een d isso lved o u t b y g round-wa ter .

I t

i s n ecessary f or t he a na lys t t o f i le o f f t h is s ur face l ayer , t o r each wha t h e h opes i s u na l tered meta l .

The X -rays c an b e f ocussed o n to a n a rea o f o n ly 1 o r

2 m m 2 ,a nd a c leaned p a tch o n t he e dge o f t he c o in i s t here fore ample . d a mage i s v is ib le o n t he f ace o f t he c o in .

N o

B u t f a i lure t o a brade t he e dge s u f-

f ic ien t ly — a nd , o bv ious ly , o ne d oes n o t wan t t o d o more d a mage t o t he c oin t han i s e ssen t ia l f or a n a ccura te r esu l t — c an l ead t o e rrors f ar g rea ter t han t he e rrors o f c a l ibra t ion d iscussed a bove .

3

S o c an a f a i lure t o p os i t ion t he

c leaned a rea e xac t ly s o t ha t t he X -ray b ea m i s c en tred o n t he c en tre l ine o f t he e dge o f t he c o in , s ince c orros ion i s l i ab le t o b e g rea ter a t t he c orner ( bet ween t he f ace a nd t he e dge ) .

C are was t aken i n t he a na lyses p resen ted h ere

t o min im ize a ny e rrors a r is ing f ro m t he p os i t ion ing o f t he c o in .

A ll i n a l l ,

h owever , i t mus t b e s a id t ha t t he r esu l ts ( be low ) c a lcu la ted t o t wo d ec i ma l p laces s hou ld n ot mis lead a nyone i n to a ssu m ing t ha t t he measure men ts a re t ha t a ccura te .

R e- measure men t o f t he s a me c o in b y e xac t ly t he s a me p rocedure

wou ld g ive a s l igh t ly d i f feren t r esu l t .

An e le men t o f u ncer ta in ty w i l l a lways

r e ma in w i th n on-des truc t ive a na lyses .

S ince t here i s n o p rospec t o f c arry ing

o u t l arge-sca le d es truc t ive a na lyses o n t housands o f p ounds ' wor th o f c o ins , many o f wh ich a re h is tor ica l ly t oo p recious t o s acr i f ice e ven i ft he ir f inanc ia l 7 4

value were of no consideration, one can only choose the lesser of two evils. It remains desirable, however, to correlate the X-ray fluorescence results with at least a few destructive analyses. No modern exact analyses of Scot­ tish sterlings have been made, but there have been several scientific enquiries into the metal contents of English sterlings of the eleventh to thirteenth cen­ turies. They indicate that the fineness was very reliably maintained in most reigns except that of Stephen, and that the coins tended to exceed the 92. 5% prescription by up to 2 or even 3%. This excellent result was achieved to some extent by rule of thumb, for it was not commercially practicable to re­ fine silver to 100% purity. The definition of sterling silver as 11 oz. 2 dwt. of pure silver to 18 dwt. of alloy may be a later rationalization of a traditional standard that had been evolved and established in the mid-eleventh century by the use of practical recipes and procedures that were modified or superseded in the late thirteenth century.5 For trace-elements, the most careful and exact analyses of sterlings are those published by Forbes and Dalladay. They are helpful as an indication of of the accuracy or otherwise of the "Isoprobe" in measuring elements present in fractions of one per cent. Early Scottish coins, which were intended to be of the same quality as the English coins alongside which they circulated, have not hitherto been analysed in such a way as to provide statistically reliable averages of the standards achieved, nor of the parameters of variation in fineness. One coin in the name of David I from the Bute hoard is in fact the only analysis of a sterling that I have come across. It was found (by destructive or "wet chemical" analysis) to contain 86.4% silver, 7. 75% copper, and 5. 59% gold.6 Such a large admix­ ture of gold, one can now say, is very unusual indeed. Presumably it was unwitting, and entered the alloy with the silver; if so, the "silver" contents should be stated as 92.06%. The gold contents of the coin are enough to make one wonder whether it was a contemporary imitation, rather than the product of a regular Scottish mint. Scottish silver plate of the sixteenth and seventeenth centuries has been analysed chemically, 7 but the results probably have very little bearing on mint practice before 1280. It is hoped that the foregoing remarks will have served to make clear to readers not acquainted with the techniques of non-destructive analysis that one should not accept the percentages of various elements measured in a coin as infallibly true, and that elaborate procedural safeguards are advisable even when conclusions are going to be drawn only from within-sample variations. Silver, copper, gold, lead, and zinc were measured in all the coins listed below, and tin was looked for in a selection of them but was not found in any measurable amounts. I.

Silver Contents

David's early coins, with ea. 93-94% "silver" adhere closely to the best English standard. The cross-fleury coins which followed them in the 1140s, however, fall as low as 86% "silver", and the issue seems to have been exten­ sively debased by several percentage points. In this it was probably no worse 75

than Stephen's first issue, which was of similarly variable quality. One coin of Malcolm IV was available for analysis: it falls within the pattern of the cross-fleury type. William the Lion's crescent-pellet coinage is on a restored standard of 93-94½% "silver", which may be regarded as the norm. The earliest English Short cross sterlings exceed the standard, and contain 94-95½% "silver". (The figures published by Yvon, from neutron activation analyses by Gordus, are in effect silver-copper ratios. For the early Short cross coins they range around 95½-96%, thus marginally higher than the XRF results). The Scottish Short voided cross issue, begun in 1195, was likewise 94-95%, until the intro­ duction of variety D (coins in the name of Alexander II, belonging to the late 1230's or the 1240's), when there was a distinct falling-off, to ea. 91½-94½%. The scarcity of variety D suggests that, if it was in issue for any length of time, there was little work for the Roxburgh mint (and virtually none for any of the other mints). The temporary decline in alloy thus probably coincides with a very slack period for the inflow of bullion. The Long voided cross sterlings, introduced at the recoinage of 1250, con­ tain 93-94½% "silver", and are apparently closely in line with the English coins. II.

Lead Contents

Lead persists in the silver from the refining process. Forbes and Dalladay found amounts ranging from O. 44 to 2. 1% in English sterlings in the period under review, with an average of 1. 07%. Very similar results were obtained from the Scottish and English sterlings analysed by XRF, with no obvious trends or differences between the two series. Ill.

Zinc Contents

Zinc was deliberately added to the coinage metal in England from the Anglo­ Saxon period until the middle of the twelfth century, in order to improve its malleability. Forbes and Dalladay found as much as 4. O and 4. 7% in two coins of the 1130's. In another ten specimens ranging in date from ea. 1163 to.£· 1300, however, zinc was virtually absent (less than 0. 02%). It would seem, therefore, that there was a change in mint-practice at a date near to the middle of the twelfth century. The measurement of small quantities of zinc using the "Isoprobe" is diffi­ cult, since the zinc peak occurs at a point in the spectrum in between the two· copper peaks, and is swamped by them. The peak height can be measured, and it has been assumed that values of less than 5% of the height of the primary copper peak merely reflect background noise or scatter. Coins of Stephen, on the other hand, give values of up to ea. 10% peak height. McKerrell's experiments have shown that cupellation readily removes zinc to below O. 1%. 8 The only Scottish sterlings which show zinc in quantities above this "floor" level are a few early coins from the Borders. It seems likely, therefore, that the practice of adding zinc was never regularly followed in Scot­ land. (Significant amounts of zinc were measured, on the other hand, in English short-cross sterlings minted in 1180-9; and conversely very little was found in the preceding cross-and-crosslets sterlings. This seems to run counter to Forbe and Dalladay's findings from four somewhat later short-cross coins, minted Q. 1200-15. Further research is desirable). 76

0 7

/ 0 ' S ilver '

• •

0 . 3

9 5 •

9 4 -

•

•

•

•

• •

•

•

•

•

9 3 -

• 9 2 -

•

• •

9 1 9 0 -

•

•

8 9-

•

•

8 8 8 7 8 6 -

• •

Go ld 0 .4 -

•

•

• S.

•

• • •

0 .3 -

• • • • • • O.

• • •

•

• ••

• •

—

6 0• •••

•

• • ——• — —-• — — • _ _ _ _

----S t- -

Ar -

•

•

•

• :

9 _ _e_ _ _ _

•

•

0 .2 -

• •

S cot t ish s hort c ross

S hort c ross ( l ate )

S hort c ross ( early )_

Crescen t-pe l let

C ross-and-crosslet-

Dav id , e tc. ( l ate )

0 .1 -

C l ) C l l 0

S cot t ish l ong c ross

I V .

G o ld C on ten ts G o ld , b e ing a n ob le meta l , may b e e xpec ted t o s urv ive t he c upe l la t ion p ro-

c ess w i thou t l oss , a nd a ny t races o f g o ld i n t he c o inage s i lver s hou ld t here fore b e i n a l mos t e xac t ly t he s a me p ropor t ion a f ter r em in t ing . I fS co t t ish s ter l ings were s truck b y me l t ing d own o ld c o ins w i thdrawn f ro m a c urrency t ha t was p red om inan t ly made u p o f E ng l ish c o ins , o ne m igh t e xpec t t ha t t he g o ld t race l eve ls wou ld c o inc ide . I n g enera l t h is s ee ms t o b e t he c ase , a l though t he e xper i men ta l d a ta a re n ot o f s u f f ic ien t ly h igh q ua l i ty t o s tand o n t he ir own . F orbes a nd Da l laday f ound 0 .44% g o ld i n ac o in o f S tephen , a nd 0 .46% i n aC ross-and-cross le ts s ter l ing . t a ined 0 .20-0 .28% g o ld .

F our s ter l ings f ro m t he y ears 1 200-25 c on-

H arr is h as a lso f ound a n a verage o f 0 .55% g o ld i n

f our c o ins o f S tephen , b u t o n ly 0 .2% i n aS hor t-cross s ter l ing , a nd 0 .1-0 .25% i n s ix c o ins o f E dward I .

Y von h as p ub l ished c lear e v idence o f ad ecl ine i n

t he g old c on ten ts o f S hor t-cross s ter l ings a s b e tween G roups I -I I a nd I I-IV . The " Isoprobe" r esu l ts f or Group I ( 0 .25% , a nd t hree a t 0 .29% ) a re p erhaps marg ina l ly h igher t han t he n eu tron a c t iva t ion r esu l ts b y G ordus , wh ich Y von p ub l ished ( 0 .2 -0 .3 % ) . The Eng l ish e v idence i n g enera l i s o f af a l l i n t he g o ld c on ten ts d ur ing t he t we lf th c en tury ( co inc id ing w i th a r ap id s upp le men ta t ion o f t he n a t iona l s tock o f b u l l ion ) .

The " new" s i lver

w i th l ower g o ld t races p resumab ly c a me f ro m

t he c on t inen t t o b a lance t he B r i t ish e xpor t s urp lus . The a ccura te measure men t o f g o ld b y t he " Isoprobe" i s h a mpered when z inc i s p resen t i n t he a l loy , a s t here i s as econdary z inc p eak i n t he s pec tru m c oinc id ing c lose ly w i th t he p r i mary g o ld p eak a t 9 .7 k eV .

D iscoun t ing t he c on tr i-

b u t ion o f t he z inc t o t he c o mb ined p eak i n troduces r a ther w ide marg ins o f e rror . Wi th t ha t p rov iso , i t wou ld s ee m t ha t t here was r e la t ive ly l i t t le v ar ia t ion i n t he g o ld t races i n S co t t ish s ter l ings , a nd t ha t t hey c orrespond q u i te we l l w i th t he Eng l ish c o ins f ro m wh ich t hey migh t b e a ssu med t o h ave b een r em in ted .

Where

t here a re d i f ferences , o ne may c ons ider t he p oss ibi l i ty t ha t t he b u l l ion f or t he S co t t ish c oins was c om ing f ro m c on t inen ta l r a ther t han Eng l ish money . The g raph , p . 7 7 , i l lus tra tes t he p a t tern o f g o ld t races . Dav id Ima tch t hose o f S tephen .

T he s ter l ings o f

Wi l l ia m t he L ion 's c rescen t-pe l le t c o inage ,

p ar t icu lar ly i n i t s s econd p hase , s hows a c o mpac t d is tr ibu t ion .

I n t he s hor t

v oided c ross s er ies , p hase b s ee ms t o b e more s ca t tered t han a o r c .

Phase

ds ter l ings ( i n t he n a me o f A lexander I ) a re c onspicuous b y t he ir l ow g o ld t races , a nd t here i s n o o bv ious r eason t o d oub t t he v a l id i ty o f t h is d i f ference .

T he l ong

v o ided c ross c o ins r ever t t o t he n or ma l v a lue o f a round 0 .3% g o ld , a l though t he l a ter i ssues o f t he t ype a ga in s ee m t o b e l ower . Any f u ture p rogra m me o f s tudy o f t he g o ld t races w i l l o bv ious ly n eed t o a ch ieve a h igh d egree o f i ns trumen ta l a ccuracy a nd c ons is tency , a nd e qua l ly w i l l n eed t o b e b ased o n al arge n u mber o f s pec i mens . T he c o ins o f A lexander Id eserve f ur ther s tudy ;

a nd i t may t urn o u t t ha t t here a re sma l l d i f ferences

b e tween t he d is tr ibu t ion-pa t terns f or s o me o f t he m in ts i n t he l ong v o ided c ross c o inage .

7 8

V. Other Trace Elements Other elements were not measured. One may presume that the Scottish sterlings contain ea. 0.05% bismuth, ea. 0.01% antimony, and occasionally up to 0.1% tin. Of these, bismuth deserves study.

VI.

Forgeries, etc.

One analysis has been excluded from the list below, as being uncertain. A crescent-pellet sterling of William the Lion was found to contain only ea. 77% silver. There is no obvious reason, however, to doubt the coin's authen­ ticity.

VII.

Summary

The quality of Scottish sterling silver corresponded very closely with its English counterpart. Its high standard faltered in the 1140's, but was restored by a reform undertaken in ea. 1174. There were signs of weakness again for a few years ea. 1240. Otherwise the alloy tended to be, if anything, above what we take to have been the legal prescription. The fineness was, however, to some extent governed by traditional, "rule-of-thumb" workshop procedures. Of the trace-elements in the metal, gold is virtually unchanged in its pro­ portion to silver by recycling of the coinage metal. The pattern of gold traces in Scottish sterlings generally seems to match the pattern in the contemporary or preceding English sterlings which one might have assumed to be the obvious and major source of bullion. Where the gold traces are different, and in parti­ cular lower than expected, the Scottish mints were perhaps re-striking foreign coins that came into the country through trade directly with the continent. Zinc was not used in the Scottish sterlings, although they may have con­ tained traces (deriving from English bullion) of up to ea. 0.1%, which cupella­ tion had failed to remove. In the same way lead occurred in the silver in amounts of around 1%.

NOTES 1.

The instrument used was the Isoprobe, for which see E. T. Hall, F. Schweizer, and P. A. Toller, "X-ray fluorescence analysis of museum objects: a new instrument", Archaeometry XV (1973), 53-78. The Iso­ probe uses a lithium-drifted silicon detector, a miniature X-ray tube, und a multichannel analyser. For the detection limits, see F. Schweizer, "X-ray fluorescence analysis of museum objects: a new instrument and its application to the analysis of early Chinese white porcelain", Appli­ cazione dei metodi nucleari nel campo delle opere d'arte, Rome, 1976, 227-45.

2.

On the procedures using calibration curves and standards, see D. M. Metcalf and F. Schweizer, "The metal contents of the silver pennies of William II and Henry I (1087-1135)", A.rchaeometry XIII (1971), 177-90.

79

3 .

Th is b eca me c lear t o my c o l league , Mr . N . J . Mayhew , d ur ing h is r es earches i n to t he a l loy o f c on t inen ta l s ter l ings .

I n c heck ing b ack Ih ave

f ound t ha t s o me o f t he XRF c o in r esu l ts f ro m t he Ox ford l abora tory i n t he y ears 1 966-76 f a i led f u l ly t o d iscoun t s ur face e nr ich men t , b ecause t he s a mp le s ur face was i nsu f f ic ien t ly a braded . 4 .

J . S . F orbes a nd D . B . Da l laday , " Co mpos i t ion o f Eng l ish s i lver c o ins ( 8 70-1300 )" , BNJ XXX ( 1960-1 ) , 8 2-7 ; Me tca l f a nd S chwe izer , o p . c i t .; J . Y von , " Es ter l ins a l a c roix c our te d ans l es t resors f ran9a is d e l a f in d u X I Ie e t d e l a p re m i re mo i t ie d u X Il le s ièc le , BNJ XXX IX ( 1970 ) , 2 4-60 , a t p p . 3 7f . ( ana lyses b y A . A . G ordus ) ; R . Wa lker , " Crockards a nd p o l lards :

N . J . Mayhew a nd D .

im i ta t ion a nd t he p rob le m o f

f ineness i n as i lver c o inage" , E dward ian Mone tary A f fa irs ( 1 279-1344 ) ( ed . N . J . Mayhew ) , 1 977 .

Ih ave d e l ibera te ly r e-ana lysed a f ew o f

t he s a me c oins l i s ted b y Mayhew a nd Wa lker , a s a n i l lus tra t ion o f t he " two s peedo me ters" e f fec t . 5 .

T h is i s wel l b rough t o u t b y Mayhew a nd Wa lker , o p . c i t .

6 .

E . Burns , T he C o inage o f S co t land , 1 887 , p . 4 0.

7 .

H . McKerre l l , " Che m ica l a na lys is o f t he C adbo l l C up a nd t he Wa tson Mazer" , P SAS C IV ( 1971-2 ) , 3 09-15 .

8 .

H . McKerre l l a nd R . B . K . S tevenson , " So me a na lyses o f Ang lo-Saxon a nd a ssoc ia ted Or ien ta l s i lver c oinage" , Me thods o f C he m ica l a nd Me ta ll urg ica l I nves t iga t ion o f Anc ien t C o inage , e d . E . T . H a l l a nd D . M . Me tca l f , 1 972 , p p . 1 95-209.

8 0

A.

England:

Stephen 1135-54

BMC Type I 1. 2. 3. 4. 5.

Oxford, Gahan. SCBI 261 Osbern. 262 Swetig. 264 York, Turstan. Laisig.

B.

Scotland:

Cu

Ag

Au

Pb

Zn

"Silver"

91.64 90.31 87.66 88.51 92.54

5.85 7.32 9.74 10.27 5.49

0.29 0.25 0.26 0.35 0.38

1.05 0.65 0.97 0.86 1.12

1.17 1.46 1.36 n.d. 0.47

92.98 91.21 88.89 89.72 94.04

92.03 92.46 90.59 92.62 92.15

6.66 6.43 8.42 5.39 6.14

0.25 0.28 0.23 0.39 0.29

1.07 0.85 o. 75 1.23 1.10

n.d. n.d. 0.10 0.47 0.31

93.35 93.59 91.57 94.24 93.54

84.91 87.98 87.26 89.8

14.40 10.87 11.34 8.34

0.28 0.27 0.27 0.43

0.41 0.88 1.03 1.42

n.d. n.d. 0.10 n.d.

85.60 89.13 88.56 91.65

92.98

5.41

0.25

0.82

0.54

94.05

91.66

6.37

0.37

1.41

0.19

93.44

89.20

8.82

0.31

1.67

n.d.

91.18

5.22 5.41 4.62 5.52 6.09

0.34 0.28 0.26 0.29 0.35

1.15 1.19 1.06 1.01 1.28

n.d. 0.08 0.32 0.08 0.09

94.77 94.50 95.05 94.40 93.83

David I, 1124-53

Cross moline - fleury. Cf. Stephen's BMC Type I 6. 7. 8. 9. 10.

Edinburgh, Erebald. 1.38g - - (same obv.) 1. 33g -, moneyer? 1.33g Borders?, money er? 1.40g Durham, Fobund. SCBI 280 Cross-fleury type.

11. 12. 13. 14.

c. 15. 16.

D. 17.

Berwick, 1.26g ... LT 1.24g C arlisle? (HA), Riccart? 1.45g Roxburgh (degraded) 1.44g Earl Henry, 1136-52 Carlisle, (cross-fleury) SCBI 292 Bamburgh, Willelm (crosscrosslet) 291 Malcolm IV, 1153-65 (Retrograde legend) 1.52g

E. . England: 18. 19.

20. 21. 22.

Cross-and Crosslets, 1158-80

Class A. Canterbury. SCBI 298 A. London. 310 A. Norwich. 312 A. York. 321 B. London. 332

93.28 93.03 93.73 93.10 92.20

81

F .

S co t land :

Wil l ia m I , 1 165-1214

Crescen t-pel let c oinage , f irs t p hase , f ro m c a . 1 174 ( square h ead t o s cep tre ) 2 3 .

P er th , F opol t .

1 .46g

Ag

Cu

9 1.55

6 .89

Au 0 .37

P b

Zn

" S i lver"

1 .18

n .d .

9 3 .10 9 3 .87

2 4.

-,

,

1 .49g

9 2 .25

6 .41

0 .30

1 .02

n .d .

2 5 .

-,

,

1 .51g

9 3 .00

5 .68

0 .23

1 .09

n .d .

9 4 .32

R oxburgh , R au l 1 .29g

9 2 .65

5 .91

0 .31

1 .12

n .d .

9 4.08

9 3 .12

2 6.

S econd p hase ( cross p o m mee ) 2 7.

Berw ick , Rau l D er l ig

2 8 .

, Wi l lia m 1 .47g

1 .38g

2 9.

E d inburgh , Hue.

1 .39g

3 0 .

Roxburgh , Rau l .

9 1.52

6 .89

0 .30

1 .30

n .d .

9 2 .09

6 .40

0 .34

1 .16

n .d .

9 3 .59

9 3 .14

5 .42

0 .35

1 .08

n .d .

9 4 .57

1 .42g

9 2 .83

5 .40

0 .36

1 .40

n .d .

9 4 .59

-,

-,

1 .49g

9 2 .37

6 .40

0 .31

0 .90

n .d .

9 3 .58

3 2 .

,

,

1 .54g

9 2 .05

6 .66

0 .28

1 .00

n .d .

9 3 .33

3 3 .

2,

,

1 .34g

9 3 .12

5 .42

0 .33

1 .13

n .d .

9 4 .58

3 4.

R oxburgh?, Rau l .

1 .41g

9 3.05

5 .42

0 .30

1 .24

n .d .

9 4 .59

1 .46g

9 2 .26

6 .94

0 .17

0 .63

n .d .

9 3 .06

9 3 .27

5 .43

0 .33

0 .98

n .d .

9 4 .58

9 3 .27

4 .91

0 .25

0 .88

0 .69

9 4 .40 9 5 .05

3 1.

3 5 . 3 6.

,

( Rau l ) Der lig

N o min t n a me ,

( Rau l )

Der lig 1 .46g

G .

Eng land :

S hor t c ross , 1 180-1247

E ar ly c o ins ( 1 180-89 ) 3 7.

l b .

London , A i mer .

SCBI 5 29 3 8 .

I ) .

, A la in .

3 9.

l b .

, A lward .

5 30

4 0 .

l b .

, Dav i .

5 32

5 34

9 3 .66

4 .41

0 .29

1 .10

0 .53

9 2 .79

5 .40

0 .29

1 .24

0 .27

9 4 .32

9 3 .88

4 .42

0 .29

0 .97

0 .43

9 5 .14

La te c oins ( a f ter 1 217 ) 4 1.

Vi la .

L ondon , Abe l .

4 2 .

V I I .

, Ada m .

H .

S cot land :

5 23

5 27

9 1.99

6 .40

0 .33

1 .08

0 .19

9 3 .40

9 2 .50

5 .90

0 .29

1 .24

0 .06

9 4 .03

S hor t v o ided c ross ,

1 195-1250 Var ie ty A . 4 3 .

Ed inburgh , Hue

4 4 .

Per th , Wa l ter

4 5 . 4 6. 4 7. 4 8 .

,

1 .34g 1 .42g

• 1. 20g

R oxburgh , R au l . 1 .40g , • 1. 21g ,

• 1. 31g

9 3.69

4 .93

0 .32

0 .99

0 .07

9 5 .00

9 3 .60

4 .93

0 .29

1 .03

0 .15

9 4 .92

9 3 .80

4 .94

0 .29

0 .89

0 .08

9 4.98

9 3 .68 9 3 .34

5 .19 5 .43

0 .25 0 .29

0 .88 0 .93

n .d . n .d .

9 4.81 9 4 .56

9 3 .32

5 .17

0 .30

1 .13

0 .08

9 4 .75

8 2

Class III 75. 76. 77. 78. 79. 80. 81. 82. 83. 84. 85.

Aberdeen, Alex. 1.22g -, Ion. 1.41g Ayr, Simon. 1.42g Berwick, Robert. 1.47g -, Robert. l.57g -, Robert. 1.48g -, Walter. 1.40g -,. Willem. 1.32g Glasgow, Walter, 1.52g Inverness, Gef rai. 1.43g St. Andrews, Tomas. 1.50g

Ag

Cu

Au

Pb

Zn

"Silver

92.16 92.33 93.54 92.33 93.59 92.80 92. 84 93.00 93.00 93.60 92.80

6.67 6.16 5.44 6.16 4.93 5.92 5.93 5.41 5.94 5.34 5.82

0.24 0.33 o. 30 0.34 0.35 0.34 0.29 0.33 0.29 0.26 0.28

0.93 1.18 0.72 1.18 0.99 0.94 0.95 1.08 0.77 0.81 1.10

n.d. n.d. n.d. n.d. 0.15 n.d. n.d. 0.18 n.d. n.d. n.d.

93.33 93.84 94.56 93.85 94. 93 94.08 94. 08 94.41 94.06 94.67 94.18

92.70 91.41 93.00 92.47 92.68

6.18 7.68 5.94 6.43 6.44

0.26 0.28 0.29 0.27 0.15

0.86 0.63 0.77 0.83 o. 73

n.d. n.d. n.d. n.d. n.d.

93.82 92.32 94.06 93.57 93.56

Class VIII 86. Berwick, Iohan. 1.70g 87. -, l.60g 88. -, Walter. 1.46g 89. -, l.25g 90. Perth, Rainald. 1.38g

84

MONEY IN SCO TLAND IN THE THIRTEENTH CENTURY N. J. Mayhew

This paper will attempt to review the principal trends in the monetary history of thirteenth-century Scotland, a period which saw an astonishing growth in the money supply enabling us to talk of an economic revolution. Mr. Stewart has estimated about 145 dies for the total Scottish Short Cross coinage which implies a tiny output at the beginning of this period; it cannot have amounted to more than £20,000. By the end of the century an estimate of £150,000 seems conservative.1 We may be talking in terms of an eight­ or ten-fold growth. This monetary explosion seems to have occurred some 50 years later in Scotland than in England. Nevertheless, throughout the century the role of English money in Scotland was of paramount importance. It is clear that large sums of English coin passed in and out of Scotland as a normal consequence of trade, long before the Wars of Independence brought English men and money north of the border. It will be shown that in the sec­ ond half of the century there was enough money in Scotland to facilitate the same sort of monetary arrangements as those common in England, and there is documentary evidence to show that such arrangements were often in force. Many of these trends are revealed by a consideration of the location of mints. There were only 4 Short Cross mints: Roxburgh, Perth, Edinburgh, and Berwick. Figure 1 shows the location and output of Scottish Long Cross mints. 2 Many more mints were then in operation and although the domination of the eastern seaboard mints is clear, illustrating the vital importance of foreign trade, it is significant that minting had spread inland to Forfar and Lanark, and to the western towns of Ayr, Renfrew, Glasgow and Dumfries. 3 This picture is not dissimilar to that obtaining in England where the eastern mints consistently outweigh the western. 4 The establishment of a mint implies that there was coin in the region but the absence of a mint does not necessarily mean the absence of coin. There was surely money in prosperous Dundee in the 1250s but there was no mint; Dundee was not then a royal burgh. Nevertheless a comparison between the location of mints in the Short Cross and Long Cross periods does seem to suggest that the authorities were aware of a wider dispersal of coin by the middle of the century. The 1280 recoinage, however, seems to have required only 9 mints. 5 Apart from St. Andrews (the only mint named on the coins) they probably included the top five Long Cross mints: Berwick, Perth, Roxburgh, Edinburgh and Aberdeen. Stirling, a leading burgh but not a notably prolific mint in the Long Cross coinage, probably competes with Dumfries, Glasgow and Ayr for the last three available places. The reduced numbers of mints should not be interpreted as a contraction in the area using coin towards the end of the century. The authorities may simply have become aware that coin­ age could be moved considerable distances without undue inconvenience, and 85

t he e xpense o f e stab l ish ing a nd ma in ta in ing sma l l m in ts was n o t a l toge ther j ust if ied .

I tw i l l b e n ot iced t ha t t he n u mbers o f m in ts c on tracted i n Eng land

a t t he s ame t ime . S i te f i nds i nd ica te t ha t a l though Oxford l ost i t s m in t a t t h is t here was n o l ess money i n u se t here a t t he e nd o f t he c en tury . Desp ite t he d if f icu lt ies o f i n terpret ing n ega t ive e v idence , t he l oca t ion a nd r e la t ive s ize o f m in ts i n t h is c entury i nd ica te t he i mpor tance o f i n terna t iona l t rade , a nd t he e x tens ion o f t he a reas u s ing l arge q uan t it ies o f c o in . G iven t he impor tance o f w oo l, a nd t he p ara l le l E ng l ish e xper ience a t t h is t ime , i ti s p robab ly f a ir t o s peak o f e xpor tled g row th s pread ing i n to a l l t he more p opu lous r eg ions o f S cot land . T he c ash o r ig ina l ly b rough t t o S cot land b y i n terna t iona l t rade s pread , p erhaps s o mewha t u neven ly , t hrough t he e cono my i n to l oca l t rade a nd a gr icu lture . I n t he a bsence o f m in t r ecords , s o p len t ifu l f or Eng land , much o f t he monet ary h istory o ft h ir teen th-century S cot land must b e b ased o n t he e v idence o f h oards , s tray-f inds a nd d ieiden t i t ies w h ich h ave b een s tud ied b y Me tca lf , R igo ld , a nd S tewar t e lsewhere i n t h is v o lume . T he most o bv ious p o in t t o b e made a bou t t he t h ir teen th c en tury h oard e v id ence i s i t s s carc i ty . T here a re o n ly t wen ty-three S cot t ish h oards w i th a t erm inus p ost q ue m i n t he t h ir teen th c en tury .

6

T he t erm inus p ost q ue m i s i n

e f fect s e tb y t he d a te o f manufacture o ft he most r ecen t c o in i n t he h oard . I n a t te mp t ing t o d a te a h oard , t he h istor ian b eg ins w ith t he t erm inus p ost q ue m , a nd t hen g oes o n t o c ons ider o ther f actors, s uch a s t he d egree o f wear o n t he c o ins o r t he l eng th o f t ime wh ich i t may h ave t aken f or t he most r ecen t c o ins t o t rave l f ro m t he ir m in t o f o r ig in t o t he p lace o f d epos it o f t he h oard .

Nega-

t i ve e v idence , a l though e x tre me ly d if f icu lt t o u se , s hou ld a lso b e e va lua ted ; f or e xamp le i ft he c o ins o f an earby min t a re t o ta l ly a bsen t f ro m a h oard i t may b e t ha t t he h oard was c oncea led b efore t ha t min tb egan t o w ork . T h is i s t he c ase a t Me l lendean ( Me tca lf 2 5) where t he a bsence o f c o ins f ro m Berw ick s uggests a d a te o f d epos i t s hor t ly b efore t ha t m in t was o pened i n 1 296 . T hus t he t er m inus p ost q ue m i s o n ly t he b eg inn ing o f t he p rocess ;

7

t h is i s

p art icu lar ly t rue o f S cot t ish h oards when we o f ten h ave o n ly t he v aguest i nformat i on o f wha t c oins w ere f ound i n ah oard . Wha t , f or e xamp le , a re we t o make o f t he C ock mu ir H i l l , A berdeensh ire h oard ( M .20) wh ich we a re t o ld c ons isted o f "A b ag o f sma l l s i lver c o ins ...of A lexander I " ( s ic) . T here must b e a s trong p oss ib i l ity t ha t we a re r ea l ly d ea l ing w ith A lexander I o r I I a nd t ha t t h is i s r ea l ly a t h ir teen th-century h oard , t hough when a h oard r epor t b eco mes g arb led i t may b e m is lead ing t o t ry t o u nrave l i t .

Never the less, i fo ne i s

mak ing ap o in t o ft he s carc ity o f t h ir teen th-century h oards i ti s p robab ly b est t o b ase i to n a l l p oss ib le ma ter ia l . T he f i gure o f t wen tythree h oards a lso i nc ludes t wo h oards wh ich may b e long t o t he f our teen th c en tury . C anonb ie ( M .30) i s a n i l l-recorded f i nd w ith a t h ir teen th-century t erm inus p ost q uem , b u t i ti s p robab ly a f our teen th-cen tury h oard . Had i tb een c oncea led i n t he t h ir teen th c en tury i ts ee ms l i ke ly t ha t t he p ropor t ion o f S cots t o E ng l ish c o ins w ou ld h ave b een h igher , S cots c o ins b eco m ing l ess p len t ifu l i n S cot t ish h oards a s t he g rea t A lexandr ian r eco inage o f t he 1 280s r eceded i n to t he p ast .

N ever-

t he less t here r e ma ins a p oss ib i l i ty t ha t C anonb ie i s a n o dd t h ir teen th-century h oard s o i th as b een n u mbered i n t he g roup o f 2 3 . T he sma l l h oard f ound a t F yv ie ( M .29 ) h as a lso b een i nc luded .

T he c ruc ia l c o in i n t h is c ase was a

8 6

F ig. 1

The r eco inage o f 1 250.

The a reas o f t he c ircles a re p roport iona l

t o t he e st i mated o u tpu t o f t he min ts.

s ter l ing o f T h ibau lt , d uke o f L orra ine f ro m 1 303 t o 1 312 .

Ad a te o f c . 1 305-

c . 1 310 was a ccord ing ly p ostu la ted f or t he h oard 8 b u t t h is d a te i s p robab ly t oo l a te . T h ibau lt s truck money b efore h e b ecame d uke o f L orra ine , a nd a d a te o f 1 300 i s p oss ib le .

9

T he K inghorn ie h oard o f 1 902 ( M .110) i s a lso

i nc luded , a s at h ir teen th-century d a te f or i t may b e i nd ica ted b y t he l arge n u mber o fJ ohn Ba l io l c o ins . A s t he v ery s carc i ty o ft h ir teen th c en tury h oards i s a ma jor t heme s o t he q uest ion o fn ega t ive h oard-ev idence n eeds d e ta i led c ons idera t ion . Ag ood d ea l h as a lready b een wr it ten a bou t t he d iscovery o f h oards .1 0 T here a re t hree p o in ts t o c ons ider : why h oards were h idden ; e red b y t he ir owners ;

why t hey were n ot r ecov-

a nd why t hey were e ventua l ly d iscovered .

H oards may

o f ten h ave b een h idden i n t imes o f d anger , b u t t he f ear o ft hef t o r s i mp le l oss may s o me t i mes h ave l ed men t o b ury t he ir s av ings e ven i n t imes o f c o mparat i ve p eace . T he f ac i l it ies o f fered b y a bbeys f or t he s a fekeep ing o f l arger s ums may e xp la in w hy h oards f ound t oday t end t o b e sma l l .

War fare w i l l h ave

p layed a g rea t r o le i n p reven t ing t he owners o f c ash f ro m r ecover ing t he ir p roper ty , b u t n ot p lague : i ti s n otewor thy t ha t t here i s n o g roup o f h oards i n Br ita in wh ich c an b e a ssoc ia ted w ith t he B lack Dea th .

Dea th h ad t o c o me

s udden ly t o p reven t a man p ass ing o n t he whereabou t o f h is s av ings t o h is h e irs . Never the less , a cc iden ts d o h appen , a nd t here a re many i so la ted h oards f or wh ich t he h istory o f t he t ime a nd p lace o f t he ir c oncea l men t o f fers n o e xp lana t ion .

T here i s s o me t i mes a d anger t ha t t he c ircu mstances o f ah oard

may b e s tre tched t o f i t i n w i th a s u itab ly d rama t ic e ven t , when i n r ea l ity t he h oard was h idden a nd l ost b y c hance . H owever , where a s er ies o f h oards o ccur , c lustered i n t ime a nd p lace , s o me k ind o f s tr ife i s o f ten a c onv inc ing e xp lana t ion . When e xam in ing t he d istr ibu t ion o f h oards, o ne must a lso c ons ider t he f actors b eh ind t he a cc iden ts o f d iscovery . P lough ing , b u i ld ing o r more p art i cu lar ly t he e xcava t ion o f f ounda t ions, a nd mar ine e ros ion a re t he c h ief d isc overers o f h oards . Where t hese a ct iv it ies h ave n ot t aken p lace i n r ecen t t imes t he a bsence o f h oards i s n ot s urpr is ing , b u t i n t he f uture r escue a rchaeo logy may t ake o ver t he r o le p layed h i ther to b y t he b u i lder ' sp ick-axe , a nd t he a dven t o ft he me ta l d e tector may l ead t o t he d iscovery o f more h oards i n i so la ted p ar ts. Bear ing a l l t h is i n mind o ne may a pproach t he q uest ion o f t he s carc i ty o f t h ir teen th-century S co t t ish f i nds. C lear ly s carc ity o f h oards d oes n o t n ecess ar i ly i mp ly s carc ity o f money . I t may h owever b e e v idence o f al ong p er iod o f p eacefu l p rosper ity . O n t h is p o in t , o f c ourse , t he n um is ma t ic e v idence mere ly c onf ir ms t he impress ion d er ived f ro m v ar ious o ther f orms o f e v idence t ha t t h ir teen th-century S cot land e n joyed a n u npara l le led d egree o f s ecur ity a nd wea l th . T he h oards f ro m t he e nd o f t he c entury i l lustra te t he c onverse o f t he t heore m , n ame ly t ha t t roub led t imes l eave a n a rchaeo log ica l l egacy i n t he f orm o f more h oards. O f t he 2 3 t h ir teen th c entury h oards, f i ve [ Me l lendean , K irkcudbr igh t ( M .26) , G a lston ( M .27) , C leuchhead ( M .28 ) a nd Fyv ie ] may b e d a ted t o t he l ast f i ve y ears o f t he t h ir teen th c entury o r t o t he e ar l iest y ears o f t he f our teen th : t ha t i s t o s ay , t he e ar l iest p hase o f t he S cot t ish Wars o f I ndependence .

8 8

T hese h oards a re a lso impor tan t b ecause o f t he v ery l arge q uan t i t ies o f c on t inen ta l i m ita t ion s ter l ings t hey c on ta in . Fyv ie , w i th o n ly 4 c o ins, a nd C leuchhead w ith 1 38 , were c o mposed e n t ire ly o f c on t inen ta l s ter l ings, wh i le K irkcudbr igh t a nd Ga lston b oth h ad a c on t inen ta l e lemen t o f o ver 9 0 p er c en t . A t Me l lendean t here w ere 1 03 c on t inen ta l c o ins o u t o f at ota l o f s o me 8 90 . T he Eng l ish , S cots a nd c on t inen ta l c o ins a l l s uggest t ha t Me l lendean may h ave b een c oncea led r a ther e ar l ier t han t he o ther h oards, s o a s Me tca lf h as s ugg ested ,

1 1

t he p icture i s o ne o f h igh c on t inen ta l s ter l ing c on ten t i n t he c urrency

o f c . 1 296 , f or wh ich t here i s amp le d ocu men tary e v idence f ro m Eng land ,1 2 f o l lowed b y av er itab le f l ood o f i m i ta t ions i n to S cot land s oon af ter t he d e mone t isa t ion o f c rockards a nd p o l lards i n Eng land i n 1 300 .

I ti s n o t i nconce ivab le

t ha t t he Eng l ish a uthor it ies t he mse lves may h ave s en t c rockards a nd p o l lards n or th w ith t he ir a rm ies. G overnmen ts were i nc l ined t o a dop t ar a ther amb ival en t a t t itude t o t hese c o ins - i n o ther p eop le ' sh ands t hey were b ase a nd h ad t o b e r e-co ined ; i n t he ir own c of fers t hey were o f ten d ec lared t o b e s ter l ing f i ne .

1 3

I ti s t e mp t ing t o s uggest t ha t t he p oorer c on t inen ta l im ita t ions were

we lco med i n S co t land b ecause o f t he s carc ity o fb e t ter c o in t here , o r b ecause o f t he l ower s tandards o f ap oorer a nd l ess s oph ist ica ted e cono my . H owever , i ts hou ld b e p o in ted o u t t ha t t hese c o ins were o n ly e l im ina ted i n Eng land b y v igorous g ove r n ment a ct ion , wh i le t he a dm in istra t ion i n S cot land was h ard ly i n ap os i t ion t o c oncern i t se lf w i th s uch ma tters. Un fortuna te ly , t he s urv iv ing d eta i ls o f many o f t he 2 3 p ossib le t h ir teen thc en tury h oards a re o f ten h ope less ly i nadequa te . U sua l ly we c an make o n ly t he most a pprox i ma te g uess a t t he d a te o f t he h oard ; o f ten o n ly a f ew o f t he c o ins were p roper ly e xa m ined , s o we h ave n o i dea o f t he t ota l n u mbers f ound , o r o f t he p ropor t ions o f S cots a nd Eng l ish c o ins . f ew i l l-recorded f i nds t e l l u s ag ood d ea l.

N ever the less, e ven t hese

T he d iscovery o f sma l l c hange i n e ven t he r e motest r eg ions o f S cot land i s s ign if ican t .

T here a re h a lfpenn ies a nd f ar th ings i n f our o f t he h oards o f

o f t h is c entury - T om a ' Bhura ich ( M .13 ) , Dun L aga idh ( M .15) , G len luce S ands c . 1 880 ( M .16) , a nd G lasser ton ( M .23) .

A lthough c o ins may h ave b een

t aken i n to t he c oun try-s ide t o b e h idden i n t ime o f t roub le t he d istances i nvo lved w i l l n ecessar i ly h ave b een sma l l ;

T om a ' Bhura ich a nd D un L aga idh c an c er-

t a in ly b e t aken a t f ace v a lue a s i nd ica t ing t he u se o f f rac t iona l c oins i n t he f ar n or th i n p e t ty t ransact ions r equ ir ing t he sma l lest d eno m ina t ions. S uch e v ide nce i s a n i mpor tan t s upp le men t t o d ocu mentary e v idence f or t he u se o f l arger q uan t it ies o f c ash i nvo lved i n t he p ay men t o ft axes o r r anso ms a nd i n t he s a le o f l and .

I ti s n ot s uggested t ha t money h ad t ota l ly s upp lan ted o lder a rrange-

men ts . Bar ter a nd sma l l-sca le c red it may b e p resumed t o h ave s tre tched t he money s upp ly , a nd t he p ay men t o f r en ts a nd d ues i n k ind w i l l c er ta in ly h ave c on t inued a longs ide a g row ing mone tary s ector .

T he s a le o f t i thes b y t he

b ishop o f A berdeen i s a n i n terest ing i l lustra t ion f ro m t he s econd h a lf o f t he t h ir teen th c entury o f t he c onversion o f a n i nco me i n k ind t o c ash .1 4 B ut sma l l c hange s hows t ha t i t was a c onven ience t o b e a b le t o c onver t g oods a nd s erv ices o f t he sma l lest v a lue , p resu mab ly a t t he l owest l eve ls o f s oc ie ty . T he s urv iva l o f a mou ld f or l ead t okens f ro m Dundrennan A bbey , K irkcudb r igh tsh ire , i s a lso w or thy o fn ote i n t he c on tex t o f sma l l c ha nge .1 5 Much u ncer ta in ty a t taches t ot he q uest ion o f l ead t okens, b oth t he ir d a te a nd t he ir

8 9

o r ig ina l p urpose b e ing i n d oubt .

L ead t okens c an b e d iv ided i n to t wo ma in

t ypes : t hose o f c rude f abr ic a nd d es ign , a nd t hose o f much n ea ter e xecu t ion . More i s k nown a bou t t he n ea t t ypes . T he mou ld f ro m Dundrennan j w h ich i s v ery s im i lar t o a mou ld t aken f ro m t he T hames n ear O sney Abbey 1 6 i s f or t okens o ft he n ea t t ype , a nd c orresponds t o t he g roups o f t okens f ound l ast c en tury i n L ondon , a nd more r ecen t ly i n Dub l in .1 7 At oken o f t h is t ype h as r ecen t ly b een f ound i n Per th .

1 8

T he c ircu mstances o f t hese f i nds o fn ea t

t okens i nd ica te at h ir teen th-century d a te a nd a d ef in ite mone tary u se p ar t icul ar ly a ssoc ia ted w ith t averns. I tt hus s ee ms p oss ib le t ha t i n S cot land , a s i n Eng land a nd I re land ( and a lso i nc iden ta l ly i n F rance) 1 9 l ead t okens were u sed t o a ugmen t t he s upp ly o f sma l l c hange . T he c rude t ypes a re more v ar ied . T hey a re g enera l ly t h icker a nd of ten h ave a d es ign c o mposed o f s o me a rrange men t o f s trokes a nd p e l le ts. I n Eng land t here a re p robab ly a l arge n u mber o f l oca l v ar ie t ies, d a t ing f ro m med ieva l t imes i n to t he e igh teen th c entury , a nd l i t t le f ur ther w i l l b e k nown a bou t t he m u n t i l t hey a re more g enera l ly c o l lected a nd f i nd s pots s yste ma t ic a l ly r ecorded . T okens o ft h is t ype a re , Iu nderstand , a bsen t f rom S cot land . Th is may i mp ly a l a ter med ieva l d a te f or t he c rude t ypes - i n S co t land , t hey wou ld n ot h ave b een r equ ired b ecause o f t he o f f ic ia l b i l lon c o inage . T he n ex t p o in t t o emerge f ro m t he h oard e v idence c oncerns t he r a t io o f S cots t o Eng l ish c o ins . Desp ite t he i nadequac ies o f t he h oard r epor ts i ti s q u ite a pparen t t ha t S cot t ish min t ing was c o mp le te ly o vershadowed b y Eng l ish . Excep t a t at ime o f r eco inage , S cot t ish c o ins, e ven when most p len t ifu l , were o u tnu mbered b y Eng lish c o ins b y a t l east t en t o o ne i n S co t land .

T h is f igure

i s b ased o n t he Me l lendean h oard , c oncea led j ust o ver a d ecade a f ter A lexa nder ss econd r eco inage . Where t he h oard e v idence i s r ichest , t ha t i s i n t he e ar ly f our teen th c en tury , a more s oph ist ica ted a na lys is i s p oss ib le wh ich i nd ica tes t ha t t he S cot t ish e le men t i n t he c urrency o f S co t land dw ind led s tead i ly a s t he y ears p assed a f ter e ach S cots r eco inage . AS cot t ish h oard f ro m t he 1 280s, s hou ld o ne b e d iscovered , may b e e xpected t o h ave a h igher S co t t ish c on ten t s ince p resu mab ly a l l t he c o in i n t he c oun try , e xcep t t he v ery n ewest Eng l ish c o in , was r eco ined . T h is p a t tern o f m in t a c t iv i ty i s c onf irmed b y t he c o ins t he mse lves ; c ons iderab le a ct iv ity a t as er ies o f min ts a t t he t ime o f r eco inage was f o l lowed b y al ong p er iod o f v ery l i t t le w ork a t o n ly o ne o r t wo s urv iv ing min ts . F or most o f t he t h ir teen th c en tury l ess t han at en th o f S co t land ' s c urrency was S cot t ish made . T hus i ti s c lear t ha t t he d om inance o f Eng l ish c o inage i n S cot land p red a tes t he p ay men t o ft roops a nd t he p urchase o f s upp l ies i n S cot land d ur ing t he wars o f t he f our teen th c entury .

I t was an a tura l c onsequence o f t he h ea lthy

a nd p eacefu l c o m merce wh ich c harac ter ised o ne o f Br i ta in ' s most p rosperous c en tur ies . T he t horough m ix o f a l l s ter l ing c o inages s o a dm irab ly i l lustra ted b y t he C o lchester a nd Brusse ls h oards i nd ica tes t he o pera t ion o f aS ter l ing Trad ing Area i n wh ich t he g eograph ica l l oca t ion o f h oards h ad s urpr is ing ly l i tt le i n f luence o n t he ir c on ten ts.

E ng l ish p rov inc ia l m in ts when l oca l t o t he

f i nd s pot a re s o me t i mes more f u l ly r epresen ted i n ah oard b y af actor o f p erh aps 5% , b u t t he l o ca l c o lour ing o ft he c ircu la t ion o f ten f aded w i th in a f ew y ears o ft he c losure o f t he l oca l min t .

A lso A ng lo-Ir ish c o ins t end t o o u tnu mber

S cots c o ins i n I r ish f i nds , wh i le t he r everse i s t rue i n S cot land .

I t may b e

t ha t t h is r ef lec ts u nder-represen ta t ion o f S co ts c o ins i n I re land , a s much a s 9 0

o ver r epresen ta t ion o f l oca l Ang lo-Ir ish c o ins . I ti s p oss ib le t ha t a s ar u le most S cot t ish c o ins wen t t o I re land v ia Eng land a s p ar t o f t he Eng l ish c ircu lat i on , wh i le s im i lar ly most Ang lo-Ir ish c o in f ound i t s way t o S co t land t hrough Eng land . I n g enera l , h owever , t he s ter l ing h oards o ft he Br it ish I s les i n t he t h ir teen th a nd f our teen th c en tur ies a re r e markab ly h o mogeneous. A l l t h is i mp l ies av igorous c ircu la t ion o f c o in i n aS ter l ing Area wh ich e x tended t hroughou t t he Br it ish I s les, a nd a lso e xcerc ised v ery g rea t i nf luence i n N or thern E urope .

With in t h is S ter l ing Area , t he s treng ths a nd weaknesses

o f Eng l ish c o in were o fp aramoun t i mpor tance , a nd t he g row th o f t he Eng l ish money s upp ly may b e e xpected t o h ave h ad r epercuss ions o n t he S cot t ish e cono my . A t t he S y mpos iu m h e ld h ere i n O xford a t t h is t ime l ast y ear i t was a rgued b y M ichae l Me tca lf , o n t he b as is o f d ie-nu mbers a nd min t o u tpu t f igures, t ha t l a te t we lf th- a nd t h ir teen th-century Eng land e xper ienced a n a ston ish ing g row th i n t he money s upp ly .2 0 T he e v idence o f s tray f i nds c on f irmed t h is g row th b u t a lso s uggested a f ur ther g row th i n t he Edward ian p er iod .2 1 T he p rob le ms o f i n terpre t ing s tray-f ind e v idence w i l l b e c ons idered l a ter , b u t i n s p ite o f t he d if f icu lt ies o f e xac t ly ma tch ing s tray f i nd e v idence w i th t he o ther s ources, t he g enera l t rend i n t he Eng l ish money s upp ly s ee ms c lear ; t ha t i s , r ap id e xpans ion i n t he e ar ly t h ir teen th c en tury a nd s usta ined o u tpu t t herea f ter . S ince Eng l ish c o in s o t horough ly d om ina ted t he S ter l ing Area , i ts ee ms l i ke ly t ha t t he money s upp ly i n S cot land a lso g rew v ery c ons iderab ly i n t he t h ir teen th c en tury a s ar esu l t o f t he mone tary e xp los ion i n Eng land . Even i ft he p ercent age o f t he t ota l s ter l ing money s upp ly c ircu la t ing i n S cot land f e l l i n t he t h irt een th c entury - a nd t here i s n o e v idence t ha t i td id - a r educed s hare o f a v ery much e n larged c ake w i l l s t i l l s uggest a n a bso lu te i ncrease i n t he q uan t ity o f money i n S cot land . Once t he c en tra l r o le o f Eng l ish money i n S cot land i s f u l ly g rasped , i ti s c lear t ha t we n eed a p roper u nderstand ing o ft he p at terns o f c ircu la t ion a nd t he r e la t ionsh ip b e tween t he t wo c o inages . T o t h is e nd i ti s impor tan t t o d ist i ngu ish b e tween t he g enera l r eco inage o f e ar l ier t ypes o f c o inage - f or e xamp le when Eng l ish a nd S cots S hor t C ross t ypes were r ep laced b y L ong Cross t ypes -a nd t he r eco inage o f f ore ign c o in a t f ront ier p or ts a s a n i nescapab le p ar t o f t rade . T he Eng l ish n ot o n ly r eco ined a l l money f ro m t ime t o t ime w ith a c hange o ft ype , b u t c onstan t ly r eco ined f ore ign s i lver b rough t t o Eng land b y t he s a le o f e xpor ts, p r ic ipa l ly w oo l .

T h is p ract ice g oes s o me way t owards

e xp la in ing t he c ons isten t ly h igh l eve l o f o u tpu t wh ich c haracter ised t he work o f t he Eng l ish m in ts o f L ondon a nd Can terbury i n t he t h ir teen th c entury . H owever t here s ee ms t o h ave b een n o a t te mp t t o r eco in S cot t ish s ter l ings whose we igh t a nd f i neness were d esigned t o a l low t he ir c ircu la t ion a longs ide t he Eng l ish c o in .

S im i lar ly t here was n o g enera l a t te mp t t o r eco in Eng l ish s ter-

l i ng i n S cot land e xcep t a t t he t hree ma jor r eco inages i n troduc ing t he S hor t a nd L ong Cross a nd 1 280 t ypes . T h is mu tua l t o lerance o f Eng l ish a nd S cott i sh c o ins i s a pparen t f ro m t he h oards a nd i s c en tra l t o t he n ot ion o f a Br it ish S ter l ing Area .

I ti s n o t impossib le t ha t v ery sma l l q uan t i t ies o f Eng l ish

c o in m igh t o ccas iona l ly h ave b een r eco ined i n S cot land , t o p rov ide s ums o f money i n S cot t ish c o in f or mak ing d ip lo ma t ic p ay men ts when t he u se o f S cott i sh d ies m igh t h ave b een a ma t ter o f s o me p rest ige .

9 1

The p re-e m inence o f

t he R oxburgh m in t , t ha t i s o f ap o l it ica l r a ther t han e cono m ic c en tre , i n t he S hor t C ross p er iod may s uppor t t h is i dea , t hough o ne s hou ld n o t u nderest i ma te t he e cono m ic i mpor tance o f R oxburgh f a ir . H owever t he o rder o f p recedence f or t he L ong C ross min ts wh ich i s e stab l ished b y t he Brusse ls a nd C o lchester h oards a nd e luc ida ted b y S tewar t2 2 ma kes i tc lear t ha t b y t he m idd le o f t he t h ir teen th c entury S cot t ish c o inage h ad a p r i mar i ly e cono m ic r a ther t han p o l it i ca l r o le . O nce e cono m ic f ac tors g a in t he u pper h and i n ma t ters o f c o inage a n u mber o f a ssump t ions f o l low . I n t he f irst p lace n o o ne e ver t akes t he ir s i lver c o ins t o t he min t t o b e r eco ined u n less t he c o ins a re n ot a ccep tab le i n t rade . T h is c ou ld o ccur i ft hey a re n ot iceab ly more d ef ic ien t i n we igh t o r f i neness t han t he r est o f t he c ircu la t ing med iu m , b u t was more u sua l ly o n ly b rough t a bou t b y o f f ic ia l d ecree a ga inst f ore ign money o r c oins o f o bso le te t ype a t at ime o f g enera l r eco inage . It h ink i t may b e a ssumed t ha t t he v ast ma jor ity o f S cott i sh L ong Cross c o in made af ter t he g enera l r eco inage was l arge ly c o mp le te , w i l l h ave b een s truck f ro m f ore ign ( pr inc ipa l ly F le m ish) s i lver b rough t ma in ly t o Berw ick . O f c ourse t h is f ore ign s i lver , amoun t ing t o n o more t han a f ew t housand p ounds w i l l n ot r epresen t a l l t he p rof it e arned b y S cot land f ro m t he C on t inen t . We may a ssu me t ha t many F le m ish b i l ls w i l l h ave b een p a id i n Eng l ish s ter l ing . Moreover much o f S co t land ' se xpor t t rade w i l l h ave b een w ith Eng land , a nd Eng l ish a nd S cots c o in w i l l h ave b eco me q u ick ly m ixed . I ti s p oss ib le t ha t wha t was i n e f fect monetary u n ion i n Br ita in w i l l h ave r e moved o ne o bstac le t o t he e qua l isa t ion o fp r ices i n S cot land a nd Eng land . O bv ious ly l oca l a nd s easona l v ar ia t ions i n s upp ly w i l l h ave o ccurred a nd i fc ash was more p len t ifu l i n Eng land t h is t oo w i l l h ave c aused h igher p r ices i n r icher d istr icts .

N ever-

t he less a c o m mon c urrency w i l l h ave e ncouraged t rade a nd t he p r ices o f c om mod i t ies may b e p resu med t o h ave moved i n f a ir ly c onstan t r e la t ion t o o ne a no ther n or th a nd s ou th o f t he b order . Any d ispar i ty o f p r ices g rea ter t han t he c osts o f t ranspor t wou ld h ave b een p reven ted b y f ree t rade . U l t i ma te ly o f c ourse t he l eve l o f a gr icu ltura l c o mmod ity p r ices w i l l h ave b een r ef lected i n l and p r ices .

T hus a g row ing money s upp ly i n S cot land , t oge ther w ith r is ing

p r ices i n Eng land may b e p resu med t o h ave c on tr ibu ted t o ar ise i n p r ices i n S cot land . S ince s o l i t t le S cot t ish c o in was s truck b e tween r eco inages ( and e ven t h is c an b e r ead i ly i den t if ied a nd e xc luded f ro m c a lcu la t ions) a n a ssessmen t o f t he s ize o f ar eco inage g ives u s am in i mum e st i ma te o f t he q uan t ity o f c o in i n t ha t r eg ion a t t he t ime . S tewar t ' se st i ma tes f or t he t h ir teen th-cen tury S cot t ish c o inage may b e s um mar ised a s f o l lows . T he S cot t ish S hor t Cross c o inage was v ery sma l l , a nd min t o u tpu t f or t he L ong Cross c o inage o f t he 1 250s p robab ly l ay s o mewhere b e tween £ 50 ,000 a nd £ 80 ,000 ; A lexander 's r eco inage o f t he 1 280s was l arger , i nvo lv ing s o meth ing l i ke £ 130,000-£180 ,000 . J ohn Ba l io l ' sc o inage may h ave i nvo lved a f ur ther £ 10,000 .

I ti s impor tan t when u s ing t hese e st i-

ma tes n ot t o l ose s ight o f t he r eserva t ions w ith w h ich t hey were o r ig ina l ly p u t f orward .

Never the less, t he t echn iques o f d ie- a nd h oard-ana lys is a re we l l

e stab l ished . t he mo men t :

T hese e st i ma tes r epresen t t he b est s ta te o f o ur k now ledge a t a l l t he e v idence s uggests a s ign if ican t i ncrease i n t he v o lume o f

S cot t ish c o inage i n t he t h ir teen th c entury .

9 2

The v ery sma l l S hor t C ross i ssues

were replaced by a respectable Long Cross coinage, and towards the end of the century the Rex Scottorum issue greatly increased on the Long Cross coinage. These recoinages can only be a rough guide to the quantity of silver in Scotland at the time since we cannot know how much silver may have escaped recoinage or how much coin, once struck, was rapidly exported. Ideally we would like several large hoards from central Scotland concealed in the 1250s to check the thoroughness of the Scottish recoinage. It seems likely that any new English long cross coin crossing into Scotland would not have been recoined in the 1250s because it will already have conformed to the new designs. Nevertheless the two recoinages of Alexander III appear to show that the quant­ ity of coin in Scotland was much larger in 1280 than in 1250. English mint· output 23 in contrast seems to have risen sharply late in the twelfth and early in the thirteenth century, and to have been maintained at a fairly high level throughout the century with spurts at times of recoinage. The pattern of Eng­ lish output - rising sharply to a high plateau - mirrors fairly accurately the behaviour of English prices in the thirteenth century. The Scottish monetary pattern of growth throughout the century seems to be different, but with so little data one should perhaps be more cautious. It should also be remembered that since the Scots made no attempt to recoin the incoming English coin which must have formed the bulk of the credit side of the Scottish balance of payments, comparison between English and Scots patterns of mint output are likely to be misleading. Bearing these reservations in mind however, it is worth noting that that the rise in the Scottish money supply seems to have occurred more gradu­ ally than that in England, and some 50 years later. Scottish prices are also much less fully documented than English, and it is difficult to be sure how they behaved in the thirteenth century beyond the general observation that they were rising. Professor Duncan has suggested that rents rose steeply before 1250 and more slowly thereafter, and by the end of the century high rents are explained in terms of high building costs rather than excessive demand for land; this seems to be the only explanation of high rents side by side with vacant plots in the Berwick survey of 129 7. 24 Some­ time in the second half of the thirteenth century there seems to have been a fairly general upward review of rents. 25 Frequently there are parallels with England. Indeed, the late thirteenth-century rental of Kelso Abbey looks very like English rentals of similar period. Week-work survives at the grange of Revenden, while commuted rents of 6s 8d were paid for husbandlands in the town of Bolden with only the lightest boon services. In England a rent of the sort found at Bolden would suggest fairly early commutation of week-work. It has been suggested that " as landlords the monks preferred to obtain a cash rent rather than labour services" . Heriots were generally converted to cash, and Abbot Richard has been particularly identified with commutation. Except for the granges, demesne land was increasingly leased. 26 In southern Scot­ land at least, there was enough cash available in the thirteenth century to per­ mit the same sort of economic changes that were taking place in England. With only fairly limited knowledge of the behaviour of Scottish rents and even less data on prices, we cannot really take a comparison of prices and money supply much further. Even the estimates of money supply only give us

93

t wo r a ther a pprox i ma te f i xed p o in ts, f ro m wh ich i t migh t b e r ash t o a t te mp t t o e stab l ish a ny th ing more p rec ise t han a g enera l r ise . Never the less, a g enera l p icture o f r is ing r en ts a nd r is ing money s upp ly d oes s ee m t o mirror t he Eng l ish e xper ience . O f c ourse , t h is was a lso a p er iod o f r is ing p opu lat i on , b u t h app i ly , f or t he t h ir teen th c en tury a t l east , mone tary a nd d e mograph ic e xp lana t ions o ft he b ehav iour o f p r ices a re n o t n ecessar i ly i nco mpa t ib le . H owever , a n e xam ina t ion o f S cot t ish a nd E ng l ish d e mograph ic e v idence i s n ecessary i f we a re t o e va lua te t he mone tary e st i ma tes p roper ly . D eba te a bou t t he s ize o f Eng land ' sp re-B lack D ea th p opu la t ion h as r aged l ong a nd f ur ious ly w ith l i t t le s ign o f a gree men t i n s igh t . I n S cot land t here s ee ms h ard ly e nough e v idence e ven t o b eg in d eba te . J . C . R usse l l c o mmen ts : "T he i nd ica t ions a bou t S cot land a re r a ther v ague" .2 7 c onc lus ions a re a s f o l lows: 1 066

2 75,000

1 348

5 50 ,000

1 377

3 48 ,000

H is e x tre me ly t en ta t ive

N o t v ery f ar r e moved f ro m t h is e st i ma te Professor N icho lson h as u sed L ord C ooper ' se st i ma te o f a n e ar ly f our teen th c entury p opu la t ion o f a bou t 4 00 ,000 , 9 0 p er c en t o f who m s ee m t o h ave l i ved i n t he c oun tryside a s o pposed t o t he b urghs .

2 8

Professor Barrow f ur ther s tresses t he r o le o f t he H igh lands 2 9

a s ah o me f or v ery n ear ly a s many p eop le a s t he r est o f S cot land , a l though t he d ens ity o f H igh land s et t le men t p er s quare m i le wou ld c er ta in ly h ave b een l ower t han t ha t o f l ow land S cot land . Professor Duncan i s f rank ly a gnost ic a bou t S cot t ish p opu la t ion , f i gures o f h a lf a m i l l ion a nd a mi l l ion b o th s ee m ing t o h im t o b e e qua l ly r easonab le a nd e qua l ly u nsuppor ted b y e v idence . " With s uch u ncer ta in ty a t tach ing t o t he p opu la t ion e st i ma tes, Is ha l l o f fer b oth max i mu m a nd min i mu m f igures : f or Eng land 6 a nd 3m i l l ion : f or S cot land 1m i l l ion a nd 5 00 ,000 . I tw i l l b e n o t iced t ha t whe ther o ne u ses t he max i mu m ( Postan-T itow )3 1 o r t he m in i mum ( J . C . Russe l) Eng l ish e st i ma te , t he c orrespond ing S cot t ish max i mum a nd min i mum a re b oth 1 /6th o ft he Eng l ish t o ta ls .

E st i ma tes o f Eng l ish a nd S co ts money

s upp ly i n t he 1 280s

a re more p rec ise t han t he p opu la t ion f i gures, b u t a re n ot w ithou t d if f icu l t ies o ft he ir own . T he S cot t ish e st i ma tes h ave a lready b een d iscussed a nd £ 130 ,000 i s ac onserva t ive f i gure . F or Eng land Mar ion Arch iba ld h as o f fered a f i gure o f £ 1,172 ,655 o f p ence s truck a t a l l min ts i n Eng land b e tween t he b eg inn ing o f Edward ' sn ew c o inage i n 1 279 a nd J u ly 1 290 . 3 2 Th is Eng l ish f i gure d oes n ot i nc lude h a lfpence a nd f ar th ings.

N ever the less, i tp robab ly g ives t oo

l arge a n i mpress ion o f t he amoun t o f s i lver i n Eng land i n t he 1 280s, s ince i ti nc ludes a l l t he f ore ign s i lver b rough t t o Eng land i nt ha t d ecade ( p _ . £ 450 ,000) , w ithou t mak ing a ny a l lowance f or Eng l ish s i lver e xpor ted . £ 200 ,000 may e as i ly h ave l ef tt he c oun try i n t he s ame p er iod , s o af igure o f c .£ 1,000 ,000 f or s i lver i n Eng land i n t he 1 280s s ee ms r easonable : Money

P opu la t ion i n M i l l ions Max imu m

Eng land

£ 1,000 ,000

6

S cot land

£ 130,000

1

9 4

M in i mum 3

In pleasingly round terms, which may convey the approximate nature of the calculation, one can say that Scotland may have had a seventh or eighth of England' s money supply and 1 /6th of her population. The implication is that if every Scotsman had 2s 7d in his pocket, every Englishman had 3s 4d. The difference is perhaps not as large as some may have expected, and yet if anything, the Scottish monetary figure m ay be an underestimate. Working on the upper of Stewart's figures £180,000 it would appear that the Scot had more money than his English counterpart. It should also be remembered that the money supply was by no means stable, and Englishmen may have had to man­ age on a good deal less cash in periods of low mint output in the fourteenth century. Thus Scotland's thirteenth-century money supply may have exceeded English money per head of the population at times in the fourteenth century. It must be remembered that this high period of Scottish money was of shorter duration than the English, but it seems clear that Scotland was by no means as poverty-stricken as has sometimes been suggested . Perhaps the stories of James VI's amazement at the wealth of England ?ompared with Scotland are too well known to be set aside easily. Yet the prosperity of thirteenth-century Scotland is well attested. Vast tracts of Scottish countryside were well suited to the production of Britain's prime export, wool. The Kelso rental lists pasture for over 6, 000 sheep and Kelso wool features in Pegolotti's list. 33 Conversely, by the late thirteenth century we are told, the English economy may have passed its peak of performance, and growing population, previously the foundation of English prosperity, was ap­ parently bringing its share of problems. Neither should the disadvantages of Scottish soil and climate be overstated. The highly organised ecclesiastical .estates sited in the richest lands of southern England rarely managed a four fold return on wheat, 34 while the Scottish preference for oat and barley crops may betoken a more realistic attitude to the capacity of the available land and techniques. The Wars of Independence clearly demonstrate that Scotland was by no means a contemptible prize. It is tempting , and not entirely untrue, to suggest that there was more spare money in thirteenth-century Scotland than at any time till the oil came on stream. More seriously, it is clear that by the second half of the thirteenth century, the nature of the Scottish monetary experience was not widely dif­ ferent from that of England , and that despite its dependence on the products of English mints for much of the time, Scotland was not monetarily backward. The evidence does not permit one to speak of changes in the coinage as the cause of changes in social and economic patterns. The policy of individual landowners regarding direct exploitation or the leasing of demesnes was pro­ bably central to the question of wage labour and money rents. However, with­ out the development of the money supply many choices would not have been available, and it is clear that Scottish economic life could not have developed as it did without a plentiful supply of coin. The size of Scotland's money supply in the 1280s in relation to its population is an important index of the health of Scottish trade. A very close corres­ pondence between mint output and trade has long been presumed for England, and has recently been documented in detail by T. H. Lloyd.3 5 Scottish mint output patterns were different from the English, but the comparable amounts of coin per head of the population in England and Scotland in the 1280s imply 95

av ery c ons iderab le d egree o fp rosper i ty f or S cot t ish merchan ts a nd t he ir E uropean c o l leagues r es iden t i n S cot land . T ha t A lexander I I f e lt a b le t o t ax e xpor ts w ou ld s ee m t o b e f ur ther e v idence o f t he h ea lth o f t he S cot t ish e cono my . I n t he l a te t h ir teen th c en tury a t l east S cot land was n ot ap oor n e ighbour t o Eng land , a nd t he s ize o f t he 1 280 r eco inage c o mpared w i th t he L ong Cross r eco inage i nd ica tes t ha t S co t land was v ery d ef in i te ly i n b a lance o f p aymen ts s urp lus . T he d ocumen tary a nd mone tary e v idence a l l s ee m t o s uggest t ha t t he r e ign o f A lexander I I was a h igh p o in t , b u t t he a rchaeo log ica l e v idence o f s ing le c o in f i nds, f ro m e xcava ted s i tes o r f ound b y c hance d oes n o t f u l ly c onf irm t h is .3 6 Professor Duncan h as a sked "s hou ld n ot i so la ted f i nds o f i nd iv idua l c o ins we igh more a s e v idence o f u rban t rade t han d e l ibera te ly c oncea led h oards u sua l ly i n r ura l p laces ? I s t he a bsence o f r epor ted f i nds a t , s ay , Ed inburgh a nd Perth r igh t ly t aken a s e v idence t ha t t hey were n ot t o wns b efore t he t we lf th c en tury?" 3 7 Equa l ly i n t he t h ir teen th c en tury , i so la ted f i nds a re much r arer i n S cot land t han o ne m igh t e xpect , e spec ia l ly i fo ne i s p ropos ing a s im i lar d egree o f mone t isa t ion t o t ha t e x ist ing i n Eng land . Ye t f i nds o ft he l a ter m idd le a ges a re much more c o mmon . C an i tb e t ha t t he mone tary e cono my d id n ot t ake o f f t i l l much l a ter t han t he e v idence o f h oards a nd o u tpu t f i gures s uggest? I s i tn ot p oss ib le t ha t i n t he f i rst f ew d ec ades o f r e la t ive ly p len t ifu l money , t he h ab it o f u sing c o in was o n ly s low ly a cqu ired b y sma l l f o lk , wh i le l arge q uan t it ies o f c ash were c oncen tra ted i n t he c of fers o f monast ic h ouses, t he r oya l a dm in istra t ion a nd a merchan t e l ite ? T here i s p robab ly s o me t ru th i n t h is .

A f ter a l l i tw i l l b e r e me mbered

t ha t med ieva l c on tracts o f a l most a l l t ypes i n Eng land a nd S cot land u sua l ly s t ipu la te e asy-pay men t t er ms o f ac er ta in s um p er y ear o r h a lf y ear , wh ich s ee ms t o r ecogn ise t he d if f icu l t ies o f p u t t ing t oge ther e ven q u i te sma l l s ums o f money q u ick ly . Moreover s tray f i nds may b e e xpec ted t o p resen t ab et ter p icture t han t ha t s uggested b y t he h oards f or a n u mber o f r easons. H oards t end t o e xc lude t he sma l ler d eno m ina t ions ; i fa ny th ing , s tray f i nds may f avour f ract iona l c o ins s ince t hey a re more e as i ly l ost . H oards may s o me t i mes h ave b een d e l ibera te ly moved t o l one ly s pots ; s tray f i nds were l ost i n t he c ourse o f o rd inary u se .

F or t hese r easons t he a nswer t o Professor D uncan ' s

q uest ion s ee ms t o b e , y es, s tray f i nds d o make b e t ter e v idence .

O n t he o ther

h and , s tray f i nds may b e d if f icu lt t o d a te i n t he s ense t ha t ac o in made i n 1 280 may h ave c ircu la ted f or we l l o ver 1 00 y ears a f ter t ha t d a te ;

i ti s much more

d if f icu l t t o p u t i n c on tex t , whereas a h oard c an i n p r inc ip le b e d a ted t o w ith in q u ite n arrow l im its . T he o ther p rob le m w ith s tray f i nds i s t he ir s carc ity . T he e v idence c o mes t o u s b y c hance , b u t i ti s n ot s ta t ist ica l ly s peak ing r and om , mak ing t he d a ta f ro m t h is s ource v ery d i f f icu lt t o e va lua te . e ach a rchaeo log ica l s i te n eeds t o b e j udged a s a who le .

Moreover ,

Two a pparen t ly

c o mparab le s i tes may h ave b een e xcava ted i n d if feren t ways .

T he r e la t ion-

s h ip b e tween t he amoun t o f c o in u sed , a nd t he amoun t l ost o r r e jected , may n o t h ave b een c onstan t o ver t he c entur ies, a nd s im i lar ly t he r e la t ionsh ip b et ween t he amoun ts l ost a nd t he amoun ts f ound i s a lso v ar iab le . I ti s f or t h is r eason t ha t R igo ld t o ld u s i n h is p aper l ast y ear o n Eng l ish s tray f i nds t ha t "I ti s n ot c la i med t ha t t he s amp le s hows h ow much c o inage e x isted i n o ne p hase r e la t ive ly t o a nother , o r e ven h ow much was c ircu la t ing a nd n ot h oarded ."

9 6

However, even bearing in mind the different nature of evidence from stray finds it is still difficult to explain the different patterns of growth in the English and S ottish money supply exhibited by stray finds, compared with that suggested by mint output figures or estimates. Partly, the unexpectedly high number of Edwardian stray finds in England can be explained by the long period of circulation for Edwardian coins, but this may also be evidence of changing patterns of use of coin in England at this time. In Scotland, the high number of Edwardian stray finds may be partly explained in terms of the Wars of Independence. The relatively plentiful finds from the late medieval period may be explained in terms of the lower monetary value of the billon coinage. In a sense one would not expect thirteenth-century silver pennies to be lost very often. Each coin represented a day's labour and if mislaid would be eagerly searched for. Moreover, although comparisons of per capita income may show Scotland to have been fairly prosperous, the quantities of money per acre are less impressive. In absolute terms there was obviously much less money in Scotland than in England. Thus there is no need to invoke the notion of Scottish thrift to explain the scarcity of thirteenth-century stray losses. If negative evidence from hoards can be treacherous and misleading, it can be even more so with stray finds. 39 But there are other factors which may lead us to question or at least qualify the assertion of monetary expan­ sion and prosperity in Scotland. For example it is surprising that there is not much evidence of credit facilities at this time. If Scotland was really as prosperous as I have suggested might we not expect to see more Lombards and Jews at work in high Scottish finance? 40 Moreover comparisons between the incomes of English and Scottish barons, where this is possible, suggests that the English aristocracy was more prosperous. Taking his English and Scottish incomes together, Roger de Quincy, Earl of Winchester and Constable of Scotland, was one of the four richest barons in Scotlr.nd though he would probably not have been among the top ten in England. 4 1 Such comparisons can give only an impressionistic picture. Moreover, it should be remembered that the numismatic estimates of money supply in­ dicate that the existence of large quantities of cash in Scotland in the 1280 s was a relatively recent phenomenon. The scarcity of Scottish thirteenth­ century stray finds, and the apparent absence of advanced money-lending facilities are not so surprising when it is recalled that Scotland had only just achieved a monetary take-off when the Wars of Independence began to inflict such damage on the country. The relative figures of baronial wealth may also need to be seen in this context. Monetarily, Scotland was some fifty years behind England; might Scottish baronial exploitation of estates also have been lagging behind the English example? A further illustration of the delayed development of the Scottish currency is the absence of contemporary counter­ feits in the Short and Long Cross periods. It is only in the Edwardian period that counterfeits of the Scottish coinage appear in any numbers. With these qualifications in mind, the monetary evidence for thirteenth­ century Scotland would seem to indicate that this was a time of prosperity and rapid growth. The role of English money is clearly a dominant one, and the quantities of Scottish coins recovered in England and on the continent are evi­ dence of thriving trade. Moreover the volume of the Scottish recoinages seems to indicate that any Scottish money taken out of Scotland was more than replaced 97

b y o ther money c om ing i n .

The S cot t ish money s upp ly e xpanded g rea t ly ,

wh i le p opu la t ion a nd p r ices were a lso r is ing .

We a re s ee ing a g o lden A lex-

a ndr ian a ge .

NOTES 1 . S ee S tewar t , a bove p p . 6 8-71. 2 . F or t he d a ta o n wh ich t h is map i s b ased s ee I an S tewar t , i n M in ts, D ies a nd Currency :

S cot t ish M in ts '

E ssays d ed ica ted t o t he Me mory o f A lber t

Ba ldw in ( 1971) e d . R . A . G . Carson , 2 09 .

I ts hou ld b e r e me mbered t ha t

Berw ick s truck o ver a much l onger p er iod t han t he o ther m in ts .

Dur ing

t he r eco inage i t s o utpu t was r ough ly e qu iva len t t o t ha t o f Per th a nd Ed inburgh t oge ther . 3 . The min t s igna tures o f Dun a nd Fres a re h ere a ssu med t o b e Du mfr ies. 4 . D . M . Me tca lf , "G eograph ica l p a t terns o f m in t ing i n med ieva l Eng land" , S eaby ' sC o in a nd Meda l Bu l le t in 1 977 , 3 14-17 . 5 . M in ts, D ies a nd Currency , 2 16 . 6 . The p oss ib le t h ir teen th-cen tury h oards a re Me tca lf n os. 9 -30 i nc lus ive a nd 1 10 .

Me tca lf n os . 5 8-114 a re i nadequa te ly d escr ibed Edward h oards

wh ich must h ave b een d epos ited a t s o me t ime b e tween 1 280 a nd 1 360 .

A

f ew o f t he m may b e t h ir teen th-century . 7 . G . Macdona ld , 'Two h oards o f Edward p enn ies r ecen t ly f ound i n S cot land ', NC 1 913 , 5 7-118 . 8 . M . Do l ley ' A sma ll f ind o f C on t inen ta l S ter l ings f ro m A berdeensh ire ' NC 1 961, 1 70 . 9 .

T he c o in o f Th ibau lt i s ac rockard , t ha t i s a n im ita t ion o f a n E ng l ish s ter l ing o f at ype t o lera ted i n Eng land i n t he 1 290s b u t f ina l ly d e mone t ised i n t he s pr ing o f 1 300 .

I ti s u n l ike ly t ha t s uch c o ins wou ld h ave b een s truck

f or l ong a f ter t h is d a te .

I ts hou ld a lso b e n oted t ha t t he c o in was n ot s truck

b y T h ibau lt a s Duke o f L orra ine , b u t was m in ted a t F lorennes , wh ich T h ibau lt h e ld b y r igh t o f h is w ife I sabe l la d e Ru m igny .

We k now t ha t t he

b ishop o f L iege g ran ted Th ibau lt t he p r iv i lege o f min t ing a t F lorennes i n 1 300 , a nd t here must b e ap oss ibi l ity t ha t t h is p erm iss ion mere ly r egul ar ised a n e x ist ing s ta te o f a f fa irs . 1 0 . J . P . K en t 'I n terpre t ing C o in-F inds ', i n C o ins a nd t he Archaeo log ist , e ds . Casey a nd Reece . 1 1. S ee Me tca lf a bove , p p . 1 2-13 a nd 2 7 . 1 2 .

M . Prestw ich , ' Edward I ' s mone tary p o l ic ies a nd t he ir c onsequences ', Econ . H ist . Rev . 1 969, 4 06-16 a nd M . Ma te , 'Mone tary p o l ic ies i n Eng land , 1 272-1307 ', BNJ XL I ( 1972) , 3 4-79 .

1 3 .

M . Prestw ich i n Edward ian Monetary A f fa irs ( 1279-1344) e d . N . J . Mayhew , 1 977 , 5 5 n . 2 9 .

9 8

1 4 . Reg istru m Ep iscopa tus A berdonens is I , 1 7 . 1 5 . Na t iona l Museu m o f An t iqu it ies o f S co t land , Ed inburgh . 1 6 . Depar t men t o f An t iqu it ies, A sh mo lean Museu m , Oxford . 1 7 . J . Y . Akerman , NC 1 846 , 1 16-7 ;

C . R oach Sm ith , Ca ta logue o f t he

Museum o f L ondon An t iqu it ies ( 1854) 1 56-7 ;

M . Do l ley a nd W. S eaby ,

NC irc 1 971, 4 46-8 . 1 8 .

Iam g ra tefu l t o Messrs . R . B . K . S tevenson a nd N icho las Bogdan f or t h is i n for ma t ion .

1 9 . A . F orgea is, Nu m is ma t ique d es C orpora t ions Par is iennes Me t iers, e tc d 'a pres l es P lo mbs H istor ies t rouves da ns l a S e ine . 2 0 . D . M . Me tca lf , 'A s urvey o f n um is ma t ic r esearch i n to t he p enn ies o f t he f irst t hree Edwards ' ,i n Edward ian Mone tary A f fa irs , 7t hus :

"I ti s v ery

c lear t ha t , l eav ing a s ide a ny s hor t-term f l uctua t ions, t he v o lu me o f Eng l ish c urrency was r is ing l i ke a r ocke t b e tween 1 180 a nd 1 280 ." 2 1.

S . E . R igo ld ,

Sma l l c hange i n t he l i gh t o f med ieva l s i te f i nds ' ,i b id .,

5 9-80 . 2 2 . An o rder o f p recedence among t he L ong Cross min ts i s g iven b y S tewar t i n M in ts, D ies a nd C urrency , 2 09 . 2 3 .

C . E . B lun t a nd J . D . Brand , 'M in t o u tpu t o f Henry ( 1970) , 6 1-6 ;

,BNJ XXX IX

C . G . Cru mp a nd C . J ohnson , 'T ab les o fb u l l ion c o ined

u nder Edward I , Ia nd I I ' ,NC 1 913 , 2 00-45 . 2 4 . A . A . M . Duncan , S cot land :

The Mak ing o f t he K ingdo m . , Ed inburgh

( 1975) , p p . 5 16-7 . 2 5 . A . McKerra l ,

Anc ien t d eno m ina t ions o f a gr icu ltura l l and i n S cot land ' ,

PSAS LXX IX 6 8 . 2 6 . An H istor ica l A t las o f S co t land c . 4 00-c .1600 e ds . McNe i l l a nd N icho lson , S t . Andrews ( 1975) , 4 3-4 . 2 7 . J . C . R usse l l, Br it ish Med ieva l P opu la t ion , 3 19, 3 62 . 2 8 .

R . N icho lson , S cot land :

T he L a ter M idd le Ages, Ed inburgh ( 1974) , 2 .

2 9 .

G . W. S . Barrow , T he K ingdo m o f t he S cots : G overn men t , Church ,

a nd

S oc iety f ro m t he E leven th t o t he F our teen th c entury ( 1973) , e sp . Chap ter 1 3 , 'The H igh lands i n t he l i fe t i me o f R ober t t he Bruce ,. 3 0 . A . A . M . Duncan , 2 2 . c i t ., 3 09 . 3 1. J . Z . T itow , Eng l ish Rura l S oc iety , 1 200-1350 ( 1969) . 3 2 .

M . M . Arch iba ld i n Edward ian Monetary A f fa irs, 1 82 .

3 3 . H istor ica l A t las o f S cot land , 4 4 . 3 4 . J . Z . T itow , Winchester Y ie lds :A S tudy i n Med ieva l Product iv ity . 3 5 .

T . H . L loyd , 'O verseas Trade a nd t he Eng l ish Money S upp ly i n t he F our teen th C entury ' ,i n Edward ian Mone tary A f fa irs, 9 6-124 .

9 9

3 6 .

S ee R igo ld , a bove p p .

6 1-4 .

3 7 . A . A . M . Duncan , 2 E . c it ., 4 64-5 . 3 8 .

S . E . R igo ld , i n Edward ian , Monetary A f fa irs 6 1.

3 9 .

S ee Append ix p p . 1 01-2 .

4 0 .

On t h is p o in t , Iam g ra tefu l t o Professor Barrow .

T here was s o me

J ew ish a ct iv ity , h owever : A lexander , s teward o f S cot land o bta ined a J ew ish l oan o f £ 200 i n 1 262 .

S ee Gran t G . S i mpson , An Ang lo-Scot t ish

Baron o f t he T h ir teen th Cen tury :

T he A c ts o f R oger d e Qu incy , Ear l o f

Winchester a nd C onstab le o f S cot land , D .Ph i l . Thes is f or Un ivers i ty o f Ed inburgh 1 965, 2 16 . 4 1.

Gran t C . S i mpson , o p . c i t ., 2 14-6 .

Iam p ar t icu lar ly g ra tefu l t o Dr .

S i mpson f or h is a dv ice , a nd f or mak ing s ect ions o f h is t hes is a va i lab le t o me .

1 00

APPENDIX LATE-T WELFTH AND TH IRTEENTH-CENTURY STRAY F INDS I N S COTLAND

Th is i s n ot a c o mprehens ive l is t , b u t r a ther a b r ie f n ote o f t he f inds wh ich Ih ave c o me a cross w i thou t a ny s ys te ma t ic s earch .

Wi th t he e xcept ion o f t he

Wa ls ton H ouse f ind , f or wh ich Iam i ndebted t o Dav id C au ldwe l l o f NMAS , a l l t he r eferences c o me f ro m o ne o f t wo s ources : ( a ) The Proceedings o f t he S oc iety o f An tiquar ies o f S co t land . ( b ) ' Coin F inds a nd H oards f ro m Du m fr iessh ire a nd Ga l loway ' , b y J a mes Wi l l ia ms i n NC irc 1 970 . S tray f inds a re n ot o f ten n oted i n PSAS u n less t hey o ccurred i n t he c ourse o f a n a rchaeo log ica l e xcava t ion , o r were d ona ted t o NMAS .

Wi l lia ms ' p aper i l -

l us tra tes h ow much more ma teria l c an b e f ound b y t horough s earch e spec ia l ly i n r eg ions s erved b y ag ood l oca l a rchaeolog ica l j ourna l . Edward p ence h ave b een i nc luded i n t h is l is t o n ly i ft here i s g ood r eason t o b el ieve t ha t t hey were s truck i n t he t h ir teen th c en tury .

H owever i t s hou ld

b e n oted t ha t s o me , i fn o t mos t , o f t he e ar ly E dward Ic oins f ound may h ave b een l os t we l l i n to t he f our teen th c en tury . 1 .

Dun B eag , S kye.

P enny o f H enry I , PSAS 5 5 , p . 1 27-8 .

2 .

Mote o f Hawick .

S hor t C ross p enny o f H enry I , PSAS 4 8 , p . 2 3 .

3 .

O ld Luce .

4 .

Luce S ands .

5 .

S tra thdon .

6 .

Mor t lach , Ban ffsh ire .

7 .

S hor t C ross , p robab ly t wel f th c en tury , Wi llia ms , p . 4 92 . P enny o f Wi l l ia m t he L ion , Wi llia ms , p . 4 92 . P enny o f Wi l lia m t he L ion , PSAS 5 , p . 3 1. P enny o f Henry I I , PSAS 2 9 , p . 6 1.

H owden F ar m , Laur is ton S caurs , n ear S e lk irk.

P enny o f H enry I I ,

London , PSAS 6 1 , p . 1 11. 8 .

Wa ls ton H ouse n ear C arnwa th , Lanarksh ire.

I r ish L ong C ross p enny o f

Henry I I . 9 .

K i ldru m my C as t le , Aberdeensh ire . I on a t Bury S t . E d munds .

0 .

Ten ts mu ir , F i fe .

L ong C ross p enny o f H enry I I , 1 251.

PSAS 9 6 , p . 2 33.

L ong C ross c u t h a l fpenny o f H enry I I , 1 248 .

PSAS

9 3 , p . 2 53 . 1 .

Freswick , C a i thness .

Long C ross p enny o f Henry I I , 1 258-72 , Wi l le m

a t L ondon PSAS 7 3 , p p . 8 6 a nd 1 02 .

1 01

1 2 .

Dryfesda le , Da m F ar m , Du m fr iessh ire . 1 248 , L ondon .

L ong C ross p enny o f H enry I I ,

Wi ll ia ms , p . 3 31.

1 3 .

Mon i f ieth , F or farsh ire .

1 4.

Du m fr ies .

1 5 .

Moffa t , Du m fr iessh ire .

1 6.

P enpon t , Du m fr iessh ire .

Penny o f A lexander I I , PSAS 3 , p . 2 46.

P enny o f E dward I , 1 279-80 , L ondon , Wi l l ia ms , p . 3 32 . P enny o f E dward I , 1 279-80 , Wi l lia ms p . 3 88 . P enny o f E dward I , 1 279-80 , L ondon , Wi l lia ms ,

p . 3 88 . 1 7.

C as t le Doug las , Dumfr iessh ire .

P enny o f E dward I , 1 279-80 L ondon ,

Wi l l ia ms , p . 4 43 . 1 8 .

K irkgunzeon , Dumfr iessh ire .

I r ish p enny o f E dward I , Dub lin , Wi l l ia ms ,

p . 4 43 . 1 9 .

Dona ld 's I s le , L och Doon .

P enny o f E dward I , 1 260 ( ?) , L ondon , PSAS

7 1, p . 3 27. 2 0.

G or ten Bay , Ken tra , Ardna murchan .

Penny o f E dward I , t h ir teen th c en-

t ury , L ondon , PSAS 5 9 , p p. 1 06 , 1 08 . 2 1.

Dun B eag , S kye .

P enny o f Edward I , C an terbury , PSAS 5 5 , p p . 1 27-8 .

2 2 .

Auch l ish ie , K irr ie mu ir , F or farsh ire. p . 2 46 .

1 02

P enny o f J ohn Ba lio l , PSAS 3 ,

S COTT ISH MONETARY PROBLE MS I N THE FOURTEENTH AND F IFTEENTH CENTUR IES Rana ld N icho lson

The r eturn o f Dav id I t o S co t land i n 1 357 , a f ter e leven y ears o f c ap t iv ity i n Eng land , i s o ne o f t he l andmarks o f S co tt ish h istory.

Among t he c hanges

t ha t r ap id ly e nsued was a g rea t r eco inage , when g roa ts a nd g o ld n ob les w ere f i rst minted i n S cot land. 1

U nt i l 1 355, when Edward I I h ad o rdered t hat a

c o inage r ecen t ly i ssued b y Robert t he S teward s hou ld b e r ece ived o n ly a s b u ll ion , t he p ar ity a nd i n terchangeab il ity o f Eng l ish , S co t t ish a nd Ang lo-Ir ish c o ins h ad b een r ecogn ised.

Through h is g reat r eco inage Dav id I h oped t o

b r ing S cot land b ack t o t he ' s ter l ing a rea ' o f t he Br it ish I s les :

i n 1 358 h e i s

s a id t o h ave s uccessfu l ly p et it ioned Edward I I t hat S co t t ish c o ins b e a ga in a ccep ted a t p ar. 2 C ircu mstances h ad a l tered b y t he l a te 1 360s, when f inanc ia l s tr ingency , a ssoc ia ted w ith t he k ing 's r anso m , t hough s carce ly c aused b y i t , w as a pparen t i n S co t land. 3

To meet t he s tr ingency v ar ious measures w ere t aken , o f wh ich

t hree d eserve p art icu lar a ttent ion. i n r everse c hrono log ica l o rder.

I t wou ld b e c onven ien t t o c ons ider t he m

The l as t o f t he t hree w as a n o rd inance o f

t he t hree e s ta tes i n 1 368 wh ich s tated t hat t he c usto ms d u t ies s hou ld p ay f or t he k ing 's r anso m ;

s i mu l taneous ly t he d u t ies o n t he e xport o f s tap le c o m-

mod it ies — woo l , f l eeces a nd h ides — w ere a ga in r a ised , s o t ha t t hey w ere f our t imes a s h igh a s t hey h ad b een i n 1 357 , t he c harge o n as ack o f w oo l b e ing s et a t 2 6s. 8 d. 4 c entur ies.5 e xports ;

Export d ut ies w ere t o s tay a t t he l eve l o f 1 368 f or o ver t wo

For a f ew y ears t hey d id n o t l essen f ore ign d e mand f or S cot t ish

i n t he s lugg ish t rad ing c ond it ions o f t he 1 400s t hey may h ave d is-

c ouraged d e mand a nd c on tr ibu ted t o at rade d ef ic it .

Another measure,

a dopted i n 1 367, was a d ec is ion t o c o in a f ur ther t en p ence f ro m t he p ound w e igh t ( Scots ) o f s i lver. Th is s ee ms t o h ave mean t t hat t he S co ts m in ted 2 31 p enn ies f ro m t he o unce o f s i lver wh ile t he Eng l ish m in ted o n ly 2 21 p enn ies .6

The r educt ion i n t he i n tr ins ic v a lue o f t he S cots p enny was s l ight.

P erhaps i t was h oped t ha t i t wou ld g o u nnot iced , t hough i td id n ot ; as econd r educt ion u nder Robert I I i n 1 373; ' s ter l ing a rea ' .7 t wo.

n or d id

S co t land w as e v icted f ro m t he

The t h ird n o tab le measure o f t he 1 360s p receded t he o ther

I t was a g enera l a ssess men t i n 1 366 o f a l l l ands a nd r en ts w ith in t he

r ealm, b oth e ccles iast ica l a nd l ay . t ions f or t he k ing.

The o bv ious i n ten t was t o l evy c on tr ibu-

I ndeed c once ivably t he o n ly i n ten t b eh ind a l l t hree

measures was t o swel l K ing Dav id 's r evenues ( wh ich d id s wel l )8 t hough o ne c anno t d iscoun t t he p oss ib i l i ty t ha t c ons iderat ion o f t he p ub l ic w ea l may a lso h ave b een i nvo lved. I ti s t he g enera l a ssess men t o f 1 366 wh ich r a ises t h is p oss ib i l ity.

I t s e t

s ide b y s ide t he An t igua Taxat io , a n a ssess ment o f t he t ime o f A lexander I I,

1 03

w i th t he V erus Va lor — t he o f 1 366 .

t rue ' o r c urren t v a lue a ccord ing t o t he a ssessors

I ft he t wo s e ts o f f igures a re c o mpared i tw ou ld s ee m t ha t t here h ad

b een a g enera l f a l l i n l anded i nco me f ro m t he l a ter y ears o f A lexander I I t o t hose o f Dav id I : a ccord ing t o t he An t igua T axa t io t he a ssess men t o f t he S cot t ish b ishopr ics amoun ted t o £ 15,002 1 6s. O d .; b y t he V erus Va lor i t amoun ted t o o n ly £ 9,396 6 s. 6 d .; t he r eturns f or t wen ty-two s her if fdo ms g ive t he An t igua T axa t io a s £ 48 ,249 7 s. 8 d ., w h i le t he V erus Va lor , t hough n ot f u l ly c er t if ied , c ame t o a bou t £ 23 ,250 .9 T hus o ne h istor ian h as s ta ted t ha t e v idence o ft he p over ty o f t he c oun try a ppears f ro m t he t axa t ions [ a ssess men ts ] wh ich t he e sta tes i mposed t o p ay o f f t he r anso m .' I f we a ssume t ha t

1 0

p over ty ' i n t h is c on tex t s ign if ies a f a l l i n t he p roduc-

t i on o f g oods a nd s erv ices — 'r ea l ' wea lth — i t must b e q uest ioned wha t c aused t he f a l l . P lague , wh ich Is ha l l d iscuss l a ter i n t h is p aper , d oes n ot s ee m t o p rov ide t he a nswer . An e xp lana t ion t ha t a lso c o mes r ead i ly t o m ind i s t he d estruct ion o f war fare .

T h is, a nd t he a cco mpany ing d is loca t ion , c er ta in ly

b rough t a t l east t e mporary p over ty t o t he a reas r avaged b y t he r iva l a rm ies. 1 Ye t war fare c anno t b e r egarded a s t he b as ic e xp lana t ion f or t he d rop i n monet ary a ssess men ts f ro m An t igua T axa t io t o Verus Va lor : i n t he c ase o f t he s her if fdo m o f P er th , l as t d evas ta ted i n 1 339 , t he d rop was marked ly g rea ter t han i n t he c ase o ft he s her if fdo m o f E d inburgh , d evas ta ted n o t o n ly i n t he 1 330s b u t more r ecen t ly i n t he 'B urn t C and le mas ' o f 1 356 ; a nd i n t he c ase o f t he l ands o f t he b arons o f Argy l l , n ot k nown t o h ave b een d evas ta ted a t a l l , a t l eas t s ince 1 309 , t he d rop was e ven g rea ter t han i n t he c ase o f Per th . 1 2 T he d if f icu lty i n f i nd ing a n e xp lana t ion f or a who lesa le f a l l i n t he p roduct ion o f g oods a nd s erv ices — a f a l l o f a bou t 5 0% i n t he g ross n a t iona l p roduct , t o u se t he t erm ino logy o f modern e cono m ists — s uggests t hat p erhaps n o s uch f a l l t ook p lace . T he a ssess men ts, i t must b e r eca l led , a re e xpressed i n mone tary t erms ;

a nd money , t hough t he measure o f wea l th , i s av ar iab le measure .

T he

measure must v ary , t o s o me e x ten t a t l east , a ccord ing t o t he p len t ifu lness o f money o n t he o ne h and a nd g oods a nd s erv ices o n t he o ther , n ot t o men t ion wha t h as b een s ty led t he l ong-term i ncrease i n t he d e mand f or money , r esu lt ing f ro m t he l ong-term g row th o f p opu la t ion a nd/or o f i nco me a nd/or o f t he "mone t iza t ion" o ft he e cono my .'

1 3

T hus t he a ssess men ts n eed n ot b e t aken

a s e v idence o f p over ty ' b u t may b e t aken a s s ymp to ma t ic o f f a l l ing r en ts, f a l l ing p r ices, 1 4 [ a nd who lesa le d ef la t ion , w i th r eg iona l d if ferences i n t he e x tent o f t he d ef la t ion . I n s hor t , t he s upp ly o f money i n S cot land h ad d ecreased r e la t ive t o d e mand — t hanks t o c auses t ha t a f fected most o f western Europe . Def la t ion was n ot a w ord t ha t f i gured i n t he e cono m ic v ocabu lary o f f ourt een th-cen tury E urope . Ye t t he s y mp tons w ere f e l t . Wha t was a pparen t was as hor tage o f money . T here was a n awareness t ha t e x tra money c ou ld b e c rea ted b y r educ ing t he we igh t o f c o ins o r t he ir b u l l ion c on ten t .

Dav id I c an-

n o t h ave l acked a dv ice f ro m t he t a len ted J ohn Mercer , b urgess o f P er th ,1 5 o r B onag io , aF loren t ine emp loyed a s moneyer f ro m 1 364 t o 1 393 .1 6 H ence , p erhaps, t he s l igh t r educt ion i n t he we igh t o f S co tt ish c o ins i n 1 367 was a n e xper i men t i n wha t w ou ld n ow b e s ty led r ef la t ion . T he e xper i men t — i fe xper imen t i t was — was a c au t ious o ne .

F ur ther c hanges i n t he we igh t o r b u l l ion

c on ten t o f c o ins u nder R ober t Ia nd h is s uccessors e nded d ef la t ion a nd i n trod uced i n f la t ion . T hus i n 1 409 t he a bbot o f Dun ferm l ine c ons idered t ha t 'a l l t h ings a re d earer t han t hey were i n t imes p ast ' a nd g ran ted f or ty s h i l l ings a 1 04

year to each monk to buy clothing.17 In 1454 the bishop of Moray lamented that 'three marks present money scarcely equal one mark of old money, so that formerly where six marks sufficed for the sustentation of a vicar of the choir, today ten marks scarcely suffice.' 18 The inaccuracy of the bishop's com­ parative statistics perhaps testifies to his vexed exasperation. How is the historian of today to respond to such cris de coeur from the past? Certainly not, given recent experience of inflation, with the self-assurance and prejudice of his predecessors in the age of laissez-faire. Carlo Cipolla, in an article on 'Currency Depreciation in Medieval Europe' amusingly draws attention to the remarks of two economic historians whose nationality seems apparent. One, C. J. Shive, writing in 1871, affirmed that 'in England they went more honestly to work than elsewhere, and the coins kept their proper weight'; the other, R. G. Hawtrey, writing in 19 23, stated that 'of all countries England was (during the Middle Ages) the freest from illegitimate debasements.' 1 9 What one might conveniently style the 'Shive-Hawtrey thesis' was that debasement of the coinage represented economic failure, whereas an unaltered coinage represented all the economic virtues, not to men­ tion some national and moral ones as well. There would be no point in bela­ bouring the 'Shive-Hawtrey thesis' but for the fact that it is still with us and may colour our interpretation of the monetary problems of Scotland during the later Middle Ages. Thus in a very recent and admirable work, Dr. William Ferguson's Scotland's Relations with England: a Survey to 1707, it is stated that 'in the late Middle Ages the economy of Scotland stagnated, a sure index of this being the dramatic fall in the value of Scottish currency. Until about 1 360 Scottish and English money stood at the same value, but thereafter Scot­ tish currency steadily depreciated.' 20 This statement elicits two comments. Firstly, if the economy of Scotland stagnated during the late Middle Ages was there any other economy in western Europe that did not - relative to its per­ formance in the thirteenth century - also stagnate ? Secondly, it is natural for a Scottish historian to draw comparisons with England - and in this paper I shall be as guilty as any other - yet the comparison is, I think, misleading. It is clear that in matters of currency, as in many other aspects, social, economic and political, England was the odd-man-out in a western European context. Explanations for at least the monetary abnormality are fairly obvious21 and need not involve any unduly high estimation of the quality of management of the economy by English governments in the later Middle Ages. I have used the word 'abnormality' deliberately; for it is the fate of Scotland to be per­ petually measured by historians against the standards set by her abnormal southern neighbour. The contrasts that thereby appear might not necessarily be so apparent were conditions compared with those in many parts of continental Europe. This seems particularly the case in regard to the monetary problems of the later M iddle Ages, though so far as I am aware no one has yet completed the daunting task of producing a statistical synthesis. Some useful figures are, however, given by Cipolla. On the basis of the number of grammes of pure silver corresponding to a pound-tale of 240 pennies he shows that between 1250 and 1 500 the English pound depreciated by about 47%, that the French livre tournois depreciated by about 7 2%, that the lire of Genoa, Milan, Venice and Florence depreciated by about 81½%, 87%, 70% and 83% respectively. 22 105

F o l low ing t he 'S h ive-Haw trey t hesis ' we m ight c onc lude t ha t i ft he S cot t ish d eprec ia t ion a pprox i ma ted t ha t o f F rance t he l andscape o f S cot land was d ot ted w ith l arge a nd g rac ious c ha teaux t ha t r ef lec ted t he f er t i l ity o f t he s o i l . I fi t a pprox i ma ted t ha t o f F lorence we m igh t c onc lude t ha t S co t land e n joyed a h igh d egree o f u rban isa t ion , c oup led w ith i n tense s oph ist ica t ion i n t rade a nd i nd ustry . T hese c onc lus ions w ou ld , o f c ourse , b e r id icu lous. T hey s erve a s a warn ing t ha t i n terna t iona l c o mpar isons o n t he b as is o f c urrency d eprec ia t ion a re mean ing less a s ag u ide t o s oc ia l a nd e cono m ic c ond i t ions .

C ipo l la l i sts

n o l ess t han s even e cono m ic 'c auses ' wh ich , ' s ing ly o r i n v ar ious c o mb inat i ons ' l ed t o c urrency d ebase men ts i n t he M idd le Ages. 2 3 B e tween 1 250 a nd a nd 1 500 i t wou ld s ee m t ha t t he d eprec ia t ion o f S cot t ish c o inage , a bou t 8 2% 2 4 was much t he s a me a s t ha t o f F lorence ;

y e t i tc annot b e s upposed t ha t i t was

e xac t ly t he s ame c o mb ina t ion o f C ipo l la ' se cono m ic 'c auses ' t ha t p roduced t h is r esu l t . Each c oun try , t o ag rea ter o r l ess e x ten t , f aced mone tary p robl e ms i n t he l a ter M idd le Ages ;

e ach a t te mp ted i t s own s o lu t ions a nd t he o u t-

c o me was h aphazard . T he b as ic p rob le m c o m mon t o , a l l western l ands was, a s i s w e l l k nown , a s hor tage o f s i lver a nd g o ld , t he o n ly r espectab le s ources o f c urrency ; h ence t he n eed f or v ar ious e xped ien ts t o a vo id d ef la t ion , o r , t o p u t i ti n c on temporary l anguage , t o r e medy t he t ype o f s i tua t ion t ha t e x isted i n S cot land i n 1 473 when t he k ing ' sl i eges were d escr ibed a s b e ing ' bare o f money ' .2 5 As ubs id iary p rob le m c o m mon t o a l l western l ands was t he d e mograph ic c hange o ccas ioned b y t he B lack Dea th . But t h is c hange s ee ms t o h ave r eacted u pon t he v ar ious e cono m ies i n d if feren t ways. L a ter M idd le Ages '

2 6

I n a n a r t ic le o n 'Wage L abour i n F rance i n t he

E . P erroy n o tes t ha t t he e f fect o f e p ide m ics o n b oth

F rance a nd Eng land was t o b r ing a bou t af a l l o fb oth p opu la t ion a nd p roduct ion , b u t t he r e la t ive i mpor tance o f t he t wo p heno mena was d if feren t i n e ach c oun try . I n Eng land , t he d e mograph ic c on tract ion was more a ccen tua ted t han t he f a l l o fp roduct ion ; t herefore wages r ose . I n France , t he e cono m ic d isr upt ion d ue t o wars a nd o ther a s y e t u nknown f ac tors was s o c o mp le te a s t o l im i t p roduct ion f aster t han p opu la t ion .

I n s p ite o f ag rea t f a l l i n t he n umber

o f men t he magn itude o ft he r ecess ion k ep t wages l ow a l l t hrough o ur p er iod .'

2 7

T he i n terpre ta t ion o f s ta t ist ics r egard ing t he f a l l o f p opu la t ion r esu lt ing f ro m t he B lack Dea th a nd s ubsequen t e p ide m ics i s n otor ious ly c on trovers ia l, a nd i n t he c ase o f S cot land s ta t ist ics a re a l most who l ly a bsen t . S cot t ish c hron ic lers n ote t he c om ing o f t he B lack Dea th — wh ich was a t f i rst c a l led t he F ou l Dea th o f t he Eng l ish ' — b u t i n al ess emot iona l way t han t he ir Eng l ish c oun terpar ts . 28 L a ter v is i ta t ions, t he s econd , t h ird a nd f our th mor ta l it ies, wh ich may n o t a l l h ave b een o f ab ubon ic n a ture , b r ief ly a t tract t he a t ten t ion o f t he c hron ic lers a nd d o l eave a t race i n t he r ecords ;2 9 y et t here s ee m t o b e n o s igns o f ad rama t ic d rop i n p opu la t ion . Ah ypothes is may b e a dvanced , t hough o ne o f a n impress ion ist ic n a ture , t ha t i n t he f our teen th a nd f if teen th c en tur ies S cot land s u f fered l ess l oss o f manpower t han n e ighbour ing l ands a nd t ha t t herefore t he p lague h ad l ess d rast ic e cono m ic c onsequences. I nc iden ta l f acts may s erve t o s uppor t t h is i mpress ion .

S o me

I n S cot land t here was

n o l eg is la t ion c o mparab le t o t he Eng l ish s ta tu te o f l abourers.

I n c on trast t o

Eng land , where t he l abour s hor tage made l and lords r e luctan t t o s ee t he e nd o f v i l le inage , t he l ast k nown l ega l s u it f or t he r ecovery o f r unaway n a t iv i o ccurred i n 1 364 ; a nd e ven b efore t ha t d a te i t may b e p resumed t ha t u nfreedo m o n t he 1 06

land had simply become a thing of the past; and in Scotland there was no Peasants' Revolt. 30 In accordance with this line of thought it may be supposed that Scotland did not undergo to the same extent as neighbouring lands the strains and stresses of rapid demographic change. A certain stability seems to be indicated, conceivably even coupled with some growth of population in the fifteenth century. Did wages rise, as in England, or fall, as in France? Certainly they did rise in monetary terms in the ca se of the labourers and artisa ns who were nor­ mally paid daily wages - a minority operating mainly in, or from, urba n centre s. Thus the artisa n could expect to earn 3d., 4d., even 8d., a day in the 1330s, 31 but ls., ls. 4d., even ls. 6d by 1500, while by the same time an unskilled workman could expect 8d. or even 1s. ::3� The variation of wage rates for what seems to be the same class of labour, makes deductions awkward. Nonetheless it seems likely that the rise in daily wages at least compensated for the fall in the intrinsic va lue of the coinage (by two-thirds between the 1330s and 1500). It remains an enigma whether the higher wages of 1500 could buy as much as their counterpart in the 1330s. Possibly a dedicated graduate student might find an answer; more probably the compilation of relative indices of the cost of living and of 'real ' wages is a task beyond achievement. If these problems face us in dealing with those urban workers who were paid a daily wage there are greater problems in dealing with the rural classes who comprised the bulk of the population. Their income was basically in produce. The rents they paid to their landlords were often a combination of both cash and produce. The historian tends to assume, perhaps wrongly, that the portion of rent expressed in cash was more significant than the 'bolls' or 'chalders' of cereals or the ubiquitous 'marts' - salted beef carcases. The latter, at least, represented a portion of rent that was immune from monetary problems, though doubtless even the 'marts' were subject to inflation. Despite periods of stability rents certainly did rise throughout the course of the fifteenth century, 33 probably to an extent that at least compensated for the intrinsic fall in the value of currency, though the corresponding rise in the cost of living is unknown. Certainly the agricultural tenant of the fifteenth century was not oblivious of the significance of inflation, at least in the form of higher rents: following the alteration of domestic and foreign exchange rates in 1467 there was 'grete romour... because of diversiteis of payment within the rea lme throu the takking in of the rentis be the auld payment and gevis it oute agane be a derrar price. ' To 'content the commons' the domestic rate of exchange was soon restored to the previous level. 34 _Probably conditions of land tenure favoured acceptance of inflation - so long as it was not too sudden, as in 1467 or 1482. For agricultural tenants did not usually enjoy security of tenure beyond a 'tack' (lease ), which depended upon a contract 'set' every three years on payment of a 'grassum' to the landlord. The latter might adjust his income (depending upon the relative shortage or abundance of prospective tenants) either by keeping the rent unchanged, or by raising the grassum, or by raising the rent, or by raising both grassum and rent. Hence, perhaps, the suspicion that the barons entertained towards the new-fangled system of feuing that James II seems to have advocated in the parliament of 1458. They pointedly advised that the king should 'begyne and 107

g if e xe mp i l l ' .3 5

I n t he f o l low ing r e ign t he monarchy d id b eg in t o s e t a n e xamp le

o n t he c rown l ands, i n it ia l ly t o i t s a dvan tage , l a ter t o i t s d isadvan tage when t he f i xed a nd p erpetua l f eu-du t ies f e l l i n r ea l v a lue w ith c on t inu ing i n f la t ion . F eu ing g ave h er itab le s ecur ity o f t enure , h ence a n i ncen t ive t o i nvest i n t he l and a nd i mprove h usbandry . A t f i rst , h owever , when f eu ing was w ide ly a pp l ied t o t he c rown l ands b y J ames I V , i t was u sua l ly e n trepreneurs o f s o me s tand ing who p a id t he l u mp s um n eeded t o o bta in a f eu c har ter . T o r edee m t he ir i nvestmen t t hey s ee m t o h ave r ack-ren ted t he work ing t enan tsunder t hem , who c on t inued t o l abour u nder t he n or ma l c ond i t ions o f at hree-year t ack .

3 6

T hus f eu ing was n o t , i n i t s i n it ia l s tages , t he p anacea f or a grar ian i l ls t ha t i t was p resumed t o b e b y J ohn Ma jor , who a rgued s trong ly i n i t s f avour i n h is H istory o f Grea ter Br ita in ( 1521) .3 7 I nsecur ity o f t enure a nd t he r esu lt ing p oor h usbandry a nd p over ty were c haracter ist ics o f l a ter med ieva l S cot land . I t was, s o s ays t he a nony mous wr iter o f

T he H arp ' — ad idact ic S cot t ish p oe m

o f t he 1 460s — ' ab arane l and , f er t i le o f f o lk , w ith g re t s can tnes o f f ude ' .3 8 T h is d escr ip t ion may s a fe lybe t aken a s af undamen ta l s ynops is o f t he S cot t ish e cono my i n t he l a ter M idd le Ages .

L and was b y f ar t he ma jor s ource o f

wea lth , a nd i ncreased wea lth was a t ta inab le l ess b y i ncreased p roduct iv i ty u pon t he l and t ha nb y c on tro l o ver a g rea ter e x ten t o f l and . was l and-hungry ;

T he who le p opu la t ion

a nd f ro m 1 424 o nwards i t was t he k ing h i mse lf w ho was t he

h ungr iest — h ence t he f or fei tures t ha t a ugmen ted t he c rown l ands a nd made t he ir r en ta ls n or ma l ly t he most a bundan t s ource o f r oya l r evenue .3 9 Wha t o ft rade a nd i ndustry?

T he l a t ter was d oubt less o f s o me s ign if icance

i n p rov id ing h and- made g oods f or t he d o mest ic marke t . P erhaps d o mest ic t rade , i n c on trast t o e x terna l t rade , was g row ing i n t he f i f teen th c entury . P erh aps t he s izab le r ura l p opu la t ion , a l though i td oes n ot s ee m t o h ave e n joyed t he g o lden a ge o f i t s Eng l ish c oun terpar t i n t he f if teen th c entury , was mak ing r ap id u se o ft he n ew b i l lon a nd c opper c o ins t hough tfu l ly p u t a t i t s d isposa l b y t he g overnmen t . Perhaps t h is was a n u nder ly ing r eason f or t he h opefu l c rea t ion o f s o many b urghs o fb arony 4 °t ha t c ou ld n ever a sp ire t o more t han a l oca l s ign if icance . F or , a par t f ro m l ega l d isab i l it ies, t here was n o th ing i n t he l andward a reas r ea l ly c o mparab le t o t he f l our ish ing Eng l ish c loth i ndustry t ha t s en t o u t t en tac les t o o verseas marke ts . O verseas t rade was a l most who l ly t he monopo ly o f t he r oya l b urghs ; y e t t he p roducts t ha t t hey e xpor ted — woo l, f l eeces a nd h ides — were r aw ma ter ia ls f or thco m ing f ro m t he c oun trys ide . T he i n tr icacy a nd e labora te o rgan isa t ion o fb urgha l l i fe a s r evea led i n t he r ecords o f E d inburgh a nd A berdeen t end t o make h istor ians o ver-es t i mate t he e cono m ic s ign if icance o f t he b urghs a nd b urgesses — a f ter 1 472 t he b urghs n o l onger p a id t he ir way a s o ne o f t he t hree e sta tes ; f ormer ly t hey h ad p a id o ne-th ird o f c on tr ibu t ions, t herea f ter t hey p a id o n ly o ne-f if th .41 N or s hou ld t he meander ings o f t he S cot t ish s tap le i n t he L ow C oun tr ies, wh ich a re r e la t ive ly w e l l d ocu men ted , 42 b e i nvested w ith a n i mpor tance g rea ter t han t he sma l l v o lume o f t rade t ha t was i nvo lved . C er ta in ly o verseas t rade p rov ided o pen ings f or e n trepreneurs , f ro m J ohn Mercer i n t he d ays o f Dav id I t o R ober t Bar ton i n t he d ays o f J ames I V ; b u t S co t land , l i ke t he r est o f E urope , s u f fered f ro m a t rade r ecess ion . T h is i s we l l d ocu men ted f ro m t he s ta t ist ics o f t he g rea t c usto ms l ev ied u pon S cot t ish e xports.

T he e xpor t t rade r eached a p eak a t t he e nd o f t he r e ign 1 08

o f Dav id I a nd t he b eg inn ing o f t he r e ign o f R ober t I , when t he g rea t c usto ms b rough t i n more t han £ 9 ,000 a y ear 43 a t at ime when S cot t ish a nd Eng l ish c o ins were a l most a t p ar . By 1 500 , l ev ied a t t he s ame r a te , t hey s carce ly b rough t i n £ 3 ,000 S co ts, a bou t t he s ame a s wha t J ames I V r ece ived f ro m e i ther f euda l p rof i ts o rj ud ic ia l p rof its. " T he e xpor t t rade t ha t was f l our ish ing i n 1 371 dw ind led a nd dw ind led , n ot n ecessar i ly b ecause o fd ecreased p roduct iv ity i n S cot land b u t more l i ke ly b ecause o f as hr ink ing d e mand i n f ore ign marke ts. T he v esse ls t ha t l ef t S cot t ish p or ts w i th woo l, f l eeces a nd h ides c ame b ack w ith m isce l laneous c argoes t ha t i nc luded l uxury g oods. S ince t here was n o g enera l t ar if fu pon i mpor ted g oods u n t i l 1 597 t here a re n o u sefu l s ta t ist ics t o i nd ica te t he v o lu me o f i mpor ts .

T ha t t here was a n imba lance o f t rade a nd a

d ra inage o fb u l l ion o verseas may b e g a thered a s e ar ly a s 1 385, a nd more c lear ly f ro m t he e nactmen ts o f J a mes sf irst p ar l iamen t i n 1 424 wh ich p u t at ax o f 3 s. 4d . o n e ach p ound ' sw or th o f g o ld o r s i lver e xpor ted f ro m t he r ea lm . 45 I n 1 436 t here was a n a ct t ha t n ot o n ly f orbade a l l e xpor t o f g o ld , s i lver a nd j ewe ls b u t p u t S cot t ish merchan ts u nder a t roub leso me o b l iga t ion : f or e ach e xpor ted s ack o f woo l a nd i t s e qu iva len t i n h ides a nd s a l ted f i sh t hey were t o b r ing b ack t hree o unces o fb u l l ion t o b e m in ted i n S cot land . 46 S im i lar measures were r e-enacted i n t he 1 460s a nd 1 470s, when s ercheour is ' a nd i nqu is itour is ' were a ppo in ted t o s top i l l ic it e xpor t o fb u l l ion — b u t t o n o a va i l . 47 Apar t f ro m a p robab le t rade i mba lance t here were o ther i n terna t iona l money move men ts o f s ign if icance .

Ne i ther t he r anso m o f Dav id I n or t he

'f ynance ' o fJ a mes It o p ay f or h is i nvo lun tary u pbr ing ing i n Eng land was p a id i n f u l l , y e t e ach mean t al oss o fb u l l ion — 7 6,000 marks i n t he f i rst c ase , 9 ,500 marks i n t he s econd . 48

T here were a lso i nca lcu lab le r em it tances f or

t he u pkeep o fh ostages — a nd Ma l ise G raham , e ar l o f Men te i th , l ay u nredee med i n Eng land f or t wen ty-f ive y ears . 49 O ne m igh t a dd t he c onsequences o ft he s k irm ish a t H orni ldon H i l l i n 1 402 when i t was a s i ft he f l ower o f t he c h iva lry o f t he who le r ea lm o f S cot land was c aptured a nd h e ld t o r anso m .'

5 0

I n a n Eng l ish c on tex t i ti s u sua l t o wr ite o f t he p rof its o f war . I n aS cott i sh c ontex t i tw ou ld b e more a ppropr ia te t o wr ite o f t he l osses o f war . T he h eav iest l oss was d oubt less t he r avag ing a nd p ar t ia l o ccupa t ion o f s ou thern S cot land , wh ich , i n mone tary t erms a lone , mean t al oss t o t he e xpor t t rade . O n t he c red i t s ide were t he 4 0 ,000 d en iers d 'o r al 'e scu b rough t b y t he s ire d e G arenc ieres i n 1 355 .

T h is money , wh ich t he wr i ter o f t he S ca lacron ica

r eckoned a s wor th 1 0 ,000 marks , was t o b e g iven among t he p re la tes a nd b arons o f S co t land u pon c ond it ion t ha t t hey s hou ld b reak t he ir t ruce w ith t he k ing o f Eng land a nd make war u pon h im .'

5 1

Perhaps t h is i n f lux o f g o ld

p rov ided t he wherew i tha l f or Dav id I ' sn ob les, t he f irst S cot t ish g o ld c o ins.

5 2

S im i lar ly i n 1 385 J ean d e V ienne , a dm ira l o f France , b rough t 5 0 ,000 g o ld f rancs t o b e s hared o u t among t he k ing , Card ina l Ward law a nd t he more b e l l ic ose b arons . 53 P erhaps u nder R ober t I I t h is i nf lux s usta ined t he r egu lar c o ina ge o f g o ld c rowns i nsp ired b y t he F rench e -c u a .l a c ouronne .

5 4

T hen t here

were t he d owr ies o f r oya l b r ides : Mary o f G ue lders b rough t 6 0 ,000 c rowns ;5 5 i n p lace o f as t ipu la ted d owry o f 6 0 ,000 Rhen ish f l or ins Margare t o f Denmark b rough t o n ly 2 ,000 f l or ins a nd many i s lands ;5 6 y e t Margare t T udor b rough t J ames I V ad owry o f £ 10 ,000 s ter l ing — t hen e qua ted w ith £ 30 ,000 S cots — wh ich was b y f ar t he c h ief c on tr ibut ion t o t he r oya l r evenues b e tween 1 502 a nd 1 505 .

5 7

1 09

Dowr ies, r anso ms, t he p rof i ts a nd l osses o f war , a l l t hese must h ave a f fected t he s upp ly o fb u l l ion . Ye t t hese t h ings were e rra t ic a nd u npred ictab le ; t here r e ma ined a no ther i n f luence t ha t was c onstan t a nd p ervas ive , o ne t ha t b rough t mone tary d eb its a nd n o mone tary c red its — p aymen ts t o t he R o man c amera i n c onnect ion w ith p apa l p rov is ions t o e cc lesiast ica l b enef ices. T hese p aymen ts were s yste ma t ised d ur ing t he Baby lon ish c ap t iv ity o f t he p apacy a t Av ignon a nd r ece ived a n ew l ease o f l i fe a f ter t he e lect ion o f Mar t in Vi n 1 417 . By S co t t ish s tandards l arge s ums o f money were i nvo lved : when A lexander B ur was p rov ided t o t he b ishopr ic o f Moray i n 1 364 h e h ad t o p ay more t han 6 50 f l or ins o fg o ld u nder p a in o f e xco m mun ica t ion ; 58 w hen B ishop K ennedy was t rans la ted t o S t . Andrews i n 1 440 h e was u nab le t o r a ise t he u sua l 'c o m mon s erv ices ' o f 3 ,300 g o ld f l or ins b u t was f avoured b y r em ission o f h a lf t he s um .5 9 J a mes Il i ked n e i ther p apa l c on tro l o f e cc lesiast ica l a pp o in tmen ts n or t he c onsequen t o u t f low o f b u l l ion , h ence i n 1 428 t he n ew a nd u ndef ined o f fence o f ' barra try ' wh ich u ndoubted ly s ign if ied t he p urchase o f b enef ices a t t he R o man c ur ia . "

T hanks t o ap apa l i ndu lt o f 1 487 t he S cot t ish

c rown o bta ined v ir tua l c on tro l o f a ppo in t men ts t o t he h igher b enef ices b u t d id n o t s ucceed i n r educ ing t he f i nanc ia l c harges t ha t h ad b eco me t rad it iona l s ince t he 1 300s : i n 1 471 p ar l iamen t c o mp la ined o f t he g re t d ampnage a nd s ka ith d ay l i d onne t o a l t he r ea l me ' b y t ra f f ick ing a t t he c ur ia , c ons ider ing t he i nnowmerab le r iches t ha t i s h ad o u t o f t he r ea l me t har t hrow ' ;6 1

i n 1 484

p ar l ia men t a ga in c o mp la ined o f t he g re te s ka ith a nd d amage ' c aused b y t he e xpor t o f money b y p re la tes a nd c lerks ' f or p ro moc iouns a nd p le is i n t he c our t o f R o me ' a nd i t was e nv isaged t ha t t he way t o s top t he o u t f low o f b u l l ion was t o f orce c ler ics t o s ubs id ise t he ir t ransact ions b y t ak ing o u t o n ly merchand ise t o b e c onver ted i n to b u l l ion o n t he c on t inen t .6 2 T h is was o ne e xped ien t o rda ined b y t he p ar l iamen ts o f J ames I I f or t he 'i n h a ld ing ' ( conserva t ion ) o fb u l l ion . O ther e xped ien ts were o rda ined f or t he 'i n b r ing ing ' o fb u l l ion s o t ha t 't hare s u lde s udan ly c um b u l l ioune i n t he r ea l me i n g re t q uan t ite . 6 3 One means t o t h is e nd was t he a t te mped a l tera t ion o f e xc hange r a tes i n 1 467 t o a t trac t f ore ign s pec ie . Even when t he s che me was f i rst p roposed t here was a n awareness t ha t i tm igh t a f fect t he c ost o f l i v ing , wh ich i td id :

t he p enny wor th is a r r ys in w i th t he p enny a nd mek le d errar t han

t ha t war w on t t o b e .' 6 4 H ence t he p ro ject was a bandoned . Par l iamen t was, i ts ee ms , r espons ive t o p ub l ic o pin ion i n i t s a t te mp ts t o manage t he c urrency — o r t o manage t he k ing ' s manage men t o f t he c urrency . t ha t

I t was r ecogn ised

t he ma ter i s g re t a nd t uech is t he h a i l b ody o f t he r ea l me i n g ret n ernes .'

6 5

T h is was p ar t icu lar ly t he c ase i n r egard t o c opper sma l l c hange a nd p lacks '. A c onserva t ive o u t look u pon mone tary i nnova t ions made t he i n trod uct ion o f ac opper c o inage a n e spec ia l ly t horny p o l it ica l p rob lem , q u ite a par t f ro m i t s e cono m ic c onsequences.

I n 1 466 p ar l iamen t a pproved t he m in t ing o f

£ 3 ,000 w or th o f c opper c o ins, o stens ib ly f or t he e ase a nd s usten ta t ion o f t he k ing ' sl i eges a nd f or t he e ncourage men t o f a lmsg iv ing , y e t w ith in a y ear t he c opper c o ins were e v iden t ly s o u npopu lar t ha t i t was o rda ined t ha t ' thar b e n ane s tr ikyn i n t yme t o c um u nder t he p ayne o f d ede '; s im i lar ly i n 1 473 i t was o rda ined t ha t t he s tr ik ing o f p lacks ' be c ess it ' .6 6 Nonethe less e xper i men tat i on i n ' b lack money ' c on t inued a nd was a f actor i n t he p o l it ica l c r isis o f 1 482 when C ochrane ' sp lacks were c r ied d own .

6 7

i n f la t ionary , h ad c o me a t at ime o f d ear th . 1 10

T he ir i ssue , wh ich was i t se lf T hus a c on te mporary c hron ic ler

r e la tes t ha t 't har was a ne g re t h ungyr a nd d e id i n S cot land , f or t he b o l l o f me i l l was f or f our p unds ;

f or t har was b lak c unye [ co inage ] i n t he r ea lm ,

s tr ikk in a nd o rd iny t b e K ing J ames t he t hred , h a lf-pennys a nd t hree-penny p ennys i nnumerab i l l o f c opp ir ... a nd mony p ur f o lk d e i t o f h ungar .'

I t was

6 8

ac opper c o inage , s o s ays B ishop L esley , 'u nme it t o h ave c ourse o r p assage i n o ny r ea l me , q uha irw ith t he p ep i l l g rudge i t . ' 6 9

P erhaps t he g rudg ings o f

t he p eop le were i ncons idera te , f or b y 1 487 t he r ea l m was s upposed ly

wast it

o f money ' .7 0 'The ma ter o f t he mone ' ,s o r uns t he p ar l iamen tary r ecord o f 1 474 , 'i s r ych t s ubt i le ' .7 1

Wha t a re we t o make o f t he e f for ts o f k ing a nd p ar l iamen t t o

c ope w i th t he s ubt le ty? wea l th .

T hey d id , a s we s hou ld e xpect , r egard b u l l ion a s r ea l

Ye t i t must b e c onceded t ha t t he f unct ions o f money a s a measure o f

wea l th a nd a s a means o f e xchange were a lso p erce ived .

We may d escr ibe t he

mone tary p o l ic ies t ha t were p ursued b u t c an s carce ly c r it ic ise t he m o r e ven s ub ject t he m t o r ea l ist ic e cono m ic a na lys is.

Far t oo many f actors a re u nknown

— p opu la t ion , whe ther f a l l ing , g row ing o r s ta t ic ; e x ten t o f c ash f l ow t o t he p apacy .

t he b a lance o f t rade ;

t he

I t was a n a ge o f t rade r ecession a nd t h is ,

a t l east , c an b e s hown t o h ave r educed b y t wo-th irds t he e x terna l d e mand f or t he r aw ma ter ia ls t ha t S cot land e xpor ted .

C lear ly mone tary p rob le ms were

r ea l a nd n ot imag inary . The a t te mp ts made t o s o lve t he m h ad p o l it ica l c onsequences, n ot s o le ly o f ad o mest ic c haracter .

A f ter t he d epar ture o f S cot land f ro m t he ' ster l ing

a rea ' o f t he Br it ish I s les manage men t o f as epara te c urrency b ecame a n otab le f unc t ion o f ag overn men t t ha t c hose , o r was f orced , t o a bandon im i ta t ion o f E ng l ish monetary p rac t ices .

I n t h is r espec t , a s i n o thers , t he d is t inc t iveness

o f l a ter med ieva l S cot land f ound e xpression .

NOTES 1 .

I an S tewar t , "S cot t ish M in ts" i n M in ts, D ies a nd C urrency , e d . R . A . G . Carson , p p . 1 65-289 , a t 1 79, 2 26 , 2 27-8 .

2 .

G . Burnet t , The Exchequer R o l ls o f S co t land , e d . J . S tuar t a nd o thers ( 1878-1908) , I , x cv i-xcv i i .

3 .

Rana ld N icho lson , S cot land : t he L a ter M idd le Ages ( 1974) , p p . 1 64-83 , p ass im .

4 . 5 .

I b id . ,p . 1 76 . S ee A tho l Murray , "F ore ign Trade a nd S cot t ish Por ts, 1 471 a nd 1 542" , An H istor ica l A t las o f S cot land c . 4 00-c . 1 600 , e d . Pe ter McNe i l l a nd Rana ld N icho lson ( 1975) , p p . 7 4-5 .

6 .

G . Burne t t , Exchequer R o l ls, I , x cv-xcv i i i .

7 .

I b id .;

8 .

N icho lson , L a ter M idd le Ages, p . 1 77 .

9 .

Acts o f t he Par l iamen ts o f S co t land , e d . T . Tho mson a nd C . I nnes ( 1814-

R otu l i S cot iae , e d . D . Macpherson a nd o thers ( 1814-19) , I , 9 64 .

7 5) , I , 4 99-501, 1 11

1 0 .

J . D . Mack ie , H istory o f S cot land ( 1964) , p . 8 8 .

1 1.

N icho lson , L a ter M idd le Ages, p p . 1 06-7 a nd Edward I I a nd t he S co ts ( 1965) , p p . 2 26-7 .

1 2 .

T he f i gures a re : An t igua T axa t io

1 3 .

Verus Va lor

Per th

£ 6 ,192 2 s. 6 d .

£ 3 ,087 I s . 7 d .

Ed inburgh

£ 4 ,029 1 6s 1 0d .

£ 3 ,030 1 2s. 9 d .

Argy l l ( barons)

£ 600 O s . O d .

£ 133 6 s. 8 d .

Car lo C ipo l la , "C urrency Deprec ia t ion i n Med ieva l Europe", i n C hange i n Med ieva l S oc ie ty , e d . S y lv ia L . T hrupp ( 1964) , p p . 2 27-36, a t 2 28 , f irst p ub l ished i n T he E cono m ic H istory R ev iew ( 1963) .

1 4 .

T hese , a t l east , c an b e d e monstra ted :

s ee G . Burnet t , Exchequer R o l ls,

I , x c ix-c . 1 5 .

I b id ., x l i i a nd n ote .

1 6 .

I b id ., x cv ;

1 7 .

Reg istru m d eDun f erme lyn

1 8 .

S ee a lso t he i ndex s ub n o mine .

S tewart , 2 2 . c i t ., R . 2 29. ( Banna tyne C lub, 1 842) , No . 3 99 .

The Aposto l ic Ca mera a nd S cot t ish B enef ices, e d . A . I . Ca meron ( 1934) , p . l v i , n ote 1 .

1 9 .

C ipo l la , 2 E . c i t ., p . 2 33 .

2 0 .

Wi l l iam F erguson , S cot land ' s Re la t ions w ith Eng land ( 1977 ) , p . 4 3 .

2 1.

S ee C ipo l la , 9 2 . ci t.,p p . 2 34-5.

2 2 .

I b id ., p . 2 35 .

2 3 .

I b id ., p . 2 28 .

2 4 .

Th is f igure i s c a lcu la ted f ro m C ipo l la ' ss ta t ist ics ( i b id ., p . 2 35) a nd t he f act t ha t i n c onnect ion w ith t he d owry a nd d ower o f Margare t T udor i n 1 502 £ 1 s ter l ing was e qua ted w ith £ 3 S co ts ( N icho lson , L a ter M idd le Ages ? p . 5 54) .

2 5 .

Acts o f t he Par l ia men ts, I , 1 00 , c . 8 ;

1 05, c c . 1 2 , 1 5.

2 6 .

F irst p ub l ished i n The Econo m ic H istory Rev iew ( 1955) , c onven ien t ly r epr in ted i n Change i n Med ieva l S oc ie ty , e d . S y lv ia L . T hrupp ( 1964) , p p . 2 37-46 .

2 7 .

I b id ., p . 2 45 .

2 8 .

N icho lson , L a ter M idd le Ages, p p . 1 48-9 .

2 9 .

I b id ., p p . 1 68 , 2 52 ( note) , 3 19, 3 26 , 3 75, 4 23 ( note) , 5 64 , 6 01.

3 0 .

I b id ., p p . 1 09, 2 61-3 .

3 1.

S ee t he a ccoun ts f or t he r ebu i ld ing o f Ed inburgh c ast le i n 1 335 i n Ca lendar o f D ocu men ts r e la t ing t o S co t land , e d . J . Ba in ( 1881-8) , I I , a ppend ix i v , 3 47-59.

1 12

3 2 .

Iam i ndebted t o Mr . Dav id I . How ie o f t he Un iversity o f Gue lph f or a l low ing me t o c onsu lt h is r esearch o n t h is t op ic.

T he most r ead i ly

a va i lab le s ta t ist ics a re i n t he Accoun ts o f t he L ord H igh Treasurer o f S cot land

e d . T . D ickson a nd S ir J . Ba lfour Pau l ( 1877-1916) , e .g . I ,

2 45, 3 30, 3 47 , 3 49, 3 50, 3 55, 3 78, 3 79 ; 3 3 .

I , 2 0 , 1 15.

S ta t ist ics c oncern ing t he c rown l ands a re t hose most r ead i ly a va i lable . S ee N icho lson , La ter M idd le Ages, p p . 3 78-9, 4 08-9, 4 55-6, 5 70-1.

3 4 .

Acts o f t he Par l ia ments, I , 9 2 , c . 1 .

3 5.

I b id ., I , 4 9, c . 1 5.

3 6 .

Rana ld N icho lson , "Feuda l Deve lop men ts i n La te Med ieva l S cot land" , The J ur id ica l Rev iew :

L aw J ourna l o f S cot t ish Un iversit ies, ( 1973) ,

p p . 1 -21, a t 3 -8 . 3 7 .

S cot t ish H istory S ociety e d i t ion , p . 3 1.

3 8 .

L iber P luscardens is, e d . F . J . H . S kene ( 1877-80) , I , 3 92-400 .

3 9.

N icho lson , L a ter M idd le Ages, p p . 2 85, 3 18-9, 3 78-80, 4 54-5, 5 70-1.

4 0 .

4 4 b etween 1 400 a nd 1 500 ;

af ur ther 2 8 b e tween 1 500 a nd 1 513 .

G . S . Pryde, T he Burghs o f S cotland :

S ee

a Cr it ica l L ist ( 1965) , p p . 4 8-57 .

4 1.

N icho lson , L a ter M idd le Ages, p p . 4 52-3 .

4 2 .

S ee J . Dav idson a nd A . Gray , The S cot t ish S tap le a t Veere ( 1909) a nd M . P . Rooseboo m, The S cot t ish S tap le i n t he Nether lands ( 1910) .

4 3 .

N icho lson , L ater M idd le Ages, p p . 1 77, 1 87-8 .

4 4.

I b id ., p p . 5 65-67 .

4 5.

Acts o f t he Par l ia men ts, I , 5 54, 5 72 ;

4 6.

I b id ., I , 2 3, 2 4 .

4 7 .

I b id ., H , 1 05, c c. 1 1, 1 6 .

4 8 .

N icho lson , L a ter M idd le Ages, p p . 1 94 a nd n ote , 2 90 .

4 9.

I b id ., p p . 3 20, 3 68 .

5 0 .

I , 5 .

J ohann is d e F ordun S cot ichron icon c um S upp le men t is e t Con t inua t ione Wa lten iBower , e d . W. G ooda l l ( 1759) , I , 4 33-5 .

5 1.

N icho lson ,

La ter Midd le Ages , p . 1 60 .

5 2 .

S tewar t , 2 p..c i t ., p p . 2 26, 2 27-8 .

5 3 .

F oedera ...accuran te Tho ma Ry mer , 3 rd e dn . ( The Hague , 1 739-45) , I I , p t . H i, 1 88 .

5 4 .

S tewar t , 2 2 . c i t ., p . 2 30 .

5 5 .

N icholson , L a ter M idd le Ages, p . 3 48 .

5 6 .

I b id ., p p . 4 15-16.

5 7 .

I b id ., p p . 5 54, 5 66 .

1 13

5 8 .

R eg istru m Ep iscopa tus Morav iens is ( Banna tyne C lub, 1 837) , Nos . 1 44, 1 45

5 9 .

A nn ie I . Dun lop , T he L ife a nd T i mes o f J a mes K ennedy , B ishop o f S t . Andrews ( 1950) , p p . 3 9-41.

6 0 .

N icho lson , L a ter M idd le Ages, p . 2 94 .

6 1.

Acts o f t he Par l ia men ts, I , 9 9, c . 4 .

6 2 .

I b id ., I , 1 66 , c . 1.

6 3 .

I b id ., I , 9 0 , c .8 ;

6 4 .

I b id ., I , 9 2 , c . 1 .

6 5 .

I b id ., I , 1 00 , c . 8 ; 1 05 , c c . 1 2 , 1 5 .

6 6 .

N icho lson , L a ter M idd le Ages, p . 4 36.

6 7 .

I b id ., p . 5 05 .

6 8 .

Br it . Museu m R oya l MSS . 1 7 DXX , e d i ted i n J . P inker ton , H istory o f

9 2 , c . 1 ;

1 05, c . 1.

S cot land ( 1797) , I , 5 03 . 6 9 .

J . L es ley , H istory o f S cot land ( Banna tyne C lub, 1 830) ,

7 0 .

Acts o f t he Par l iamen ts, I , 1 18 , c . 3 .

7 1.

I b id ., I , 1 06 , c . 4 .

1 14

P .

4 8 .

THE BLACK MONEY OF JAMES III Joan E. L. Murray.

The black money of James III which was cried down after the Lauder epi­ sode in 1482 is of obvious interest to Scottish historians. In the absence of any detailed records of that coinage, and in particular of the royal profit from it, it is natural to hope that numismatists might throw some light on the sub­ ject, but one may say that they have instead tended to obscure it. The editor of the Exchequer Rolls quoted R. W. Cochran-Patrick, 'that very high autho­ rity', who considered that the billon placks .were part of this black money, a view which now appears to be untenable - and indeed the editor appreciated some of the difficulties of accepting this.1 The following is an attempt to fill in some of the gaps, while explaiping the numismatic problems. It has been prepared hurriedly, after more than one aspect of the subject had come up in the discussions at the Symposium, and I am very conscious that further re­ search would be an advantage. I also regret that there has not been time for consultation since then, although I have had the benefit of exchange of ideas and material in the past. In 1967 Dr. Norman Macdougall, who was then writing his Glasgow doctoral thesis on the political history of James III's reign, enquired about the black money, and discussion with him drew my attention to the desfrability of a revised numismatic treatment of the subject. It was Mr. Ian Stewart who soon afterwards tentatively suggested to me the possible identi­ fication of the black money which I here advocate (with his permission), but his attitude to it at the Symposium was decidedly more cautious than mine and the responsibility for opinions expressed here is of course my own. It would be helpful if contemporary usage of the terms white and black money could be accurately defined, but the fact is that there was no universal dividing line between the two types. In Engfa,nd, where the native coinage was then only in fine gold and silver, white money meant silver, and the French billon 'blanks' could be referred to as being of copper. In France, because of se­ vere debasement and frequent mutations during the Hundred Years' War, the standard of fineness for the officially black money on a return to monnaie forte could be higher than the most recent standard for the blancs, although there was a considerable difference between the standards for the black and white coins at any one time. 2 It is thus necessary to rely mainly on the few Scottish records, not too far from the relevant date, which use the terms unequivocally. The copper farthings authorised in 1466 were certainly described as black in the mint accounts and in later acts of parliament, 3 although some brass speci­ mens are known, which would hardly have been black in appearance. The particular coins of other realms which were named in 1469, as black money which was not to be current in Scotland, 4 were however of base billon. The French deniers were then about 8% silver, while the mailles were baser, and the mites of Flanders were still worse, at 2% silver in 1466. The white Scot­ tish pennies which in 1468 were to be full legal tender until the next parliament 5

115

were c er ta in ly o f g ood b i l lon , a t a bou t 5 0% o n t he e v idence q uo ted b e low . T here was p robab ly n o d is t inc t ion b e tween t he t er ms ' b lack money ' a nd ' b lack s i lver ' :

c er ta in ly t he mean ing o f money i n g enera l f or t he word s i lver i s i n-

d ica ted i n t he c ase o f J a mes I V 's g i f ts o f d r inks i lver a nd b r id les i lver , wh ich were g enera l ly i n g o ld , j udg ing b y t he s ums o f money i nvo lved . E ven i f we k new wha t was c ons idered t o b e t he b oundary b e tween wh i te a nd b lack money a t t ha t d a te , i t wou ld o f ten b e d i f f icu l t t o t e l l f ro m t he l ook o f a b i l lon c o in n ow whe ther i tq ua l i f ied a s wh i te .

I n o ther c ases , h owever , c he m i-

c a l c lean ing may h ave l e f t i ta s s i lvery i n a ppearance a s when i ssued .

T he

s tandard min t ing p rocesses c aused s ur face e nr ich men t , b ecause t he c opper i n t he a l loy o x id ises more r ead i ly t han t he s i lver , p ar t icu lar ly when h ea ted , a nd i t was n or ma l p rac t ice t o r e move o x id isa t ion b y b lanch ing i n weak a c id .

T h is

l e f t d epress ions i n t he s ur face o f t he c oin b lank , b e tween s i lver p ro m inences , a nd s ubsequen t s tr ik ing s pread t hese p ro m inences t o g ive a n a l mos t c on t inuous s ur face l ayer o f s i lver , a n e f fec t wh ich wou ld a pp ly i n c o ins a s b ase a s a bou t 8 0% c opper , a ccord ing t o o ne a u thor i ty 9Quan t i ta t ive a na lys is o f t he me ta l i s o f c ourse g rea t ly t o b e p re ferred t o e ven t he mos t e xper t j udg men t b y i nspect i on , b u t i ti s n ecessary t o e l im ina te t he e f fec t o f s ur face e nr ich men t f irs t . I th ad b een h oped t o a na lyse s o me o f t he c o ins i n t he Ox ford c o l lec t ion n ond es truc t ive ly , f o l lowing t he d iscuss ions a t t he S y mpos ium , b u t mos t u n for tun a te ly t he X -ray f luorescence e qu ip men t a t t he R esearch L abora tory d eve loped af au l t v ery s oon a f terwards , p u t t ing i to u t o f c omm iss ion f or s o me mon ths . The n arra t ive s ource wh ich g ives mos t d e ta i l a bou t t he b lack money i n 1 482 i s as hor t a nony mous c hron ic le a ppended t o o ne manuscr ipt o f Wyn toun 's h ist ory a nd p r in ted i n P inker ton 's H is tory o f S co t land .

7

Th is c on te mporary c hron i-

c le , e nd ing i n t he a u tu mn o f 1 482 , i s g enera l ly c ons idered t o b e r e l iab le . The r e levan t p assage r eads a f o l lows :Th ir was a ne g re t h ungyr a nd d e id i n S co t land f or t he b o l l o f me i l l was f or f our p und is , f or t h ir was b lak c unyhe i n t he r ea l me s tr ikk in a nd o rd iny t b e k ing J a mes t he t hred , h a l f p ennys a nd t hree p enny p ennys i nnu merabi l l o f c opp ir , a nd t ha i y e id t wa y ere a nd mair .. And t ha t s a m myn y ere i n t he mone th t o f J u l i j t he k ing o f S co t land p urposy t t i l l h al f p assy t i n I ng land w i th t he p ower o f S cot land a nd p assy t o n g a i twar t t o L awdyr , a nd t har t he l ord is o f S cot land h e ld t ha ir c onsa i l l i n t he k irk o f L auder a nd c ryi t d owne t he b lak s i lver . The E d inburgh c us tu mar 's a ccoun t f or Oc tober 1 482 t o J u ly 1 483 i nc ludes a p ay men t o f £ . 180 1 6s . o n t he k ing 's b eha l f ' t o t he werk men t ha t wroch t t he b lac money o f o ure c o m mand ' , wh ich c on f ir ms t ha t t h is was i ndeed a r ega l c oinage .

8

T h is i s i n a ny c ase e as ier t o a ccep t t han P i tscot t ie 's v ers ion , t ha t t he k ing h ad a u thor ised ' ane n ew c our teour s tar t wpe c a l l i t C ouchren .. t o s tra ik c onye o f h is aw in a s h e h ad b en a ne p r ince '9

There i s n o n eed t o q uo te t he o ther e ar ly

h is tor ians , a s t he n u mber o f t hose who a ssocia ted C ochrane w i th t h is b lack money i s n o c on f ir ma t ion o f t he t ru th o f t ha t a ssocia t ion .

T he wr i ter o f t he

H opetoun manuscr ip t e n t i t led ' Anen t C uny ie a ne amp le d iscourss ' a lso r e ferred t o ' sa b ass money a s t he l yke w es n ever s en C ochran is d ay is ' , wr i t ing a bou t ac en tury l a ter , b u t t here i s n o r eason t o b e l ieve t ha t h e h ad r e l iab le e v idence , e .g . i n min t b ooks , f or t ha t d is tan t p er iod .

1 16

1 0

P i tsco t t ie c on t inues :

' And q uhen

the wyffis wald refuse the said cunyie quhilk wes callit ane Couchrinis plak and said to him that it wald be cryit doun ... ', and there is ample record evi­ dence of refusal of the black money, at a higher level than 'the wives', both in the Exchequer Rolls and in legal actions before the lords auditors or the lords of council - sources which ·numismatists have apparently not previously taken into account in this context. Several of the legal records referring to the time of the black money do not necessarily concern payments in that form, but they are informative about the valuation of the gold and fine silver coin at that time. One of the most clearly phrased decisions was in April 1485, specifying payment in gold and silver 'as it had course in the tym of the blac mone/ that is to say the Inglis groit for ijs. & gold and al vthir money as it was proclamyt to the said tym or the avalei th;irof' ;11 and the phrase about the English groat occurs in several other cases of 'solutio post declamationem nigrae monete'. It is fairly certain that this was the heavier pre-1464 English groat, which was the commonest silver coin in circulation in Scotland at the time, as shown by hoards and documents. One example, which details the gold and silver coins for a payment of 100 crowns in 1485, has no silver coins except £14 of English groats at 16d. each and £4 of English Edward groats at 12d. each.12 Another case, in 1483, doubt­ less referred to the pre-Lauder valuation although not specifically mentioning the time of the black money; the decision included that payment of £15 should be made in 'auld hare (Harry) gratis, outher Lundon or Calise, ilk grate for ij�., like as he is bund .... be his obligacioun'.13 Known currency values of this old English groat and of one representative gold coin, the Scottish demy, are tabulated below, to illustrate the complex revaluations of James III's reign.14 Date

Old English groat

Demy

1451 1456 1467 1468 July 1471

12d

9s 10s 12s 10s

Oct Oct Oct

April 1474 Nov 1475 Before July 1482 July 1483 Jan 1485 1488

16d 13d

12s 13s 4d

2s

14s

16d

Comments

As before October 1467. Some 'excrescencia antique monete' since July 1470. At the time of the black money.

14s

In the actions mentioned above the judgments were clearly in accordance with the act of parliament of October 1467, which ordained that any debt incurred before the revaluation of that date was to be paid in money of the same intrinsic value - 'the samyn sowmis in substance as was intendyt ... and proporcionally in pundis and schillingis of the recknynge that sal be in tyme to cum to ryse with the money lik as it geide of befor'.15 On the same principle some refusal of black money was held to have been justified. Thus in October 1483, although a case was referred to the spiritual court for determination the lords stated 117

t he l ega l p os i t ion ' becaus i tc oncern is o ur s overane & t he h a le r ea l me a nen t t he o f fer ing & p ay men t o f b lac mone b ecaus t he d a i t o f t he c on trac t .. was b efor t he c ours o f o ny b lac mone a nd p a men t p ro f fer i t i nb lac mone t ha ir for o rdan is t ha t p ay men t b e made o f t he s a id s ou mez o f t he mone t ha t h ad c ours t he t y me o f t he mak in o f t he c on trac t o r e l l is o f t he mone t ha t n ow r ynn is '.

1 6

I n ac ase t he p rev ious March , p ay men t o f £ 90 h ad b een a ccep ted

b u t t he r e ma in ing £ 90 wh ich was o f fered i n b lack money r e fused .

1 7

Th is

migh t s ugges t t ha t t he b lack money was l ega l t ender f or n o t more t han t en s h i l l ings i n t he p ound , b u t t here i s n o i nd ica t ion o f a ny s uch r es tr ic t ion i n t he o ther c ases a nd t he e xp lana t ion c ou ld we l l b e t ha t t he o b l iga t ion i n t h is c ase h ad s pec i f ied h a l f g o ld a nd s i lver a nd t he r es t i n u sua l money o f S co t land : t he 1 467 a ct o f p ar l ia men t h ad i nf ac t l a id d own t he s a me p r inc ip le o f ma int a in ing t he i n tr ins ic v a lue o f p ay men ts when t h is c lause was u sed , b u t t here was p erhaps more s cope f or d oub t a bou t t he l ega l p os i t ion i n s uch a c ase . I n a n a c t ion i n Aberdeen b urgh c our t , c oncern ing £ 4 i nb lack money , ' t he s a id H enry g ran t i t h im t ha t t he s a id money was s uf f ic ien t p ay men t q uhen h e r essav i t i t , a s h e u nders tude ' .

1 8

A l toge ther t he e v idence t ha t t h is b lack money was

f u l l l ega l t ender a ppears t o b e s trong , a l though s uch a s ta te o f a f fa irs wou ld b e s urpr is ing a t t ha t p er iod , p ar t icu lar ly i n v iew o f t he c essa t ion o f t he e ar l ier c oinage o f c opper f ar th ings i n 1 467 a nd t he r es tr ic t ions o n t he ir p assage :

i n

1 466 t hey were o n ly r equ ired t o b e t aken f or o ne s h i l ling i n t he p ound f or l arge s u ms , t h is l im i t b e ing r a ised t o t hree s h i l l ings i n 1 468 .

1 9

T he 1 482 c rying d own o f t he b lack money a ppears t o h ave b een e i ther c o mp le te d e mone t isa t ion ( bu t s ee A ppend ix f or t he h oard e v idence ) , o r e lse a p ar t icu lar ly d ras t ic d eva lua t ion .

I tp robab ly c o inc ided w i th a r e turn t o t he

r a tes i n f orce i n t he l a te 1 470 's f or t he g o ld a nd s i lver c o ins , a nd p erhaps a b igger c hange f or t he b i l lon .

T he b es t e v idence a bou t t he v ir tua l i fn o t c o m-

p le te d e mone t isa t ion i s i n t he E xchequer R o l ls .

I n Oc tober 1 482 , t he r ecord

men t ions £ 51 o f t he f er ms o f C arr ick ' quas a ssent c o mpo tans r ec ipisse i n n igra moneta , l i ce t n on s o lvent i n t e mpore '• 20 L ikew ise t he c us tu mar o f E d inburgh h ad p ar t o f t he c us to ms i n h is h ands i nb lack money when t ha t was ' subi to d ec la ma ta t s o t ha t h e c ou ld n o t s pend i tf or t he k ing 's u se n or h is o wn , f or wh ich r easons h e was a l lowed £ 440 o f h is a rrears i n 1 484 .

2 1

H is t ota l

a rrears f ro m t he p rev ious a ccoun t were £ 484 1 3s . 2 'I 2 d . ( and o ver £ 1500 f ro m 1 482 ) , a nd i ti s h igh ly p robab le t ha t t he f u l l s um o f b lack money i nvo lved was t h is £ 484 o dd , t he £ 44 1 3s . 2 1 -d . wh ich was n o t wr i t ten o f f b e ing e i ther t he i nt r ins ic v a lue o f t he d e mone t ised c oin o r a t l eas t a n u pper b ound t o t h is . ( The 1 474 c os t o f b rass , q uo ted b e low , i n f ac t s ugges ts a much l ower i n tr ins ic v a lue .) A r eva lua t ion wh ich r a ted a l l t he b lack c oins a t f ar th ings wou ld f i t t h is e v idence , w i th mos t o f t he money i nc luded i n t he t ota l b e ing t he t hreepenny p ieces , a s o ne wou ld e xpec t ;

a nd w i th t he n a tura l a ssu mp t ion o f ar e turn t o l im i ted t ender

f or t he c opper p ieces i tm igh t a lso b e c ons idered t o f i t t he o ther r ecords s how ing t ha t t h is money c ou ld n o t b e u sed .

Ano ther o f t hese c oncerned t he f er ms o f

K inc lav in f or Wh i ts un 1 482 , wh ich t he c o mptro l ler h ad r e fused ' ex e o q uod n ol uerun t d are n is i n igra m moneta m ' a nd ' i l la moneta e ra t d ec la ma ta e t s ic d eperd i ta ' ;

h ere t he a rrears were c ance l led i n 1 487 ' ex c ons iderac ione d om i-

n oru m c onc i l i i e t a ud i toru m ' .

2 2

The l ords o f c ounc i l a lso d ea l t w i th a n a c t ion

a bou t t he ma i ls o f S tra thearn , i n March 1 483 , a nd p roo f was t o b e made t ha t s o me p ay men t was o f fered i nb lack money a nd r e fused .

1 18

2 3

There are strong reasons against identifying the billon placks as part of the black money. They were certainly officially current coin in 1485, although apparently viewed with some suspicion, since the king in parliament needed to command that they should 'pas & have cours universally throw out the realme'. 24 Both old and new placks were withdrawn in 1486, 'declamatis pro duabus partibus' and to be taken at the mint at twopence each, counterfeits too. 25 This surely indicates that their intrinsic_ value was no less than two­ pence in 1486, which does not agree with the black money being almost value­ less after Lauder. Numismatists have remarked on the James III placks being much finer than those of James IV and V, and their judgment that these were white money is confirmed by analysis of the metal, carried out by the British Museum Research Laboratory. 26 Small samples from each of four placks of the first issue showed silver percentages of 37. 5, 43.0, 42. 2 and 16.1 respectively. The first three figures agree with the standard quoted in 1473 as five shillings of fine silver in the ounce, 27 which I interpret as five­ twelfths or 41 %, on the assumption that the fine silver was already priced as in 1475. The much lower percentage of silver for the fourth plack may possibly be due to a debasement, particularly as this coin is from one of the two latest obverse dies, distinguished by mixed saltire and colon stops, but one would need further analyses of these later placks before accepting this, as the ex­ planation may lie in non-uniformity within the coin; this is unavoidable with alloys, except in the particular proportion known as the eutectic, and could affect such small-scale analyses. In the case of the placks referred to as new in 1486, of which the type was first identified in 1955, 28 no analysis is avail­ able, but visual examination of the very few known specimens suggests that the alloy was much the same as for the first issue. Finally, there is documen­ tary evidence that the distinctly baser placks of James IV were classified by the Scots as white money in 1514, when £30 out of a sum of 100 merks was paid 'in moneta alba viz. plakkis and penneis'. 29 The small billon pennies of James III are more varied in fineness than the placks. In this case no analysis is available, but some years ago Mr. R. B. K. Stevenson consulted Professor Bell of Heriot-Watt College on the subject, and they made some tests with a fluid which reacts by different colour changes to contact with silver of varying fineness. Mr. Stevenson emphasised that the results are only indications, and that many more coins would need to be tested to get the best results possible by this method, because of the variation found and difficulties like surface enrichment. Nevertheless I believe that these re­ sults are worth quoting here. 30 Pennies

% silver

Corresponding to crown groats James III class A B C D James IV, class I and II

50+ c. 50 (Near to the indication listed for copper) (Distinctly more coppery than A) 50 to 80 (The indication listed for copper, although they have quite a silvery look)

119

There are difficulties over dating some of the changes in these pennies. Class D ones, which are very rare, by their portrait certainly correspond to the groats with three-quarter face portrait, at the weight standard intro­ duced in February 1484, and these pennies are probably later than May 1485, as the authorisation to strike pennies then, limited to one ounce in fourty of silver, 31 probably means that the coinage of billon pennies had been inter­ rupted, perhaps since 1482. A reversion dated March 1489 mentions payment in 'halfpenys quhilk wer umquhile pennys' of £22 out of £200, but no pennies, 32 so presumably very few pennies had been struck since this devaluation to half­ pennies. It may be assumed to have affected all billon pennies of the standard type, i. e. the first two of the table above as well as the baser class C, which is much commoner. Class B pennies, which have a distinctive reverse type, appear to be contemporary with late class C ones, and it is possible that they were issued as halfpennies, since the Latest known halfpenny at half the weight of a penny belongs in class A, contemporary with the first issue placks and the earlier light groats. Although the pennies of classes B and C do not as obviously qualify as white money as do the placks and the other classes of bil­ lon penny before 1482, the combination of the 1514 record of pennies as white money and the 1489 one of the current value of what were formerly pennies makes it very unlikely that these could have been part of the notorious black money. Having thus found reasons, over and above the chronicler's description of the black money as copper, against identifying any of the billon coins of James III as black, it remains to consider the coins of that period which have always been accepted as of copper, or (less frequently) of brass. Although here too it would be more satisfactory to determine by analysis whether there is any trace of silver, there is no doubt that these were black money to the Scots of the time. There are four types of coin known as farthings, two being associated with the 'coppir money, four to the penny' ordered in 1466. Neither type ex­ actly fits the description in that act of parliament. The first (Stewart fig. 11 3 ) 3 3 has the St. Andrew's cross and the crown on opposite sides as seems to be in­ tended, but nothing to fit the phrase 'ane R with James on the tother part'; the second (Stewart fig. 114) has IR crowned on the obverse and the saltire en­ vironed with a cross on the reverse, which is perhaps as intended in the act. Possibly some of the copper coins, perhaps the first of these two types, were struck before this act in 1466, since the mint accounts in 1468 refer to a part of the copper coins having 'in principio fabricacionis' had course as halfpennies, not farthings. The remaining two types of copper coin of about the same size have been called ecclesiastical farthings. They were first published in 1919, from the find at Crosraguel Abbey, and Macdonald (later Sir George) ascribed them to a mint there, 3 4 on evidence later discounted. The reverse types of both are related to that of the light groats of James III, perhaps introduced in 1467, in having mullets in the angles of a long cross, partly reviving the corn mon type of the pre-1 3 9 3 silver. What is presumably the earlier of these copper issues has IR crowned on the obverse, like the undoubted farthing, and mullets alternating with crowns on the reverse (Stewart fig. 100). The other (Stewart fig. 101) has a very distinctive obverse with no inscription, the main feature being three fleurs-de-lis within a trefoil, with central mullet: the reverse has mullets in all four angles of the cross, in this case a cross ·neury reminiscent of that on the placks. Both carry the reverse legend MONETA 120

PAUPERUM, abbreviated. Either or both of these might be the 'halfpenny penny' of the contemporary chronicle, particularly as the weight of such a coin could reasonably be expected to agree with that of the earlier farthings, since the currency value of the old English groat was practically doubled be­ tween 1466 and the time of the black money. Of the two, the distinctive tre­ trefoil-lis type is perhaps the more likely, as the old farthings might still have retained their original value. A larger and commoner copper coin of the period has been named Cros­ raguel penny or, more recently, Bishop Kennedy penny; it is here referred to as Crux Pellit penny, after the reverse legend. The obverse type is orb and cross, the latter extending into the legendary circle and serving also as initial mark, while the reverse type is a Latin cross in a tressure of four arcs, with varying ornament on the cusps and in the spandrels. Stewart figs. 95 to 99 show the main classes, distinguished chiefly by the tilt of the orb, as shown by the curve of the bands, and by its decoration. The weight is about four times that of the farthings, with a wide range of weights for both denominations, as is natural for such small base coins, cut by hand. The Crux Pellit pennies may well have been struck at 16 to the ounce, the recorded weight standard of the billon bawbees introduced in 15 3 8 and of Mary's placks in 1557, and per­ haps that of the earlier placks too (for which 15 to the ounce was suggested by Burns). These pennies are smaller and thicker than the James III placks, but are certainly the only copper coins to which the name Cochrane's placks could plausibly be given, since plack, like groat, was a name applied to a large coin. There is, of course, no certainty that this was indeed the contemporary popu­ lar name, but there are later cases where a personal name other than that of a mint official was attached to a coin type. 35 Following Mr. Stewart's sug­ gestion, I am fairly confidently identifying the Crux Pellit pennies as the 'three­ penny pennies' of the contemporary chronicle. One point which might be argued against this is easily covered: the Crux Pellit coins do not appear to have been struck at six times the weight of the possible black halfpennies, but for a coinage of such negligible intrinsic value it was clearly unnecessary for the official currency values of the different denominations to be in accordance with the relative weights - if a coinage of only token nature was acceptable at all, which was of course the difficulty. It was already necessary to distinguish the fine silver groats, the baser ones, and the placks by type rather than by size. It is perhaps necessary first to explain the probable reasons why numis­ matists have largely neglected this possible identification, when the attraction of fitting a large, inadequately explained and apparently undocumented coinage to one of much the same period for which we have only documentary evidence (itself inadequate) appears so obvious, once the idea has been put forward. The inscription on the obverse normally reads IACOBUS DEI GRA REX with­ out the country, although one specimen with S for Scottorum has now come to light, and this partly explains how it was possible for a variety of wrong attri­ butions to be current in the nineteenth century. Two earlier antiquaries had in fact described these coins as Scottish: George Martine, who attributed them to Bishop Kennedy, 36 and Ralph Thoresby, who in 1715 listed one under James III. The latter, who could not read the reverse legend further than Crux, wrote: 37 'Quaere, Whether this be one of the Fardinges Statute for the 121

E ase a nd S us ten ta t ion o f t he K ing is L ieges ' ( i n 1 466 ) , ' or o ne o f t he B lack P enn ies s o o d ious t o t he v u lgar ' c r ied d own i n 1 482 .

C ochran-Pa tr ick c er-

t ain ly k new t h is work o f Thoresby 's , a nd t h is may h ave p ro mpted h is e nqu iry t o G eorge S im , t o wh ich t he l a t ter r ep l ied i n A pr i l 1 873 : 38 The sma l l c opper c o ins a re o f J a mes I o f Aragon 1 291-1327. The r ev , b eg ins w i th " Crux" , b u t a f ter t ha t word t here a re v ar ied r ead ings .. T hese c oins a re v ery o f ten f ound i n S co t land mixed w i th P lacks o f S co t t ish k ings o f t he s a me n a me a nd Ih ave g rea t ly d isappo in ted s o me c o l lec tors when Ih ave c onv inced t he m t ha t t hese c oins a re r ea l ly f ore igners .

P erhaps t hey c ircu la ted i n S co t land a t at ime

when s o me p eop le wou ld n o t k now a ny d i f ference b e tween t he m a nd t he S co t t ish c o ins . .. T he l a te P ro fr C hr is t mas w as t he f irs t who t o ld me wha t t hey were . I tn ow s ee ms r e markab le t ha t b o th t hese d is t ingu ished S co t t ish ama teurs s hou ld h ave d e ferred t o r ece ived o pin ion , i n t he f ace o f t he f ind e v idence .

S im a c ted

a s h onorary c ura tor o f c oins f or t he N a t iona l Museu m o f An t iqu i t ies o f S co tl and , a nd was o bv ious ly wel l p laced t o k now a bou t t hese m inor f inds , a s we l l a s s tudy ing h oards wh ich r eached t he E xchequer .

C ochran-Pa tr ick d id n o t

h es i ta te t o p u t f orward h is own a rgu men ts a bou t t he a t tr ibu t ion o f S co t t ish c o ins , when i n terpre t ing t he r ecords wh ich h e s o u se fu l ly a sse mb led , b u t Ik now o f n o e v idence i n h is o ther i nco m ing n um is ma t ic c orrespondence n or i n h is p ubl ished works t ha t h e p ursued a ny f ur ther t he s ub jec t o f t hese c opper c o ins . E dward Burns was t he f irs t t o p ubl ish t he e ar ly b lack f ar th ings w i th t heir c orr ec t a t tr ibu t ion , b u t h is C oinage o f S co t land g ives n o s peci f ic c ons idera t ion t o t he l a ter b lack money a nd u nders tandab ly i gnores t he C rux P e l l i t c o ins . I np ub l ish ing t he C rosrague l f ind a nd e s tab l ish ing a s S co t t ish t he C rux P e l l i t c o ins a nd t he r e ma in ing t ypes o f b lack ' f ar th ing ' , Macdona ld c ons idered a t s o me l eng th t he d ocumen tary e v idence a bou t t he e ar ly f ar th ings a nd q uoted t he c on te mporary c hron ic le a bou t t he b lack money c r ied d own i n 1 482 .

H e

p oin ted o u t t ha t t he p lacks a nd p enn ies were o f wh i te b i l lon a nd c la i med t ha t C ochran-Pa tr ick 's e xp lana t ion o f t he a l lus ions t o b lack money a s r e ferr ing mere ly t o t hose h ad n ow b een s wep t away .

A l though h e ' pos i t ive ly a sser ted

t ha t d ur ing t he f i f teen th c en tury c opper c o ins were c urren t i n S co t land t o a much l arger e x ten t ' t han p rev ious ly s uspected , Macdona ld d id n o t o f fer a ny i den t if ica t ion o f t he r ega l b lack money d ecr ied i n 1 482 , b ecause h e b e l ieved h is t heory o f a n e cc les ias t ica l min t a t t he a bbey , a nd e ven c ons idered t he c o ins o f k nown r ega l t ypes i n t he f ind a s l ikely t o b e c on te mporary im i ta t ions . I n 1 950 Mr . S tevenson r ea t tr ibu ted t he C rux P e l l i t p enn ies t o B ishop Kennedy , wh ich i s f ar more s a t is fac tory - i fa n e cc les ias t ica l o r ig in i s t o b e s ough t -s ince t he b ishops o f S t . Andrews d id h ave t he p r iv i lege o f s tr ik ing c o ins , a nd t he o rb a nd c ross was t he p r inc ipa l c harge o f t he a r ms o f S t . S a lva tor 's c o l lege f ounded b y B ishop K ennedy ,

H e a lso d iscoun ted wha t Macdona ld

h ad c la i med t o b e e v idence o f m in t ing , i n t he f inds a ssoc ia ted w i th t he c oins . Doubt h as a lready b een c as t o n t h is a t tr ibu t ion i n i ts t urn :

3 9

a l though Mr .

S tewar t a dopted i ti n T he S co t t ish C oinage ( 1 955 ) , h e h as s ince t hen wr i t ten t ha t ' i t i s q ues t ionab le whether e p iscopa l i ssues wou ld h ave b een o n s uch a l arge s ca le a s i s imp l ied b y t he v ar iety a nd d ispers ion o f t hese c opper p enn ies , 1 22

even if they were continued by Kennedy's successors'.40 The coinage rights of the bishops of St. Andrews, which may not have been exercised later than John Balliol's reign, need not be understood as more extensive than those of some English sees, to stri�e silver coin at the same standard as the king's mints, retaining the seigniorage or profit. There are some objections to dating the Crux Pellit pennies as early as Bishop Kennedy, although the evidence is somewhat tenuous. In general, close numismatic dating is possible only by comparison with other coins for which the date range is determined by other means; a good example is the use of the episcopal marks on Durham coins to date other Edwardian sterlings, the dies being made at a common centre, London. Hoard evidence can also be valuable, but it does not help for these copper coins, which typically occur as site finds in excavations, as considered by Mr. Rigold supra, or have been picked up from sands round the Scottish coast. Even if these were regal, as I believe, they did not necessarily share any punches for the lettering and ornamentation of the dies with the more datable silver and gold, nor indeed with the billon pennies. However, there are some details of the Crux Pellit pennies which 'perhaps reflect the ornamentation of Scottish regal coinage as late as the 147 0s or 1480s'. 41 One .frequent feature of their lettering, which is not found on the silver before 147 5, is a peaked top to the Gothic A, and a similar peak inside the C; but admittedly a similarly peaked O is found on the placks dating from before 1473. Both the open and closed form of C are found on the Crux Pellit pennies, whereas the closed form is regular on the undoubted coins of James III after the end of the crown groat coinage (perhaps in 1467), but it is perhaps easier to accept a continuation of an out-of-date style of lettering on the petty coins than that an innovation should originate there. Macdonald in fact used a similar argument to give a later date, as he assumed that the use of the cross which tops the orb as the initial mark of the inscription too was copied from the three-quarter face portrait groats intro­ duced about 1485 (the preferred date is now 1484). I discount this, because the natural positioning of the orb in the centre of the coin almost forces the designer to extend the cross into the legendary circle, and I do not think it necessary to look for a precedent. Various calculations may be made, in an attempt to discover the likely profit to the king from the black money, but naturally they largely depend on the identification of the coins themselves. One further record of an action before the lords of council appears to be highly relevant to the question of how much the coins cost to mint. In April 1485 Gilbert Fish claimed from George Robison £104 'for certane stuff of copper' extending to 21 stone 11 pounds weight, and £64 for graving of irons, but the case was dismissed because Fish admitted that it was in the king's name that Robison took delivery of this copper stuff and at the king's command that he had 'prentit the said irnis'. 42 Coinage dies were normally referred to as irons; Gilbert Fish was a known coiner in this reign, being associated with Berwick groats; and the Treasurer 7 s accounts and Exchequer Rolls have no mention in the Index of any use of copper, although brazen guns or gun parts occur. The conjunc­ tion of these facts pointing to this being a reference to the black money is strengthened by the knowledge that Robison (not yet serving as Comptroller) was the same Edinburgh customer whose account in 1483 included payment to 123

t he work men who made t he b lack money . 43 T he s um o f £ 104 i s a l mos t e xa c t ly a t t he r a te o f s ix s h i l l ings p er p ound o f c opper , wh ich i s ap laus ib le r a te f or t he f abr ica t ion , o r p oss ib ly f or t he me ta l i t se l f .

We h ave f or c o mpar ison

t he c o iner 's e xpenses f or s tr ik ing g roa ts f ro m t he q ueen 's s i lver i n t he a cc oun t ing p er iod 1 459-64 , a t t he r a te o f 2 s 8 d p er p ound , 44 a nd t he 1 557 f igure o f 1 0s p er p ound

f or p enn ies a nd t es toons a l ike . 45

Ih ave n o t b een a b le t o f ind a r ecord o f t he p r ice o f c opper a round 1 482 , b u t 3 5 p ounds o fb rass f or t he a r t i l lery c os t 4 0s i n 1 474, i nc lud ing c arr iage , 46 Wi th s o me a l lowance f or r eva lua t ion , t he p r ice o f c opper a t t he t ime o f t he b lack money c an h ard ly h ave b een more t han 2 s p er p ound . A dd ing 6 s f or t he work , t here wou ld b e a bou t 5 6s p ro f i t p er p ound w e igh t , o r s even-e igh ths o f t he o f f ic ia l c urrency v a lue o f 6 4s .

I ti s o bv ious t ha t t hese c a lcu la t ions i nvo lve

s evera l weak l inks , b u t t ha t sma l l a d jus t men ts t o t he f abr ica t ion c harge o r t o t he c os t o f t he me ta l ( where a l ower e s t i ma te m igh t e as i ly h ave b een t aken ) wou ld n o t make much d i f ference t o t he p ropor t ion o f p ro f i t .

I ti s c er ta in ly

h igher t han t ha t g iven f or t he b ase b i l lon p enn ies o f Mary 's r e ign , a t a bou t t hree-eigh ths a s r eca lcu la ted b y Burns ,

4 7

b u t p robab ly q u i te c o mparab le t o

t ha t f or t he b ases t i ssue o f h ardheads o f t ha t r eign . One w ou ld a lso l i ke t o b e a b le t o e s t i ma te t he s ize o f t he i ssue o f b lack money , o r a t l eas t o f t he C rux P e l l i t p enn ies .

I n t he l as t t wo d ecades n um is-

ma t is ts h ave g iven c ons iderab le a t ten t ion t o t he t wo a spec ts o f u s ing t he e x tan t c oins t o c a lcu la te o u tpu t , n a me ly wha t was t he a verage n u mber o f c oins s truck p er d ie i n p er iods f or wh ich t here a re b u l l ion f igures , a nd h ow s hou ld t he n u mb er o f d ies b e e s t i ma ted .

F or t he l a t ter , t he e s tab l ished s ta t is t ica l method

r equ ires a na lys is o f as u f f ic ien t ly l arge s a mp le o f c o ins t o g ive a r e l iab le e s t i ma te o f t he p ropor t ion o f d ies u sed more t han o nce i .e . o f t he n umber t o b e e xpec ted i n a no ther s a mp le o f s im i lar s ize . 48

Un for tuna te ly n o s uch a na-

l ys is i s a va i lab le f or t he C rux P e l l i t p enn ies , l e t a lone t he sma l ler c opper c o ins o f t he p er iod , f or wh ich t he s a mp le wou ld p robab ly b e t oo sma l l t o a l low t h is .

Wha t i s a va i lab le t o me i s ac a ta logue p repared b y t he l a te Mr . K err ,

l i s t ing 1 04 C rux men ts .

l l i t c o ins b y o rb t ype , f or m o f i nscr ip t ion , s tops a nd o rna-

D iscard ing h a l f o f t hese b ecause t he f or m o f t he i nscr ip t ion i s q uer ied

a nd c ons ider ing t he o bverse d ies o n ly , t hey f a l l i n to 3 5 c a tegor ies , o f wh ich 9 h ave more t han o ne s pec i men .

Doub t less s o me o f t he mu l t i-spec i men c a tegor ies

i nc lude more t han o ne d ie , a nd t hree - w i th 5 , 4a nd 4 s peci mens - c ou ld c onc e ivab ly y ie ld e x tra n on-s ing le ton d ies , b u t more o f t hese c a tegor ies a re l ike ly t o p rov ide e x tra s ing le tons o n f u l l a na lys is , a nd r educe t he n u mber o f n on-s ing letons .

Is ha l l t hus q uote t he f igure o bta ined o n t he b as is o f 9r epea-

t ed d ies among 3 5 , wh ich i s a bou t 2 00 " e f fec t ive d ies" , w i thou t s ta t ing c on f id ence l im i ts - t he n or ma l s ta t is t ica l t rea t men t wou ld d ea l w i th v ar iabi li ty b e tween s a mp les ,

r a ther t han w i th t he u ncer ta in ty a bou t t he t rue n u mber o f

n on-s ing le ton d ies w i th in t h is s a mp le . t ha t t h is i s a n u nderes t i ma te . i nscr ip t ions ,

Two p o in ts may b e made wh ich s ugges t

O f t he 3 5 c a tegor ies , 1 9 h ave u nusua l o bverse

e i ther s pe l l ing mis takes o r u se o f s o me f or m o f t he r everse

i nscr ip t ion , o r h ave e xcep t iona l o rna _m .en tonthe o rb , a nd t hese r epresen t o n ly 2 1 s pec i mens .

Ih ave a lso d one a f u l l c o mpar ison o f 1 9 s peci mens , n o t o ver-

l app ing w i th t he 2 1 u nusua l o nes i n K err 's l i s t , a nd t here i s o n ly o ne o bverse d ie o ccurr ing more t han o nce among t hese .

T he e f fec t ive n u mber o f d ies

i s ac onven ien t t er m t o e xpress t he n u mber wh ich wou ld a ccoun t f or t he who le o u tpu t , i ft he ir a verage o u tpu t was t he s a me a s f or t he k nown d ies . 1 24

Average outputs per obverse die have been determined for some periods of the English sterling coinages, as 39,031 for Edward I's reign and 28,187 for Edward II's, but much higher figures were possible. There are various caveats about applying thes� figures to the Crux Pellit coinage. Copper is a harder metal than silver, and the quality of steel used for the dies might not be the same in our case, while it is not certain that what we call the obverse, because it bears the king's name, was actually the pile die, which lasted longer on average than the trussel. If however we assume 20,000 coins per die, for the sake of argument, then we are considering 4 million coins and (at three­ pence each) a sum of £50,000 The tentative figure produced above can be examined for plausibility in several ways. At 16 coins to the ounce, it represents 250, 000 ounces or about 1000 stone weight. If the die-sinker was still paid at a penny for every 12 ounces coined, as at the beginning of the reign, this would come to about £9� This may be compared with the sum of £66 which Fish claimed for graving the irons, but of course that sum would not necessarily be the total charge over the period of this coinage, and on the other hand it might include other denominations and special payment for the punches and dies of a new coinage, as was customary towards the end of the sixteenth century. In comparison with the figures for the silver coinage, in the mint accounts for the reign, this would be a very high yearly mint output, if concentrated in something over two years, but in 1466 the intention was to strike £3000 of farthings 'countande to the silver', making 2,880, 000 pieces - not necessarily completed, since this farthing coinage was discontinued by parliament in 1467. Output figures for hardheads in 1558,49 when nearly 600 stones were struck in four months, indicate that the suggested rate of output could have been achieved without diffic4-lty, together with a smaller number of halfpennies. I hope that the degree of uncertainty in the above calculations will be fully appreciated. I should also point out that the quoted sum of money is in pre­ Lauder terms. If the king's profit is taken to be seven-eighths of that sum, and if it could be realised in gold and silver which lost only about a third of its value in 1482, then the post-Lauder figure would be about £29,000; but pre­ sumably there were in fact more losses at the devaluation than are recorded in the Exchequer Rolls, from black money already in the hands of the Treasurer or Comptroller, and some of the profit was expended on the war with England. We who are accustomed to the idea of coinages of little intrinsic value may think that copper was a better medium for a petty coinage than very base bilion, which may be considered a wasteful use of scarce silver. In discussing the Crosraguel find, Macdonald compared the Moneta Pauperum coins and the other copper money with tokens like the late seventeenth century ones in England, which fulfilled a genuine requirement for small change. He did make the caveat that the authors of this Scottish black money may have gone beyond regarding it as a token issue, when stating that it had 'the same economic justification as our copper coinage of to-day', but was condemned becaus� it 'shared the obloquy which rightly fell' on the debased silver. 50 I have little doubt myself that the black money of James III was condemned on its own de­ merits, although earlier experience of revaluations may have contributed to distrust of it. There may have been a devaluation of the placks when their coinage ceased in 1473 and they were to pass 'as thai ar of avale' after they 125

h ad b een a ssayed ,

5 1

b u t Is uspec t t ha t t he l a ter d i f f icu l t ies a bou t t he ir c ircu-

l a t ion may h ave b een a r esu l t o f t he t rau ma t ic e xper ience o f t he b lack money more t han o f t he e x is tence o f c oun ter fe i ts a nd t he s tandards o f t he p lacks t he mse lves .

ABBREV IATIONS ADA

The Acts o f t he L ords Andi tors o f C auses a nd C o mpla in ts , 1 466-94

ADC

The Acts o f t he L ords o f C ounci l i n C iv i l C auses

APS

Ac ts o f t he P ar lia men ts o f S co t land

ER

The Exchequer R o l ls o f S co t land

RCS

R . W . C ochran-Patr ick , Records o f t he C oinage o f S cot land , I( 1874 ) NOTES

1 .

ER I X , p .l xv i .

2 .

S o me e xa mp les o f French u sage a re ;

a . I n r eferr ing t o b u l l ion i n 1 351,

Jmarc d 'argen t b lanc , a l loyé a 4 d 8 gr ... e t a u d essus ... mare d 'argen t e nb i l lon n o ir , a2 d 8g ra ins d e by e t a u d essoubz i. f leur ... a i d 6 gr . 3 d . A .R .

i n 1 360 .

c .

b . ' B lanes ä l a

' Den iers d oub les n oirs , q u i s eron t a

i n J u ly 1 364.

3 .

ER V II , 5 80-1;

4 .

APS I , 9 7;

5 .

APS

6 .

L . C ope , " Sur face-s i lvered Ancien t C oins" i n Me thods o f C he m ica l a nd

8 8 ;

RCS

4 4.

APS I , 8 8 , 9 0 , 9 7;

RCS , 3 2 , 3 4 , 3 5 .

RCS , 3 5 . RCS , 3 4.

Meta l lurg ica l I nves t igat ion o f Anc ien t C o inage , e d . E .T . H a l l a nd D . M. Metca lf , Roya l Nu m is ma t ic S ociety S pecia l Publ ica t ion n o . 8( 1 972 ) , p . 2 61-278 . 7 .

B . M. R oya l MSS . 1 7 DXX i n J . P inker ton , The H is tory o f S cot land ( London , 1 797).

8 .

ER I X , 2 19.

9 .

R . L indsay o f P i tscot t ie , The H is tor ie a nd Chron icles o f S co t land ( S . T.S ., 1 899-1911), I , 1 69.

1 0 .

RCS , 1 06.

1 1.

ADC I , 1 15 .*

1 2 .

ADC I , 9 4 .*

1 3 .

ADC I , p . c xv i .

1 4.

APS f or 1 451 t o 1 468 . APS f or 1 475 .

1 5 .

APS I , 8 8 ;

ER V II I , 2 3 f or 1 471.

ADA , 1 22* f or 1 483.

RCS , 3 3 .

1 26

TA I , 6 9 f or 1 474.

TA Ip ass im f or 1 488 .

16.

ADA, 122*

17.

ADC II, cxxv.

18.

Extracts from the Council Register of the Burgh of Ab erdeen 1398-1570 (Spalding Club, 1844), 413.

19.

APS, II, 86, 88, 92; RCS, 32, 35.

20.

ER IX, 196.

21.

ER IX, 286.

22.

ER IX, 480.

23.

ADC II, p. cxxii.

24.

APS II, 172; RCS, 41.

25.

ER IX, 449. A.PS II, 174; RCS, 41.

26.

I am most grateful to Miss M. Archibald for arranging for this analysi$, in 1973. It was by atomic absorption spectrometry, on small samples scraped from the edges of the coins, avoiding the inclusion of corroded metal as far as possible. Besides the copper which was more than half in all 4 coins, tin and zinc were the most prominent metals, accounting for 2.3 and 6.0% respectively in the analysis of the fourth plack. The specimens were fragmentary coins from Perth hoard r-920), by kind permission of the then curator of Perth Museum, Mr. W. Davidson.

27.

APS II, 105; RCS, 36.

28.

I. Stewart, The Scottish Coinage (1955), 166, and "The Identity of 'The New Plakkis... "', BNJ XXVIII, 1955-57, p. 317-329.

29.

Protocol Book of James Young 1485-1515 (Scottish Record Society, 1952), No. 2066.

30.

Letters dated 31 December 1965 and 20 January 1966.

31.

APS II, 172;

32.

RCS p. cxxix, f. n. 3.

33.

Stewart figure references are to The Scottish Coinage (1955 or later edition).

34.

G. Macdonald, 'The Mint of Crosraguel Abbey', Numismatic Chronicle 4th ser. XIX (1919), 269-311. Reprinted from PSAS LIV, Session 191819, 20-44.

35.

Groats of James V were called Douglas groats, e. g� in 1554 - Acts of the Lords of Council in Public Affairs 1501-1554, 634. The coin name bodle is supposed to be derived from Bothwell, presumably Fran is Stewart earl of Bothwell in the late sixteenth century.

36.

Reliquae Divi Andreae, p. 108; pub. 1797, but with dedication dated 1683. Quoted in R.B.K. Stevenson, "'Crosraguel' Pennies - Reattribution to Bishop Kennedy", PSAS LXXIV, Session 1949-50, p. 111.

RCS, 40.

127

3 7. 3 8 .

R . T horesby , Duca tus L eod iens is , 3 91. L e t ters t o R .W . C ochran-Pa tr ick o n n um is ma t ic s ub jec ts a re p reserved i n t he f am i ly , a nd h is g rea t-grandson , H un ter o f Hun ters ton , mos t k ind ly g ave u s t he o ppor tun i ty t o s tudy t he m .

3 9 .

9£ . c i t .

( no te 3 6 ) ,p . 1 10 .

4 0 .

I . S tewar t , " Sco t t ish M in ts" , M in ts , D ies a nd C urrency e d . R .A .G . C arson ( London , 1 971 ) , 2 42 .

4 1 .

I . S tewar t , T he S co t t ish C o inage , S upp le men t 1 966 , 1 97 .

4 2 .

ADC I , 1 16* , 1 17* .

4 3 .

Ano ther p oss ib le c onnec t ion o f R ob ison w i th t he c oinage i s t he c ase d ec ided a f ew d ays e ar l ier , where t he mas ter c oiner T ho mas T od a nd t he s a me G i lber t F ish were r equ ired t o p ay h im £ . 110 , a ccord ing t o t he ir o b l iga t ion , i n g ood money a t t he p re-Lauder r a tes - ADC I , 1 15* . T he k ing a lso i ns truc ted t he a ud i tors

o f E xchequer i n 1 483 ' t ha t y e a l low

t o t he s a ide G eorge ' £ 146 ' t ha t h e h ad i n k ep ing o f o ur is a nd t ha t was t ak in f ra h im a t L awdre a nd w i thha ld in ' - ER I X , 2 19 . 4 4 .

ER V I I , 2 92 .

4 5 .

RCS , 9 9 ( Hope toun ms .)

4 6.

ER V I I , 2 16 .

4 7.

E . Burns , T he C o inage o f S co t land , I , 3 13-314 .

4 8 .

' The o n ly s i mple a pproach ... i s b y way o f ar e la t ionsh ip wh ich d oes n o t d epend o n t he a ssu mpt ion o f e qua l o u tpu t p er d ie , b u t r e l ies i ns tead o n t he a ssu mp t ion t ha t e very c oin s truck h ad a n e qua l c hance o f s urv iv ing t o b e i nc luded i n t he c orpus .

When t h is a ssu mpt ion i s v a l id , t he p ro-

p or t ion o f t he s urv iv ing c oins o f ag iven t ype wh ich a re n o t t he o n ly r epr esen ta t ives o f t he o bverse ( or r everse ) d ies f ro m wh ich t hey were s truck i s ag ood e s t i ma te o f t he p ropor t ion o f t he t o ta l o u tpu t o f t he t ype wh ich was was s truck f ro m t he k nown o bverse ( or r everse ) d ies '- S . L yon , i n The L inco ln M in t c .8 90-1279 b y H .R . Mossop ( Newcas t le , 1 970 ) , p . 1 6. B ias a ga ins t r epea ted d ies may s o me t i mes b e s uspec ted i n museu m o r o ther c o l lect ions , b u t a t l eas t t here i s n o r eason t o worry a bou t t h is i n t he s a mp le u sed f or t he C rux P e l l i t p enn ies .

N ear ly h a l f o f t hese were

f ro m t he C rosrague l f ind , u nse lec ted , a nd mos t o f t he o thers i n sma l l n umbers f ro m s evera l s ources , p ar t icu lar ly l oca l S cot t ish n useums . 4 9 .

RCS , p . c xxx ix .

5 0 .

22 ..c i t . ,

5 1.

APS I , 1 05 ;

p . 3 06. RCS

3 6 .

1 28

APPENDIX

A lthough h oard e v idence f or t he C rux P e l l it p enn ies a nd t he f our t ypes o f f arth ing i s s can ty , a nd o f n eg l ig ib le v a lue f or d at ing t he ir s tr ik ing , i ti s e nough t o make i tf a ir ly c erta in t hat t hese c opper c o ins r eta ined s ome monet ary v a lue a f ter 1 482.

There a re t hree a dequate ly r ecorded h oards o r p u-

t a t ive o nes, i .e. c lose ly a ssoc ia ted f inds , i n wh ich t hese c opper c o ins o ccurr ed w ith b il lon o r s i lver o nes, a nd a l l t hree i nc luded b il lon p enn ies o f J a mes I V. The e ar l iest i s G len luce h oard ( 1956 ), w ith a s ing le b lack f arth ing o f t he f i rst i ssue, t he l atest c o ins b e ing f i rst c o inage p enn ies o f J a mes I V. The o ther t wo w ere p robab ly d epos ited n ot b efore 1 500, b ecause o f t he s econd c o inage p enn ies i nc luded :

t he C rosraguel f ind c on ta ined a l l f ive t ypes o f

c opper, wh i le t here w ere f ive f arth ings among t he n ine a ssoc ia ted p ieces f ound a t G len luce Abbey .

There i s a lso S im 's s tate men t , i n t he l et ter q uo ted ,

t hat t he Crux P e l l it c o ins were o f ten f ound mixed w ith p lacks o f S cot t ish k ings o f t hat n a me ( Ja mes );

h is u se o f t he p lura l imp l ies s o me c ases o f p lacks

l a ter t han J a mes I I, a c onc lus ion u naf fected b y e rrors i n t he a t tr ibu t ions wh ich w ere t hen c urren t. Further c ons iderat ion o ugh t t o b e g iven t o t he q uest ion o f h ow t he b lack money , i fs truck o n t he s ca le i nd icated , c ou ld b e p u t i nto c ircu la t ion a nd t he p rof its r ea l ised i n a ssets o f g rea ter i n tr ins ic v a lue.

An a nswer i s s uggested

b y o ne 1 483 r ecord , when t aken i n c on junct ion w ith t he a pprox i ma tely p ara ll e l c ase o f a nother o verva lued c opper c o inage, t he l igh t t urners o f 1 632 t o 1 639, t he p rof its o f wh ich were a ss igned t o S ir Wi l l ia m A lexander, f i rst Ear l o f S t ir l ing.

A c on te mporary d escr ibed t he s yste m a dop ted f or t he l at ter.

For s o me t yme n o money was t o b e s een a l most b u t Tum ors , wh ich f or e ase o f t he r ece ip t , w ere p ut i n many l i t t le b aggs a nd t h is way c o mpted i n d o l lars.

The merchan ts d id h urt t he c ount rey much b y

t h is meanes, f or s ome o f t he w ea l thyer s ort d id b uy t he m f ro m S ir Wi l l ia m A lexanders f actors b y w e igh t i n b arre l ls a nd e n tysed t he r uder s orte o f p eop le t o c haunge t he m f or s i lver c oyne, g iv ing t o t he p oorer s ort s o me f ew Tum ors o f g a ine. ( J. Gordon o f Ro th ie may , H istory o f S co ts A f fa irs ( Spa ld ing C lub , 1 841 ), I I, 8 8.

Quoted i n R . B . K . S tevenson , " The ' S t ir l ing ' Turners o f Char les I " ,

BNJ XX IX , 1 959. ) L ikew ise i n Eng land t he Harr ing ton f arth ing t okens w ere i n it ia l ly e xchanged a t 2 1s o f f arth ings f or 2 0s s terl ing , i n 1 613. The 1 483 r ecord s hows t hat 8 Henry n ob les h ad b een ' w iss il it a nd c hang it ' f or £ 24 o f b lack s i lver.

The c la im o f L ady Ruthven t hat t hese n ob les w ere o n ly p ledged

( la id i n w ed ' ) was d is m issed ( ADC I , p . cmo c ).

As t he c urrency v a lue o f a

Henry n ob le w as 3 1s i n 1 475 a nd 3 2s i n 1 488, i ts hou ld h ave p assed f or a bou t 4 8s i n t he t ime o f t he b lack money , s o t hatit m ou ld b e s uperf ic ia l ly v ery a tt ract ive t o e xchange o ne f or £ 3 o fb lack money i nb u lk .

1 29

Doubt less t he

d ea lers ' p rof its a nd e xpenses wou ld a lso r educe t he k ing 's p rof it , b ut i ti s h ard t o c once ive o f s o much b lack money e n ter ing c ircu la t ion a nd b e ing o ffered f or s ums a s h igh a s £ 90 i n o ne r ecorded i nd iv idua l p aymen t , w ithou t s o me s uch s pec ia l measures b e ing a dopted.

F or c o mpar ison , t he h ighest

r ate r ecorded f or s i lver b u l l ion c o ined i n t h is r e ign was 1 81 p ounds i n j ust o ver 1 0 mon ths t o August 1 487, mak ing a bou t £ 1270 i n g roa ts.

1 30

THE USUAL MONEY OF SCOTLAND AND EXCHANGE RATES AGAINST FOREIGN COIN Compiled1 by John M. Gilbert A.

Summary of Table of References to Sterling and Usual Money of Scotland, 1320-1450.

Before 1380 no example of a sum of money being described as usual money of Scotland has been found. The entries for 1320 and 1380 refer to 'usualis monete' but omit 'Scocie' and that of 1377 refers to 'currentis monete' and likewise omits 'Scocie'. The first reference to usual money of Scotland listed is in 1386. From then till 1410 sums of money were described either as usual money of Scotland or as sterling. In this transitional period there is an example in 1387 of both coinages being mentioned in the one charter. 2 There is also in 1387 mention of 'sterlyngis of the payment of Scotlande' which is obviously distinguishing between Scots and English sterlings. Jn 1423 another charter mentions both sterling and Scots money. 3 There was, therefore, no clear cut change from sterling to the usual money of Scotland. Before 1390 sterling was more common than usual money of Scotland and after 1400 usual money of Scotland was more common than sterling. Sterling con­ tinued to be mentioned occasionally in the fifteenth century. Bearing in mind tnat this table is not exhaustive one can say that sterling was replaced by the usual money of Scotland between 1380 and 1410 and probably between 1390 and 1400. One must also remember that not all sums of money were described either as sterling or as usual money of Scotland. Some were simply described as 'argenti' and many had no description at all. Having established that money was more commonly described as usual money of Scotland than as sterling after 1400 one must determine the signifi­ cance of this alteration. Money of account was sin;tply a means of counting coins. 1s meant 12 coins and £1 a score of dozens. 4 At some stage every money of account system was linked to an actual coin. Sterling was the name given to the silver penny which was the universal medium of trade in northern Europe. 5 English sterlings were the most reliable in the thirteenth and fourteenth centuries. Since the sterling was so popular it was subject to for­ gery and debasement. Usual money of Scotland meap.t what it said. Any coin could in theory be the usual money of Scotland though in practice this must have described coins minted in Scotland. When, therefore, a sum is given in a Scottish source as £5 6s 8d sterling this means £5 6s 8d of silver sterling pennies of Scots or English origin presumably, or their equivalent value. The importance of specifying the coin was that it ensured one obtained the correct amount. If one received debased pennies rather than good pennies £5 6s 8d would not be worth as much. If the coinage was debased the value of the money

131

o f a ccoun t was r educed .

T ha t u sua l money o f S cot land r ep laced s ter l ing im-

p l ies t ha t S cot t ish s ter l ing n o l onger ma tched Eng l ish s ter l ing .

As t he t able

o f t he r e la t ive v a lues o f S co ts a nd Eng l ish c urrency s hows S co ts money s tar ted t o b e d eva lued i n r e la t ion t o Eng lish f ro m t he m idd le o f t he f our teen th c en tury . As t h is c o inage b eca me more d ebased a nd o us ted g ood money , i th ad t o b e d i f feren t ia ted f ro m t he g ood s ter l ing p enny a nd s o i tb eca me k nown a s t he u sua l money o f S co t land . B .

Ang lo-Sco ts E xchange R a tes The e xchange r a tes a re l i s ted a lphabet ica l ly u nder t he n a me o f t he Eng l ish

c o in c oncerned a nd a re g iven i n t he f or m , o ne o r more Eng l ish c o ins e qua ls s o much i n S co ts money o f a ccoun t .

A dd i t iona l i n for ma t ion c oncern ing t he

m in t ing o f Eng l ish c o ins a nd t he ir c urrency v a lue h as b een i nser ted e i ther t o d raw a t ten t ion t o u ncer ta in ty o r t o c lar i fy t he t ables . C .

R e la t ive Va lues o f S cots a nd Eng l ish C o ins T he r e la t ive v a lues o f t hese c urrenc ies h ave b een t abu la ted i n t he f o l lowing

manner .

I n 1 385 t he Eng l ish n ob le was wor th 7 s 8 d S co ts .

n ob le h ad a v a lue o f 6 s 8 d . i s 1& 3 /20 ths .

I n Eng land t he

T ak ing t he Eng l ish c o in a s 1t he S co ts e qu iva len t

T he r e la t ive v a lue o f t he S co ts a nd Eng l ish c o inage o n t he

b as is o f t h is e v idence i n 1 385 was 1 t o 1& 3 /20 ths o r 1 :1 & 3 /20 ths .

Where

t he r a te c annot b e e xpressed n ea t ly a n a pprox i ma t ion i s g iven i n t he f or m 1 :3 C . where c . s tands f or c irca .

N o r e la t ive v a lue h as b een t abu la ted f or

a n Eng l ish c o in when t ha t c o in o r av ery c lose e qu iva len t h ad c eased t o b e min ted . C o ins c ou ld s tay i n c ircu la t ion l ong a f ter t ha t t ype o f c o in h ad c eased t o b e min ted . S ince Eng l ish c urrency was d eva lued i n t he f our teen th a nd f i f teen th c en tur ies , c o ins o f ten r ose i n v a lue t he l onger t hey s tayed i n c ircu la t ion s ince t he n ew c oins were n o t o f s uch g ood we igh t . C onsequen t ly , a l though t he o ld a nd n ew Eng l ish g roa ts i n 1 467 b o th h ad a c urrency v a lue o f 4 d t hey h ad d i ff eren t e xchange r a tes .

O bv ious ly when e xa m in ing t he r e la t ive v a lue o f S co ts

a nd Eng l ish c urrency o ne mus t u se t he e xchange r a tes o f Eng l ish c o ins wh ich h ad n o t i ncreased i n v a lue a s ar esu l t o f a ge o r e lse o f c o ins whose i ncreas ing c urrency v a lues a re k nown .

The a nge l i s ac ase i np o in t .

F ro m 1 526 o nwards

t he c urrency v a lue o f t he a nge l c eased t o b e 6 s 8 d b u t r ose g radua l ly t o 1 0s . S ince t he we igh t o f t he a nge l r e ma ined c ons tan t , t he c hanges i n f ace v a lue a f ter 1 526 c an b e t aken a s t he n ew c urrency v a lue o f t he o ld 6 s 8 d a nge l .

T he r e la-

t ive v a lues o f t he a nge l , t here fore , a re b ased o n i t s n ew c urrency v a lues o f 7 s 6 d , 8 s a nd t hen 1 0s .

G enera l ly , t he o n ly way i n wh ich o ne c ou ld work o u t

a n a ccura te r e la t ive v a lue f ro m t he e xchange r a tes o f c o ins wh ich were n o l onger min ted wou ld b e b y c o mpar ison o f t heir i n tr ins ic v a lues . T h is t ab le c an b e u sed f irs t ly t o i l lus tra te more c lear ly t he d eva lua t ion o f S co ts a s c o mpared w i th Eng l ish c urrency .

I tc an b e s een t ha t S co ts d eva lua t ion

b egan a round t he midd le o f t he f our teen th c en tury a nd b eca me more marked i n t he l as t q uar ter o f t he c en tury d escend ing t o t he r a te

o f 1 :2 b y 1 398 d ur ing t he

p er iod when s ter l ing was r ep laced b y u sua l money o f S co t land a s t he a ppe l lat i on o f t he S cots c o inage .

A g enera l d ownward t rend w i th f luc tua t ions i s

n o t iceab le t hroughou t t he f i f teen th c en tury b u t t he mos t marked d ec l ine o f t he

1 32

Scots coinage can be seen between 1560 and 1620. This table corresponds fairly closely to Pinkerton's shorter list of relative values printed by Cochrane Patrick. 6 Secondly, in conjunction with English Coins by G. C. Brooke and The Scottish Coinage by I. H. Stewart, this table can be used by the historian as an approximate guide to the value of foreign coin whose Scottish exchange rates are not recorded, as in the following example. In 1512-16 the English angel was worth 28s Scots. The currency value of the angel in England was 6s 8d. 7 The value of the sovereign in England was 20s. 8 Therefore, the English sovereign was worth approximately £4 4s Scots. It must be stressed that the results obtained by this method are only an approximation. While the relative values of different coins can agree as in 1466, they do frequently vary not only because of the existence of a bi-metallic currency but also because of the fiscal policies of the governments and mints concerned. It is hoped, none­ theless, that this table will prove to be a useful tool for the historian. D. French Exchange Rates The exchange rates of French coins are presented in the same manner as the exchange rates of English coins. E. Relative Values of Scots and French Coins The major difficulty in compiling this list was the identification of the vari­ ous crowns or ecus. The crown of weight has been given the value of the ecu soleil, and the ecu soleil after it ceased to be minted has been given the value of the current ecus which were of approximately the same weight as the ecu soleil. F. Other Exe hange Rates The exchange rates of Flemish and Spanish coins are listed without any additional information or tables of relative values since no suitable printed lists of these currencies have been consulted. The exchange rates of certain papal coins are listed here. Where the exchange rate is given in sous tournois the Franco-Scottish exchange rate of 1398, that is 1:4 3/4, was used to deter­ mine the Scots equivalent. Similarly the Anglo-Scots exchange rates were used when the equivalent of a papal coin was given in £ sterling. It is also possible to obtain Scottish equivalents when the exchange rate of a papal coin is given in sous parisis since the relation of parisis and tournois was 4:5, that is ld parisis equalled 1 1/4 tournois. 9 TABLES A. Table of References to Sterling and Usual Money of Scotland, 1320-1450. Since the purpose of this table is to try to show when 'usual money of Scot­ land' replaced sterling, only the source of each reference to these terms is tabulated and not the amount of money. All sums of money were of course given in money of account, that is in £ s d or in merks. For the purposes of this table the dates between 1 January and 25 March are modernised. Where a reference can only be dated to a period of two or three years it is allocated to the middle of the three or the later of the two. Where a reference was 133

s ta ted t o b e c irca a c er ta in d a te i ti s t abu la ted o pposite t ha t d a te .

The o ne

r eference d a ted t o ab roader p er iod t han t hree y ears was om it ted .

I t was

1 2 merks s ter l ing i n 1 327 x 1 364 i n CA, 1 10.

Year

S ter l ing

1 320

CA, 1 01

1 321

CA, 1 02

U sua l Money o f S cot land SHS M

1 322 1 323 1 324 1 325

CA, 1 03

1 326

CA

1 07

1 327

GR , 2 75, 2 76

1 328

SHS M, 1 0-12

1 329

AL , 3

1 330

RP , 3 1;

1 331

AL , 1 0 .

1 332

CA, 1 13

1 333

AL , 1 5 ;

AL , 5 , 6 , 8

RK

1 13 , 1 14, 1 15

1 334 1 335 1 336 1 337 1 338 1 339 1 340 1 341 1 342

AL , 1 8, 1 9

1 343

GR , 2 88 ;

FD , 1 7

1 344 1 345

GR , 2 93

1 346

AL , 2 1

1 347

APS , 4 91

1 348

AL

2 2

AL

2 3

1 349 1 350 1 351 1 352 1 353 1 354 1 355 1 356

FA, 1 6

1 357 1 358 1 359 1 360 1 361

GR , 2 97

1 362

GR , 2 99 ;

SGR , 6

1 34

7 , 8( No 'S coc ie ' )

Year

Sterling

1363 1364 1365 1366 1367 1368 1369 1370 1371 1372 1373 1374 1375 1376 1377 1378 1379 1380 1381 1382 1383 1384 1385 1386 1387 1388 1389 1390 1391 1392 1393 1394 1395 1396 1397 1398 1399 1400 1401 1402 1403 1404 1405 1406 1407 1408 1409 1410

SGR, 10 AL, 30 GR, 302 AL, 31 GR, 309 AL, 32; GR, 308,310; FD,26 GR, 311, 312 AL, 33 8; GR, 313 GR, 314

Usual Money of Scotland

wee,

RP, AL, AL, GR,

46 34 35 315;

SGR, 14

FD, 30 (No ' Scocie' )

AL, 36 SHS M, 30-32 FD, 36 AL, 38

FD, 38 YW, 34; FM, 19. SGR, 17, 18 AL, 39 CA, 119 AL, 42; SGR, 18;

SHS M, 30-32 (No ' Scocie' )

FC, 23 SGR, 17

wee, 826A

SGR, 19

SGR, 21, 24

AR, 111 YW, 43

SHS M, 45, 46;

FM, 20

SHS M, 46, 47 PR, 184

CA, 122; SGR, 27

CA, 123 YW, 45 YW, 46

135

Year

U sua l Money o f S cot land

S ter l ing

SGR , 2 9

1 411 1 412

FM

1 413

GR , 3 23

2 5

1 414

AL , 5 2

1 415 1 416 1 417

GR , 3 28

1 418 1 419 1 420 1 421 1 422 1 423

SG R , 3 0

AL , 5 8 ;

•

SGR , 3 0

1 424 WCC, 7 14

1 425 1 426

SGR , 3 2 , 3 3 , a pp . 1

1 427

AL , 6 0 ;

1 428

SGR , 3 5 ;

FD , 6 7

1 429

GR , 3 38 ;

CA, 1 29 ;

1 430

AL , 6 4 ;

SGR , 3 4 ;

FD , 6 6 S GR , 3 9

GR , 3 40

1 431 1 432

GR , 3 41

GR , 3 41

1 433

AL , 6 6 ;

1 434

AL

1 435

AL , 7 2 ;

1 436

AL , 7 7

SGR , 4 0

6 8 , 7 0 ,71 ;

SGR , 4 1

S GR , 4 2 ;

FD

7 1

1 437 AL , 8 1;

1 438

SGR , 4 5

1 439 1 440

GR , 3 45

1 441 1 442

GR , 3 46 ;

1 443

AL , 8 6 ;

S GR , 4 9 SGR , 5 2

1 444 1 445 1 446

• GR , 3 48

1 447

S GR , 5 6 , 5 7

1 448

CA , 1 35 ;

FD , 7 9

1 449

S GR , 6 1 ;

AL , 8 9 ;

1 450

AL , 9 1;

B .

GR , 4 57

SGR , 6 7

Ang lo-Scot t ish Exchange Ra tes

Ange l N ob le 1 475

Ange l N ob le

2 3s

1 488

Ange l Nob le

2 4 :s

( APS , i , 1 12) The Ange l , wor th 6 s 8 d , was f irst min ted i n 1 464 a nd r ep laced t he o ld n ob le . ( TA

1 36

I°

i , 1 05, 1 17)

Ange l Nob le

3 0s 6 d

( ADC, 2 27)

1 502-1506 Ange l Nob le

2 3s 4 d

( TA, 1 , 6 8 , 1 90 ; i i, 3 1)

1 507

1 492

Ange l Nob le

2 4s

( TA, i v , 7 2)

1 512-1516 Ange l Nob le

2 8s

( Ti , iv , 3 98 ;

1 521

Ange l N ob le

2 8s

( Hopetoun MSS , n o . x xx i i i, p . 6 7)

1 524

Ange l Nob le

3 0s

( APS , x ii , 4 1)

1 532

Ange l Nob le

3 2s

( TA, v i, 4 3 , 4 6) Fro m 1 526 t he a nge l h ad

1 534

Ange l Noble

3 1s

( TA, v i,

1 536-1538 Ange l Nob le

3 0s

( TA, v i, 2 85, 2 88 ;

1 539

Ange l Nob le

3 3s

( TA, v ii, 2 75)

1 544

Ange l Nob le

3 4s

( TA, v i i i, 2 90) Fro m 1 544 t he a nge l was

1 555

Ange l Nob le

3 6s

1 561

Ange l Nob le

4 0s

( Hopetoun MSS , n o . 1 , p . 1 01)

1 566

Ange l Nob le

5 5s

( 1 ' ,A _ , x i, 4 60)

1 569

Ange l Nob le

v , 9 3, 9 5)

ac urrency v a lue o f 7 s 6 d .

1 1

2 32) v i i i, 1 51, 1 52)

min ted a t t he v a lue o f 8 s.

1 2

( Hopetoun MSS, n o . 1 , p .98) .

Fro m 1 550

t he a nge l was min ted a t t he v a lue o f 1 0s.

5 6s

( TA, x i', 1 55)

a n te 1 582 Ange l Nob le

£ 3 6 s 8 d

( Hopetoun MSS , n o . 1 , p . 1 05)

1 582

Ange l Nob le

£ 3 1 6s

( Hopetoun MSS , n o . 1 , p . 1 05)

1 590

Ange l Nob le

£ 5 4 s

( CP , i , p . x c i i)

1 597

O ld Ange lN ob le £ 5 O s 4 d ( Hopetoun MSS , p . x cv)

1 3

Groa t 1 451

8 d ( APS , I i , 3 9-41)

Eng l ish Groa t

T he r eva lua t ion wh ich

wou ld h ave made t he g roa t wor th 8 d was n ever c arr ied o u t .

The Eng l ish g roa t h ad

ac urrency v a lue o f 4 d . 1 466 1 467

O ld Eng l ish Groa t

I s 4 d ( APS , i , 8 8 , c .1)

New Eng l ish Groa t 1 468

Eng l ish Groa t

1 2d ( APS , i , 8 8 , c .1) I s 2 d

Groa t

( APS , i , 9 1, 9 2 , c .1)

l id ( APS , i , 9 1, 9 2 , c .1)

O ld Eng l ish Groa t 1 483

1 4

1 0d ( APS , i , 8 6)

New Groa t

2 s

( ADA, 1 15*) Th is a pp l ies t o t he t ime o f b lack money b efore 1 482 .

1 485

Groa t

I s 4 d ( ADC, 9 4*) Presu mab ly t he o ld g roa t .

Groa t

2 s

( ADC, 1 15*) T h is a pp l ies t o t he t ime o f b lack money b efore 1 482 .

Edward Groa t

I s

1 503

Groa t

l s 4 d ( TA, i , 3 84) The o ld g roa t .

( ADC, 9 4*) Presu mab ly t he o ld g roa t .

1 506

Groa t

I s 2 d ( TA, i i, 1 81) The n ew g roa t .

1 512

Groa t

I s 4 d ( TA, i v , 2 45) Perhaps t he n ew g roa t .

1 547

Groa t

i s

( 4 . 13C , 1 , 5 71;

CP, i , 8 6) The Bagcheek .

Groa t , ad ebased c o in o f Henry V I I I . Nob le 1 385

Nob le

7 s 8 d ( APS , 1 , 5 54) The n ob le was wor th 6 s 8 d i n Eng land .

1 393 1 422

Nob le Nob le

1 5

9 s 6 d ( APS , i , 5 69 ; 1 0s

( CSSR , i , 3 01)

1 37

ER , i i, 3 20)

1 3s 4 d

a n te 1 430 N ob le

( ER , i v , 6 56) ( ER , i v , 6 51)

1 6s 1 5s/ 18s

1 430 1 434

N ob le Nob le

1 452

Harry N ob le

2 2s

( APS , i , 4 6) Not m in ted a f ter 1 464 .

( ER , i v , 5 78 , 6 56)

1 467

Harry N ob le

2 7s 6 d

( APS , i , 8 8 , c .1)

1 468

Harry N ob le

2 4s

( APS , 1 , 9 1 ,9 2 , c .1)

1 474 1 474

Harry N ob le N ob le

2 6s 8 d

( TA, 1 , 2 4)

3 0s

( TA, 1 , 2 5)

1 475

Harry N ob le

3 1s

( APS , I i , 1 12 )

1 483

Harry N ob le

£ 3

1 6

( ADC, i , c xxx ) R eferr ing t o t he t ime o f t he b lack money b efore 1 482 .

1 488-1489 Harry N ob le

3 2s

( TA, 1 , 1 11, 1 67 )

1 501-1503 Harry N ob le

3 1s

1 511

Harry Nob le

3 8s

1 524

Harry N ob le

4 0s

1 526

Harry N ob le

3 6s

( Hope toun MSS , n o . 1 , p . 9 5)

1 536

Harry N ob le

5 4s 9 d

( TA, v i i i, 2 34)

1 540

Harry N ob le

4 8s

( SHS M , v , 3 1)

1 544

Harry N ob le

4 2s

( Hope toun MSS , n o . 1 , p . 9 6)

; 16 3 ,2 1 4, 5 1 ) )3 83

)

i v ,

1 555

Harry N ob le

4 8s

( Hope toun MSS , n o . 1 , p . 9 6)

1 561

Harry N ob le

5 3s 4 d

( Hope toun MSS , n o . 1 , p . 1 01)

5 0s

( SRO , E 1 4/ 1. f . 2 09v)

1 565

N ob le

1 590

Harry N ob le

£ 7 1 0s

1 597

Harry N ob le

£ 7

( CP, 1 , p . x c i i)

O s 1 0d ( Hope toun MSS , p . x cv )

Penn ies 1 374

4 d ( S ta tu tes, 4 3 , Edw . 3 , c .18) T h is was i n

3 Eng l ish

f act more t han t he r educt ion i n t he we igh t o f S co ts c o ins j ust if ied . 1 387

3 Eng l ish

4 d ( CP, 1 , 1 1, n o . 1 2)

1 390

2 Eng l ish

4 d ( S ta tu tes , 1 4 , R ich . 2 , c .19) T h is a lso was more t han t he r educt ion i n we igh t j ust if ied a nd marked a n a t te mpt t o r emove t he S cots c o ins f ro m c ircu la t ion i n Eng land .

1 398

4 d ( S ta tu tes, 7 a nd 8 , H enry 4 , c .135)

2 Eng l ish

1 452

1 Eng l ish

3 d ( APS , i , 4 1)

1 467

O ld Eng l ish Penny

4 d ( APS , 1 , 9 0 , c .4)

New Eng l ish Penny

3 d ( APS , i , 9 0, c .4)

R ose Nob le o r Roya l 1 466

New R ose Nob le

2 5s

1 467

Rose Nob le

3 2s 3 2s

( APS , i , 8 6)

The r ose n ob le was v a lued

a t 1 0s i n Eng l a nd .1 7 O ld Edward Nob le

( APS , i , 8 8 , c .1) ( APS , i , 8 8 , c .1)

Th is was t he n ob le o f

Edward I I wh ich was t he s ame we igh t a s t he n ob le o f Edward I V . 1 468 1 475

O ld Edward Nob le

2 8s

( APS , i , 9 1, 9 2 , c .1)

Rose Nob le

3 5s

( APS , i , 1 12) 1 38

Rose Nob le

3 5s

8 ( TA, i , 1 67) Not min ted a f ter 1 490 1

1 488-1494 Rose Nob le

3 6s

( TA, i , 9 0,96,117 ,167 ,172 ,228)

1 508

R ose Nob le

3 5s

( TA, i v , 9 3)

1 522

Rose Nob le

4 2s

( Prot . Bk . Ros., n o . 5 90)

1 524

Rose Nob le

4 4s

( APS , x i i, 4 1)

1 539

Rose Nob le

5 0s

( TA, v i i, 1 45, 1 66)

1 539-1545 Rose Nob le

5 3s

1 488

( TA, v i i, 2 49,428 ,442 ,449 ;

v i i i, 1 43 ,

4 17) 1 554

Rose Nob le

6 6s 8 d ( ADCP, 6 34)

1 555

Rose Nob le

5 4s

1 561

Rose Nob le

1 571

Rose Nob le

( Hope toun MSS , n o. 1 , p . 9 8) ( Hopetoun MSS , n o . 1 , p . 1 01)

£ 3 9 3s

( TA, x ii , 2 79) ( Hopetoun MSS , n o . 1 , p . 1 05)

a n te 1 582 Rose Nob le

£ 5

1 582

Rose Nob le

£ 6or more(Hopetoun MSS , n o

1 591

6 1 3s 4 d ( APS , i i, 5 26) O ld Rose Nob le £

1 597

7 1 6s O ld Rose Nob le £

I , p . 1 05)

( Hope toun MSS , p . x cv )

S ter l ina. 1 483

£ 1 S ter l ing

£ 5 S cots

( Aposto l ic Ca mera , l xxxv i i, n ote 1 ) T h is may r e la te t o t he t ime o f b lack money .

1 485

£ 9 S ter l ing

4 5 Merks S cots ( Aposto l ic Ca mera , l xxxv i i, n ote 1 )

1 486

£ 1 S ter l ing

£ 3 S cots

1 487

£ 15 S ter l ing

1 00 merks S cots(Aposto l ic Ca mera , l xxxv i i, n ote 1 )

£ 7 S ter l ing

( ER , i x , 4 48)

£ 3 S ter l ing

xxxv i i, n ote 1 ) Aposto lic Ca mera , l 3 0 Merks S cots ( l x x x v i i , n o t e 1 ) Aposto l ic Ca mera , 2 0 Merks S cots (

1 488

£ 5 S ter l ing

xxxv i i, n ote 1 ) Aposto l ic Ca mera , l 2 0 Merks S cots (

1 501

£ 1 S ter l ing

£ 3 l Os S cots

1 503

£ 11 S ter l ing

PRO Transcr ipts 31 /9 / 31, f .7 7) 5 0 Merks S cots (

£ 4 S ter l ing

PRO Transcr ipts 31 /9 / 31, f .7 9) 2 0 Merks S cots (

1 506

£ 5 S ter l ing

PRO Transcr ip ts 31 /9 / 31, f .1 11 ) 2 0 Merks S cots (

1 507

£ 6 S ter l ing

£ 20 S cots

( PRO Transcr ip ts 31 /9 / 31, f .169)

1 504-1507 £ 4 S ter l ing

£ 14 S cots

( TA, i i, 4 14)

( ER , x i, 3 31*)

1 512

£ 1 S ter l ing

£ 4 4 s S cots

( TA, i v , 3 05)

1 513

£ 1 S ter l ing

£ 4 S cots

( TA, i v , 5 27)

1 518

£ 250 S ter l ing

1 521

£ 8 S ter l ing

( PRO Transcr ipts, 31 /9 / 31, f .336) £ 1000 S cots PRO Transcr ipts, 31 /9 / 31, f .3 69) 4 0 Merks S cots (

1 524

£ 10 S ter l ing

£ 40 S cots

( PRO Transcr ipts, 31 /9 / 32 , f .19)

£ 240 S ter l ing

£ 1000 S cots

( PRO Transcr ip ts, 31 /9 / 32, f .2 5)

£ 13 S ter l ing

PRO Transcr ipts, 3 1/9/32 , f .93) 8 0 Merks S cots ( ipts, 31 /9 / 32 , f .103) 1 00 Merks S cots(PRO Transcr

1 526

£ 16 S ter l ing ipts, 31 /9 / 32, f .104) £ 6 l Os S ter l ing 4 0 Merks S cots ( PRO Transcr ipts, 31 /9 / 32, f .110) £ 36 S ter l ing £ 140 S cots ( PRO Transcr ipts, 31 /9 / 32, f .119) ( PRO Transcr T r a n s c r i p t s , 3 1 / 9 / 3 2 , f .122) 4 0 Merks S cots ( PRO

1 527

£ 9 us S ter l ing £ 40 S cots

1 529

£ 6 S ter l ing

1 530

£ 6 S ter l ing

£ 6 S ter l ing

£ 14 S ter l ing 1 531

£ 3 S ter l ing

ip ts, 31 /9 / 32, f .123) 4 0 Merks S cots ( PRO Transcr ranscr ip ts, 31 /9 / 32 , f .145) £ 30 S cots ( PRO T ranscr ip ts, 31 /9 / 32, f .166) 1 00 Merks S cots(PRO T ipts, 31/9 / 32, f .190) 2 0 Merks S cots ( PRO Transcr

1 39

1 532

£ 5 S ter l ing £ 265 S ter l ing

£ 20 S co ts

( PRO T ranscr ip ts, 31/9 / 32 , f .212)

£ 1060 S cots

( R .K . H annay ,

T he F ounda t ion o f

t he C o l lege o f J ust ice ' ,SHR 1 918 , 3 6 . ) £ 26 S ter l ing

1 564

1 S cots 3 s 4 d S ter l ing £

1 571

( SRO , RH 2 /6 , v o l . i i , f .281-6)

£ 160 S cots

1 534

( R .K . H annay , 92 .c i t . 3 6)

£ 5 1 0s S cots

£ 1 S ter l ing

£ 5

( Banna tyne M isc ., l i i, 1 31)

6 s S cots

1 576

£ 1 S ter l ing

£ 6 S cots

( RPC, i , 6 56)

1 582

£ 1 S ter l ing

£ 7 6 s 8 dS cots

( Hope toun MSS , 1 , p . 1 05)

1 594

£ 1 S ter l ing

£ 10 S cots

( SRO , E 3 0/ 14) ( Tho mson , C o ld ingha m , a pp . x lv i i .

1 616-1621 £ 4000 S ter l ing £ 48000 S cots £ 300 S ter l ing

( H MC, x i i , ( 1891) a pp . p t . 8 . f ro m

£ 3600 S cots

4 32 ;

o r ig ina l i n SRO GD 2 67/3 1 /9 7 )

Testoon 1 590

Eng l ish T estoon

( CP , i x c i i)

9 s 8 d

1 2d .

C .

M in ted f ro m 1 488 a t

N ot m in ted a f ter 1 553 .

2°

Re la t ive Va lues o f S cot t ish a nd Eng l ish Money T he Eng l ish v a lue i s h e ld c onstan t a t 1a nd t he S cots v a lue v ar ies. Year

S ource

c .1150-c .1350

1 :1

( CP, i , l xx i i, ER , i , x cv :

1 355

1 :1 p lus

( Foedera , i i , p t . 1 , 2 97 )

1 357

1 :1

( APS , i , 4 92)

1 358

1 :1

( Kn igh ton , Chron ic le , i , 1 01)

1 365

1 :1 p lus

( APS , x i i , 1 3 ) On ly s ter l ing t o p ay

1 366

1 :1

( APS , i , 4 97 )

1 367

1 :1 p lus

( Foedera , i i, p t . 2 , 8 38 )

1 373

1 :1

1 /3

Penny

1 374

1 :1

1 /3

Penny

1 385

1 :1 3 /20

N ob le

1 387

1 :1

1 390

1 :2

Penny Penny .

1 393

1 :1 p lus

( S ta tu tes, 1 7 R ich 2 , c .1)

S cots money

o n ly a ccep ted a s b u l l ion i n Eng land .

r anso m .

1/ 3

( 5.1 , 1 , x cv i i i)

S ee n ote o n t h is e xchange r a te . No S co ts

money i n Eng land . 1 393

1 :1 7 / 16c .

Nob le

1 398

1 :2

Penny

1 422

1 :1 1 /2

1 424

1 :1 p lus

N ob le ( APS , i , 6 , c . 2 4)

A ct t o make S co ts

e qua l Eng l ish c o inage - n ot i mp le men ted . a n te1430

1 :2

N ob le

1 430

1 :2 3 /8 e • 1 :2 1 /4

Nob le

1 434

N ob le

1 40

Year

Re la t ive Va lue

S ource

1 434

1 :2 7 / 10

N ob le

1 452

1 :3 3 / 10

N ob le

1 452 1 466

1 :3 1 :2 1 /2

Penny R ose N ob le , Groa t

1 467

1 :3 1 /2

R ose N ob le

1 468 1 475

1 :2 4 /5 1 :3 1 /2

R ose N ob le ( O ld Edward N ob le ) R ose N ob le , Ange l

1 483

1 :5

S ter l ing , p robab ly r eferr ing t o t ime o f b lack money .

1 486

1 :3

1 485-1487

1 :3

1 487

1 :4 2 /5 1 :2 6 /7 1 :4

1 488

S ter l ing 1/ 3

S ter l ing S ter l ing S ter l ing

1/ 3

S ter l ing

1 :3 3 /5

Ange l

1 :2 2 /3

S ter l ing

1 492

1 :4

1/ 2

c .

Ange l

1 501

1 :3

1/ 2

c .

S ter l ing

1 503

1 :3 1 :3

1/ 3

S ter l ing S ter l ing

1 502-1506

1 :4 3 /4

Ange l

1 506

1 :3 1 /2

Groa t

1 506

1 :2 2 /3

S ter l ing

1 507

1 :3

S ter l ing

1 507

1 :3 1 /2 C .

Ange l

1 512

1 :4

G roa t

1 512

1 :4 1 /5

S ter l ing

1 513

1 :4

S ter l ing

1 512-1516

1 :4 1 / 5

Ange l

1 518

1 :4

S ter l ing

1 521

1 :3

1 521

1 :4 1 /5

Ange l

1 524

1 :4 1 :4 1 /6

S ter l ing S ter l ing

1 524 1 526

1 :4 1 /2 1 :4 c .

Ange l S ter l ing

1 527

1 :4 c .

S ter l ing

1 527

1 :4 4 /9

S ter l ing

1 529

1 :4 4 /9

S ter l ing

1 530 1 531

1 :5 1 :4 4 /9

S ter l ing S ter l ing

1 532

1 :4

S ter l ing

1 532

1 :4 3 / 11

Ange l

1 532

1 :4 1 /2

S ter l ing

1 534

1 :6 1 /6 C .

S ter l ing

1 534

1 :4

Ange l

1 536-1538

1 :4

Ange l

1 539

1 :4 2 /5 C .

Ange l

1/ 3

1/ 3

1 /8

S ter l ing

1 41

Year

S ource

Re la t ive Va lue

1 544 1 540-1544

1 :4 1 :4

1/ 4

1 555

1 :3 4 /5

Ange l

1 /2

Ange l Ange l

c .

1 561

1 :4

Ange l

1 564

1 :6

S ter l ing

1 566

1 :5

1/ 2

Ange l

1 569

1 :5 3 /5

Ange l

1 576

1 :6

S ter l ing

1 582

1 :7 3 /5

Ange l

1 582

1 :7

S ter l ing

1 590

1 : 10 2 /5

1 594

1 :10

S ter l ing

1 597

1 :10 c .

Ange l

1 616-1621

1 :12 —

S ter l ing

D .

1 /3

Ange l

French Exchange Ra tes

B lanc C ouronne 1 523

G rea t B ank o f France

6 d

( SRO , ADC x xxv , f .1 2b) T he b lanc c ouronne min ted i n 1 515 h ad a c urrency v a lue o f 1 2d i n France .

2 1

Crown o r E cu 1 385

S cu tu m

3 s l id

( APS , i , 5 54) The e cu c ouronne f ro m 1 380 was w or th 2 2s 6 d . 2 2 T he e cu d 'o r

1 398

French Crown

4 s

( APS , i , 5 72) T he e cu c ouronne was t he o n ly c rown min ted a t t h is t ime .

1 417

G o ld Crown

8 s 1 1

f ro m 1 351 was wor th 2 5s . 2 d

3/ 4d ( F .

l Os

2 3

McGurk , 'T he Papa l L et ters o f

Bened ict X I I I c oncern ing S cot land 1 3941 418 ' ,G lasgow Un ivers ity T hes is, 5 70 n o . 1 117 ;

1 422 1 451

4G o ld Crowns Crown

£ 1 S cots 6 s 8 d

1 451

Da lphyn is Crown 6 s 8 d

5 71 n o . 1 121 ;

5 73 , n o . 1 129 .)

( CSSR , i , 3 01) ( APS , I , 3 9-41, c . 8 ) (

i b id .

) One t ype o f e cu

c ouronne h ad a d o lph in o n t he o bverse . 1 456

Crown

1 1s

( APS , I i , 4 6, c .7)

1 456

Da lphyn

1s

(

1 458 1 467

Crown Crown

l Os 1 2s 6 d

( ER , v i, 3 52) ( APS , i , 8 8 , c .1)

i b id .

2 4

) The c urrency v a lue

o f t he e cu n eu f o r t he e cu c ouronne m in ted i n L ou is X I ' sr e ign was 2 5s o r 2 7s 6 d b efore 1 474 a nd 3 0s 3 d t herea f ter .2 5 1 468

Crown

us

( APS , i , 9 2 , c .1)

1 473 1 475

Crown Crown

1 7s 1 3s 4 d

( TA, i , 6 4, 8 4) ( _ APS , i , 1 12 , c .9) n ew 3 0s 3 d c rown . 1 42

Th is c ou ld b e t he

Crown

14s

Crown 1488 Crown 1488 1491-1497 Crown

14s 15 s . 14s

1501-1508 Crown

14s

1482

(ADA, 11 2*) This is taken to be the new 30s 3d crown. (APS, ii, 21 2) (TA, i, 97) (TA, i, 199,24 2, 297,347). The ecu couronne was not minted after 1483. 26 (TA, ii, 79,106,427;

iii,

207,398;

iv, 39)

Crown of Weight or Ecu Soleil 60 Crowns

(TA, ii, 4 27) The ecu couronne could also be a crown of weight. All refer­ ences to exchange rates of crowns of weight have been placed in this section at present for two reasons: 1) the ecu soleil and the ecu couronne varied only slightly in weight and fineness; 27 and 2) since there are references to 'crowns' without qualification which must be the ecu couronne it seems reasonable that the term ' crown of weight' refers to a different coin. First minted in 1475 the ecu soleil was worth 36s 3d in 1494. 28 1507 Crown of Weight 16s 6d (TA, iii, 279) 17s 6d ( ibid. ) ) 18s ibid. ( (TA, iv, 235; ER, xiii, 433) 151 2 Crown of Weight 18s 1515-1516 Crown of Weight 18s (ER, xiv, 106, 163) Crown of the Sun 20s (ADCP, 181) The ecu soleil had been 1523 minted at the value of 40s tournois since 1519. 29 (Hopetoun MSS, p. 95) ·crown of the Sun 18s 1526 (TA, vii, 155) 1536 Crown of the Sun 20s Crown of the Sun 22s 1538 (TA, vii, 3) (TA, vi, 467; vii, 2,45,62; vii, 51) 1537-1539 Crown of the Sun 22s (TA, vii, 290) Crown of Weight £1 2s 1540 (TA, viii, 253, 365; Hopetoun MSS, p. 95 1544-1545 Crown of the Sun 22s (TA, x, 62,84) The crown of the sun was 1552 Crown of the Sun 25s not minted after 1547-1548. 30 The sun device was retained on the obverse of the current ecu whose value was 45s tournois. 31 (Hopetoun MSS, p. 98) Crown of the Sun 23s 1555 Crown of the Sun 26s 3d (Hopetoun MSS, p.101) The value of the 1561 ecu d'or mint�d in 1561 was £ 2 10s. 32 Crown of the Sun 33s (TA, xii, 49,75,76) 1567 (CP, i, xciv). The value of the ecu d' or Crown of the Sun 43s 1580 minted in 1575 was £3. 33 Crown of the Sun !50s (CP, i, xciv) 1582 (APS, iii, 526) Crown of the Sun /56s 1591 3 French Crown £:J 5s 10 /4d (Hopetoun MSS, p. xciv) 1597 1504

£50 8s

143

Karo lus 1 523

Caro lus

5 d

( SRO , ADC MSS x xxv , f .126) The K aro lus min ted o n ly i n 1 488 was wor th

1 545

Caro lus

5 d

1 0d . 3 4 ( RPC, 1 , 2 )

1 551

Caro lus

5 d

( RPC, 1 , 1 18)

L iar t 1 551

( RPC, i , 1 18)

L yar t

T h is c o in h ad a c urrency

v a lue o f 3 d a nd was min ted f ro m 1 467 o nwards .

3 5

L ivre T ourno is 1 501

L ivre T ourno is

9 s

( TA, i , 1 10)

1 0s

( TA, i , 4 48)

1 504

L ivre T ourno is

1 505-1506

L ivre T ourno is

1 507-1512

L ivre T ourno is

1 0s

l Os 6 d ( TA, v i , 4 3 , 2 32)

9 s 6 d ( TA, I i i , 2 9, 5 5)

1 532-1534

L ivre T ourno is

1 538

L ivre T ourno is

9 s

1 545

L ivre T ourno is

l Os

( TA, i i, 2 98 ;

i v , 2 94)

( TA, v i, 4 14) ( RPC, 1 , 1 0)

Mou ton 1 385

Mou ton

4 s 2 d ( APS , 1 , 5 54)

T he Mou ton d 'o r was

wor th 2 0s t ourn .o is .

3 6

Quar t d 'E cu 1 597

Q uar t d e L ew is d e F rance

1 5s 11/4 ( Hope toun MSS , p . x cv)

T h is i s most

p robab ly t he q uar t d 'e Cu wor th 1 5s . R oya l 1 451

R ia l o f France

6 s 8 d ( APS , i , 3 9-41, c . 8 )

T h is i s t he r oya l

d 'o r min ted i n 1 359 w ith a f ace v a lue o f 2 5s t ourno is

3 7

S a lu t 1 451

S a lu te

6 s 8 d ( APS , 1 , 3 9-41, c .8 )

T h is c o in was

m in ted a t av a lue o f 2 5s t ourno is f ro m 1 421 t o 1 423 .

3 8

1 456

S a lu t

6 s 8 d ( APS , i , 4 6 , c .7)

1 467

S a lu t

1 3s 4 d ( APS , i , 8 8 , c .1)

1 468

S a lu t

1 3s 4 d ( APS , i , 9 2 , c .1)

1 475

S a lu t

1 5s 6 d ( APS

S a lu t

1 6s

1 488

i , 1 12 , c .9)

( TA, i , 9 7 )

1 44

S ous 1 545

S ous

6 d

( RPC, 1 , 2 )

T he s ous o r b lanc c ouronne

was wor th 1 2d . 1 551

Ha lf S ous

3 d

( RPC, I , 1 18)

1 551

S ous

6 d

( RPC, 1 , 1 88)

3 9

T estoon 1 545

T estoon

5 s 6 d

( RPC, i , 2 )

T he f ace v a lue o f t he

t estoon i n 1 545 was

E .

Re la t ive Va lues o f French a nd S cot t ish Money The S cots v a lue i s h e ld c onstan t a t 1a nd t he French v a lue v ar ies . S ource

Year

Re la t ive Va lue

1 385

1 :5 5 /6

1 385

1 :4

1 398

1 :4 3 /4c .

Crown

1 417

1 :2 7 /9 1 :2 1 /2

Crown Crown

1 422

1 :4 1 /2

Crown

1 456

1 :2 3 / 11

Crown

1 458

1 :2

Crown

1 467

1 :2

Crown

1 468

1 :2 3 / 11

Crown

1 473

1 :1 1 /2

Crown

1 475

1 :2

Crown

1 482

1 :1 5 /7c .

Cro wn

1 488

1 :1 6 /7—

Crown

1 491-1497

1 :1 5 /7c .

Crown

1 501

1 :2 2 /9 —

L ivre

1 504

1 :2

L ivre

1 505-1506

1 :2

1/ 9

L ivre

1 507

1 :2

1/ 4

Crown o f We ight

1 507-1512 1 512

1 :2 1 :2c .

L ivre Crown o f We igh t

1 515-1516

1 :2c .

Crown o f We igh t

1 523

1 12—

Karo lus

1 526

1 :2 2 /9

Crown o f t he S un

1 532-1534

1 :1 1 0/ 11

L ivre

1/ 4

1/ 2

1/ 4

Crown Mou ton

1 536

1 :2

Crown o f t he S un

1 537-1539

1 :1 9 / 11

Crown o f t he S un

1 538

1 :2 2 /9

L ivre

1 540

1 :1 9 / 11

Crown o f We igh t

1 544-1545

1 :1 9 / 11

Crown o f t he S un

1 545

1 :2

L ivre

1 545

1 :2

Testoon

1 545

1 :2

S ous

1 45

R e la t ive Va lue

1 551

1 :2 1 :1 4 /5

S ous a nd Ha lf S ous

1 555

1 :1 1 1/ 12

Crown o f t he S un

1 561

1 :2

1 567

1 :1

1/ 2

Cr own o f t he S un Crown o f t he S un

1 580

1 :1 3 /7

Crown o f t he S un

1 582

1 :1

Crown o f t he S un

1 591

1 :1c .

Crown o f t he S un

1 597

1 :1 6 / 11

French Crown

1 597

1 :1

Quar t d 'E cu

1 552

F . 1 )

S ource

Year

Crown o f t he S un

1/ 5

O ther Exchange Ra tes F le m ish

Crown 1 597

F le m ish Crown

£ 3 5 s 1 0 3/4 d

( Hope toun MSS , p . x c iv )

Duca t 1 504

F le m ish Duca t

1 507

F le m ish Duca t

1 508

L arge Duca t

7 s g rea t

( TA, i , 2 43)

2 1s S cots 6 s 8 d g rea t

( TA, i i , 2 78)

2 0s S cots 6 s 8 d g rea t

( TA, i v , 2 8)

2 0s S cots F le m ish Duca t

6 s 8 d g rea t

( TA, i v , 1 40)

2 0s S cots Pound Grea t 1 428

£ 1 Grea t

£ 2 S cots

1 437

£ 100 G rea t

£ 234 1 5s 9 d S cots

( ER , i v , 4 36)

1 456

£ 10 G rea t

£ 25 S cots

1 457

£ 1 Grea t

£ 3 S cots

( ER , v i, 3 11)

1 469

£ 1 Grea t

£ 2 1 5s S cots

( ER , v i i i , 6 58 ,659,662 ,665)

1 473

£ 30 G rea t

TA, i , 4 8) £ 66 1 3s 4 d S cots (

1 480

£ 1 Grea t

£ 3 S cots

( ADC, 6 8)

1 481

£ 33 O rea t

£ 100 S cots

( ER , i x , 1 53)

, v , 2 2) v i , 1 16)

1 483

£ 1 Grea t

£ 3 6 s 8 d S cots

( ADC, p . c cx i i)

1 484

£ 1 G rea t

£ 3 1 3s 4 d S cots

( ADA, 1 34*)

1 490

£ 1 G rea t

£ 3 6 s 8 d S cots

( ADC, 1 96)

1 495

£ 1 G rea t

£ 3 S cots

( ER , x , 5 35)

1 497

£ 1 Grea t

£ 3 l Os S cots

( Ha lybur ton L edger , 1 05)

£ 4 1 8s S cots

( i b id ., ( TA, i i, 8 5 ,89 ,159)

1 505

£ 1 G rea t

1 506

£ 100 G rea t

£ 3 S cots £ 266 1 3s 4 d S cots(TA, l i t, 5 5)

1 507

£ 1 G rea t

£ 2 1 3s 4 d S cots

( TA, i i , 2 78 )

1 512

£ 1 Grea t

£ 3 S cots

( TA, i v , 3 00 )

1 525

£ 1 G rea t

£ 3 1 5s S cots

( ADCP , 2 28 )

1 46

N ob le 1 393-1398

F le m ish Nob le

9 s 4 d

( APS , i , 5 69, 5 72 )

1 451

F le ms ih Nob le

1 2s 8 d

( APS , i , 4 0, c . 8 )

1 597

G e in t is Nob le

£ 7 1 4s 1 01d ( Hope toun MSS , p . x cv)

R ider 1 451

R ider o f F landers

1 456

R ider o f F landers

us

6 s 8 d ( APS , i , 4 0 ,c .8 ) ( APS , i , 4 6, c .7)

1 468

R ider o f F landers

1 1s

( APS , i , 9 1, c .1)

1 475

R ider o f F landers

1 5s 6 d ( APS , i , 1 12 , c .9)

1 488

R ider o f F landers

1 5s

( TA, 1 , 1 67)

S cu tu m 1 385

S cutu m F landr ie

3 s 1 1 A -d

( APS , i , 5 54)

1 398

S cutu m Brabanc ie

3 s

( APS , i , 5 72)

2 )

Hungar ian ( ?)

Duca t 1 597 4 )

Ungar is Duca t

£ 3 9 s 1 0 2/3d

( Hope toun MSS , p . x cv )

Ne ther lands

L ion 1 464

L ew

1 3s 4 d

( APS , i , 3 0 , e .52)

T h is i s t he

L eeuw o r L ion o f t he Burgund ian Nether lands .

Fro m 1 474 t o 1 485

i t s v a lue v ar ied f ro m 6 s t o 7 s 6 d g rea t . 41 1 467

L ew

1 5s 6 d

( APS , i , 8 8 , c .1)

1 475

L ew

1 7s 6 d

( APS , i , 1 12 , c .9)

5 )

Papa l 8 00 F lor ins

lane , 4 7 ) ( Hoberg , Dunb

1 00 Merks S ter l ing

5 00 F lor ins

1 20 Merks S ter l ing

6 00 F lor ins

in , 2 3 ) ( Hoberg , Brech oss, 1 02) ( Hoberg , R

1 296 1 297

1 60 Merks S ter l ing

1 297 1 299

2 50 Merks S ter l ing

1 250 F lor ins

1 301

1 00 Merks S ter l ing

5 00 F lor ins

, 8 2) ( Hoberg , Moray lane , 4 7 ) ( Hoberg , Dunb

1 308

6 0 Merks o f S i lver

3 00 F lor ins

1 318

5 00 Merks o f S i lver

2 500 F lor ins

unblane , 4 7) ( Hoberg , D lasgow , 5 9) ( Hoberg , G

1 323

5 00 Merks o f S i lver

2 500 F lor ins

lasgow , 5 9) Moberg , G

1 337

5 00 Merks o f S i lver

2 500 F lor ins

lasgow , 5 9) ( Hoberg , G

1 339

5 00 Merks o f S i lver

2 500 F lor ins

1 367

5 00 Merks S ter l ing

2 500 F lor ins

lasgow , 5 9) ( Hoberg , G G l a s g ow , 5 9) ( Hoberg ,

1 391

5 00 Merks S ter l ing

2 500 F lor ins

lasgow , 5 9) ( Hoberg , G

T hese e qu iva len ts were u sed b y t he Papa l ca mera i n c a lcu la t ing wha t was d ue f ro m S cot t ish b ishopr ics f or t he p ay men t o f c o m mon s erv ices .

1 47

a n te 1 393

1d .c . F lor in d e l a Chambre 3 s 1

( Fav ier , 3 6)

Th is a nd a l l o ther

e qu iva len ts t aken f ro m Fav ier h ave b een worked o u t b y u s ing t he T ab le o f R e la t ive Va lues o f F rench a nd S cot t ish money . T hey a re , t herefore , o n ly a pp rox i ma t ions . p ost 1 393 1 378-1409

s 2 1d .c . F lor in d e l a Cha mbre 4 s 2 1-d .— c . F lor in d e l a Chambre 4

( Fav ier , 3 6) ( Fav ier , 3 6)

R o ma in 1 461

2 Duca ts o f G o ld o f £ 1 S cots

t he Ca mera 1 524

( CA, i , 5 2)

6 00 Duca ts o f G o ld o f £ 1000 S cots ( PRO , Transc ip ts, 31 /9 / 32 ,

t he Camera

f .2 5) 1 526

1 00 Duca ts o f G o ld o f t he Ca mera

£ 200 S cots ( PRO , Transcr ip ts, 31/9 / 32 , f .106-7 )

7 )

Rhen ish

G ue lder 1 456

Rhen ish G ue lder

8 s

( APS , i , 4 6 , C . 7 )

1 508

S pan ish Duca t

2 0s

( TA, i v , 4 8 )

1 545

Doub le Duca t

4 8s

( RPC, i , 1 0 ;

F lor in o f Aragon

2 s 1 0d . c. ( Fav ier , 3 6)

8 )

S pan ish

Duca t

TA

v i i i , 4 15)

F lor in 1 378-1409

These e xchange r ates

f ro m Fav ier h ave b een w orked o u t b y u s ing t ab le E a bove .

T hey a re ,

t herefore , o n ly a pprox i ma t ions . 1 378-1409

s 7 d .c . F lor in o f Barce lona 6

( Fav ier , 3 6)

P isto l 1 581

P isto le t tes o f S pa in

4 2s

1 591

P isto le t o f S pa in

5 5s

9 )

p . x cv ) ( APS , i i , 5 26)

Duca ts The f o l low ing e xchange r a tes o f d uca ts a re l i sted a l though i th as n ot b een

p oss ib le t o i den t ify t he ir c oun try o f o r ig in . ( TA, 1 , 1 67)

1 488

Duca t

1 6s

1 497

Duca t

1 5s 6 d

( IA , 1 , 3 58 ,379,384)

1 503

Duca t

1 5s 6 d

( TA, I i , 3 84)

1 503

Heavy Duca t

£ 7

( TA

1 48

1 , 2 43)

1 507

Duca t o f We igh t

1 5s 6 d

( TA, i i, 3 64)

1 507

Duca t o f We igh t

1 8s 6 d

( TA, i v , 7 2)

1 511

Duca t

1 9s

( TA, i v , 3 17)

1 511-1512

Crossed Duca t

1 9s

( TA, i v , 1 96, 3 21)

1 512

Doub le Duca t

3 6s

( TA, i v , 3 53)

1 512-1513

Duca t o f We igh t

1 9s

( TA, i v , 3 36,341,349,397 ,403)

1 516

L ight Duca t

1 5s 6 d

( TA, v , 7 3)

1 524

Duca t o f We igh t

2 0s

( APS , x i i, 4 1) I ncreased f ro m 1 9s

1 537

Crossed Duca t

2 0s

( TA, v i, 3 01) ( SHS M, x , 3 2 , 3 9)

1 540

Doub le Duca t

4 4s

1 543

Crossed Duca t

2 4s

( TA, v i i i, 2 40)

1 544

S ing le Duca t

2 3s

( TA, v i ii , 2 91)

1 558

Doub le Duca t

5 6s

( TA, x , 3 59)

1 49

NOTES

1 .

The T ab les g iven i n t h is p aper were c o mp i led f ro m i nfor ma t ion s ubmit ted t o t he S cot t ish Med ieva l ists ' C onference a s p ar t o f a n Econo m ic H istory Pro ject .

T he c on tr ibu tors i n a lphabe t ica l o rder were Rev . M .

D i lwor th , Mr J . Ga lbra ith , Dr A . R . Murray , Mrs J . Murray, Mr J . J . Rober tson , Mr W. W.. S cot t a nd Dr D . E . R . Wa t t .

T he c o mp i ler

i s i ndebted t o Mrs J . Murray f or t he h e lpfu l a dv ice a nd c o m men ts wh ich h e r ece ived f ro m h er a t t h is s y mpos iu m b u t s tresses t ha t a ny r e ma in ing e rrors a nd i naccurac ies a re h is r espons ib i lity a lone .

Fur ther c on tr ibu-

t i ons t o t hese l i sts wou ld b e g ra tefu l ly r ece ived . 2 .

SGR , 1 7 .

3 .

SGR , 3 0 .

4 .

Ca mbr idge E cono m ic H istory , I i , 5 93 .

5 .

S . E . R igo ld ,

6 .

CP, 1 , l xxv i , f or P inker ton , E ssay o n Meda ls, ( London 1 808) , 1 , 4 44 .

7 .

Brooke

8 .

I b id .

9 .

BD, i , 7 9 .

The t ra i l o f t he Easter l ings ' ,BNJ V I , ( 1949-51) , 3 1-55.

1 83 .

1 0 .

Brooke

1 56 .

1 1.

Brooke

1 84 .

1 2 .

Brooke

1 86 .

1 3 .

Brooke , 1 89 .

1 4 .

Brooke

1 16 .

1 5.

Brooke

1 35 .

1 6.

Brooke

1 56 .

1 7 .

Brooke

1 49 .

1 8 .

Brooke , 1 68 .

1 9.

Brooke

2 0 .

Brooke , 1 87 .

2 1.

BD , i , 3 15 .

2 2 .

BD, i , 2 70 .

2 3 .

BD , i , 2 55.

1 69.

1 50

2 4 .

BD, i , 2 73 .

2 5 .

BD, I , 2 88 .

2 6 .

BD, I , 2 98 , 3 03 .

2 7 .

BD, i , 2 98 .

2 8 .

BD, I , 2 99, 3 03 .

2 9.

BD, i , 3 14 .

3 0 .

BD, I , 3 14, 3 23 .

3 1.

BD, i , 3 23 .

3 2 .

BD, i , 3 28 .

3 3 .

BD, i , 3 32 .

3 4 .

BD , i , 3 03 .

3 5.

BD , i , 2 99, 3 26, 3 28 .

3 6 .

BD, i , 2 71.

3 7 .

BD, I , 2 56 .

3 8 .

BD, i l , 2 84 .

3 9.

BD , I i , 3 14 .

4 0 .

BD , i , 3 14.

4 1.

P . Gr ierson , 'C o inage i n t he Ce ly Papers ', M isce l lanea Med iaeva l ia i n Me mor ia m J an Freder ick Ne ir mayer , ( Gron ingen , 1 967) , 3 80-404 .

1 51

ABBREV IATIONS AND B IBL IOGRAPHY

SHS

S cot t ish H istory S oc ie ty

SRO

S cot t ish R ecord O f f ice

PRO

Pub l ic Record O f f ice

ADA

T he Ac ts o f t he L ords Aud itors o f C auses a nd C o mp la in ts , e d , T .

Tho mson , ( Ed inburgh , 1 839) ADC

T he Acts o f t he L ords o f C ounc i l i n C iv i l Causes, e d , T . T ho mson

a nd o thers ( Ed inburgh , 1 839 a nd 1 918-) ADCP A cts o f t he L ords o f C ounc i l i n Pub l ic A f fa irs 1 501-1554 : S e lect ions f ro m Acta Do m inoru m C onci l t l , e d , R . K . H annay , ( Ed inburgh , 1 932) AL

L iber S Tho me d e A berbro thoc,

Aposto l ic Ca mera

( Banna tyne C lub , 1 848-56)

T he Aposto l ic Ca mera a nd S co t t ish Benef ices , e d , A . I .

Ca meron , ( 1934) APS

T he A cts o f t he Par l iamen ts o f S cot land , e d , T . Tho mson a nd C .

L nnes, AR

( Ed inburgh , 1 814-75)

Reg istru m Eph iscopa tus A berdonens is , ( Spa ld ing a nd Ma it land C lubs, 1 845)

Banna tyne M isc . BD

T he B anna tyne M isce l lany , ( Banna tyne C lub , 1 827-55)

A . B lanche t a nd A . D ieudonn , Manue l d e Nu m is ma t ique F ranca ise , ( Par is, 1 916)

Brooke CA

G . C . Brooke , Eng l ish C o ins, ( London , 1 950 )

Char ters o f t he A bbey o f C oupar Angus, e d , D . E . Easson , ( SHS , 1 947 )

CP

R . W. C ochran-Pa tr ick , R ecords o f t he C o inage o f S cot land , ( Ed inburgh , 1 876)

CSSR Ca lendar o f S cot t ish S upp l ica t ions t o R o me 1 418-22 , e d , E . R . L indsay a nd A . I . Ca meron , ( SHS , 1 934) ER

T he Exchequer R o l ls o f S co t land , e d , J . S tuar t a nd o thers , ( Ed inburgh 1 878-1908)

FA

W. Fraser , The A nnanda le Fa m i ly B ook , ( Ed inburgh, 1 894)

Fav ier

J . Fav ier , L es F inances Pon t if ica les a L ' Epoque d e Grand

S ch is me d 'O cc iden t 1 378-1409, ( Par is, 1 966) FC

W. Fraser , T he B ook o f Car laverock , ( Ed inburgh , 1 873 )

FD

W. Fraser , T he Doug las

B ook , ( Ed inburgh , 1 $85)

1 52

FK FM

W. F raser , T he S t ir l ings o f K e ir , ( Ed inburgh , 1 858 ) W. Fraser , T he Me lv i l les Ear ls o f Me lv i l le a nd t he L es l ies Ear ls o f L even ( Ed inburgh , 1 890)

F oedera F oedera , C onven t iones, L it terae e t C u iuscunque G ener is A cta Pub l ica , e d , T . R y mer , R ecord C o mm iss ion e d i t ion , ( London , 1 816-69) GR

Reg istru m Ep iscopa tus G lasguens is ,

( Banna tyne a nd Ma it land C lubs,

1 843 ) Ha lybur ton L edger

L edger o f Andrew Ha lybur ton 1 492-1503 , e d , C . n ines,

( Ed inburgh , 1 867 ) HMC

H is tor ica l Manuscr ip ts C omm iss ion

H oberg H . H oberg , T axae p ro C o m mun ibus S erv it i is , S tud i e Test i, 1 44 , ( 1949) H ope toun MSS

Pr in ted i n CP , i

K n ighton , Chron ic le S er ies, 9 2 ; L indsay ,

H . K n igh ton , Chron icon Henr ic i K n igh ton , ( Ro l ls

L ondon 1 889-95)

V iew o f t he C o inage o f S cot land

J . L indsay , AV iew o f t he

C o inage o f S cot land , ( Cork , 1 845) PR

Reg istru m d e Pan mure , e d , J . S tuar t , ( Ed inburgh , 1 874)

Prot . Bk . R b t . L auder

Pro toco l Book o f R ober t L auder , i n SRO , Burgh

Records o f N or th B erw ick B . 5 6 Prot . Bk . R os

Pro toco l B ook o f Gav in R os 1 512-32 , ( Scot t ish Record S ocie ty ,

1 908) RK

A G enea log ica l Deduc t ion o f t he Fa m i ly o f R ose o f K i lravock , H . Rose a nd L . S haw , ( Spa ld ing C lub , 1 848)

RP

Reg istru m Monaster l i d e Passe le t , ( Ma it land C lub , 1 832 ;

RPC

N ew C lub, 1 877)

T he Reg ister o f t he Pr ivy C ounc i l o f S cot land , e d , J . H . Bur ton a nd

o thers , ( Ed inburgh , 1 877-) SGR Regustrum Car taru m E cc les ie S anct i Eg id i i d e Ed inburgh ( Banna tyne C lub , 1 859) SHS M TA

T he M isce l lany o f t he S cot t ish H istory S oc ie ty , ( SHS , 1 893-) A ccoun ts o f t he L ord H igh Treasurer o f S cot land , e d , T . D ickson a nd

S ir J . Ba lfour Pau l, ( Ed inburgh , 1 877-1916) T ho mson , C o ld ingham ( Ga lash ie ls, 1 908) WCC

A . T ho mson , Co ld ingham Par ish a nd Pr iory ,

C har ter C hest o f t he Ear ldo m o f Wig town , ( Scot t ish Record S oc ie ty ,

1 910 ) YW

Ca lendar o f Wr its p reserved a t Yester H ouse 1 166-1503 , e d , C . C . H . Harvey a nd J . Mac leod , ( Scot t ish R ecord S oc ie ty , 1 930)

1 53

T HE ORGANISATION AND WORK OF THE SOOTTISH MINT 1358-1603 Joan E. L. Murray This paper is primarily concerned with the mint organisation and the work of the mint itself, i.e. mainly the fabrication of coins in accordance with speci­ fied standards of weight and fineness, impressed with the required design and inscription which served to identify the issuing authority and the currency value. It will hardly touch on subjects like decisions about these standards, currency values and arrangements for the supply of bullion, which were the responsi­ bility of higher authority, although mint officials might be called on for advice. It is however natural to include some consideration of the exchange of bullion for new coin, although in principle this was a distinct function from that of the mint; and likewise, for the sixteenth century, the conditions when there was a tack of the cunyie house, i.e. in English terms, the mint was farmed. Until 1358 there is very little evidence about Scottish mints other than that which can be deduced from the coins, but from that date the source documents show a structure like that long established elsewhere in Europe. There is also an absence of Scottish documentary evidence for the beginning of the fif­ teenth century, but the extent of agreement between the late-fourteenth century organisation and that after 14 24 leaves very little doubt that the same would apply in the intervening years, at least in principle. Similarly, early­ seventeenth century evidence for Edinburgh and the fuller archives of other countries provide a useful background for interpreting the Scottish records of our period, in spite of some obvious differences, such as in the scale of opera­ tion. The officials known for the mint, as established in Edinburgh on David II's return from captivity, were warden, moneyer, assayer and die sinker, of whom the first three had charters of their office under the Great Seal. In broad terms, the moneyer was the contractor for making the coins while the warden's function was more administrative, safeguarding the interests of the king and his subjects.1 As the warden was the principal mint official until about 1500 his duties should be considered first, and those of his differently titled successors in the highest office. As laid down in 1393 2 and several times later in less detail, the warden was responsible for the issued coins keeping the standards of weight and fineness, i.e. not differing from these by mor·e than the authorised remedy or tolerance. He had custody of the uncoined bullion, of the dies when not in use, and of the coined money. Every week he was to select pieces of that week's work, of each metal, for the internal assay and the trial of the pyx. The latter, at the exchequer, was the last check on the fineness before the responsible of­ ficials obtained their acquittance for the period covered. The first Scottish record of such a trial is for 1438, covering two years, but the period could be much longer. 155

T he warden 's f ees were p a id o u t o f t he k ing 's p ro f i t ( t he S co t t ish r ecords d o n o t u se t he t er m s e ign iorage ) , a nd t hey a ppeared o n t he e xpenses s ide o f t he m in t a ccoun ts when t hese were r endered a t t he e xchequer ;

t he 1 358 r a te o f

o ne p enny f or e ach 1 2 o unces o f c o in - a t t ha t t ime o ne m in t p ound - was ma int a ined u p t o 1 450 .

3

I n 1 488 t he warden was t o h ave a y ear ly f ee o f £ 10 , ' cum

omn ibus a l i is p ro f icu is '. 4 T he warden a lso h ad c er ta in j ud ic ia l p owers o ver t he o ther m in t o f f icia ls a nd s ervan ts , who were n o t s ub jec t t o t he l oca l c our t , a s p ar t o f t he ir p r iv i leges g ran ted b y D av id I a nd c on f ir med b y J a mes V I . F ro m s o me t ime i n J a mes I V 's r e ign a nd u p t o 1 555 , t he t er m min t- mas ter a ppears t o h ave b een a pp l ied t o t he s a me o f f ice a s t he e ar ly warden 's . Thus Ma is ter Dav id S co t , ar oya l c hap la in , c ou ld b e r e ferred t o a s ' ma is ter o f t he c unye is ' i n 1 511 b u t a lso a s c us tos mone te i n 1 513 , a nd e ven a s mag is ter c onet a tor i n 1 516 ( bu t r e ferr ing t o t he l as t f our y ears o f J a mes I V 's r e ign ) .

5

I n

1 519 , f or a s pecia l c o inage o f u n icorns , t he t reasurer o r h is c lerk was t o b e ' ma is ter o f t he s a id c unye , t o s e t ha t i th e ld t he wech t a nd f ynes , a nd k e ip t he i rn is ' , wh ich were c er ta in ly d u t ies o f t he e ar ly wardens .

6

I n 1 527 Ada m

B oyd was a ppo in ted ' warden p r inc ipa le a nd k epar o f t he k ing is c unye i rn is ' ,

7

a nd t herea f ter t here a re f requen t r ecords o f warden a nd c oun terwarden , b o th w i th d u t ies s im i lar t o t he e ar ly warden b u t c lear ly i n as ubord ina te p ot i t ion . B y t h is t ime t he c o iner i s r egu lar ly r e ferred t o a s mas ter c oiner , a nd i t may b e d i f f icu l t t o d is t ingu ish h is o f f ice f ro m t ha t o f min t- mas ter e xcep t b y c o mp ar ison o f s evera l r ecords .

T hus we f ind R ober t B ar ton i n 1 529 a s ' mas ter

o f t he c unye ' a s we l l a s t reasurer , c o mp tro l ler a nd g rea t c us tu mar , 8 s andw iched b e tween r e ferences t o J a mes A cheson a s g o lds m i th a nd mas ter c oiner i n 1 526 b u t a s mag is ter mone te i n 1 531; 9

A cheson was c lear ly a lways t he c on-

t rac tor o r mas ter worker ( an Eng l ish t er m ) .

B y t h is t ime , i f we h ave e v idence

t ha t t he m in t- mas ter was p a id a f ixed s um y ear ly t hen we c an t ake i tt ha t h e was t he p r inc ipa l o f f icia l , n o t t he mas ter w orker , s ince t he l a t ter was n o t s a lar ied b u t c on t inued t o r ece ive s o much f or t he work , a ccord ing t o t he b u l l ion c o ined . I n 1 555 t he n ew t i t le o f g enera l was i n troduced f or t he p r inc ipa l o f f icia l , t he f irs t h o lder o f t h is o f f ice b e ing D av id F orres t , who was mag is ter c one i n t he t reasurer 's a ccoun t i n Oc tober 1 555 .

1 0

H e was a p ro m inen t p ro tes tan t ,

who was p repared t o a ss is t i n ac o inage f or t he L ords o f t he C ongrega t ion i n 1 559 a nd f led t o Eng land i n N ove mber o f t ha t y ear .

1 1

H is a bsence was s ta ted

t o b e ' i n g re i t h ur t a nd p re jud ice o f o ure s overan is p rof i t o f t ha ir c unye ' , a nd h e was r ep laced .

1 2

A l e t ter u nder t he P r ivy S ea l i n 1 561 g iv ing t h is o f f ice t o

H erber t Maxwe l l d e ta i ls h is d u t ies .

1 3

I n c onnec t ion w i th t he e xchange - a n

o ff ice t hen h e ld b y t he mas ter c oiner - h e was t o k eep a r eg is ter o f t he ' spaces [ t ypes o f c o in ], w erk , wecht , f ynes a nd p r ice ' , t he n a mes o f t he s e l lers a nd d a te o f r ece ip t , a nd a lso t o b e p resen t a t t he p ay men t .

F or t he c o inage i t se l f ,

t he g enera l ( l ike t he warden a nd c oun terwarden) was t o k eep a r eg is ter o f t he we igh t , f ineness a nd q uan t i ty .

H e was a lso t o s ee t ha t t he p ieces f or a ssay

were p u t i n t he b ox , o f wh ich h e k ep t o ne o f t he f our k eys - t he o ther k ey-ho lders were n o t min t o f f ic ia ls , n or ma l ly . k ing was a lso i nvo lved :

S o me s uperv is ion o f t he q ua l i ty o f t he s tr i-

h e was t o i t ak t en t d i l igen t l ie ' t ha t t he c o ins were

' we i l l wroch t a nd c unye i t , h avand t he r ing a bou t ' , wh ich made i th arder f or c l ipping t o p ass u nno t iced .

S even teen th-cen tury e v idence s hows t ha t i t was

n ow t he g enera l who e xerc ised j ur isd ic t ion i n t he Warden C ou r t .

1 4

B es ides

ay ear ly f ee t he g enera l was r e munera ted b y t he r igh t t o al im i ted c o inage o f

1 56

1 577 t he c oiner was t o ' t ak t he l o is u poun h is a win c harge is '.

2 9

F or t he b igger

c oins , c er ta in ly , t he we igh ts were t es ted i nd iv idua l ly b y t he warden o r c oun terwarden , a nd t hose o u ts ide t he r e medy were c u t a nd r e turned t o b e me l ted .

3 0

F or t he sma l l b i l lon a nd c opper c oins , t he r e medy o f we igh t was p resumab ly a lways a ppl ied o n ly a s t he n u mber i n ag iven w e igh t .

I n 1 583 , t he r e medy was

e igh t o f t he e igh tpenny g roa ts ( o f b i l lon ) o r s ix teen f ourpenny o nes , i n e very e igh t o unces .

3 1

I n t he r eg is ter o f t he l i ons ( hardheads ) f or f our mon ths o f

1 558 , a max i mu m o f 1 6 p ieces l igh t o r h eavy i n t he p ound i s r ecorded , b u t a pp ly ing t o e ach j ourney o vera l l , o f s evera l s tone .3 2 I ti s d i f f icu l t t o t e l l whe ther t here was a ny s ubord ina t ion among t he c o iners n a med u p t o 1 451.

I n Dav id I 's r e ign , J a mes Mu lekyn o f F lorence was ' mone-

t ar ius n os ter i n fra r egnum ' i n h is c har ter , b u t h e a nd a no ther F loren t ine , B onage ( Bonag io ) , were b o th s i mp ly mone tar ius i n 1 364 , a nd t he l a t ter , who was monet ar ius n os ter i n 1 393 , was s ure ly more t han a s tr iker .3 3 T he 1 367 d ocu men t o rder ing a r educed weigh t s tandard was a ddressed t o as ing le warden a nd money er , a nd a lso u ses t he t er m mag is ter mone tar ius ,

( un l ike t he o ther f our teen th

c en tury o nes ) , when s ta t ing h ow much h e s hou ld r ece ive f or t he f abr ica t ion , f or h i mse l f a nd h is work men .

3 4

I n 1 451 , f ive k ing 's c oiners were n a med whose

p enn ies were s t i l l t o b e c urren t .

3 5

O f t hese , R ober t G ray a nd A lexander T od

( f or S t ir l ing ) r endered i nd iv idua l a ccoun ts a t t he e xchequer , wh i le J ohn Da lry mp le j un ior d id s o i n 1 448 a s R ober t G ray 's d epu ty .

I n 1 450 , G ray a nd J ohn Da lry mp le

s en ior r endered a j o in t a ccoun t , wh i le i n 1 447 G ray d iscla i med a ny r espons ib i l i ty f or J ohn D a lry mp les 's c o inage :3 6

a s t he l a t ter was t he k ing 's merchan t ,

i ti s p oss ib le t ha t t h is was a c ase o f b u l l ion b e long ing t o t he k ing , a ccoun ted f or o n ly b y weigh t w i th t he k ing g e t t ing s tock a nd p ro f i t , whereas t he n or ma l a ccoun ts were o f t he r oya l p ro f i t .

T he r e ma in ing man was J ohn S pethy , p re-

s u mab ly t he s a me a s t he k ing 's g o lds m i th J ohn S pedy i n 1 426 , 3 7 a nd p oss ib ly n o l onger a c t ive a t t he min t i n t he p er iod f or wh ich we h ave a ccoun ts . As i n t he c ase o f B onage , i t s ee ms s a fe t o a ssu me t ha t a l l t hese were more t han s tr ikers ;

p erhaps s o me were s ubcon trac tors , r espons ib le t o G ray .

I ta ppears ,

h owever , t ha t g o lds m i ths migh t u nder take t he l ow ly work o f s tr ik ing , s ince t he a dv ice o f t he t hree e s ta tes i n 1 451 i nc luded t ha t ' t he p ren tar is a nd s tr ikar is b e n a g o lds my th is a nd u ther is may b e g o t tyn '. 3 8 There i s l i t t le d ocu men tary e v idence a bou t min ts o ther t han E d inburgh . Under R ober t It here was c er ta in ly a s epara te warden f or P er th , wh ich was n ear ly a s a c t ive a s E d inburgh , a nd a lso f or Dundee , c o in ing o n a sma l l s ca le l a ter i n t he r eign ;3 9

b u t , a s a lso f or A berdeen u nder D av id I , s o me o bverse

d ies were e xchanged b e tween m in ts a nd a l l t he d ies h ad p unches i n c o m mon w i th E d inburgh o nes . 4°

I n R ober t I I 's r e ign t here may h ave b een d ie-s inkers

work ing i ndependen t ly a t d i f feren t min ts .

L a ter t he p rov inc ia l min ts may h ave

h ad more t he s ta tus o f b ranch min ts , n o t o n ly b ecause o f d ie e xchanges b u t b ec ause o f t he move men t o f c oiners .

A lexander T od , who r endered a ccoun ts f or

S t ir l ing i n 1 443 a nd 1 444 , was p resumab ly t he s a me a s t he l a ter E d inburgh c o iner ;

a nd t he G i lber t F ish whose c oins were k nown t o t he c o m mon p eop le i n

1 493 a s B erw ick g roa ts was p resu mab ly t he g o lds m i th o f t ha t n a me r ecorded i n E d inburgh i n J a mes L T I a nd J a mes I V 's r e igns . 41 The f ore ign e xper t c oiners - J a mes Mu lekyn a nd B onage f ro m F lorence i n t he f our teen th c en tury , C o l in C a ignar t f ro m F landers a t t he e nd o f J a mes I V 's r e ign , 42

a nd J ohn Missarvy f ro m Eng land b r ie f ly u nder Mary43 1 58

- were p resu mab ly

o ccup ied s o le ly a t t he m in t o r o n g o lds m i th work f or t he k ing , b u t mos t o f t he r ecorded S co t t ish c oiners b e fore J a mes I V p robab ly d id n o t h ave s pec ia l ised q ua l i f ica t ions .

Wha t was r equ ired i n 1 488 was a t rus ted man ' o f l aw te a nd

k naw lage t o b e ma is ter o f h is monye ' ( i n t h is c ase d is t ingu ished f ro m warden ) ,

4 4

a nd t he s a me mone tary b ackground t ha t a merchan t wou ld n eed i nf ore ign t rade migh t b e a dequa te , r a ther t han a g o lds m i th 's t echn ica l k now ledge . C er ta in ly R ober t G ray , who was a lso a t t imes mas ter o f works a t E d inburgh c as t le a nd o f t he n avy , a nd c us tu mar , a ppears t o h ave b een i n av ery d i f feren t p os i t ion f ro m t he mas ter c o iners o f t he s econd h a l f o f t he s ix teen th c en tury a nd l a ter , o f who m s evera l h ad p rev ious ly b een a ssayer o r s inker . i s n o t ac lear-cu t d is t inc t ion b y d a te :

Bu t t h is

J ohn S pethy h as a lready b een men t ioned ,

a nd t here was a lso J ohn L aunda le who r endered a n a ccoun t a s c oiner i n 1 453 , b u t a f terwards d isappears f ro m t he r ecords , who was p robab ly t he s a me a s t he k ing 's g o lds m i th a ct ive i n 1 428 a nd 1 429 . 45 One p o in t s hou ld b e made a bou t t he i n terpre ta t ion o f t he c o inage a ccoun ts i n t he E xchequer R o l ls f or much o f t he p er iod 1 433 t o 1 476 .

T here i s s o me

ambigu i ty i nt he p hrase u sed f or t he we igh t f or t he b i l lon c o ins , s o many p ounds a nd o unces a rgen t i f abr ica t i i n d enar i is e t o bu l is o r i n minu ta p ecun ia . T h is c ou ld b e t aken t o r efer t o t he f ine s i lver u sed i n t h is way , b u t Ib e l ieve t ha t t he c orrec t i n terpreta t ion i s t he me ta l a s c o ined a t a bou t o ne h a l f s i lver .

C er-

t a in ly i n t he l a te s ix teen th c en tury a ccoun ts t he r oya l p ro f i t o n t he b i l lon c oina ge i s r egu lar ly q uo ted a ccord ing t o t he we igh t ' pas t t he i rn is ' , i .e . a s c oined . I nt he p er iod t o Augus t 1 587 , f or e xa mp le , 5 66 s tones p assed t he i rons i n e igh tp enny a nd f ourpenny g roa ts a t t hree d en iers f ine , i .e . t hree t we l f ths s i lver , a nd t he k ing 's p ro f i t o n t hese was a t t he r a te o f £ 17 2 s . 9 d . p er s tone .

4 6

F ro m

1 459 t o 1 476 t he r a tes c harged were o ne p enny p er o unce f or t he sma l l money a nd t wopence p er o unce f or t he s i lver c o ined i n g roa ts , a nd i ti s much e as ier t o b e l ieve t ha t t h is r epresen ts a bou t t he s a me p rof i t i n e ach c ase o n t he f ine s i lver c on ten t , r a ther t han a r educed c harge when t he s a me q uan t i ty o f s i lver was u sed o nt he a l loyed c o ins .

T h is a pp l ies p ar t icu lar ly t o y ears when t he

b u lk o f t he o u tpu t was i np enn ies a nd h a l fpenn ies , a s i n t he 1 466 a ccoun t , w i th n ear ly 1 22 l bs . a s a ga ins t l ess t han 1 1 l bs .

c oined i n g roa ts .

The p ay men ts

t o t he warden a nd d ie-s inker , a t o ne p enny p er t we lve o unces f abr ica ted , whe ther g o ld o r s i lver , t end t o s uppor t t he s a me i n terpre ta t ion , s ince t he sma l ler c oins p resu mab ly mean t a s much work f or t hese o f f icia ls , i n r e la t ion t o t he we igh t c oined , a s t he f ine s i lver a nd g o ld o nes . t he ir g rea ter n u mber t o t he o unce .

T here were s o me f ac tors t o o f fse t

F or t he d ie s inker , e ach d ie f or p enn ies

a nd h a l fpenn ies wou ld i nvo lve l ess work a nd migh t b e u sed t o s tr ike more c o ins . The warden p robab ly c hecked t he ir we igh t i n b u lk o n ly , b u t t hey wou ld b e more t rouble t o c oun t .

I n Eng land , t here were o f ten c o mp la in ts a bou t t he s hor tage

o f h al fpenn ies a nd f ar th ings , a nd t he mas ter worker was s o me t i mes a l lowed a h igher r a te f or t he e x tra l abour o f mak ing t he m ( o f f ine s i lver ) ;

b u t i ta ppears

u n l ike ly t ha t t h is S co t t ish c oiner was p a id a ny more , a t t h is p er iod , s ince t he H ope toun manuscr ipt r ecords f or 1 556 t o 1 558 t he s a me c o in ing c harge o f £ 8 p er s tone b o th f or b i l lon p enn ies a t 4 2 t o t he o unce a nd f or t es toons a t 5t o t he o unce . 47

T he s izing o f t he c oin b lanks f or t he sma l l money was o bv ious ly n o t

d one a s a ccura te ly a s f or t he f ine s i lver o r t he g o ld . Me l t ing t he c oinage me ta l was a p ar t icu lar ly impor tan t p ar t o f t he c oiner 's r espons ib i l i t ies , i n t ha t i ti ncluded b r ing ing i tt o t he c orrec t f ineness , o ther

1 59

t han b y r e f in ing . The S co t t ish s tandard f or t he f ine s i lver c oins a t t he e nd o f t he s ix teen th c en tury was 1 1 d en iers , al i t t le b e low t he s ter l ing s tandard , a lt hough e ar l ier t hey were t o b e a s f ine a s i n Eng land .

Burn t s i lver , a s r equ ired

f ro m t he merchan ts a ccord ing t o t he ir e xpor ts o f s tap le g oods , was c lear ly r ef ined , b u t n o t n ecessar i ly ' u t ter f ine ' -a n Eng l ish s ta tu te i n 1 487 l a id d own a min i mu m s tandard f or r e f ined s i lver o f r a ther a bove 2 3/24ths .

4 8

T h is c ou ld

b e me l ted w i th a s u i tab le q uan t i ty o f b aser s i lver t o b r ing i tt o t he r equ ired c oinage s tandard .

S o me l ess f ine s i lver was c er ta in ly a ccep tab le :

i n 1 490

t he c oiner was t o p ay ' t he v eray a va le ' f or S co t t ish s i lver work wh ich was n o t a s f ine a s P ar is s i lver o r t he n ew work o f B ruges . 49

S urpr is ing ly , i n 1 385

t he S co t t ish moneyer was t o a ccep t n ew b lanks o f France , t hen s ix d en iers f ine , a nd g ive p ound f or p ound o f S co t t ish money , e xcep t t he l oss o f s ix b lanks i n e ach p ound f or t he work ing .

5 0

As t h is i s b e l ieved t o b e b e fore a ny S co t t ish

b i l lon c o inage , t he p ound f or p ound p hrase may r e fer t o t he f ine s i lver c on ten t . I t mus t h ave b een h ard f or t he min t t o d ea l w i th a ny s ubs tan t ia l q uan t i ty o f b u l l ion a t s ix d en iers f ine , a t t ha t d a te , when a l arge p ropor t ion o f t he o ther b u l l ion was p robab ly o ther f ore ign money , p ar t icu lar ly Eng l ish - i fo ne c an j udge b y t he Eng l ish c oncern , a nd t he d isappearance o f Eng l ish c o in f ro m t he S co t t ish h oards d epos i ted l a te i n R ober t I 's r e ign . I n F rance , a t l eas t , t he min t b uying p r ice was n o t a lways i n p ropor t ion t o t he p recious me ta l c on ten t , when i t was b ough t i n i ngots r eady a l loyed f or t he b i l lon c o inages .

Th is l eads

me t o s ur m ise t ha t a va i lab i l i ty o f b ase b u l l ion o n t he c on t inen t a t ac heaper r a te t han f ine s i lver may h ave b een a c on tr ibu tory r eason f or d ebas ing t he p enn ies a nd h a l fpenn ies i n t he n ew c o inage o f 1 393 , a l though Ia ccep t t ha t t here was a lso a n a dvan tage i n t he l arger s ize o f c o in p roduced i n t h is way :

t he A c t

o f P ar l ia men t made i tq u i te c lear t ha t t he i n tr ins ic v a lue o f t he a l loyed c o ins was o n ap ar w i th t he f ine s i lver , o n t h is o ccas ion .

5 1

I ti s a bundan t ly c lear f ro m t he l a te-s ix teen th c en tury r ecords t ha t t he m in t was n o t e qu ipped t o r e f ine b u l l ion o n a ny s ubs tan t ia l s ca le , a l though o f c ourse s o me o f t he p rocesses were f am i l iar .

Assaying was a sma l l-sca le r e f in ing

p rocess , f o l lowed b y c o mpar ing t he o r ig ina l we igh t w i th t ha t o f t he p ure me ta l . G o ld c ou ld b e p ur i f ied o f t he a l loy ing s i lver b y c e men ta t ion , men t ioned i n J a mes I V 's r eign , i n c onnect ion w i th c o in ing g o ld r ya ls .

H owever t he n or ma l

5 2

c us to m was t o mix f iner a nd b aser b u l l ion i n s u i tab le p ropor t ions .

I n t he words

o f ap os t-1603 d ocu men t , ' t he w i thdraw ing o f t he r edundan t a nd s ubs t i tu t ing o f t he d e f ic ien t me ta l i b ecause c hargeab le i s n o t u su a l ! '.

5 3

Thus i n 1 564 t he q ueen

was a dv ised t o e l im ina te t he n u isance o f t he b ase l i ons o r h ardheads ( a lso c a l led l yar ts i n t h is d ocu men t ) b y a ccep t ing t he m a t t he min t w i th 1 2 /3 o unces o f f ine s i lver t o e ach mark weigh t o f h ardheads , f or a c o inage 3 d en iers f ine .

5 4

I n

1 591 t he h a l f- merks a nd f or typenny p ieces o f 8d en iers f ine were t o b e t aken i n a t v ir tua l ly t he s a me p r ice f or t he s i lver c on ten t a s t he f iner s i lver , b u t o n ly i fa cco mpan ied b y f ive t imes t he ir we igh t o f s i lver a t 1 1 d en iers , t hus a l low ing an ew c o inage o f h al f- merks a t 1 0

d en iers w i thou t r e f in ing .

5 5

F or t he b aser

o ld c oins , when t he p lan was t o b r ing t he m a l l t o 1 01 . d en iers , t he f irs t a greemen t f or r e f in ing ( made i n 1 591 w i th F ranc is N ap ier , t he a ssayer ) c on ta ined a c lause t ha t t he k ing wou ld f orgo h is p ro f i t o n t he c o inage o f t he s i lver t hus r ef ined ,

5 6

a l though t he c urrency v a lues o f mos t o f t hese b i l lon c o ins were b y t hen

b e low t he ir i n tr ins ic v a lues , b ecause o f i n f la t ion s ince t hey were s truck , t og e ther w i th d eva lua t ion o f t he h ardheads a nd Mary p lacks .

1 60

There were e ar l ier c ases o f r e f in ing , o r a t l eas t t he i n ten t ion o f d oing t h is . When t he J a mes I I p lacks were c a l led i n , i n 1 486 - a t 2 d . i ns tead o f t he 3 d . a t wh ich t hey were c urren t im med ia te ly b e fore t he k ing was t o

‚g er

p u t t he

s a myne t o t he f ire a nd o f t he s ubs tance t ha t may b e f yn i t o f t he s am in t o g ar mak a ne n ew p enny o f f yne s i lv ir '.

And a ccord ing t o t he H ope toun manu-

5 7

s cr ipt ' Anen t C unyie ', when Queen E l izabe th c a l led i n t he b ase Eng l ish c o in i n 1 560 ' a g re i t p a ir t was b roch t i nt h is r ea l me a f fyn i t b e p erson is a nd b roch t t o t he C unyehouse '.

a nd d yvers

5 8

I n S co t land a s i n Eng land t he k ing t r ied t o ma in ta in a monopo ly o f e xchang ing b u l l ion , i n o ld c oin o r o therwise , f or c oin , a l though n o t o f e xchang ing i n t he s ense o f g iv ing s i lver o r wh i te money f or g o ld , o r v ice v ersa .

I n f ac t i n 1 541

' a l l maner o f p erson is h avand q uh i te money ' were e n joined t o ' redde ly c hange a l l maner o f g o ld ' w i thou t c harge .

Obv ios ly i t was when o ld a nd f oreign

5 9

c o ins were b e ing t aken a s b u l l ion f or t he min t t ha t t he e xchanger was p ar t icul ar ly impor tan t , a l though money c o ined o u t o f b u l l ion i n i ngo ts o r h ouseho ld p la te , e tc , a lso was i ssued b y e xchange .

I n S co t land t he warden o r t he c oiner

n or ma l ly h eld t he o f f ice o f e xchanger t oo , wh i le i n Dav id I 's r e ign t he moneyer J a mes Mu lekyn s ee ms t o h ave b een d epu ty t o t he warden i nt h is o f f ice . "

I n

1 427 , t hree E d inburgh b urgesses s epara te ly r ece ived a cqu i t tances wh ich i nc luded a l l p rof i ts o f t he k ing 's e xchange a nd t he n ew money made when h e h e ld t ha t o f f ice .

6 1

One o f t hese was R ober t G ray , t he c o iner f or many y ears .

T he o thers w ere Wi l l ia m C a meron , b ro ther t o t he b ishop o f G lasgow , a nd R ober t L auder , f ro m who m t he k ing p urchased t he t ene men t a t t he e as t g a te o f S t . G i les k irkyard , wh ich was t hen t he min t . 62 A t t he b eg inn ing o f t he p os t1 424 c oinage i t may h ave b een t he p o l icy t o w i thdraw a t l eas t t he l igh t g roa ts o f t he p rev ious r e ign , b u t t he B onage g roa ts -p resu mab ly t he h eav ier f ron tf ace R ober t g roa ts , s ince a no ther moneyer i s r ecorded i n a bou t 1 397 63 - were s t i l l o f f icia l ly c urren t i n 1 467.

I n 1 456 , o f t he money n a med i n A lexander

S u ther land 's t es ta men t , £ 80 was i n B onage g roa ts a nd £ 300 i n s ixpenny g roa ts , i .e . o f t he f l eur-del is , a s c o ined f or J a mes Ia nd J a mes I u p t o 1 451 .

6 4

I t

s ee ms l ike ly t ha t t he e xchange was n o l onger a c t ive e nough a f ter 1 427 t o r eq u ire more t han o ne r espons ib le man .

Ap o l icy o f c onserv ing i n c ircu la t ion t h

t he o ld S co t t ish money a nd l ikew ise c er ta in f ore ign c oins was c lear ly l a id d own i n 1 475 , 65 a nd a lso i n 1 456 , when P ar l ia men t e nac ted t ha t t he c o iners s hou ld n o t ' cunye ' t h is money ( wh ich mus t h ere mean u se i ta s b u l l ion ) , u nder p a in o f d ea th .

6 6

I ti s t hus n o t s urpr is ing t ha t n o e xchangers a re r ecorded f or a c on-

s iderab le p er iod . I n 1 486 , when t he p lacks were c a l led i n , i t was t he t wo c o iners , T od a nd L iv ings tone , who were t o r ece ive t he m u p t o t he e nd o f May a nd f ind s ure ty t ha t t hey wou ld make p ay men t f or t he m b y t he e nd o f S ep te mber .

I n 1 488 ,

6 7

h owever , P ar l ia men t a sked t he k ing t o a ppo in t s epara te men a s warden a nd a s w is lar a nd c hanger , t o h ave t he ir a ccus to med f ees a s i n o ld t imes .

6 8

I n 1 496 ,

i t was t he mas ter o f money a nd c oiners u nder h i m who were t o p ay t he merchan ts f or t he ir b u l l ion .

6 9

I n t he b ig r ecoinages i n J a mes V I 's r eign we a ga in h ave

r ecords o f o ther e xchangers t o s upple men t t he mas ter c oiner .

I n 1 592 , A lexander

Hun ter was n a med a s t he k ing 's e xchanger , i n a ssoc ia t ion w i th t he mas ter , wh i le a l l o thers were p roh ibi ted f ro m mak ing e xchange o f g o ld , s i lver o r a ll oyed money .

7°

I n 1 602 , t here were f our ' exchanger is a nd d epender is o n t he

h ous ' , a t a mon th ly wage .

7 1

1 61

D e lays i np aying f or t he b u l l ion , s uch a s t ha t i n 1 486 , mus t h ave b een p art i cu lar ly u npopu lar , a nd t he n eed t o r a ise a c ap i ta l s um t o s us ta in t he e xchange was r ecogn ised .

I n 1 598 t he c urrency o f a l l f ore ign money was p roh ib i ted

a nd i t was t o b e b rough t t o t he min t a t s peci f ied p r ices , ' y i t i n r espec t o f t he p resen t s kars i t ie o f h is Ma jes t ies aw in c uny ie ' i t was n ecessary t o d e lay t h is , s o t ha t t he k ing a nd c ounci l c ou ld ' procure a ne s u f f icien t s u ir t ie t o a l l i nbr ingers o f g o ld a nd s i lver t o t he c uny ie-house , t ha t t hey s a l l r ece ive im med ia te l ie a f ter t he d e l iver ie o f t he s am in w i thou t d e lay t he j us t v a lour a nd p r ice t he iro f '. 7 2 Th is was more t han f our mon ths a f ter a s ix-year t ack o f t he min t t o T ho mas F ou l is a nd o thers h ad b een s igned , 73 s o i ti s i n teres t ing t o n o te t he c on t inu ing r espons ibi l i ty o f t he r oya l a dm in is tra t ion f or t he e xchange .

T he e ar ly-

s even teen th c en tury a ccoun ts o f t he mas ter c oiner i nc lude i n h is a l lowed e xp enses t he i n teres t o n money b orrowed t o s upp ly t he e xchange . The f irs t r ecorded t ack o f t he c unye h ouse was i n 1 547.

T he t acks men

h ad a u thor i ty t o b uy a l l s or ts o f c oin a s we l l a s u nco ined g o ld a nd s i lver , a nd t hey d oub t less d id t h is v igorous ly i n o rder t o g e t s u f f icien t p ro f i ts t o c over t he s um g uaran teed t o t he T reasurer .

T he c o inage s tandards were u nchanged ,

a nd i ti s i n teres t ing t ha t , a l though t he t acks men a pparen t ly h ad a f ree h and o ver t he s tr ik ing o f b awbees , t he ma jor b i l lon c o inage t hen , t h is was n o t t he c ase w i th t he b aser p lacks , p enn ies a nd h al fpenn ies , wh ich were o n ly t o b e c o ined a s t hough t e xped ien t b y t he g overnor a nd c ounc i l .7 4 Dur ing a t ack t he s a lar ied o f f ic ia ls c arr ied o n w i th t he ir n or ma l d u t ies , i ft hey were w i l ling t o , a nd i np rac t ice t he mas ter c oiner d id s o t oo , b y a gree men t w i th t he t acks men , a nd i n a ny c ase w i thou t p re jud ice t o h is r igh ts when t he t ack e xp ired .

T he

c ond i t ions o f t he 1 594 t ack empowered t he t acks men t o a ppoin t c on tro l lers a t t he ir own e xpense , ' f or c o mp tro l l ing o f t he s a id is wardane a nd a ssaya ir i n t ha ir o f f ice is , t ha t n ow ther h is ma ies t ie t he s a id is t ax men t he s ub iec t is b e p re iuge i t ' ; 75 a nd t he c on trac t b e tween t he t acks men a nd T ho mas A cheson ( here c a l led t he ir mas ter c o iner ) i nc luded a c lause t ha t ar eg is ter o f t he we igh t a nd f ineness s hou ld b e k ep t , ' t he ma is ter c unyeour is h and wr i t i n o ur c o mp tro l ler is bu lk ' a nd v ice v ersa .

A cheson u nder took t o c o in t wen tyfour s tone we igh t o f s i lver

a nd t wo o f g o ld week ly , a nd t o d e l iver i tw i th in e igh t d ays o f r ece ipt o f t he b u l lion f ro m t he e xchangers a nd r e f iners .

7 6

One t ack , t ha t i n 1 581, was c er ta in ly c ons idered p re jud icia l t o t he c oun try a nd was s oon r esc inded .

T h is was p ar t ly b ecause t he c ond i t ions o f t ha t n ew

c o inage , o f s ix teen-sh i l l ing p ieces a nd t he ir f rac t ions , s e t t oo h igh a p r ice o n t he s i lver ;

b u t i t was a lso a l leged t ha t t he t acks men u sed t he b es t o ld money

a s b u l l ion , c on trary t o t he ir c on trac t .

7 7

T he i n ten t ion o f p ar l ia men t was c er-

t a in ly t ha t t he a l loyed money , e xcep t t he c oun ter marked p lacks a nd h ardheads , s hou ld b e r e f ined f or t h is n ew c o inage , a s we l l a s u s ing t he f ine s i lver .

I n

1 602 , t here was a c o mp la in t a bou t t he c urren t t acks men b y t he g enera l , Arch iba ld N ap ier o f Merch is ton .

H e ' pu t i n ab i l l ' a t t he c onven t ion o f t he e s ta tes , s ay-

i ng t ha t t he t acks men h ad b een g e t t ing a h igh p ro f i t ' and s o wou ld h ave s hown t he K ing t o b e a bused ' b y t he t ack , ' bu t t he c red i t o f t he T reasurer , C o mptro l ler a nd o ther p ar tners b are i td own ' a nd h e g o t n o

s uppor t .

7 8

The g enera l may

h ave b een p re jud iced , a f ter h is c on troversy w i th T ho mas F ou l is , o ne o f t he p resen t p ar tners , o ver t he r e f in ing t en y ears b e fore , when h is s on 's c on trac t h ad b een c ance l led b ecause F ou l is made a n o f fer t o a rrange f or t h is t o b e d one a t ap ro f i t t o t he k ing , u s ing Eng l ish e xper ts .

1 62

7 9

The t ack t o F ou l is i n 1 598 was

s ta ted t o b e i n p ay men t o f t he k ing 's d ebts t o h im , b u t i ti s n o t c lear why a t ack was e n tered i n to , r a ther t han j us t mak ing r epay men t ac harge o n t he r oya l p ro f i ts , a t af ixed r a te ;

p oss ib ly i t was o n ly b ecause h e wou ld ' do h is u t ter

a nd e xac t d e l igence ' f or g e t t ing i nt he b u l l ion t ha t t hese p ro f i ts wou ld b e h igh e nough f or h im t o r ecover h is d eb ts a nd s t i l l p ay t he k ing t he y ear ly d u ty o f £ 5000 f or t he min t . " I n 1 601 , t he c ond i t ions f or t he t ack s ta ted t ha t t he p r ices a t wh ich t he t acksmen migh t b uy were n o t l a id d own ;8 1

b u t e ven when p r ices were f ixed , when

t here was n o t ack , i t migh t n o t b e p oss ible t o o bserve t he m .

T hus i n 1 533 t he

t reasurer a nd c o mptro l ler were a l lowed t o p ay more t han t he c urrency v a lue f or g o ld c oin , t o u se a s b u l l ion ;8 2 a nd i n 1 584 t he p urchase o f s i lver b y i nd iv idua ls who h ad p recep ts f or a f ree c oinage h ad s o d r iven u p t he p r ice i n S co tl and t ha t t he mas ter c o iner h ad t o b e a u thor ised t o r a ise h is b uy ing p r ice .

8 3

T he f u l l c o mp le men t o f min t o f f ic ia ls , whose f ees a ppear i n t he mas ter c oiner 's a ccoun ts a t t he e nd o f t he s ix teen th c en tury , were g enera l , warden , c oun terwarden , a ssayer s inker , a nd ( f ro m 1 590 ) ag r inder a nd t e mperer o f t he i rons .

A t b usy t imes t hey r eceived e x traord inary wages i n a dd i t ion , wh ich

migh t b e a t t he s a me r a te p er mon th , a s i n 1 587 , d oub le , a s i n 1 582 t o 1 586 , o r e ven h igher .

I n t h is c en tury t heir g i f ts o f o f f ice were u sua l ly u nder t he

8 4

Pr ivy S ea l o n ly , b u t e xcep t iona l ly J ohn A cheson h ad a c har ter u nder t he Grea t S ea l a f ter b e ing d epr ived o f h is o f f ice a s mas ter c oiner i n 1 560 , o n t he d ea th o f Mary o f Gu ise .

8 5

O ccas iona l ly p as t o f f icia ls were p a id p ens ions o u t o f t he

r oya l p ro f i t , a nd e ven a f orger h ad s uch a p ens ion i n 1 590 t o 1 593 , a l though h e h ad p resumab ly b een emp loyed b y t he mas ter c oiner , n o t t he k ing . 8 6 The d ie s inker 's work i s o f c ourse o f p ar t icu lar i n teres t t o t he n um is ma t is t . A l though t he emphas is o n t he w e igh t a nd f ineness o f t he c o ins was v ery import an t , t o e nsure t he ir i n tr ins ic v a lue , c oncern f or t he ir a r t is t ic q ua l i ty was n o t l ack ing .

S o me o f t he c red i t h ere may b e a t tr ibu ted t o t he s overe igns , whose

i n teres t i n t he min t was n o t s o le ly a s as ource o f r evenue .

Ap res t ige e le men t

c ou ld b e e xpec ted i n t heir a t t i tude , p ar t icu lar ly t o t he t rue p or tra i t p ieces a nd t o t he g o ld , wh ich was a pprop ia te f or r oya l g i f ts t o ambassadors , f or e xa mple . There i s af a ir amoun t o f s ca t tered e v idence o f t he u se o f f oreign e ngravers . J ohn o f C o logne , i npressor , who was p a id t wen ty merks d e manda to r eg is i n t he 1 358 min t a ccoun t , was p resu mab ly e ngraver a nd s inker , a l though t ha t L a t in t er m c ou ld c er ta in ly b e u sed f or a p r in ter o r s tr iker .

8 7

f or t he n ew c oinage were t o b e ' grav in w i th in t he c unye p lace ' ,

I n 1 451 , i rons 8 8

a nd t he u se

o f t he t er m s inker a t mos t o ther t imes d oes n ot imp ly t ha t t he o f f icia l a t t he S co t t ish min t was n o t a n e ngraver , h i mse l f c apab le o f mak ing t he p unches u sed f or mak ing t he d ies .

I n t he l a te s ix teen th c en tury a ccoun ts , t here were p ay-

men ts t o T ho mas F ou l is f or t he f i rs t d ies o f n ew c oinages , a t t he r a te o f £ 40 p er d eno m ina t ion e x tra t o h is n or ma l f ees a s s inker , a nd h e was a lso p a id f or d ies f or t he p or tra i t c oins i n 1 582 , wh i le J a mes Gray was s t i l l t he s inker . 8 9 I n J a mes I I 's r e ign , t he f or mu la

MONETA NOVA o n t he meda l s en t t o

t he s hr ine o f S t . J ohn t he Bap t is t a t Am iens h as b een t aken t o b e a n i nd ica t ion o f c on t inen ta l work mansh ip . "

I n J a mes I V 's , t here i s ar ecord o f ' cuny ie

I rn is a nd t he p unsch ion is o f t he s a myne b roch t h a me ' , wh ich mus t mean f ro m a broad .

9 1

a rch ives .

F or Mary 's r e ign , t here a re s evera l r e levan t r ecords i n t he F rench I n 1 553 , t he C our d es Monna ies g ave p er m iss ion t o J ohn Acheson ,

1 63

a s d ie-s inker o f t he min t o f S co t land , t o make d ies w i th t he q ueen 's p or tra i t .

9 2

The o ther c ases i nvo lve F rench e ngravers . I n 1 558 , Gu i l lau me Mar tin e ng raved e f f ig ies o f F ranc is a nd Mary , f or c o ins b ear ing t heir d ev ices - p erhaps t hose u sed f or t he S co t t ish d uca ts o f t ha t d a te a s we l l a s f or t he F rench marr iage meda l o r p a t tern c oin w i th t he s a me o bverse d es ign o f f ac ing b us ts u nder o ne c rown ;

a nd i n F ebruary 1 561 Mary o bta ined p er m iss ion f or An tho ine

Brucher t o e ngrave d ies a nd p unche ions f or n ew S co t t ish money .

9 3

F or Mary

a nd Darn ley , t oo , t here i s i n t he Ash mo lean Museu m a d es ign b y E t ienne d e Laune w i th t he ir f acing b us ts , b u t n o t v ery c lose ly r ese mb l ing t he 1 565 c oin w i th t ha t o bverse t ype .

As o ther e v idence o f r oya l i n teres t , t here a re r ecords

s how ing t ha t J a mes I V , Va nd V I v is i ted t he m in t .

I n 1 506 , t he t reasurer g ave

t wen ty French c rowns ' t o t he K ing h i mse l f , q uh i lk wes s e t o n t he s y men t na h a nd p ar t c unye i t i n r ia les t hareof i .

F rench c rowns were a lready f iner t han

9 4

t he n or ma l S co t t ish g o ld c o ins a t t ha t t ime , a nd t he r e f in ing a s we l l a s a n a pp aren t ly q u i te u nknown t ype i nd ica te t ha t t he r ya ls were p ieces d e p la is ir . J a mes V 's v is i t i s i nd ica ted b y p ay men t o f d r inks i lver t o t he c unye h ouse i n March 1 539 ( o ld d a t ing ) ;9 5 i ti s t e mp t ing t o a ssocia te t h is w i th t he n ew c oinage o f d uca ts d a ted 1 539 , e i ther t he n or ma l p or tra i t t ype o r t he u n ique p iece c arryi ng s y mbo ls o f t he Order o f t he T h is t le . J a mes V I was a ccus to med t o v is i t h is min t b e fore 1 597 , a nd was u rged i n t ha t y ear t o ' t ak o ccas ion t o v is i te y our awin work

a nd b e b e t ter s e in i n t he k naw ledge t ha iro f

9 6

H e a lso p res ided a t t he

t he t r ia l o f t he p yx i n Eng land , i n 1 611 a nd a t o ther t i mes .

I t was o f c ourse

C har les Iwho was r espons ible f or t he a ppo in t men t o f al a ter f ore ign e ngraver , N icho las B r io t , a s mas ter c oiner i n S cot land , a nd t he S co ts a ccep ted h im a s e ngraver f or t he k ing 's p or tra i t o n t he c o ins b e fore t hey wou ld a gree t o h av ing h im a s mas ter . There was u ndoub ted ly s o me S co t t ish u se o f min t c on tro l marks - a t er m i n tended t o d eno te marks wh ich were mean ing fu l t o t he i n i t ia ted b u t n o t n ecess ar i ly t o t he g enera l p ubl ic a nd wh ich d id n o t a f fec t t he d eno m ina t ion , a s r ec ogn ised b y t he ma jor f ea tures o f t he t ype , t oge ther w i th s ize .

I ti s n o t a ppro-

p r ia te t o g o i n to n um is ma t ic d eta i ls h ere , l i ke t he r easons f or c onc lud ing t ha t a ny p ar t icu lar mark f a l ls i n to t h is c a tegory , b u t v ar ious p urposes o f s uch marks may b e men t ioned .

I n 1 366 , an o tab le s ign was t o b e u sed when t here was a

r e turn t o t he E ng l ish we igh t s tandard ;9 7

i n 1 490 , ' a s igne a nd t ak in ma id i n

t he p ren t ing h a fand d i f ference f ra t he f irs t c unye ' was p robab ly b ecause o f t he c hange o f c oiner ; 98 a nd when a u n i f ied c o inage was b e ing d iscussed i n 1 604 , ' so me sma l l s ecre t p oyn t .. t ha t t he o ne Myn t may n o t b ear t he d e fau l t o f t he o ther i fa ny h appen t o b e f ound '.

9 9

O therw ise ,

s o me c on tro l marks c an b e

i den t i f ied b y s tudy o f t he c oins t he mse lves , t he mos t c onv incing c ases b e ing t hose o f ac o iner 's i n i t ia l , s o me t i mes a dded t o ad ie wh ich i s a lso k nown w i th. ou t i t .

T h is mus t h ave s erved t o i den ti fy t he r espons ib le man , e i ther b ecause

o f ac hange o f c o iner o r t o d is t ingu ish a n i nd iv idua l r a ther t han a j o in t r espons ib i l i ty .

T here a re t wo c ases o f t he l a t ter i n J a mes I I 's r eign , when Tho mas

T od a nd A lexander L iv ings tone were i n o f f ice , a nd e ar l ier t han 1 488 when p arl ia men t c o mp la ined t ha t w i th t wo t ma is ter is o f t he money .. i tc an n och t b e u nders tand in c lere ly q uh i lk o f t ha me h as f a leye i t q uhe ther a ne o r b a i th '.

1 00

I t wou ld a lso b e p ar t icu lar ly impor tan t t o d is t ingu ish a ny i ssues wh ich were s truck t o ad i f feren t s tandard .

French r ecords g ive many d e ta i ls o f minor d i f-

Mrences u sed d ur ing a p er iod o f d ebase men t when t he e ssen t ia l t ype a nd c urr ency v a lue were u na l tered ;

a nd a p oss ib le S co t t ish c ase may b e men t ioned , 1 64

ad is t inc t ive p lack wh ich was p robab ly s truck a f ter J a mes V o rda ined i n 1 533 , t he c oinage o f 1 20 s tones o f a l loyed money a t t wo d en iers f ine , i np lacks o r o therw ise .1 01 There i s n o e v idence t ha t t he c oiners were a c tua l ly c u lpab le i n 1 488 , n or t he ir p redecessors i n 1 473 , when t he p rov is ion t ha t t hey s hou ld b e ' punys t a s e f fer is g i f t hare b e f ai t f und in ' ( i n t he f ineness o f t he p lacks ) was p erhaps a r ou t ine f or mu la r a ther t han a n e xpress ion o f r ea l s usp ic ion .

1 02

One c ase i s k nown

o f a min t emp loyee b e ing b rough t t o t r ia l , i n 1 516 , ' f or a r t a nd p ar t i n t he f orgery o f p lacks a nd p ence .. i n t he c uny ie h ouse .. b y s tea l th ' o f J a mes I V 's r eign , b u t h e was f ound i nnocen t : 1 °3

a t t he e nd

p oss ib ly t he c oins , i fi n-

d eed n o t u p t o t he s tandard , c ou ld b e p roved t o b e f ro m a d i f feren t workshop , s ince t here were t wo mas ter workers i n 1 509 , a pparen t ly s epara te ly r espons ib le , a nd t he man a ccused , A lexander A tk inson , was t hen a s ervan t o f o ne o f t hese , R ichard Ward law .

1° 4

I ti s n a tura l ly imposs ib le t o s ay t ha t t he min t

o f f ic ia ls were a lways b la me less , b u t t he k nown i rregu lar i t ies i n t h is p er iod were a t t imes o f c iv i l s tr i fe , a s i n 1 559 a nd i n 1 572 , when t he a ssayer j oined t he Mar ians i n E d inburgh c as t le a nd t ook p ar t i n ac o inage t here .

NOTES

1 .

The f o l low ing a bbrev ia t ions a re u sed :ADCP

A c ts o f t he L ords o f C ounci l i n P ub l ic A f fa irs , 1 501-1554 .

APS

A c ts o f t he P ar l ia men ts o f S co t land .

C a l SP S co t C a lendar o f S ta te P apers r e la t ing t o S co t land a nd Mary , Queen o f S co ts . ER

The E xchequer R o l ls o f S co t land .

RMS

R eg is trum magn i S ig i l l i R egum S co toru m .

RPC

R eg is ter o f t he P r ivy C ounc i l o f S co t land .

RSS

R eg is tru m S ecret i S ig i l l i R egum S co toru m .

SRO

S co t t ish R ecord O f f ice .

RCS

R . W . C ochran - P a tr ick , R ecords o f t he C o inage o f S co tl and , 1 874 .

( Vo l . Iu n less o therw ise s ta ted ) .

Where t he

RCS r ecord i s a lso p r in ted i n o ne o f t he a bove s ources , b o th r e ferences a re g iven , s epara ted b y as em i-co lon , b u t t he s pe l l ing o f RCS h as b een u sed i n q uo ta t ions .

I np ar t i-

c u lar , yr a ther t han z h as b een u sed t hroughou t f or c onsona n ta l C o mp t

T ho mas A cheson 's C o mp t o f t he C oynyehous , 1 582 o nwards ( SRO E . 1 01/2 ) .

2 .

APS I , 2 07 ;

RCS

3 .

ER I , 6 15 ;

4 .

RMS X I I , N o . 3 6 ;

5 .

TA I V , 2 50 f or 1 511:

RCS

1 3-14 . 4 . RCS

5 3 .

TA I V , 3 91 ;

RCS , 5 3 :

P ro toco l B ook o f J ohn F ou lar

( Sco t t ish R ecord S oc ., 1 944 ) I , N o . 2 6 ( Or ig ina l i n SRO ) .

1 65

6 .

ADCP , 1 40 ;

7 .

RSS I , N o . 3 858 .

8 .

RSS I , N o . 4 104 .

9 .

APS I , 3 10 ;

1 0 .

RCS 9 8 :

RCS

6 2 .

RCS

5 5 :

TA X , 2 61;

TA V , 4 06 ;

RCS , 8 2 .

RCS

5 8 .

The f u l ler t i t le , ' mas ter g enera l o f

t he k ing 's min t ' , o ccurs i n 1 575 , i n C a lendar o f Wr i ts p reserved a t Y es t er House ( S co t t ish R ecord S oc ., 1 930 ) , N o . 7 83. 1 1.

J ohn Knox , H is tory o f t he R efor ma t ion ( ed . D ick inson , 1 949 ) I , 2 58 : C a l . SP S co t I , 2 65 .

1 2 .

RSS 1 7 , N o. 7 33 .

F orres t was r es tored t o o f f ice b y J anuary 1 562 , a nd

a pparen t ly a lso h eld i td e f acto f or t he s econd h a l f o f 1 560 o r l onger . 1 3 .

RSS V

N o. 8 15 .

1 4 .

RCS I , 1 30 .

1 5 .

RSS V , N o . 7 33 :

1 6.

RSS V I , N o . 8 74.

1 7.

ER I , 6 15 ;

1 8 .

RMS I , 5 92 , N os . 1 175 , 4 1 a nd 5 95 , N os . 1 220 , 4 0 .

1 9 .

ADCP , 2 68 ;

2 0 .

P . G r ierson , Nu m is ma t ics ( Ox ford , 1 975 ) , 9 9 .

2 1.

ADCP , 4 73.

2 2 .

RCS

2 68 ;

RCS

C o mpt , p ass im ;

RCS I , 3 14 .

4 .

RCS

6 5 .

SRO E . 1 05/12 .

A Lauderda le Min t P aper d a ted 1 603 men-

t ions J a mes Acheson 's ' pane a nd t ravel l t af le i n mending a nd r epa ir ing o f t he t ua my ln is a nd t he c u t tar t ha irof q uh i lk wroch t t he l a i t p enn ie a nd t ua p enn ies p eces o f c opper ' - SRO l i s t o f t hese microf i l med p apers . 2 3.

C o mp t , 3 5 v .

2 4 .

RCS

2 5 .

APS I , 4 0 ; RCS

2 6.

RCS I , 1 06.

2 7.

RPC ( Th ird S er ies ) XV I , 7 1 ;

• 2 8 .

I n March 1 555 , Dav id Forres t was t o a ccoun t f or t hese r e med ies -

8 9:

RPC I , 5 98-601;

RPC X IV , 1 3 .

RCS

1 42-144.

2 0 .

RCS I , 2 34 .

I t was p resu mab ly b ecause t he mas ter c oiner a t t ha t

t i me ( John Missarvy ) was a f oreigner t ha t t h is b eca me t he r espons ibi l i ty o f t he min t- mas ter ( probab ly n ot y e t made t he g enera l ).

S i mi lar ly i t

was t he warden who r endered t he min t a ccoun ts i n 1 358 t o 1 364 , n ot t he •

F loren t ine moneyer , Mu lekyn ;

a nd l i kew ise i n 1 513 , when t he F le m ing ,

C a ignar t , was p robab ly t he mas ter c oiner ( see n o te 4 2 ) . 2 9 .

RPC I , 6 00 ;

RCS

1 44.

1 66

3 0 .

RCS I , 1 06 .

I n 1 604 , a max i mu m t o lerance was s peci f ied f or e very

1 2 o unces , a s we l l a s t he r e med ies o f we igh t f or t he i nd iv idua l p ieces , wh ich f or g old a nd s i lver a l ike were 2 g rains o n t he l arger p ieces a nd o ne o n t he sma l ler o nes . 3 1.

RCS

1 59 .

3 2 .

SRO E . 1 02/1.

3 3.

RMS I , N o. 1 01 :

3 4.

APS I , 5 02 ;

RCS 1 -2.

3 5 .

APS I , 4 0 ;

RCS

2 0 .

3 6 .

ER V , 2 79.

3 7.

ER I V , 4 14.

3 8 .

APS L I , 4 1;

RCS

2 1.

3 9 .

ER I , 4 30 , 4 57:

4 0 .

T here i s af u l l s tudy o f t he u se o f p rov incia l min ts a nd t he d ie-links b e-

ER I , 1 59 ;

RCS

5 :

APS I , 5 69 ;

RCS 1 2 .

ER I I , 6 80 .

t ween min ts , i n I . S tewar t , " Scot t ish Min ts" , Min ts , D ies a nd C urrency ( ed . R . A . G . C arson ) , 1 971. 4 1.

APS I , 2 33 ;

4 2 .

RSS I , N o . 2 009 : y ear t .

RCS

4 9 :

TA I2 8 , 3 21.

TA I V , 2 75 . These h ave t he s pel l ings C anyar t , Gun_ C a ignar t h as b een c hosen h ere b ecause h e c an p robab ly b e i den t i-

f ied w i th t he N ico las C aignar t who b id u nsuccess fu l ly i n 1 504 f or t he f ar m o f An twerp min t , ar e ference f or wh ich Iam much i ndebted t o Dr . P . S pu f ford - A . d e Wi t te ,

H is toire Mon f ta ire d es C om tes d e L ouva in ,

Dues d e Braban t I ( An twerp 1 896) , 1 21. 4 3.

TA X , 2 61 , 2 78 , 2 96;

4 4.

APS I , 1 82 ;

4 5 .

ER V , 5 56;

4 6.

RCS RCS

C o mpt , f . 1 4 ,15 .

RCS

8 2 , 9 8 .

4 2. 2 8 :

ER I V , 4 42 , 5 03 .

As t here was n o c oinage o f f ine s i lver i n t h is p er iod ,

t he 3 s tone weigh t o f s i lver a y ear c oined f or t he g enera l was o n t h is o ccas ion r epresen ted b y 1 2 s tone weigh t ay ear p as t t he i rons i n t hese a l loyed c o ins . 4 7.

RCS

9 9 .

4 8 .

R . Rud ing , Anna ls o f t he C oinage ( 1840 ) I , 2 94.

The r ef ined s i lver

' m igh t b ear t welve p ennywe igh ts o f a l loy i n ap ound weigh t , a nd y et b e a s g ood a s s ter l ing ' o r b et ter . 4 9 .

APS I , 2 21;

RCS

4 8 .

5 0 .

APS I , 5 54 ;

RCS

8 .

5 1.

APS I , 5 69 ;

RCS

1 2.

5 2 .

TA I I , 3 34.

O ther g old r ef ined b y s ett ing ' on t he c i mon t na i l ' was d e-

l ivered t o Qu in ta Essencia t he a lche m ist , o r u sed f or g i ld ing .

1 67

5 3 .

RCS

p . l xx .

Ih ave made t he o bv ious emenda t ion , c hargeab le i ns tead

o f c hangeab le .

A lso i n 1 577 ,

o r t ak ing a ls mek i l l f yne g old a bu i f t he

o rd inar f ynnes a s t o a l loy i tt ha t i s w i th in t he f ynnes ' - RPC I , 6 00 ; RCS

1 44.

5 4.

RCS

9 2 .

5 5 .

APS I I , 5 26 ;

5 6.

RCS

2 54.

RCS

1 18 .

The s i lver wh ich N apier r e f ined was t o b e r e turned t o h im

a s c oin , ' s tock a nd h a i l lp roffei t t ha irof f f ree o f a l l c ha irges ' e xcep t t he mas ter c o iner 's f ee . 5 7.

APS I , 1 74 ;

5 8 .

RCS , 1 00 .

5 9 .

APS I , 3 73 ;

6 0 .

RMS I , 5 91, N os . 1 169 , 3 5 a nd 5 94 , N os . 1 204 , 2 4.

6 1.

RMS I , Nos . 9 6-98 .

6 2.

RMS I , N o . 2 07.

6 3.

RMS I , 6 34 , N os . 1 758 , 1 2 .

6 4.

RCS

4 1.

The e dge o f t h is Hopetoun manuscr ipt i s miss ing a t t he g ap . RCS

5 7.

" The T es ta men t o f A lexander S u thyr land o f Dunbea th" , Miscel lany o f t he Banna tyne C lub I I ( Edinburgh , 1 855 ) , 9 3 , 9 9 .

6 5 .

APS I , 1 12 ;

6 6.

APS I , 4 6 ;

RCS RCS

3 8 . 2 2 .

E . Burns misunders tood t he mean ing o f ' cunye '

i n t h is c on tex t . 6 7.

APS I , 1 74 ;

RCS

4 1.

The APS e d i tor ia l d a t ing o f t h is A c t i s 1 486 ;

i t was p resu mably b efore 2 7 Apr i l 1 486 , t he d a te o f a n i ns tru men t r ec ord ing L iv ings tone 's a ccep tance o f £ , 15 i np lacks , f or p ay men t t o t he owner a ccord ing t o ar oya l p roc la ma t ion - Protoco l B ook o f J a mes Y oung ( Sco t t ish Record S oc ., 1 952 ) , N o . 5 8 . 6 8 .

APS I , 1 82 ;

RCS

4 2 .

6 9 .

APS I , 2 38 ;

RCS

5 0 .

7 0 .

RPC I V , 7 15 ;

7 1.

RCS

1 77.

S crol l a ccoun t o f Tho mas Acheson , 2 0 th J une 1 602 t o i s t D ece mber 1 602 - H er iot 's H ospi ta l d ocu men t , N o . 2 2 i n I nven tory .

7 2 .

RCS

1 94 .

7 3 .

RCS

2 69 .

7 4.

RSS I I , N o . 2 181.

7 5 .

RPC V , 1 22 ;

7 6.

Her iot 's Hospi ta l d ocu men ts , N os . 1 6 , 1 7 i n I nven tory .

7 7.

APS I I , 2 15 ;

7 8 .

C a l SP S cot XI [ I , 9 39.

RCS

RCS

1 84.

1 13 ;

RCS

1 05 , 1 06.

1 68

7 9 .

RPC I V , 7 31;

8 0 .

RPC V , 4 70 ;

8 1.

RPC V I , 3 15 ;

8 2 .

RCS

1 79 :

RCS

2 56-264.

1 91.

RCS

RSS I , N o . 1 526.

RCS

2 01. Th is was f or a c oinage o f g o ld c rowns a t ar educed

f ineness . 8 3 .

RCS

8 4 .

C o mpt , pass im .

8 5 .

RCS

8 6.

C o mpt , 2 3 v . a nd f . 2 7.

8 7.

1 62 .

1 01.

ER I , 6 15 ;

J a mes V I c on f ir med t h is g i f t i n 1 578 - RSS V I I , N o . 1 608 .

RCS

3 .

I n 1 578 , t he mas ter c oiner h ad p ower ' f usores ,

e xcussores e t impressores e l igend i ' - RSS V II , N o . 1 608 . 8 8 .

APS I , 4 0 ;

8 9 .

3 1.2S _ , 2 48 .

9 0 .

I . S tewar t ,

RCS

2 0 .

' I rons ' was t he n or ma l t er m f or d ies .

" So me S cot t ish C ere mon ia l C oins" , PSAS XCVI I I ( 1964-1966 ) ,

2 60 . 9 1. 9 2 .

TA I , 2 22. PSAS I X ( 1873 ) , 5 06-7;

E . Burns , C o inage o f S cot land I , 2 69 .

Pa t terns

were t o b e s truck a t t he P ar is min t , b u t Burns ' a sser t ion t ha t t he 1 553 S co t t ish t es toons were made i n P ar is , b y t he mi l l a nd s crew , h as b een d iscredi ted i n J . K . R . Murray , " The S cot t ish C oinage o f 1 553" , BNJ = 9 3.

VI I ( 1968 ) , 9 8-109.

F . Mazero l le , L es M k la i l leurs F ranca is ( Par is , 1 902 ) I , 4 3 , 5 5 .

More-

There i s h owever n o e v idence h ere o f a French e ngraver f or t he p or tra i t g o ld c oins i n troduced i n 1 555 .

Queen Mary emp loyed N ico las Emery t o make d ies

i n 1 555 , b u t t hese were f or j et tons ( as a lso i n 1 553 a nd 1 558 ) n ot f or S co t t ish c oins . 9 4.

TA I I , 3 34.

9 5 .

A . L . Murray , " Accoun ts o f t he K ing 's Purse mas ter , 1 539-1540" , Misc . o f S cot t ish H is tory S oc ., X ( Edinburgh , 1 965 ) , 3 0 .

9 6.

RCS , 2 69 .

9 7.

APS I , 4 97;

9 8 .

APS I , 2 21;

9 9 .

RCS

SRO E . 1 05/12 .

2 74.

RCS RCS

1 . 4 8 .

Ad i f ference i n t he c rown was a greed , b u t i n f act t he min ts

were a lso d is t ingu ished b y i n i t ia l mark , t he S cot t ish min t u s ing a t h ist le . 1 00 .

APS I , 1 82 ;

RCS

1 01.

RSS I , N o. 1 512 .

4 2. The c o in i s d escr ibed i n I . H . S tewar t , The S cot t ish

C oinage ( 1967) , 2 03 , a nd f ig . 3 01. 1 02 .

APS I , 1 05 ;

RCS

: 3 6.

1 03 .

Protoco l Book o f J ohn F ou lar ( Sco t t ish Record S oc ., 1 944 ) I , N o . 2 6.

1 04.

RSS I , N os . 1 830 , 1 831. 1 69

DEBASE MENT :

THE S COTT ISH EXPER IENCE I N THE

F IFTEENTH AND S IXTEENTH CENTL TR IES 1 C . E . Cha l l is

A l though i n t heory c urrency d ebase men t may b e d ef ined r e lat ive ly e as ily , i ti s i n p ract ice o f ten i mposs ib le t o d e l ineate i n a ny f ine d eta il i n t he c on tex t o f f i f teen th- a nd s ix teen th-cen tury S cot land :

p art ly b ecause i ti s s o met i mes

h ard t o p ierce t he v e i l c ast o ver S cot t ish monetary a f fa irs b y t he p auc ity o f e x tan t d ocu men tary mater ia l ;

p art ly b ecause t he a ppearance o f S cot t ish c o in

o f p oor q ua l ity was n o t n ecessar ily a cco mpan ied b y h andso me f i sca l r eturns — t he u sua l c onco m itan t o f s ign if ican t ly r educed c o inage s tandards ;

a nd

p art ly b ecause d ebase men t t ook p lace w ith in a n o vera l l c on tex t o f c urrency d eprec ia t ion .

Because t h is l at ter p heno menon was d ist inct f ro m d ebase men t

p roper, y et a l l t oo o f ten i s c on fused b y modern c o m men ta tors w ith i t , i ti s p erhaps w orth r em ind ing o urse lves a t t he o u tset o f t h is d iscuss ion o f where t he d ist inc t ion l ay. Currency d eprec ia t ion i s l inked w ith t he s upp ly o f a nd d e mand f or g o ld a nd s i lver.

I f d e mand f or t he p rec ious meta ls c ons isten t ly o u tstr ips s upp ly ,

p r ices w i l l i ncrease a nd c ause f u l l-bod ied c o ins o f g o ld a nd s i lver t o b eco me u nderva lued a nd l i ab le t o b e me l ted d own , c l ipped, o r c ircu lated a t u nof f ic ia l ly h igh r ates.

I n s uch c ircumstances a g overnmen t h as n o a l ternat ive b u t t o

a d just i t s c urrency , u sua l ly e ither b y r educ ing a c o in 's w e ight o r b y i ncreasi ng i t s f ace v a lue, t o e nsure t he c ircu la t ion o f ap ound t a le wh ich i s c orrect ly t arr if fed a ccord ing t o market p r ices a nd t herefore i m mune f ro m s pecu lat ion. N atura l ly , i ft he s ize o f t he a d justmen t i s s ign if ican t , s o t hat t he f ace v a lue o f t he c o in i ssued f ro m t he m in t a t t he n ew , e nhanced v a lues i s much g rea ter t han t ha t o f t he o ld c o in s urrendered , t he a d justmen t w il l r esu l t i n au sefu l f i sca l r eturn .

Bu t , e ven i ft h is i s s o , w e s hou ld b e c lear t hat s uch a r eturn

w il l b e p ure ly c o inc iden ta l t o t he ma in a im , t he p ro tect ion o f t he c ircu lat ing med ium ;

o f l im ited d urat ion , l ast ing i n e f fect o n ly s o l ong a s a ny o ld c o in

c on t inues t o t r ick le b ack f or r em in t ing ;

a nd i ncapab le o f r epe t it ion u n t il s o me

i ndeter m inate f u ture d ate, when market f orces w il l o nce a ga in c ause b u l l ion p r ices t o r ise t o s uch a p o in t t hat c urrency b eco mes s ign if ican t ly u nderva lued. The i mp l icat ion o f a l l t h is f or t he S cot t ish c urrency i n t he f i f teen th a nd s ix teen th c en tur ies i s o bv ious e nough.

I n t he f i rst p lace, s ince i n ternat iona l

b u l l ion p r ices d id r ise t hroughou t t h is p er iod S cot t ish c urrency w as b ound t o d eprec ia te i rrespec t ive o f a ny g overnmen ta l t a mper ing w ith t he c o inage f or f i sca l p urposes.

S econd ly , s ince t he r ise i n p r ices was r e la t ive ly l e isure ly ,

t he r a te o f d eprec ia t ion wou ld a lso h ave b een f a ir ly s low ;

t he d istance b et-

w een a d jus tmen ts i n t he c o inage b e ing measured i n d ecades r a ther t han i n

1 71

s ing le y ears. And , t h ird ly , s ince S co t land w as b ound u p i n a n i n ternat iona l t rend , o ne w ou ld h ave e xpected t he d eprec ia t ion o f h er c urrency t o h ave marched r ough ly i n s tep w ith t hat o f h er n e ighbours , more p art icu lar ly p erh aps w ith t hat o f Eng land , wh ich a nswered t he i nternat iona l move men ts i n b u l l ion p r ices b y a d justmen ts t o h er c o inage i n 1 464, 1 526, 1 551, a nd 1 601. 2 F igure 1 s ets o u t t he b road t rend a nd e x ten t o f t he d eprec ia t ion o f t he S cot t ish p ound i n t he f i f teen th a nd s ix teen th c en tur ies, a nd i n c ompar ing t ha t d eprec ia t ion w ith t hat o f t he p ound s terl ing s hows q u ite c learly t hat t he f u l l e x ten t o f t he f a l l i s n ot t o b e a ccoun ted f or p ure ly i n t erms o f t he n or ma l c urrency d eprec ia t ion a lready d escr ibed.

Overa l l , t he meta l l ic c on ten t o f

t he S cot t ish p ound f e l l f rom 9 9 g ra ins o f f i ne g o ld o r 100 g r o f f i ne s i lver i n 1 456 t o n o more t han 1 2.2 g r o f f i ne g o ld o r 1 46.6 g r o f f ine s i lver b y t he t ime J ames V I s ucceeded E l izabeth I , ad rop o f r ough ly 8 7 p er c en t. I n c ompar ison , o ver t he s ame p er iod o f t ime, t he p ound s terl ing , w hether measured i n t er ms o f g o ld o r o f s i lver , h ad s unk b y o n ly a f rac t ion o ver 5 1 p er c en t. I tw as p rec ise ly b ecause t he S cot t ish p ound h ad f a l len i n v a lue much f aster t han t he g enera l t rend d emanded t hat i tc ons isten t ly d eprec iated i n t er ms o f t he p ound s terl ing. I n 1 456, w hen t he S cot t ish p ound h ad c on ta ined r ough ly o ne-th ird o f t he g o ld i n t he Eng l ish p ound , t he t wo c urrenc ies h ad b een e xchangeab le a t t he r ate o f t hree t o o ne, b u t b y t he e ar ly s even teen th c en tury , when t he S cot t ish p ound w as n o more t han o ne-twe lf th t o o ne-th irteen th o f i t s s outhern c oun terpart , t he r a te h ad s et t led a t .twe lve t o o ne.

The e xp lana t ion

o f why t he d eprec ia t ion o f t he S cot t ish a nd Eng l ish c urrenc ies d iverged s o marked ly i s o bv ious ly b ound u p w ith d ebase men t .

Bo th c oun tr ies e xper ienced

t he p henomenon b u t whereas i n Eng land i tw as a s hort , v io len t a cqua in tances h ip , c on f ined e ssen t ia l ly t o t he y ears 1 542 t o 1 551, i n S cot land i ts tretched o ver a l onger wh ile a nd was t o l i nger u n t i l t he v ery e nd o f t he p er iod n ow u nder c ons idera t ion . To o u tward a ppearances d ebase men t a nd c urrency d eprec iat ion may o f ten a ppear t o b e v ery much a l ike, f or t he mechan is m b y w h ich d ebase men t i s a ch ieved may b e s im ilar t o t ha t u sed i n a l terat ions t o a l low f or c urrency d ep rec iat ion ; n a me ly , ar educt ion i n t he w e ight o f c o ins o r a n i ncrease i n t he ir f ace v a lue. And t he r esu lt o fb oth o pera t ions may b e s im ilar i n t hat b oth l ead t o t he c ircu lat ion o f ap ound t a le o f l ower i n tr ins ic v a lue. Bu t t he s im il ar ity i s n o more t han s uperf ic ia l. Debase men t i s af i sca l d ev ice wh ich e nh ances t he f ace v a lue o f c o in s o f ar a bove i t s i n tr ins ic v a lue t hat a s ubstant i a l r evenue i s p roduced , e ven t hough t he who le o perat ion may i nvo lve c ons iderab le a dm in istrat ive c osts a nd i ncreases i n t he m in t p r ice. Thus, whereas a n a d justmen t t o t ake a ccoun t o f c urrency d eprec ia t ion s eeks t o r edress i mba lance, b y b r ing ing u nderva lued c urrency i n t o l ine w ith c urren t market p r ices, a nd i s b y t h is v ery a ct a n e ssen t ia l ly h onest man ipu lat ion , d ebase men t , b y c rea t ing c o in w hose f ace v a lue i s f ar i n e xcess o f wha t c urren t market p r ices d e mand , p roduces i mba lance a nd i s u nquest ionab ly a d ishonest o perat ion . A f urther d if ference b etween c urrency d eprec ia t ion a nd d ebase men t i s t ha t , whereas, a s w e h ave s een , t he f or mer i s l inked t o i n ternat iona l movemen ts o ver wh ich i nd iv idua l c oun tr ies h ave n o i m med iate c on tro l , t he l at ter

1 73

i s p ure ly p art icu lar.

Any g overnmen t c an d ec ide o n ad ebase men t p o l icy a t

a ny t ime, q u ite i rrespect ive o f wha t i s h appen ing i n n e ighbour ing c oun tr ies, a nd i s i t self s o le ly i n c on tro l o f t he t im ing a nd s tructure o f e ach a nd e very s tage o f t hat d ebase men t.

I n v iew o f t h is w e s hou ld b e i n n o d oubt t ha t t he

d ebase men t o f t he S co t t ish c urrency , wh ich i s t he s ub ject o f t h is p aper , w as a n a rb itrary a ct , e ng ineered b y t he S co t t ish g overnmen t p ure ly f or i t s own e nds.

The f o l low ing d iscuss ion w il l s eek t o s how t he v ar ious s tages t hrough

wh ich t h is d ebase men t w en t a nd t o a ssess h ow f ar i ti s p oss ib le t o c a lcu late t he f i sca l r eturn .

I O bv ious ly e nough , t he c a lcu lat ion o f t he p rec ise f i sca l y ie ld o f t he S co t t ish d ebase men t d epends u pon t he a va i lab il ity o f af a ir ly c omprehens ive a nd d et a iled s et o f a ccoun ts ;

y et , a s a nyone who h as a ny a cqua in tance w ith t he r e-

c ords o f t h is p er iod w i l l k now , t h is i s n ot a p rerequ is ite wh ich c an b e s a t isf ied. F ew r ecords n ow s urv ive a nd o f t hose wh ich d o t here a re a l l t oo many wh ich a re i n fur ia t ing ly e n ig mat ic . 3

P erhaps t he most importan t s ing le d ef ic iency

a r ises f ro m t he f ac t t hat t here i s n o u n ifor m s et o f a ccoun ts f or t he masterc o iner

o f t he p r inc ipa l min t a t Ed inburgh , l et a lone f or t hose who o perated

e lsewhere.

And i n a t te mp t ing t o i nd icate t he i mp l icat ions o f t h is d ef ic iency

i tw il l b e c onven ien t t o d iv ide t he t wo c en tur ies u nder r ev iew i n to f our f a ir ly d ist inct p hases : 1 578, a nd

t he f i rst h a lf o f t he f i f teen th c en tury , 1 450 t o 1 487, 1 488 t o

1 578 t o 1 603.

1 400-1450 F or much o f t h is p er iod t here a re n o a ccoun ts wha tsoever b u t i n 1 433 t hose o f t he master-co iner o f Ed inburgh b eg in a nd t hen r un c on t inuous ly , s ave f or t he p er iod 1 2 J u ly 1 435 t o 1 3 S ep te mber 1 436 , u n t i l 1 450.

Two

a ccoun ts a lso c over p roduct ion a t S t ir l ing b etween 1 442 a nd 1 444. 4

Tab le 1

s um mar izes t he i n for mat ion i n t he Ed inburgh s er ies , t hough i ti s f a ir t o s ay t ha t i n r ea l ity t he p icture was n ot a lways a s n ea t a nd t idy a s i t s f igures s ugg est.

To b eg in w ith t here i s more t han a h in t t hat t he a ccoun ts d o n ot n eces-

s ar i ly l i st a l l r evenue a r is ing o n c o in s truck a t Ed inburgh. I n h is a ccoun t f or 1 444-7 t he master-co iner s ays q u ite e xp l ic it ly t hat 1 l b 1o z o f g o ld a nd 2 6 l b 5o z o f s i lver a re n ot c harged i n h is a ccoun t o n t he g rounds t hat J ohn Da lrymp le i s r espons ib le f or t he m , a nd o ne wonders h ow c o m mon s uch a n a lternat ive a ccoun t ing s yste m was. 5 As f ar a s t he d ischarge o f t he a ccoun ts i s c oncerned , t here a re c erta in ly i ncons istenc ies a nd om iss ions. The f ees o f t he c h ief r oya l o f f ic ia ls — t he warden a nd t he e ngraver — a re i nvar iab ly c harged u p , b u t p aymen ts f or mak ing t he c o ins, b uy ing e qu ip men t , mak ing a ssays, a nd s o o n , n ever a t a l l. Bu t d esp ite t hese d ef ic ienc ies w e s hou ld n ot b e t oo e ager t o r e ject t he e v idence o f t he master-co iner 's a ccoun ts.

Un less t here i s g ood e v idence,

wh ich a s a matter o f f act we d o n ot s ee m t o h ave, t ha t t he master-co iner c ons isten t ly a nd s ubstan t ia l ly u nderstated m in t r evenue, t here s ee ms t o b e n o p art icu lar warran t f or b e ing u ndu ly p erp lexed a bout a n o dd i ncons istency o n t he c harge o f h is a ccoun ts.

And b y t he s a me t oken , a lthough i t wou ld b e

1 74

Table 1 .

The a ccoun ts o f Robert Gray , master-co iner a t Ed inburgh , 1 433-50

1 .1 Co in p roduced

Co in p roduced Date

Go ld

S ilver ( groats )

l b

o z

l b

1 6 May 1 433- 4 J un 1 434

2 2

1 4*

1 14

7 1 -

4J un 1 434-12 J u l 1 435

3 1

2 1

1 43

7 -2 1 **

1 3 S ep 1 436-18 J u l 1 438

3 7

1 4 .1

2 36

1 8 J u l 1 438-23 J un 1 440

1 0

1

1 60

2 3 J une 1 440- 2 S ep 1 441

1

2S ep 1 441-17 J u l 1 442

1

1 7 J u l 1 442-19 J u l 1 443

5

8 1 4 6

o z

2 6

1 5 0 1 1

B il lon ( id a nd I d ) l b

o z -

5 0

1

8 0

0

3 5

0

1 6

8

2 9

8

1 0

0

2 7

8

4 0

0

1 9 J u l 1 443-23 J un 1 444

1

5

1 2

8

-

1 8 S ep 1 444-18 J u l 1 447

7

0

9 2

4

-

1 8 J u l 1 447- 7 S ep 1 448

4

5 1

7 8

6 1

-

5 4

2

-

7S ep 1 448-21 J u ly 1 450 Totals

1 .2

1

1 4

1 25

1 41

9 75

12-

2 31

9

S e ignorage

S e ignorage p er l b Date

Go ld

S ilver ( groats )

1 6 May 1 433- 4 J un 1 434

l b

o z

l b

o z

1 6

0

8

0

B il lon ( id a nd I d ) l b

o z

4J un 1 434-12 J u l 1 435

1 6

0

8

0

5

0

1 3 S ep 1 436-18 J u l 1 438

1 6

0

5

4

5

0

1 8 J u l 1 438-23 J un 1 440

1 6

0

5

4

5

0

2 3 J un 1 440- 2 S ep 1 441

1 6

0

5

4

5

0

2S ep 1 441-17 J u l 1 442

1 6

0

5

4

5

0

1 7 J u l 1 442-19 J u l 1 443

1 6

0

5

4

5

0

1 9 J u l 1 443-23 J un 1 444

1 6

0

5

4

1 8 S ep 1 444-18 J u l 1 447

1 6

0

5

4

1 8 J u l 1 447- 7 S ep 1 448

1 6

0

5

4

7S ep 1 448-21 J u l 1 450

1 6

0

5

1 75

4

1 .3

Prof its Date

1 6 May 1 433- 4 J un 1 434

I nco me

Expend iture

£

s .

d .

£

s .

7 3

1 6

9

1

1 0

4J un 1 434-12 J u l 1 435

9 4

1 6

7

1 3 S ep 1 436-18 J u l 1 438

1 13

1 0

2

1 8 J u l 1 438-23 J un 1 440

5 9

1 9

4

2 3 J un 1 440- 2 S ep 1 441

1 2

2S ep 1 441-17 J u l 1 442

1 1

1 7 J ul 1 442-19 J ul 1 443

1 5

1 9 J u l 1 443-23 J un 1 444

4

1 8 S ep 1 444-18 J u l 1 447

3 0

1 8 J u l 1 447- 7 S ep 1 448

2 4

7S ep 1 448-21 J u l 1 450

1 5

To ta ls

4 56

8

1 0

9 1 6 6

d . 5

Prof it £ 7 2

4

8 5 9 7

1

0 1 -

5 3

0

1 9 4

7

8

1

6

8

2

0

3

3

9

7

8

1

9

8

4

0

3

8

0

8

3

8

8

7

9

0

6 0

4

4

3

7

6

3

4

1 8

d .

8

4

1 7

s .

1 1 5

8

5 1 11

1 1

1 3

3 1 0 3 1. -

4 1 5

3 1 0

1 8

3

1 8

0

2 6

1 6

0

2 0

1 6

0

1 3

0

2

8 3 96

3

0 1

Notes *

I n t he a ccoun t t h is f igure i s g iven a s 3 06 o z wh ich , n or ma l ly s peak ing , wou ld r epresen t 1 9 l b 2o z.

However, g iven t he a l lowances c la i med

b y t he warden a nd e ngraver [ id p er 1 2 o z c o ined money ], i ti s p la in t hat i n t h is c ase 3 00 r epresen ts t hree l ong h undreds o f 1 20 e ach.

The t o ta l

s um i s, t herefore, 3 66 o z, o r 2 2 l b 1 4 o z. **

Here a ga in u se o f t he l ong h undred i s imp l ied b y t he a l lowances c la i med ; h ence t he f igure i n t he a ccoun ts, 1 23 l b 7 1. o z, h as b een i ncreased b y 2 0.

S ource :

ER, 1 406-36, 5 77-8, 6 25-7;

ER, 1 437-54, 6 5-7, 8 9-91, 1 02-3,

1 18-19, 1 27-8, 1 51, 2 78-9, 3 03, 3 88.

1 76

Table 2 .

I nco me a ccoun ted f or b y t he master-co iner a t Ed inburgh , 1 452-87

2 .1 Co in p roduced Co in p roduced Date

Go ld l b

o z

1 7 May 1 452-19 J un 1 453

S ilver

B il lon

( groats )

( Id a nd I d )

l b

o z

3 38

1 2

1 5 Nov 1 456-26 J u l 1 457

0

1 0Z

1 97

1 8 Aug 1 458-20 J u l 1 459

0

4

2 73

2 0 J u l 1 459-14 J une 1 464

1 2

l b

o z

1

2 04

1 2

4 Z*

2 1

3 85

1 4

9 4

8 1 -

1 4 J un 1 464- 3 J u l 1 465

4

6 Z -

6 9

1 3

6 6

1 21-

3J u l 1 465-18 J un 1 466

1

1

1 0

1 4Z

1 21

1 3 1--

3

1 0Z

9 3

0 1

5 3

1 5**

1 8 J un 1 466-22 J un 1 468 1 2 Mar 1 473-27 J u l 1 476

1 3

7 Oct 1 486-18 Aug 1 487

8

Tota ls 2 .2

4 3

5

2 73

0

1

1 81

0

9

1 823

6

1 40

8

6 82

S e ignorage a nd I nco me S e ignorage p er l b Go ld

Da te

S ilver ( groats )

s .

d .

s .

1 7 May 1 452-19 J un 1 453

2

B il lon

d .

s .

d .

8

1 5 Nov 1 456-26 J u l 1 457

om itted

om it ted om itted

I nco me

( Id a nd I d ) £

s .

d .

4 5

3

4

om it ted

1 8 Aug 1 458-20 J u l 1 459

om it ted

5 0

1

0

2 0 J u l 1 459-14 J un 1 464

1 6

0

2

8

1

4

6 7

9

6 1

1 4 J un 1 464- 3 J u l 1 465

1 6

0

2

8

1

4

1 6

9 1 11

3J u l 1 465-18 J une 1 466

1 6

0

2

8

1

4

1 8 J un 1 466-22 J un 1 468

om itted

1 2 Mar 1 473-27 J u l 1 476

1 6

0

2

8

7 Oct 1 486-18 Aug 1 487

1 6

0

2

8

om it ted

om itted

om it ted 1

4

5 6

8

5 1 -

8 1 01 8

4

3 0 1 1

Tota l Notes :

1 0 6 69

9 46

8

1

2

* Accord ing t o t he a ccoun t , t h is t ota l i s f or g roats a nd p ence, i n wh ich c ase, i fl i teral ly i n terpreted , i t may i nclude b il lon c o ins. However, ' pence ' may s i mp ly b e s horthand f or ' pence o f t wopence ' i .e. h a lf-groats, a c o m mon f i f teen th-cen tury u sage, i n wh ich c ase t he who le amoun t o ugh t t o b e d es ignated s i lver, a s i ti s h ere. Be t hat a s i t may , t he a ccoun tan t h as c erta in ly u sed t he l ong h undred o f 1 20 i n d eclar ing t he amoun t o f c o in p roduced.

**

I n t hese y ears t here was s o me c o inage o f c opper money b u t t he q uan t ity i s om it ted f ro m t he a ccoun ts.

However, t he f i scal y ield ,

£ 650, i s i nc luded u nder ' I nco me '. S ource :

ER, 1 437-54, 5 56; 4 29, 5 80-1;

1 455-60, 3 11,

1 470-9, 3 92;

5 02-3;

1 480-7, 5 48-9.

1 77

1 460-9, 2 91-2, 3 68-9,

i l lum inat ing t o h ave d eta ils o f t he mas ter-co iner ' s work ing e xpenses , w e s hou ld n o t l a men t t he ir a bsence t oo v ehe men t ly . I ft hey w ere i nc luded o n t he d ischarge w e s hou ld a lso h ave t o l i st t hem o n t he c harge o f t he masterc o iner 's a ccoun t , o therw ise w e c ou ld n ot s tr ike a b a lance f or e ach o perat ion . By om it t ing a l l r eference t o t he master-co iner 's f ees a nd e xpenses t he a ccoun ts a s t hey s tand a u to mat ica l ly a d just b oth s ides o f t he r eckon ing , a nd p rov ided t h is was d one w ith s o me c ons is tency t here i s n o r eason t o s uppose t hat t he n et i nco me w h ich c an b e e stab l ished f rom t he a ccoun ts s tands i n s ubstan t ia l n eed o f a d justmen t. The c onclus ion t o b e d rawn f rom T ab le 1 s ee ms o bv ious e nough. O u tpu t o f s i lver a nd g o ld , p art icu lar ly o f g o ld , was l ow , w ith t he r esu lt t ha t t he Crown 's r evenue f ro m t he m in t was a lso e x tre me ly l ow , a verag ing a mere £ 25 p er a nnum o ver t he p er iod a s aw ho le. B ear ing i n m ind t ha t t he 1 430s a nd 1 440s a re c ustomar i ly a ssoc ia ted w ith t he i ssu ing o f d ebased c o in , s uch ac onc lus ion may , a t f i rst s igh t , s ee m s omewha t p aradox ica l.

Bu t i n r ea l ity

t h is i s h ard ly s o. T o b e s ure, t hese y ears d id s ee t he p roduct ion o f b i l lon p ence a nd h a lfpence y et t here c an b e n o d oubt t hat , i n t he f i rst p lace , w ith t he o ne e xcept ion o f t he y ear 1 442-3, p roduct ion o f b i l lon was a lways o u tmatched b y t hat o f n or ma l s i lver ; a nd , s econd ly , t he r a te o f s e ignorage w as a lways l ower o nb i l lon t han o n c o in o f g o ld a nd s i lver a t t he u sua l s tandards. I n e f fect , t he i ssu ing o f b i l lon i n t hese y ears s eems t o h ave b een n o more l inked w ith f i sca l p o l ic ies t han t he n or ma l p roduct ion o f g o ld a nd s i lver. I ndeed , i f i tc ou ld b e a ssu med t hat t he g overnmen t m in ted sma l l q uan t it ies o f l ow g rade c o in s i mp ly t o s at isfy t he n eeds o f e veryday sma l l-sca le c om mod ity t ransact ions, t he who le p heno menon o f ab il lon c o inage a t t h is t ime m ight b e e xp la ined w itho u t s o much a s men t ion ing d ebase men t . 1 450-1487 I n t he s econd a ccoun t ing p hase w h ich Ih ave s uggested , 1 450-87 , t he master-co iner 's r eckon ings a re s t il l t o b e met b u t a re o f much l ess v a lue ; p art ly b ecause t he s er ies a s a who le b eco mes i ncreas ing ly f ragmen ted , b ef ore d y ing o u t c omp letely t owards t he e nd o f 1 487, a nd p art ly a lso b ecause t he s tructure o f t he a ccoun ts d eter iorates.

Wh ile t he c harge r e ma ins f a ir ly

s tra igh t forward , i n t hat i ts t il l r ecords t he o u tpu t o f g o ld a nd s i lver a nd t he r evenue t o wh ich i tg ave r ise, t he d ischarge i s u sua l ly e ither c omp lete ly m iss ing o r s ad ly i nco mp lete i n t he s ense t hat o f ten i tc ons ists s imp ly o f a s tate men t a s t o wh ich p erson o r r oya l o f f ic ia l m in t r evenue h as b een p a id. I n e f fec t t he c arefu l i t em izat ion o f m in t e xpenses, s uch a s f ees a nd r en t , n ow d isappears a nd w e must a ssu me e i ther t hat t he t ota l c harge o n t he a ccoun t h as b eco me a n et f igure , o r t hat t he r unn ing e xpenses o f t he m in t h ave b een c overed i n s o me o ther w ay . P rob le ma t ica l t hough t he l ast f ew master-co iner 's a ccoun ts o f t he f i f teen th c en tury may b e, t hey d o a t l east e nab le u s t o d ist ingu ish t wo q u i te d ist inct p at terns o f m in t a ct iv ity.

I n t he f i rst p lace, i ts ee ms c lear t ha t f rom a bout

1 450 t he r ate o f m in tp roduc t ion b ecame h eav ier i n s i lver a nd b il lon , l i gh ter i n g o ld , a nd t hat t he o vera l l r eturn t o t he C rown o n t h is c o in w as s l ight ly d ownwards.

Th is d ec l ine i n r evenue was o bv ious ly l inked w ith t he s e ignorage

r ates, wh ich , t hough r e ma in ing u na ltered o n g o ld a t 1 6s O d p er l b , a s i n t he i mmed iate ly p reced ing p er iod , f e l l o n t he c o inage o f g roa ts f rom 5 s 4 d t o 1 78

2 s 8 d , a nd o n sma l l money f ro m 5 s O d t o i s 4 d.

S econd ly , i n marked c on-

t rast t o t h is g enera l e xper ience, t here w as a b r ief p er iod o f f i sca l e xp lo itat i on i n 1 466-7 , when b lack , o r c opper, money was p roduced a t ap rof it o f £ 650. Th is d ist inct ion b etween t he g enera l a nd t he p art icu lar , t he o rd inary a nd t he e x traord inary , h igh l igh ts t he d i le m ma p osed b y t he f a ilure o f e v idence d e l ineated i n Tab le 2 ;

f or, c learly , t he s ign if icance o f min t o u tpu t i n t he

p er iods f or wh ich s ee m ing ly w e n ow h ave n o a ccoun ts — p r inc ipa l ly t he 1 470s a nd t he 1 480s — w i l l v ary a ccord ing t o whether w e s ee t hat o u tpu t a s p art o f t he o rd inary o r t he e x traord inary p at terns.

I n h azard ing o ur g uess w e must

o bv ious ly r ecogn ize t ha t t here w as a f ur ther i ssue o f c opper c o ins, p erhaps i n t he e ar ly 1 470s — wh ich wou ld a l most c erta in ly h ave h ad f i sca l i mp l icat ions — a nd t wo i ssues o fb il lon c o ins , t he f i rst b etween a bou t 1 471 a nd 1 473 a nd t he s econd i nt he e ar ly 1 480s — wh ich may h ave h ad f i sca l imp l icat ions .6

Bu t

s uch r ecogn it ion must b e q ua l if ied b y t he f ac t t ha t a t p resen t w e h ave n o means o f k now ing e i ther t he e x ten t o f t he f i sca l y ield i n e ach c ase, o r whether t hese i ssues d id i n p ract ice f or m p art o f ac oheren t a nd i mportan t f i sca l p o l icy. 1 488-1578 Between 1 488 a nd 1 578 we h ave n o master-co iner 's a ccoun ts t o g u ide u s a nd w e must r e ly i nstead a l most e xclus ively o n t hose o f t he k ing 's t reasurer. I n 1 488 h e was c harged w ith £ 457 1 7s 6 d c om ing f ro m t he c o inage o f 5 2 l b 6 1 o z o f b roken s i lver v essels a nd f ro m t ha t p o in t o nwards t he p roceeds o f t he c o inage a ppear w ith s ome r egu lar ity o n t he c harge o f h is a ccoun t. 7

For o ur

p resen t p urposes t h is a ccoun t ing p rocedure i s c erta in ly d isadvan tageous , b ecause b y n o means a l l o f t he t reasurer 's a ccoun ts s urv ive a nd b y n o means a l l o f t hose t ha t d o i nc lude t he p ro f its o n t he c o inage.

Moreover , s ince t he

t reasurer was c oncerned t o r ecord t he s ums w ith wh ich h e was c harged , r a ther t han t he d eta ils o f h ow t hese s u ms h ad b een c reated i n t he f i rst p lace , i ti s o f ten t he c ase t ha t e ven when h is a ccoun ts d o s urv ive a nd d o men t ion t he c o inage t hey c on ta in r elat ive ly f ew d eta i ls.

Th is b e ing s o , i tn eed h ard ly b e

s a id t hat , i n s um mar iz ing t he r a ther b a ld s tate men ts i n t he t reasurer 's a ccoun ts , Tab le 3 p roduces f igures wh ich must b e t rea ted w ith t he u t most c au t ion . O f a l l t he c o lu mns g iven t here t he l ast i s t he l eas t c o mp l icated , b ecause t he t ota ls i tc on ta ins r epresen t n o more t han t he s i mp le r ound s ums, i n marks o r p ounds , a greed o nb y t he Crown a nd i t s c on trac tors b y way o f f ar m.

O b-

v ious ly , t hese f igures d o n ot g ive u s a ny i dea e ither o f t he o vera l l s ize o f p roduct ion c r o f t he t ota l f isca l y ie ld , b u t t hey d o i nd icate t he Crown 's n et s hare .8

The f i gures i n Co lu mn 2 a re l ess s tra ight forward.

Here, i t wou ld

s ee m , i s t he ' ord inary ' r evenue o f t he m in t , a r is ing o n t he c o inage o f b u l l ion t aken t here, f or t he most p art , b y t he Crown 's s ub jects a nd o thers.

U sua l ly ,

t hese s ums a re s a id t o b e n et b u t i n p ract ice w e may q uest ion i ft h is was i n f act t he c ase, s i mp ly b ecause, f ro m t ime t o t ime, we c an d etect s o me i t e ms o f m in t e xpend iture o n t he t reasurer 's d ischarge a nd d educe f ro m t h is t hat , i n t heory a t l east , h e was s upposed t o r ece ive a l lowances c orrespond ing t o t he d if ference b e tween g ross a nd n et r evenue.

Thus, a s um r ecorded i n t he

t reasurer 's a ccoun ts a s n et s hou ld b e r egarded a s n et o n ly i n t he s ense t hat

1 79

Table 3 .

488-1574 I nco me a ccoun ted f or b y t he t reasurer , 1 ( 2 ) ( 3) Convers ion o f Co inage o f

( i )

Date

g o ld a nd s i lver £

S .

1 Feb 1 497-Ju l 1 498

2 0

0

6 Aug 1 506-6 S ep 1 507

1 ,711

6S ep 1 507-8 Aug 1 508

2 ,488

3

9

2 5 Aug 1 511-14 Aug 1 512

6 ,095

1

3 1 -

8

2 9 Oct 1 512-8 Aug 1 513

3 46

0

0

1 7 Aug 1 525-1 Aug 1 526

2 10

0

7 4-

2 5 J un 1 526-18 Aug 1 526

3 0

0

0

1 5 Oct 1 526-29 Aug 1 527

3 85

8

1Aug 1 529-1 S ep 1 530

6 06

1 0

s.

d .

4 57

1 7

6

1 ,915

1 2

0 1

d .

4 86 7 38

0

0 1 0 1 1 0

0

6 1

5 09

0

8

6S ep 1 53122 Aug 1 532

6 43

6

8

2 2 Aug 1 532-26 S ep 1 533

4 41

8

0

2 6 S ep 1 533-2 Oct 1 534

4 36

1

4

3 0 J u ly 1 535-10 Feb 1 536

2 84

1 4

0

1 0 F eb 1 536-12 S ep 1 536

4 91

1 0

0

2 4 Aug 1 536-4 J un 1 537

4 92

1 7

6

1 5 Feb 1 538-18 Apr 1 538

1 50

1 2

9

2 0 May 1 538-18 Aug 1 539

2 ,330

1 8

42

1 8 Aug 1 539-2 S ep 1 540

1 ,421

6

4

8 25

1

2S ep 1 540-7 S ep 1 541

4 ,785

9

6

4 02

8 1 0

7S ep 1 541-16 Aug 1 542

3 ,536

1 9

6

5 03

5 ,433

1 9

3 1-

4 05

1 4

8

7 Aug 1 546-31 Mar 1 547

s .

3

2 Oct 1 530:6 S ep 1 531

1 3 Aug 1 543-7 Aug 1 546

Far m £

0

1 0 Feb 1 505-4 Aug 1 506 1 5

p late, c o in e tc.

d .

4J un 1 488-24 Feb 1 492

( 4 )

3 58

1 0 5

6 1 0 6 1

1 Apr 1 547-31 Mar 1 548

1 ,200

0

1 Apr 1 548-31 Mar 1 550

2 ,400

0

1 Apr 1 550-16 S ep 1 550

1 ,400

0

0

1 ,383

1 2

2 1

8 66

1 3

0 4

1N ov 1 551-30 Nov 1 552

2 ,333

6

8

1 Mar 1 553-1 Mar 1 554

2 ,333

6

8

1 5 J an 1 555-24 Oct 1 555

1 ,257

1 9

1 0

1Dec 1 559-11 J un 1 560

1 5,083

1 8

11

1J un 1 561-20 F eb 1 562

1 ,512

1 5

7

5 47

1 5

4

2 0 F eb 1 562-1 J an 1 563 1 0 J an 1 566-10 J an 1 568

6 ,666

9 Feb 1 568-9 Feb 1 569

3 ,333

6

8

9 Feb 1 569-9 Feb 1 570

3 ,333

6

8

9 Feb 1 570-9 Feb 1 571

3 ,333

6

8

9 Feb 1 571-9 Feb 1 572

3 ,333

6

8

9 Feb 1 572-9 Feb 1 573

3 ,333

6

8

9 Feb 1 573-7 Mar 1 573

2 32

2

5

7 Mar 1 573-1 J un 1 574

4 5 ,055

1J un 1 574-1 May 1 576

1 7,739

2 13 4 1 6

1 80

6 4

1 3

4

S ource :

TA, 1 473-98, 3 60 , 3 91;

1 68, 3 12-14 ;

1 506-7, 3 1, 2 45 ;

ER, 1 523-9, 2 95 ;

TA, 1 513-31, 2 73, 2 94, 3 55-6, 4 06 ;

TA, 1 531-8, 1 6, 7 2, 1 78, 2 44,274, 1 541-6, 2 0 , 2 19-21;

1 507-13, 1 2-13, 1 71-2,

2 96 , 3 78 ;

1 546-51, 1 9-20 ,

1 559-66 , 4 , 5 3, 1 50 , 2 39-40 ;

1 538-41, 8 5, 2 49, 3 86-7;

1 551-9, 1 4, 1 38, 2 61-2;

1 566-74, 1 10, 1 98, 3 94 ;

1 574-00,

1 06. N otes 1 .

Wherever p oss ib le t he d ates g iven h ere i nd icate t he a ctua l p er iod o f p roduct ion , b u t i n t hose c ases where t he a ccoun t om its t h is i n for ma t ion t he p er iod c overed b y t he a ccoun t i t se lf i s g iven .

2 .

Th is s um i nc ludes £ 76 wh ich s t i l l r e ma ined i n t he h ands o fR ichard Ward law a t t he t ime o f a ccoun t ing.

i t was t he c lear s um w ith wh ich h e h i msel f was c harged ; i ti s n ot i n f act a t rue r ef lect ion o f min t r evenue . 9 p ret ing t hese n et f igures i s t h is :

g enera l ly s peak ing ,

A f urther h azard i n i nter-

s ince t he a ccoun ts d o n ot g ive e ither t he r ate

o f s e ignorage o r t he amoun t o f g o ld a nd s i lver c o ined w e h ave ( un less t he a ctua l c on tract s urv ives ) n o means o f g aug ing t he e xact e x ten t t o wh ich t he Crown was i n f act e xp lo it ing t he c o inage. The t reasurer 's f igure may r ep resen t ar elat ively sma l l o utpu t a t av ery h igh r ate o f s e ignorage o r, e qua l ly , t he e xact o ppos ite, b u t h e g ives n o c lue a s t o where t he t ru th a ctua l ly l i es. The f igures i n Co lu mn 3 r epresen t ' ex traord inary ' i nco me i n t he s ense t hat t hey w ere p rof its g enerated b y t he c o inage o f b u l l ion s en t t o t he min t b y t he Crown .

S o met i mes t h is b u l l ion t ook t he f or m o f f ore ign c o in , o r o f

b u l l ion b ough t i n t he market p lace, o r, more o ccas iona l ly , o f f resh ly mined g o ld ;

b u t , more o ften t han n ot , t he Crown d ea lt i n c ha ins o f g o ld a nd p ieces

o f p late.

Bu t b y n o means a l l t he f igures men t ioned b y t he t reasurer u nder

t h is h ead a re i nc luded h ere, b ecause q u ite c learly s ome o f t he m a re n o more t han t he monetary e qu iva len t o f t he o r ig ina l p late o r o rna men t.

P erhaps t h is

c an b e s een most c learly o f a l l i n t he r eckon ings f or 1 543-6 i n wh ich t he s u ms a ccoun ted f or i n r espec t o f t he s i lver i t e ms a re c a lcu la ted a t r ates wh ich a re q u ite s pec if ica l ly s a id t o b e e xc lus ive o f t he marg in o f p rof it .i°

Bu t w e may

i n fer t ha t s uch a p ract ice a lso o bta ined o n o ther o ccas ions - 1 497-8, 1 5078 , 1 511-12, 1 541-2, 1 546-7 a nd 1 573-4 - a nd h ere a ga in w e must o bv ious ly make a d justmen ts t o t he t reasurer 's f i gures t o a l low f or t h is .1 1

I n o ne i ns-

t ance, 1 543-6, t h is p rocedure h as c erta in ly r esu lted i n s o me u nderstate men t o f t he C rown 's ' ex traord inary ' i nco me f ro m t he c o inage, f or h ere t he p rof its o n t he g o ld i t e ms c o ined were c a lcu la ted b y c on te mporar ies t ogether w ith t he c ap ita l v a lue a nd i n a t te mp t ing t o e xc lude t he l at ter f rom t he p resen t c a lcu lat i ons t he f or mer h as, r egret tab ly , a lso b een s acr if iced. A l l t hese d if f icu lt ies wh ich b eset t he i n terpretat ion o f t he f igures i n t he t reasurer 's a ccoun ts mean t hat f or t he b et ter p art o f ac en tury w e a re o n v ery u nsure g round i n t ry ing t o s et a f i rm f igure o n t he f i sca l r eturn f ro m t he c o inage.

Un less w e c an b e s ure t hat t he t o ta ls men t ioned b y t he t reas-

u rer a re a ctua l ly n et p rof its w e h ave n o c lear way o f c alcu lat ing what t he 1 81

o vera l l s ize o f t hose r evenues was. What w e n eed i s ay ardst ick a ga inst wh ich t o measure t he t reasurer 's a ccoun ts a nd i ti s i n p rov id ing t h is t hat much o f t he i mpor tance o f t he l ast a ccoun t ing p hase, 1 578-1603, l i es. 1 578-1603 I n t h is l ast t wen ty-f ive y ears w e a re f or tuna te i n t hat t he mas ter-co iner 's a ccounts o nce a ga in s urv ive i n e ncourag ing n umbers. The s er ies i s n ot c o mp lete f ro m 1 578, b ecause n orma l m in t o perat ions, a nd t he ir a ccoun t ing p rocedures, a re i n terrup ted b y p er iods o f m in t f ar m ing. 1 2

The i m med iate

j oy o f e ncoun ter ing a s er ies , a lbe it a n i ncomp lete s er ies , o f a ccoun ts i s t e mpered i n s o me d egree b y t he r a ther e n igmat ic s tructure o f t hese a ccoun ts, a nd i t migh t b e h elpfu l t o e xa m ine o ne o f t hese i n d eta i l t o i nd icate j ust where t he p rob le ms l i e.

The e xamp le t aken h ere ( Tab le 4 ) i s f or 1 582-3;

i nc iden-

t a l ly , t he o n ly o ne o f t he master-co iner 's a ccoun ts o f t he l ater s ix teen th c en tury p r in ted b y Cochran-Patr ick .

1 3

The f i rst Charge, o r Charge b y We igh t , i s p erfec t ly s tra igh t forward , b e ing n o more t han a s tate men t o f t he t o ta l amoun t o f c o in p roduced.

As f or

t he D ischarge i ti s i mpor tan t t o n ote, f i rst ly , t hat a l l t he i t e ms r e late t o g ross p rof its, a nd , s econd ly , t hat o n c erta in o f t he m — n umbers 1 t o 5— t he masterc o iner i n tended t o make n o f or ma l a ccoun t b y t a le.

The p ro f it o n i t e m 5h e

h ad p a id t o t he g enera l o f t he m in t a s p art o f h is f ee ; K ather ine Young ;

t hat o n i t em 4t o

t hat o n i t em 3t o t he Con servator o f F landers ;

t hat o n

i t em 2t o t hose w ho p rov ided 2 0 s t . o f f ine s i lver a s a" f loa t" f or t he r eco ina ge o f t he 1 6s p iece a nd i t s f ract ions, a nd t hat o n i t e m 1h e w an ted f or h i mself , t o c over h is c osts o n t he s a me r eco inage.

H is a ppropr iat ion o f t h is l ast s um

was f u l ly j ust if iab le , f or t he Act s et t ing o u t t he t er ms o f t he r eco inage h ad s pec if ica l ly p rov ided f or h im a nd Wi l l ia m N aper t o d e l iver b oth s tock a nd p rof it i n f u l l r ecompense o f t he ir e xpenses s usta ined b y t he c o inage " to s uch a s s ha l l b e a ppo in ted i n t he ir n a mes t o r ece ive t he s a me".

1 4

With a l l t hese s ums a lready a ccoun ted f or , Acheson was l ef t w ith a l i t t le o ver 4 18 s t. f or wh ich h e h ad t o make a ccoun t b y t a le : s um b eca me t he Charge o f.t he n ex t p art o f h is a ccoun t. l i sted a l l h is o ut p aymen ts :

c onsequen t ly , t h is The D ischarge t hen

t o t he p r inc ipa l o f f icers o f t he m in t f or t he ir

f ees , t o a who le m isce l lany o f r oya l c red itors , a nd f or g enera l m in t e xpenses. O bv ious ly o ne wou ld n ot e xpect t he p aymen ts o f wh ich h e h ad d ischarged h i ms el f i n t he " we igh t" p art o f t he a ccoun t t o b e l i sted h ere, b u t o ne wou ld e xpect t ha t h e wou ld h ave l i sted h is own o u tgo ings — f or mel t ing , s tr ik ing a nd s o o n .

C learly , t h is i s ac ost wh ich o ugh t t o b e t aken i n to a ccoun t , b u t ,

e qua l ly c learly , i t was o ne wh ich was t hough t a t t he t ime t o l i e o u ts ide t he c on tex t o f t he f orma l a ccoun t . way.

I t c an , Is uggest , b e s upp l ied i n t he f o l low ing

Assume t hat t he f ace v a lue o f 1l b o f c o in ( FV ) i s e qua l t o t he s um o f

i t s i n tr ins ic v a lue ( IV ), t he k ing 's p rof it ( KP ), a nd t he c o in ing c harge ( CC ). L et FV e qua l £ 32, a s t he w e igh t a nd v alue o f t he c o ins t e l l u s w as t he c ase, I V e qua l £ 29. 6 ( i .e., 1 6 o z o f s i lver a t 3 7s p er o z ), a nd KP e qua l £ 1.9, a s t he a ccoun t s uggests ( i .e., £ 12,719 1 9s d iv ided b y 4 18 s t 6l b 1 2 o z 2 0 dw t .). The c o in ing c harge must i n f ac t b e 5 0p., a f igure wh ich c an i nc iden ta l ly a lso b e s ubs tan t iated b y emp ir ica l e nqu

1 5

1 82

Table 4 .1 CHARGE

Accoun t o f Tho mas Acheson , master-co iner , 1 582-3 i n we ight

s t.

Co ined i n p ieces o f 1 0s, 2 0s, 3 0s a nd 4 0s D ISCHARGE ( 1 )

l b.

o z.

dwt .

6 07

7

0

0

1 50

0

3

3

i n we ight

c o ined i n p ieces o f l Os e tc.

f ro m 1 6s p ieces,

s urrendered a ccord ing t o t he Act ( 2 )

t o t he p rovost a nd h is p artners f or t he ir c osts

2 1

1 3

8

0

( 3 )

t o t he Conserv itor o f F landers

1 0

1 4

8

3

( 4 )

t o Kather ine Young

0

0

( 5 )

t o t he g eneral o f t he min t , f or h is f ee

( 6 )

t ota l u pon wh ich t he a ccoun tan t i s c harged b y t a le

CHARGE

b y t a le

4 18 s t. 6 l b. 1 2 o z. 2 0 dw t. ' converted i n to money ' I n r e med ies o f we igh t a nd f ineness

D ISCHARGE

3

0

3

4

5

1 9

4 18

6

1 2

2 0

6 07

7

0

£

s .

0

d .

1 2,719

1 9

0

1 25

1 7

1 1

1 2,845

1 6

1 1

b y t a le 7 ,513

Pa id b y p recept t o v ar ious p ersons

6

8

0

0

To t he o f f icers o f t he min t f or e x traord inary wages i n 1 60

c onvert ing t he 1 6s p ieces Paymen ts t o r oya l o f f ic ials, e tc.

9 ,428

1 3

5

1 26

1 3

4

3 16

1 3

4

Min t f ees ( general, warden , c oun ter-warden , a ssayer, s inker )

1 581-2

Min t f ees ( general , warden , c oun ter-warden , a ssayer, s inker )

1 582-3

S undry p aymen ts o uts ide t he m in t Repa irs t o min t a nd o ther e xpenses o f t he s a me

Ow ing t o Acheson

1 83

6 0

0

0

3 23

0

1

1 7,928

6

1 0

5 ,082

9

1 1

Tab le 4 .2

Accoun t o f Tho mas Acheson , master-co iner, 1 582-3

Face v a lue o f t he money c o ined i n l Os p ieces, e tc., 3 11,008

6 07 s t . 7l b. a t £ 32/ 1b. Re med ies i n w e ight a nd f ineness

1 25.89 3 11,133.89

Cost o f s i lver p u t i n t he c o ins o f l Os e tc., 2 87 ,682.40

6 07 s t . 7l b. a t 3 7s. p er o z Master-co iner 's c harge f or p roduc ing c o in , a t 5 0 pp er s t.

4 ,859.50

Cost o f c onvert ing 1 6s p ieces ( 1 )

4 ,560.35 6 64.05

Cost o f s upp ly ing t he ' f loat ' f or t he r eco inage ( 2 ) Pa id t o t he g enera l o f t he m in t a s p art o f h is f ee ( 5 )

9 9.39

Ex tra wages f or t he min t o f f ic ia ls d ur ing t he r eco inage

1 60.00

M in t o f f ic ia ls f ees.

1 581-2

1 26.66

M in t o f f ic ia ls f ees.

1 582-3

3 16.66 3 23.00

Repa irs a nd o ther min t e xpenses

2 98,792.01 N et p rof it

S ource :

1 2,341.88

S RO. E 1 0 1/2

I f we n ow r e-dra f t A cheson ' sr eckon ings w e c an e stab l ish a c lear n e t p rof it ( Tab le 4 .2) .

On t he c harge we h ave t he f u l l f ace v a lue o f t he c o in p ro-

d uced , c a lcu la ted a t t he s tandard r a te , p lus a dd it iona l s u ms a r is ing f ro m t he c o in b e ing l ess t han s tandard i n we igh t a nd f i neness.

Aga inst t h is we c an s e t

t he c ost o f s i lver , h is own c harges, t he f ees o f t he k ing ' so f f ic ia ls i n t he min t , a nd g enera l min t e xpenses .

A lso , we s hou ld i nc lude t he c ost o f c on-

v er t ing 1 6s p ieces, p rov id ing a "f l oa t" f or t ha t o pera t ion , a nd p ay ing p ar t o f t he g enera l ' sf ees ;

a l l t hese a re c lear ly i den t if iab le c osts o f r unn ing t he min t .

Deduct ing t h is t ota l ( £298 ,792) f ro m £ 311,133 we a rr ive a t an e t p rof i t o f £ 12 ,341. T he s ign if icance o f t h is t ype o f c a lcu la t ion n eeds n o emphas is ing , f or i t e nab les u s t o c lear o ur minds o n t wo v ery i mpor tan t q uest ions.

F irst ly , d oes

t he n e t p rof i t wh ich c an b e e stab l ished f ro m t he master-co iner ' sa ccoun t c o inc ide w ith t ha t wh ich i s r ecorded b y t he t reasurer f or t he s a me o pera t ion , a nd t hus e ncourage u s t o a ccep t t he t reasurer ' st ota l f or p er iods f or wh ich t he master-co iner ' sa ccoun ts d o n ot s urv ive?

And , s econd ly , c an t he master-

c o iner ' sa ccoun ts f i l l s o me o ft he g aps wh ich e x ist i n t he t reasurer ' sa ccoun ts a nd t hus h e lp t o r ound o u t o ur g enera l u nders tand ing o f t he f i sca l r eturn?

1 84

T he a nswer t o t hese q uest ions i s b oth n ega t ive a nd p os it ive . O n t he p os i t ive s ide we c an l i st a n e ncourag ing n u mber o f o ccas ions f or wh ich t he a ccoun ts o ft he master-co iner s urv ive y e t f or wh ich t hose o f t he t reasurer c on ta in n o i n forma t ion :

1 579-80 , 1 583-87 a nd 1 588-92 .

O n o ne o ccas ion t he t wo

s ources , wh ich a re i nco mp le te i n t he mse lves, c an b e u sed t o c o mp lemen t o ne a no ther a nd g ive s o me i dea o ft o ta l o pera t ions .

T h is i s i n r espect o f t he

s tamp ing o pera t ions o f 1 578-80 w h ich e n ta i led w i thdraw ing e x ist ing c o in a nd r eissu ing i ta t a n e nhanced v a lue . The master-co iner ' sa ccoun t d ea ls w i th o pera t ions b e tween D ece mber 1 578 a nd J une 1 580, b u t c an t e l l u s n oth ing o f t he o pen ing mon ths o f s tamp ing - S ep te mber , O ctober a nd N ove mber 1 578 . I n c on trast , t he t reasurer ' sa ccoun t c overs o pera t ions f ro m t he s tar t d own t o t he e nd o f F ebruary 1 580 . B y u s ing t h is a ccoun t u n t i l e ar ly 1 580 a nd t hen a dd ing o n d e ta i ls o f t he l ast f ew months o f o pera t ions f ro m t he master-co iner ' s a ccoun ts we c an e stab l ish g ross p rof its f or t he e n t ire r eco inage .

1 6

O n t he n ega t ive s ide we must r ecord t ha t whereas i n s o me i nstances t here i s ac lose c orrespondence b e tween t he p rof its l i sted b y t he t reasurer a nd t hose wh ich c an b e e stab l ished f ro m t he a ccoun ts o f t he master-co iner t here a re a lso t hose i n wh ich a g rea t d ispar ity e x ists. T he a ccoun t we h ave j ust b een e xam in ing i n s o me d e ta i l , t ha t f or 1 582-3 , i s a n e xamp le o f c lose c orr espondence , f or t he t reasurer g ives a t o ta l o f £ 12 ,845 a s a ga inst t he r ea l f igure o f £ 12 ,341 - a n o versta te men t b y amere 4 p er c en t .

1 7

i s c loser s t i l l f or o pera t ions i n O ctober a nd N ove mber 1 601:

The s im i lar ity t he r espec t ive

f i gures b e ing £ 25,233 a nd £ 25 ,713 , a n u ndersta te men t b y t he t reasurer o f u nder 2p er c en t . 1 8 A s e xa mp les o f g rea t d ispar ity we may c i te t he a ccoun t p er iods Dece mber 1 602 t o August 1 604 , a nd August 1 587 t o August 1 588 .

I n

t he f i rs t i ns tance t he t reasurer u ndersta tes m in t p rof its b y s o me £ 5 ,711, o r a bou t 3 5 p er c en t , a nd i n t he s econd h e e rrs i n t he s a me d irect ion b y s o me 4 6 p er c en t .1 9 A t t he v ery e nd , t hen , o ur r oad d oes i ndeed r un i n to s and : t he t reasurer ' s a ccoun ts may b e u sefu l, o r e qua l ly t hey may n ot , a nd more of ten t han n ot we d o n ot h ave t he means t o j udge w h ich i s t he c ase . C onsequen t ly , most o f t he f i gures w h ich s tre tch i nv it ing ly b efore u s f or much o f o ur t h ird a ccoun t ing p er iod , 1 488-1578 , a nd o n i n to t he l ast , 1 578-1603 , l ose s o me o f t he ir v a lue . O f c ourse t hese f i gures a re u sefu l when a l l e lse f a i ls, t o g ive u s s o me v ery r ough o rders o f magn itude , b u t i t wou ld b e u nw ise t o p ress t he m f ur ther , u nl ess t here i s v ery c lear s uppor t ing e v idence f ro m e lsewhere . D iscourag ing t hough t hese c onc lus ions a bou t t he f i gures c on ta ined i n t he t reasurer ' sa ccoun ts may b e , t hey d o n ot , f or tuna te ly , p rec lude s o me c a lc u la t ion o f t he f i sca l y ie ld o f t he c o inage i n t he l ast t wen ty-odd y ears o f t he s ix teen th c entury .

A s a lready e xp la ined , t he master-co iner ' sa ccoun ts r un

i n af a ir ly c on t inuous s equence f ro m t he l a te s even t ies t hrough t o t he e nd o f t he c en tury a nd b eyond , a nd f ro m t hese a f a ir ly c lear p icture emerges ( Tab le 5 .4) .

C er ta in ly t here a re g aps - 1 4 Dece mber 1 580 t o 7 Apr i l 1 582 ,

1F ebruary 1 594 t o 2 8 S ep te mber 1 601, a nd 2 9 N ove mber 1 601 t o 1 0 Dece mber 1 602 -b u t e ach o ne c an b e s a t isfactor i ly e xp la ined . s u l ts f ro m t he o pera t ion o f a 't ack ' o r f arm .

1 85

Each o ne , i n f act , r e-

T he f i rst o ft hese , b e tween t he C rown a nd c er ta in Ed inburgh b urgesses , i nc lud ing Tho mas A cheson , l a ter master-co iner , was s upposed t o r un f or t hree y ears a nd b r ing i n 1 00 , 0 00 marks t o t he d ep le ted r oya l t reasury .

2 0

Ye t a f ter

o n ly s ix mon ths t he who le p ro ject c o l lapsed . T he p re tex t f or t h is , a ccord ing t o t he g overn men t , was t ha t t he n ew s i lver money was s o 'h ur t fu l a nd p rej ud ica l ' t o t he c oun try t ha t i t was n ecessary t o h ave t he s ame r educed t o a l ower p r ice w ithou t l oss o f h is h ighness ' ss ub jects o r y e t t o t he t acks men ' 2 1 b u t i ts ee ms j ust a s p laus ib le t o s uggest t ha t t he f arm was a bandoned b ecause t he l eve l o fp roduct ion a t t ha t t ime s i mp ly c ou ld n ot g enera te t he i nco me p ro m ised . T he k ing was d espera te f or money . I n J une h e h ad a ss igned o n t he m in t f arm £ 40 ,000 ow ing t o t he t reasurer , £ 4,838 1 3s 4 d . ow ing t o t he t own o f Ed inburgh a nd £ 5 ,120 t o v ar ious i nd iv idua ls .2 2 C lear ly i ft here was n o h ope o f t hese s u ms b e ing p a id t hen t here was n o a l terna t ive b u t t o a bandon t he f arm .

L a te i n 1 581 a nd o n i n to t he f i rst h a lf o f 1 582 t he min t g rapp led

w ith t he p rob le m o f r eco in ing t he s ix teen-sh i l l ing p iece , a nd a s i td id s o i t o nce a ga in s l ipped b ack u nder t he C rown ' sc on tro l .

2 3

I t was n ot u n t i l 2 6 J anuary 1 594 t ha t t he m in t was a ga in f armed o u t , o nce more t o t he t own o f Ed inburgh . T he c on tract was i n tended t o r un f or t wo y ears a nd t hree mon ths a nd p roduce 1 10 ,000 marks, p ayab le i n week ly i nsta l men ts o f 1 000 marks .

A s f ar a s c an b e j udged f ro m t he r ece iver-genera l ' s

2 4

a ccoun ts, wh ich r ecord t he a ppropr ia te week ly p aymen ts f or t he e ar ly mon ths o f 1 596 , i t was e n t ire ly s uccessfu l .2 5 U pon t he e xp iry o f t h is a gree men t , a t t he e nd o f Apr i l 1 596, t he m in t s ee ms t o h ave l a in i d le f or a l i t t le o ver t wo y ears ,

2 6

s o i t was n ot u n t i l t he s um mer o f 1 598 t ha t an ew f arm was g ran ted ,

t h is t ime t o T ho mas F ou l l is a nd R ober t J ows ie f or s ix y ears .

F ou l l is a nd

J ows ie w ere owed l arge s u ms o f money b y t he Crown a nd i t was t o a l low t he m t o r ecoup t ha t t hey were g ran ted t he w ho le p rof i t o f t he m in t i n r e turn f or a n a nnua l p ay men t o f £ 5,000 .2 7 A t f i rst , t he f armers e n joyed t he ir g ran t u nd isturbed , a s c an b e s een b y t he p aymen t o f t he f arm i n to t he t reasurer ' s c of fers, 2 8 b u t i n 1 601 c a me s ubstan t ia l a l tera t ions . T o b eg in w ith t he k ing h ad s t i l l n ot p a id o f f s u ms t ota l ling £ 41,000 l ef t ow ing t o t he t reasurer o n e ar l ier a ccoun ts, s o i n S ep te mber t he min t r evenues were d u ly a ss igned f or t h is p urpose .

2 9

T hen , a l most immed ia te ly , t he who le a rrangemen t was

s crapped i n f avour o f ao ne y ear f arm wh ich was t o r un f ro m 1D ece mber 1 601 a nd p roduce £ 45 ,899 9 s 6 d . Most o f t h is s um was t o b e f or d ebt r educt i on p urposes b u t al i t t le , £ 5,000 , was t o g o t o F ou l l is a nd J ows ie , who were s t i l l t hough t t o b e e n joy ing t he ir g ran t , a s c o mpensa t ion f or t he i n trus ion . 3° C o mb in ing t he s u ms wh ich were w on t hrough t he o pera t ion o f t he min t f arm w ith t hose r ea l ized f ro m t he d irect managemen t o f t he min t we a rr ive a t a t ota l f i sca l y ie ld f ro m t he c o inage , b e tween 1 579 a nd 1 604, o f a pprox i ma te ly £ 293 ,000 ( Tab le 6 ) .

I I I ft he c a lcu la t ion o f t he f i sca l y ie ld o f t he S co t t ish c oinage i n t he f if teen th a nd s ix teen th c entur ies was t he p r i mary o b ject ive o f t h is p aper , i ti s , n evert he less , p erhaps wor th t ouch ing i n c onc lus ion o n s o me o ft he w ider i ssues u pon wh ich t hese c a lcu la t ions h ave ab ear ing .

1 86

Table 5 .

Prof its o n t he Co inage, 1 579-1604, a ccord ing t o t he a ccoun ts o f t he master-co iner'

5 .1

Go ld

Date

( 4 )

( 2 ) ( 3) Co in p roduced

( 1)

F ineness c . g r.

We igh t s t. l b.

(5)

Gross p rof it/st.

Gross p rof it

o z.

£

s . d .

£

s .

0

3 84

0 0

1 44

0

d . 0

1 Apr 1 580- 1 S ep 1 580

2 1

0

1S ep 1 580-15 O ct 1 580

2 1

0

1 1 0

9

3 84

0 0

6 37

1 5 Oct 1 580-14 Dec 1 580

2 1

0

1

4

3 84

0 0

4 86

2 20

0 0

1 ,479

2 20

0 0

8 43

1

0

2 20

0 0

9 0

4

8

6 4

1 0

1 0 0 1 6

0 0 1 01

1May 1 583-21 Apr 1 586

2 1

6

6 1 1

2 1 Apr 1 586- 7 Aug 1 587

2 1

6

3 3 1

7 Aug 1 587-7 Aug 1 588

2 1

6

7 Aug 1 588-1 S ep 1 590

2 3

7

2 9

3

0

6 10

2 8

1 7,808

5

4

2 3

7

1 1

9

6

3 54

2 8

4 ,102

8

4 1-

2 3

7

2

0 5 1

3 54

2 2

0

3

6 1 4

4 90

1S ep 1 590-1 Nov 1 592

5

6

9

2 8 1 3

4

1 4 1 6

8

1 18

1 9

4

2 3

7

5

6

3 54

2 2

0

1 1

5

4 1

4 90

1 3

4

5 ,559

2 8 S ep 1 601-29 N ov 1 601

2 2

0

2 9

5

3 1

6 82

1 3

4

2 0,020

1 0 Dec 1 602-23 Aug 1 604

2 2

0

1 3

1 01

6 82

1 3

4

9 ,502

7

6 3,308

4

1 Nov 1 592-1 F eb 1 594

1 2

1 15

Tota ls

2 82

8 32 1 ,682

9 1 11 .-

5 1 5

1 1

8 0 03 1 0

5 .2 S ilver ( 1 ) Date

1 5 Dec 1 579-1 Mar 1 580 I Mar 1 580-31 Mar 1 580

( 4 )

( 2 ) ( 3) Co in p roduced F ineness d . g r.

( 5)

Gross

We ight s t. l b. o z.

p rof it/st. £ s . d .

8 70

1 5

4

4

4 22

1 6

0

4

1 ,371

1 1

8

1 2

0

1 1

0

2 1 1 0

0

4 0

5

4

1 1

0

1 0

0

4 0

5

0

3 4

1

0

4 0

1S ep 1 580-15 Oct 1 580

8 0

2 5

2

0

6 8

1 6

0

1 ,728

1 5 Oct 1 580-14 Dec 1 580

8 0

2 6 1 1

0

6 8

1 6

0

1 ,836

1 Apr 1 580-1 S ep 1 580

1 1

8

5

Gross p rof it £ s . d .

2

7 Apr 1 582-1 May 1 583

1 1

0

6 07

7

0

3 0

8

0

1 8,591

1 9

1 May 1 583-21 Apr 1 586

1 1

0

3 03

7

0

2 2

2

6

6 ,713

1 1

1 8

2

0

2 2

2

6

0

8

0

2 2

2

6

7 7

8

9

2 2

2

6

2 0

4

6

1 4

8

8 ,078

1 4

8

1 ,894

1 0

0

7 ,929

5

0

0

1 1,050

4

43

6 0,986

6 1 11

1 1

0

1 1

0

7 Aug 1 588-1 S ep 1 590

1 1

0

1S ep 1 590-1 N ov 1 592

1 0 1 2

2 32

9

8

3 4

1 Nov 1 592-1 Feb 1 594

1 0 1 2

5 4

8

8

3 4

1 4

1 0

2 8 S ep 1 601-29 N ov 1 601

1 1

0

1 53 1 5

7 / -

5 1

1 0 Dec 1 602-23 Aug 1 604

1 1

0

2 14 1 1

6 4

5 1

1 ,707

1 87

1 3 1

7 Aug 1 587-7 Aug 1 588

Tota ls

3

4 01

2 1 Apr 1 586-7 Aug 1 587

3

0 1 1

3

7 1

0

1 5 1

1 0

5 .3

B i l lon

Date

We ight

F ineness d .

g r.

s t.

3

0

1 ,925

3

0

5 65

7 Aug 1 587-7 Aug 1 588

3

0

1 40

7 Aug 1 588-1 S ep 1 590

3

0

7 7

1 May 1 583-21 Apr 1 586

0 1 2 1 Nov 1 592-1 F eb 1 594

0

1 0 1 5

1 ,198

1

Tota ls

0

0 0 1 5

( 5)

p rof it/st .

l b. o z .£

2 1 Apr 1 586-7 Aug 1 587

5 .4

( 4 ) Gross

( 2) ( 3) Co in p roduced

( 1)

0

5 0

2 6

1

0

3 ,933

1 5

0

Gross p rof it

s . d .

s . d .

1 7

2 9

3 2,991

1 7

2 9

9 ,699

1 7

2 9

2 ,399

1 7

2 9

1 ,335

8 1 5 2 0

1 4

0

0 0 5 0 1 4

0

4

1 0,505

0 0

5 33

1 5

0

5 7,464

1 2

1 1

4 1 1

N et Prof its ( 1 )

( 6 ) Gross p rof it

Date 1 5 Dec 1 579- 1 Mar 1 580

s .

d .

1 5

4

4 22

1 6

1 Apr 1 580-1 S ep 1 580

1 ,515

1 1

1S ep 1 580-15 Oct 1 580

2 ,366

8 70

1 Mar 1 580-31 Mar 1 580

2

2 ,322

1 5 Oct 1 580-14 Dec 1 580 7 Apr 1 582-1 May 1 583

1 8,591

1 May 1 583-21 Apr 1 586

2 1 9

( 7) Expenses

( 8 ) N et p rof it

£

£

d .

3 8

6

8

0

1 50

8

8

2 06

6

0

2 36 1 82

0 1

6 ,250

4 1,185

1 1 -1

5 ,311

2 1 Apr 1 586-7 Aug 1 587

1 0,943

1

3 1

2 ,207

7 Aug 1 587-7 Aug 1 588

2 ,566

1 8

5

7 03

7 Aug 1 588-1 S ep 1 590

3 3,771

1 6

4

2 ,885

1S ep 1 590-1 N ov 1 592

1 0,594

8

2 ,327

6

s .

s .

d .

8 32

8

8

4

2 72

7

8

8

1 ,309

5

0

1 9

4

2 ,129

2

8

1 3

4

2 ,139

8

8

6

1 2,341

2 1 3

7

3 5,873

4

8 ,735

4

1 ,863

0

0

3 0,886

0

0

8 ,267

8 1 3

1 7 8 1 2 5 1 6

5 4 11 11 1 4

6

8

0

4

8 ,106

1

0

1 ,101

0

8

7 ,005

2 8 S ep 1 601-29 Nov 1 601

2 7,950

0

0

2 ,236

6

0

2 5 ,713

1 4

0

1 0 Dec 1 602-23 Aug 1 604

2 0,552

4

4 ,174

1 9

2

1 6,377

1 2

2

2 8,011

1 7

1 Nov 1 592-1 F eb 1 594

1 81,759

Tota ls S ource:

1 1

SRO. E22/20;

3 1

1 1

1 53,747

6

E 10 1/2 .

Notes 1 .

With t he s ing le e xcep t ion o f t he a ccoun t o f 2 8 S ep te mber 1 601-29 Nove mber 1 601, t here i s n o men t ion i n t he master-co iner 's r eckon ings o f h is own a l lowance, o r c o in ing c harges.

Thus t he f igures wh ich h e g ives f or t he

Crown 's ' f ree p rof it ', a nd wh ich a re l i sted h ere a s ' gross p rof it p er s t.' ( co lumn 4 ), r epresen t t he p rof it marg in a f ter h is own c osts h ave b een d educted a nd b efore t hose f or wh ich t he Crown was r espons ible h ave b een t aken i n to a ccoun t .

The g ross p rof it ( co lumn 5 ) i s t he p roduct o f c o lu mns

3a nd 4 a nd t he s epara te t ota ls a rr ived a t f or t he p roduct ion o f g old , s i lver a nd b il lon i n a ny g iven a ccoun t ing p er iod ( co lu mn 1 ) a re s u m med i n c o lu mn 6 .

The e xpenses c hargeab le t o t he Crown - s uch a s t he f ees

o f t he p r inc ipa l min t o ff ic ials, t he c ost o f r epa irs, r en t , e qu ip men t , a nd

1 88

0

s o o n — a re t ota l led i n c o lumn 7 , a nd t he n et p rof it ( co lu mn 8 ) i s a rr ived a t b y d educt ing t hese f igures f ro m t hose i n c o lu mn 6 . 2 .

No p rof it marg in i s g iven i n t he a ccoun t f or t h is p art icu lar i ssue b ut i ti s a ssumed h ere t o h ave b een s im ilar t o t hat i n t he im med iately p reced ing p er iod.

3 .

I n e ach o f t hese c ases t he t ota l g ross p rof it i s l arger t han t he p roduct o f c o lu mns 3 a nd 4 b ecause t he master-co iner h as a ccoun ted a dd it iona l ly f or t he r e med ies a t t he a ssay a nd s hear : 1 602-4, g o ld, £ 87 1 5s O d ;

Tab le 6 .

1 582-3, s i lver £ 125 1 7s l id ;

1 602-4, s i lver, £ 99 1 8s 4 d.

To ta l p rof its o n t he c o inage, 1 579-1604 Date

F ro m t he master-co iner From t he Min t Far m

1 5 Dec 1 579-14 Dec 1 580

£

s .

d .

6 ,682

1 2

8

1 5 Dec 1 580-6 Apr 1 582 7Apr 1 582-1 Feb 1 594

1 04,973

7

2 5 ,713

1 4

0

1 6 ,377

1 2

2

3 0 Nov 1 601-9 Dec 1 602 1 0 Dec 1 602-23 May 1 604 To ta ls

S ource :

Tab le 5 .4;

[ 10,000

0

0 ]

7 3 ,333

6

8

1 5,000

0

0

4 0,899

9

6

n o o u tput

2 Aug 1 598-27 S ep 1 601 2 8 S ep 1 601-29 Nov 1 601

d .

2

1 Feb 1 594-30 Apr 1 596 1May 1 596-1 Aug 1 598

S .

1 53,747

a bove p . 1 88f f.

6

1 39,232

1 6

2

The f igure g iven i n s quare b rackets

f or 1 580-2 i s p urely a n e st i mate.

1 89

0

F irst o f a l l , s ince d ebase men t i s b y d ef in i t ion a f i sca l d ev ice , t he j ust if ic a t ion f or wh ich i s u sua l ly r ooted i n as hor t fa l l i n g overn men t r evenue , i t s ee ms u sefu l t o c o mpare t he f i gures g iven i n t he t ab les a bove w ith wha t i s k nown o ft ota l g overn men t r evenue i n t hese y ears.

S uch a c o mpar ison c annot

i n f act b e a s n ea t a nd t idy a s o ne m ight w ish , f or t he p rob le ms n oted i n t he c ourse o ft h is e ssay i n r espect o f t he f i nanc ia l a ccoun ts a re b u t am icrocos m o ft hose a t tach ing t o as tudy o ft he w ider who le . Ye t t he f igures w h ich d o emerge a re h igh ly i l lu m ina t ing . Take , f or a s tar t , t he r evenues f ro m c rown l and wh ich c an b e f a ir ly r e l iab ly g auged f ro m t he c o mp tro l ler ' sa ccoun ts . I n t he s econd h a lf o f t he f if teen th c en tury t he n e t r eturn f ro m t h is s ource r ose f ro m j ust u nder £ 2 ,000 t o j ust o ver £ 5 ,000 p er a nnum .3 1 I n a bso lu te t erms t hese a re n ot l arge f i gures n or , o f c ourse , d o t hey i n a ny way r epresen t t ota l g overnmen t r evenue b u t e ven t hese f igures f ro m j ust o ne s ource t ower a bove a ny wh ich s urv iv ing e v idence l i nks w ith t he p roceeds o f t he min t . Even i n t he m in t ' sb est f i sca l y ear , 1 446-7 , when t he b lack money was made , i t was s t i l l c lear ly o u tstr ipped b y l and i n t he r a t io o f o ne t o t hree . s ix teen th c en tury t he p o in t i s made more p la in ly s t i l l .

I n t he e ar ly

T he Crown ' sa pprox i-

ma te n e t o rd inary r evenue i n 1 507-8 was £ 29,055, i n 1 523-6 £ 13 ,115 a nd i n 1 539-40 £ 45 ,956 b u t t o t hese s u ms t he m in t c on tr ibu ted n o more t han £ 2 ,488 , £ 210 a nd £ 2 ,246 .3 2 I n e f fect , i n t he f i f teen th a nd e ar ly s ix teen th c en tur ies, s ay r ough ly t o t he e nd o ft he t h ird d ecade , t he c o inage was h ard ly o f o verwhe lm ing f i sca l i mpor tance . T he S cot t ish k ings c er ta in ly f l ir ted w ith d ebasemen t a t t h is t ime a nd h ad t he ir r eturns, wh ich were o f s o me impor tance i n o dd , e xcep t iona l y ears ;

b u t i th as y et t o b e c onc lus ive ly s hown t ha t when t hey

b u i lt u p t he ir n est-eggs, a s b oth J a mes I I a nd J ames V u ndoubted ly d id ,

3 3

i t was f ro m t he c o inage t ha t t hey g a thered t he g rea test s hare . Fro m a bou t 1 540 t he who le f i sca l i mpor tance o f t he c o inage c hanged . A t f i rst , t h is c hange was s carce ly d rama t ic , t hough t he r e turn f ro m t he m in t d id c l i mb c ons isten t ly i n to f our f igures a nd o ccas iona l ly , a s i n 1 559-60, h iccupped i n to f i ve .

Bu t t hen , s ee m ing ly f ro m a s e ar ly a s 1 573 , t he min t

b eca me f i rm ly h ar nessed t o t he g overn men t ' sf i sca l p o l icy .

T he Crown a nd

i t s a dv isers b roke w ith t rad it ion , a nd s aw n oth ing wrong i n d o ing s o .

"T he

c o inage i s o ne o f t he s pecia l p o in ts b e long ing t o t he Crown [ ran a n A ct o f p ar l iamen t o f 1 599 ] a nd t he p rof it t ha t may b e h ad b y t he s ame i s a ppropr ia ted b y a l l p r inces w ith in t he ir r ea l ms a nd d om in ions t o t he ir own p ar t icu lar u ses . And i th as b een s een b y e xper ience t ha t p r inces u pon n ecess ity o f wars a nd o ther we igh ty a f fa irs h ave a t a l l t imes r a ised a nd h e igh tened t he p r ices o f t he c o inage ." 3 4 T h is i s h ard ly t he p lace t o r ehearse i n d e ta i l t he e xact n ature o f t he "we igh ty a f fa irs" wh ich d id d r ive t he S cot t ish C rown t o a dop t i t s d eb ase men t p o l icy b u t i tc er ta in ly i s n ot o u t o f k eep ing t o emphas ise t ha t i t was p rec ise ly t h is p o l icy wh ich e f fected t he c a tastroph ic d ec l ine i n t he S cot t ish p ound . I n c on trast t o Eng land wh ich r estored h er c urrency i n 1 551 a nd , a par t f ro m t he o dd , sma l l d eprec ia t ion b e tween 1 553 a nd 1 560, b e tween 1 578 a nd 1 582 , a nd a ga in a f ter 1 601, k ep t h er c urrency r estored i n to t he s event een th c entury , S co t land a l lowed o r , more c orrect ly , f orced h er p ound t o d eprec ia te . T he r ot s e t i n d ur ing t he r e ign o f Mary b u t i t was i n t ha t o f h er s on , J ames V I , t ha t most d a mage was d one . T urn ing f ro m t he l eve l o f t he f i sca l y ie ld t o t he manner i n wh ich i t was a ch ieved , i ti s w or th n ot ing t ha t S cot land p ursued a c ourse wh ich o f ten d if fered

1 90

marked ly f ro m t ha t o f h er s ou thern n e ighbour i n t he m idd le o f t he s ix teen th c en tury . A s we h ave s een , d ebase men t c an b e a ch ieved i n av ar ie ty o f ways, d epend ing o n t he p rec ise f ormu la emp loyed i n j ugg l ing w i th t he f ace v a lue o f ac o in , i t s w e igh t a nd f i neness .

I n Eng land d ur ing t he g rea t d ebase men t o f

t he 1 540s t he p a t tern p referred ( w ith t he o dd , n otab le , e xcep t ion , a s, f or e xamp le , t he 3o z . I ssue o f 1 551) was s o me r educt ion i n we igh t a l l ied w i th a f a ir ly s ubstan t ia l d ecrease i n f i neness .

T hus whereas b efore t he d ebase men t

Eng l ish s i lver h ad b een p roduced a t 1 1 o z 2dw t . f i ne a nd 4 5s p er l b ., t he ma jor ity o f d ebased s i lver was a t 4 8s p er l b a nd o f 9 , 6 , a nd 4 o z f i ne ( or t he e qu iva len t o f 4o z f i ne , a s were t he i ssues o f 6a nd 8o z f ro m 1 549 t o 1 551) .3 5 T he e xper ience o f g o ld was v ery s im i lar . I n S co t land , i n c on trast , t he p a tt ern p referred when d ebase men t r ea l ly g o t u nder way was s o mewha t d if feren t . T o b e s ure , t here were c o ins s truck a t s tandards b e low t he t rad i t iona l o ne o f 1 1d f i ne :

t estoons a t 9 d i n 1 555 , n ob les o r h a lf- mark p ieces a t 8 d b e tween

1 571 a nd 1 577 a nd a ga in i n 1 580, b a lance h a lf- marks a t 1 01d i n t he e ar ly 1 590s, a nd aw ide v ar ie ty o fv i l la inous b i l lon p ieces - p lacks, b awbees, a nd h ardheads -a t v ar ious t imes t hroughou t t he s ix teen th c entury . And i ti s e qua l ly t rue t ha t s o me g o ld was p roduced b e low t he t rad it iona l s tandard o f 2 2 c ., a s were t he g o ld e -c us o f Mary a nd t he L ions o f 1 582-8 -b o th 2 11 c . f i ne .3 6 Bu t when a l l t h is h as b een s a id , ac ase s t i l l e x ists f or a rgu ing t ha t al arge p roport ion o f t he p rof its o ft he S cot t ish d ebase men t c a me f ro m s i mp ly e nhanc ing t he f ace v a lue o f c o ins o f r easonab ly s ound f i neness. I n O ctober a nd N ove mber 1 601, f or e xamp le , a l l t he s ubstan t ia l n e t p rof it o f t he min t -£ 25,713 - c ame f ro m t he c o inage o f £ 6 a nd £ 3 p ieces a t 2 2 c ., a nd t he mark a nd i t s f ract ions a t 1 1d .

And b e tween Dece mber 1 602 a nd A ugust 1 604, when n e t p rof its o f

£ 16,377 were r ea l ized , t he c ase was s im i lar .3 7 T he S co t t ish e xper ience s hows i n f ac t t ha t t he a ssu mp t ion wh ich i ti s s o e asy t o make a bou t d ebasemen t -t ha t p rof its c o me o n ly t hrough t he i ssu ing o f c o in o f p oor f i neness s i mp ly w i l l n ot d o . Poten t ia l ly t he d egree o f f i neness i s a lways a g ood i nd icat or b u t , a s T ab le 5 s hows, i n r ea l ity i tn eeds a lways t o b e s een i n t he w ider c on tex t o ft he l eve l o fp roduct ion , t he r a te o f s e ignorage , a nd t he o vera l l c ost o f p roduct ion . By way o f c onc lus ion i ti s p erhaps a ppropr ia te t o t ouch u pon a nother c ons idera t ion o f s o me i mpor tance ; n a me ly , t he mechan is m b y wh ich b u l l ion r eached t he S cot t ish m in t d ur ing t he d ebase men t p er iod , f or h ere a ga in t here was a c ons iderab le d if ference b e tween t he S cot t ish a nd t he Eng l ish e xper ience . I tw i l l b e r eca l led t ha t i n Eng land t hree e ssen t ia l ly d ist inct d ev ices were u sed : r a is ing t he m in t p r ice o f g o ld a nd s i lver , f orcing c o in b ack t o t he min t b y b ann ing i t s c ircu la t ion , a nd c on tract ing w ith s pec ia l s upp l iers .

T he s econd

d ev ice e n joyed a l im ited v ogue , a f fect ing o n ly t he t estoon wh ich was w ithd rawn i n 1 548-9, wh i le t he t h ird was o f p ar t icu lar i mpor tance o n ly a f ter t he e f fect iveness o f t he m in t p r ice b egan t o wane a nd t he c onversion o f t estoons was v ir tua l ly c o mp le te . I n p rac t ice i t was i n f act t he m in t p r ice wh ich was o f p r inc ipa l i mpor tance f or much o f t he Eng l ish d ebase ment a nd i ti s h ard ly s urpr is ing , t herefore , t ha t b e tween 1 544 a nd 1 551 we c an c hron ic le a s ubstant ia l r ise i n r espect o fb oth g old a nd s i lver , e spec ia l ly s i lver . 3 8 I n S cot land t he emphas is was r a ther d if feren t .

C er ta in ly t here were i ncreases i n t he

min t p r ice ; f or e xa mp le , g o ld r ose f ro m £ 252 t o £ 432 p er t roy l b b e tween 1 580 a nd 1 601. 3 9 And t here was a lso s o me g overnmen t c on tract ing , a s i n

1 91

t he l a te 1 560s when t he merchan ts p erm it ted t o e xpor t 2 6 ,000 s t o f l ead were b ound t o r ender t o t he q ueen t he e qu iva len t o f 1 300 o z o f f i ne s i lver , r eckoned a t 3 0s p er o z 40 Bu t t hese were b y n o means t he d om inant f ac tor . O ver a nd o ver a ga in , t he S co t t ish m in t was s upp l ied b y e x ist ing c urrency b e ing b anned a nd r e issued f rom t he m in t i n w orse f or m. B e tween 1 578 a nd 1 580 t he p rocess was s i mp ly o ne o f r e-stamp ing . T he c o ins i nvo lved i n t he f raud were a l l s i lver - t he 3 0s p iece , t he 2 0s p iece , t he l Os p iece a nd t he t estoon - a nd t he o stens ib le p re tex t f or t he ir w ithdrawa l was t he d if f icu lty o f r e ta in ing s i lver i n S cot land f o l low ing r ises i n f ore ign c urrenc ies .

Tha t t here was p robab ly

s o me g enu ine c oncern o ver a n a dverse f l ow o f s i lver n eed n o t b e d oubted , f or o n 3 1 May 1 577 t he Pr ivy C ounc i l h ad t r ied t o e nsure t ha t t he l aws a ga inst t ranspor t ing were p u t i n f orce . Ye t t he o verr id ing f i sca l mot ive b eh ind t he e nhance men t c an r ead i ly b e s een f ro m t he a nnounce men t made o n 2 9 J u ly 1 578 . A l l t he c o ins i n q uest ion were t o b e s urrendered t o t he min t b efore 1 March f o l low ing .

S uch a s were f a lse were t o b e b roken a nd r ede l ivered t o t he ir

owners, b u t t he r est were t o b e r ece ived a t e nhanced r a tes :

t he t h ir ty-sh i l l ing

p iece f or 3 2s 6 d , t he t wen ty-sh i l l ing p iece f or 2 1s 8 d , t he t en-sh i l l ing p iece f or 1 0s 1 0d , a nd t he t estoon f or 6 s 6 d . Each p iece was t hen t o b e c oun termarked b efore b e ing r e issued a t e ven h igher r a tes : a t 3 6s 9 d a nd t he r est o f t he c o ins i n p ropor t ion .

t he t h ir ty-sh i l l ing p iece

Thus t he k ing m igh t e xpect

ag ross p rof it e qu iva len t t o a bou t 1 4 p er c en t o f t he o r ig ina l f ace v a lue . N ot s urpr is ing ly , s uch a t ransparen t f raud d id n ot r ead i ly c o mmend i t se lf t o t he S cot t ish p eop le , who n ot o n ly f e l t s o me r e luctance i n b r ing ing t he ir c o ins t o t he min t i n t he f irst p lace , b u t a lso c av i l led a t r ece iv ing t he m b ack a t t he e nhanced v a lues . T he g overnmen t , h owever , was n ot t o b e d e terred ; a nd , p ar t ly b y l eng then ing t he d ays d ur ing wh ich t he o ld c o in m igh t b e s urrendered -f irst t o 1 May 1 579 , t hen t o 1August , a nd f i na l ly t o 2 0 O ctober 1 579 - a nd p ar t ly b y t hrea ten ing a l l who p ossessed u nstamped c o in a f ter t he a ppo in ted d ay w ith o u tr igh t c onf isca t ion , managed t o a ch ieve s o me measure o f s uccess . T he t ota l g ross p rof it was j ust s hor t o f £ 46 ,000 . 41 T he me thod p referred i n t he 1 580s a nd 1 590s was t he a ctua l r em in t ing o f c o in . I n Dece mber 1 583 i t was d ec ided t o w ithdraw a l l 1 2d p ieces, b awbees, p lacks, 3 d g roa ts a nd h a lf-p lacks b efore t he f o l low ing J u ly a nd r eco in t he m I n to 8 d g roa ts a nd t he ir h a lves a t 3 d f i ne . 42

I n 1 591 a l l s i lver , w i th t he e x-

c ept ion o fp enny a nd t wopenny p lacks, was t o b e r eco ined a t 1 0 . Ld f i ne , a nd a lso a l l g o ld , s ave t he t h ist le n ob le , was t o b e r e issued a t 2 2 c . 43 S im i lar s teps were t aken f or t he s even th a nd e igh th c o inages o f J a mes V I b etween 1 594 a nd 1 604 . 44 I n 1 597 a l l f ore ign c o in was d e mone t ized f or t he s ame p urpose . 45 T he e xp lana t ion o f why t he S cot t ish g overnmen t h ad t o r e ly o n s uch a c u mberso me mechan is m - a nd i t must b e s tressed t ha t i t was r e la t ive ly c u mberso me , i nvo lv ing a s i tu ndoubted ly d id e nd less d e lays a nd b y n o means a ny c er ta in ty t ha t a l l t he p roh ib ited c o in wou ld i n f act b e s urrendered - i s o bv ious ly b ound u p w ith t he r eact ions o f t he S cot t ish p eop le t o t he e n t ire f i sca l p o l icy . T hese r eact ions a nd t he e cono m ic c onsequences t o wh ich t hey l ed a re i n many ways t he most i n terest ing s ide o f t he S cot t ish d ebase men t , b u t t o e n ter i n to a ny r easonab le d iscuss ion o f t hem wou ld t ake u s we l l b eyond t he b ounds o f a n i n troductory e ssay .

1 92

NOTES

1

Is hou ld l i ke t o t hank Mrs . J . E . L . Murray f or h er h e lpfu l c o m men ts o n t h is p aper a nd a lso Dr . A . L . Murray , n ot l east f or h is a ss istance a t t he S cot t ish Record O f f ice a nd f or a l low ing me t o c onsu lt h is u npubl i shed t hes is 'The Exchequer a nd Crown Revenue o f S cot land , 1 4371 542 '

2 .

( Ed inburgh , 1 961) .

Currency d eprec ia t ion i n E ng land d ur ing t he l a te f if teen th a nd s ix teenth c entur ies i s d iscussed i n C . E . C ha l l is, T he Tudor C o inage ( Manchester , 1 978 ) , c hap ter 5 .1. C ipo l la ,

F or t he g enera l e uropean p heno menon s ee C . M .

Currency Deprec ia t ion i n Med ieva l Europe ' ,E cono m ic H istory

Rev iew , 2 nd s er . x v ( 1962-3 ) , 4 13-21. 3 .

R . W. C ochran-Pa tr ick d id a magn if icen t j ob i n b r ing ing t oge ther t he g rea t b u lk o f t he s urv iv ing d ocu men tary ma ter ia l o n t he S cot t ish c o inage i n o ne manageab le c o l lect ion - T he R ecords o f t he C o inage o f S cot land f ro m t he e ar l iest p er iod t o t he Un ion ( Ed inburgh , 1 876) . h owever , c er ta in d ocu men ts e luded h im ;

O ccas iona l ly ,

more c o m mon ly , h e d id n ot

t ranscr ibe d ocu men ts , p ar t icu lar ly t he a ccoun ts, i n f u l l ; l ef t d a tes i n o ld s ty le .

a nd i nvar iab ly

H is i mpor tan t work must , t herefore , b e u sed

w ith c au t ion a nd wherever p ossib le Ih ave a t l east g one b ack t o t he p r in ted c a lendars o f d ocu men ts, i fn ot a lways t o t he o r ig ina l manuscr ip ts. The p r inc ipa l a bbrev ia t ions Ih ave a dop ted i n c i t ing d ocu men ts a re a s f o l lows : APS

T he Acts o f t he Par l iamen ts o f S cot land

CP

T he Records o f t he C o inage o f S cot land f ro m t he e ar l iest p er iod t o t he Un ion ( Ed inburgh , 1 876)

ER

T he Exchequer R o l ls o f S cot land ( Ed inburgh , 1 878-1903)

RPCS T he Reg ister o f t he Pr ivy C ounc i l o f S cot land RSS

Reg istrum S ecre t i S ig i l l i Regu m S cotoru m ( Ed inburgh , 1 908-1966)

SRO

S cot t ish Record O f f ice , Ed inburgh

TA

T he Accoun ts o f t he L ord H igh Treasurer o f S cot land ( Ed inburgh , 1 877-1970)

4 .

ER , 1 437-54 , 1 31, 1 57

5 .

T hese we igh ts a nd a l l t hose wh ich f o l low i n t h is a r t ic le a re r eckoned a ccord ing t o c on te mporary u sage wh ich was a s f o l lows : 2 4 g ra ins ( gr .) = 1p ennywe ight ( dw t .) 5 76 g r . 9 ,216 g r . 1 47 ,456 g r .

=2 4 dw t .

=1 o unce ( oz.)

=3 84 dw t .

=16 o z .

= 1p ound ( l b .)

=6 ,144 dw t .

=2 56 o z.

=1 6 l b.

=1 s tone ( s t .)

1 93

Un less o therw ise s tated, a l l s u ms o f money a re e xpressed i n t er ms o f t he S cot t ish p ound. 6 .

For t hese i ssues s ee I . H . S tewart , The S cot t ish Co inage ( 1955 ), p ass i m.

7 .

The e xcep t ion t o t h is g enera l r u le c a me i n 1 525-6 when t he p rof its o f t he min t were p a id t o t he c o mp tro l ler.

Murrary , o p.c it. p . 2 50 ;

Acts

o f t he L ords o f Counc il i n Pub l ic A f fa irs, e d. R . K . Hannay ( 1932 ), p p. 2 39-40 ; 8 .

ER, 1 523-9, 2 95.

The f u l l d eta ils o f t he f ar m b egun i n 1 547, wh ich , i n t he f i rst i nstance, was t o r un f or a y ear a t ar en t o f 1 800 marks, a re s et o u t i n RSS , 1 542-8, n o. 2 181.

The i n it ia l a gree men t s ee ms s ubsequen t ly t o h ave b een e x-

t ended t o t he e nd o f March 1 550 , a nd t hen t o h ave b een s uperseded b y a nother a t t he h igher a nnua l r eturn o f £ 2,333 6 s 8 d. The f ar m wh ich b egan i n 1 566 was i n it ia l ly f or t wo y ears b ut was t hen r enewed f or t en .

The a rrange men t [ ? r ev ised ] a s s et o ut i n a n

a gree men t o f 2 3 J anuary 1 571, f or t hree y ears b eg inn ing o n 1 February f o l low ing , was t hat t he f ar mer s hou ld p ay t he Crown 5 000 marks a nnua ll y a nd h a lf t he ' f ree p rof it '.

S ince t h is man , Robert R ichardson , t he

k ing 's t reasurer, h ad a lready p a id £ 9,000 " in t he c o m mon s erv ice a nd a f fa irs o f t h is r ea l m" , h owever, h e w as i n p ract ice a l lowed t o p ocket t he who le p rof it o f t he min t d ur ing t he t hree-year t er m.

RSS, 1 567-74,

n o. 1 090. 9 .

An o bv ious e xcep t ion h ere i s t he r evenue r ecorded i n c o lu mn 2 f or 1 573-4 a nd 1 574-6.

I n t hese y ears t he p rof its o f t he min t w ere a s-

s igned t o t he Regen t a nd t he s u ms r ecorded i n t he t reasurer 's a ccoun t a re t he n et s u ms wh ich t he f or mer r ece ived. 1 0.

Thus , f or e xa mp le, i n a ccoun t ing f or £ 3,957, O s 1 0d r ece ived o n t he c o inage o f c erta in s i lver v essels t he t reasurer was s i mp ly r ecord ing t he r ece ip t o f t he c ap ita l v a lue o f 1 8 s t. 1 5 l b. g i o z. v a lued a t 1 6s 31 -d p er o z.

The p rof it o n t he c o inage o f t h is s u m must h ave b een i ncluded

i n t he t reasurer 's o vera l l f igure o f £ 5 ,433 1 9s 3 1d., g iven h ere i n c o lu mn 2 . 1 1.

The s u ms e xcluded a re a s f o l lows : 1 497-8

£ 727 1 3s., b e ing t he f ace v a lue o f t he g o ld u n icorns l i sted ;

1 507-8

£ 42, b e ing t he v alue o f t he g o ld c ha in c o ined ;

1 511-12 £ 1,089 5 s. 4 d., b e ing t he v a lue o f 2 3 l inks o f ag o ld c ha in ; 1 541-2

£ 394 5 s. 2 d., b e ing t he v a lue o f p late s o ld t o t he m in t ;

1 543-6

£ . 12,715 4 s. 3 d., b e ing t he v a lue o f g o ld a nd s i lver p late s urrendered t o t he min t [ see t he q ual if icat ion i n t he t ex t o n t h is s um ];

1 546-7

£ 211 7 s., b e ing t he v alue o f t he s i lver — 2 5 l b. 1 0i o z. 1 0s. 3 1 -d. p er o z. — t he r est o f t he t o ta l g iven i n t he a ccoun t , £ 569 1 2. 6 1 -d., i s a ssu med t o b e p rof it ;

1 573-4

£ . 2,271 9 s., b e ing t he v a lue o f 1 037 o z . 2 dw t . o f s i lver s en t t o t he m int b y t he e xporters o f l ead.

1 2.

S ee b elow , p p. 1 85f f.

1 94

1 3 .

CP, i , 3 13-17 .

1 4 .

APS , I l i, 2 16.

1 5 .

I n t he a gree men t s truck i n 1 577 b etween t he Regen t a nd J ohn Acheson t he l a t ter was a l lowed 5 s. p er mark we ight o f 8o z.

RPCS, 1 569-78,

5 99 . 1 6 .

S ee b e low , p . 1 92.

1 7 .

T ab le 4 .2 ;

SRO . E22/20 ;

1 8 .

T ab le 5 .4 ;

CP, 1 , 2 50 .

1 9 .

Tab le 5 .4 ;

CP, 1 , 2 49.

2 0 .

RPCS

2 1.

APS , I i i, 2 15 .

2 2 .

RPCS

2 3 .

APS , i i, 2 15-16 ;

1 578-85

E22/3 f o . 2 3r .

3 90-1.

1 578-85

3 90-1, 3 93-4 . RPCS , 1 578-85, 4 62-4, 4 68, 4 81, 4 98-500 .

A lthough Tho mas Acheson t ook o ver f ro m Rober t Acheson i n February 1 582 h e d id n ot b eg in h is f or ma l a ccount u n t i l 7 Apr i l f o l low ing . 2 4 .

RPCS

1 592-9, 1 19-24 .

2 5.

ER

2 6 .

SRO , E 10 1 /2 f o . 3 0v ;

2 7 .

RPCS

2 8 .

CP, 1 , 2 50 .

2 9 .

RPCS , 1 599-1604, 2 87 .

3 0 .

I b id . ,p p . 2 92, 3 14 .

3 1.

Murray , 2 2..c it .

3 2 .

I b id ., Append ix p p . 1 20-1;

3 3 .

R . N icho lson , S cot land : t he l a ter midd le a ges ( Ed inburgh, 1 974) ,

1 595-1600 , 1 39.

p . 5 31;

1 592-3

RPCS

4 63 , 4 70-1;

1 592-5

4 04, 4 11.

CP , i , 2 69-71.

p . 1 97 . a bove , Tab le 3 .

G . Dona ldson , S cot land : J a mes V t o J a mes V I I ( Ed inburgh a nd

L ondon , 1 965) , p . 5 7 . 3 4 .

APS , i v , 1 81.

3 5 .

Cha l lis, 2 2 . c i t ., c hapter 2 .3 .

Here q uan t it ies a re e xpressed i n

s ter l ing a nd t he t roy l b . o f 1 2 o z. 3 6 .

S tewar t , 92 . c it . a ppendix I .

3 7 .

Above , Table 5 .4 .

3 8 .

Cha l l is, 2p . c it . c hap ter 3 .3 .

3 9.

RPCS , 1 578-85, 2 83-4 ;

4 0 .

TA, 1 566-74, 1 10 .

1 599-1604, 3 14-16 .

For b u l l ion f l ow ing t o t he mint i n t he e ar ly s even-

t een th c entury a s ar esu lt o f mercan t ile a ct iv ity , s ee SRO . E 10 1 /2 f os. 3 3-6 . 1 95

4 1.

SRO . E22/3 a nd 2 0 ;

APS , 1 1, 1 08 ;

RPCS , 1 578-85, 1 7-18 , 3 2-3 ,

1 00, 1 58-9, 1 96 . 4 2 .

RPCS , 1 578-85

6 23-4 ;

APS , 1 1, 3 10-11.

4 3 .

APS , 1 1, 5 26-7 .

4 4 .

RPCS , 1 599-1604, 3 14-16 ;

4 5 .

APS , i v , 1 21-2 .

APS , i v , 4 9-50, 8 5-6 ;

S ee a lso RPCS , 1 599-1604, 2 7-8 .

1 96

RPCS , 1 592-9, 1 51.

THE SYMPOS IASTS

Miss M. M. ARCHIBALD, Ass istan t K eeper, Departmen t o f Co ins a nd Meda ls, Br it ish Museu m , L ondon WC1B 3 DG. P rofessor G . W. S . BARRO W , P rofessor o f S cot t ish H istory , Un ivers ity o f S t. Andrews, S t. Andrews KY16 9 AJ. N . Q . BOGDAN , Esq., D irector , Perth H igh S treet Archaeo log ica l Excavat ion , Depart men t o f Med ieva l H istory , Un ivers ity o f S t. Andrews, S t. Andrews KY16 9 AJ. J ohn D. BRAND, Esq., 5 R id ley Road , Rochester, K en t MB1 1UL. Dr. C . E . CHALL IS, L ecturer i n Modern H istory , Un ivers ity o f L eeds, L eeds L S2 9 JT. Professor A . A . M. DUNCAN , P rofessor o f S cot t ish H istory , Un ivers ity o f G lasgow , 9 Un ivers ity Gardens, G lasgow G 12 8 QH. Dr. J . M. G ILBERT, Co-ord ina tor o f t he Econo m ic H istory Pro ject o f t he S cot t ish Med ieva l ists ' Con ference, 1 82 Beech Avenue, L ang lee, Ga lash iels, TD1 2LG. N . M. HOLMES, Esq., Hun t ly House Museu m, Canongate, Ed inburgh EH88DD. Dr. C . M. KRAAY , K eeper, Heberden Co in Roo m, Ash mo lean Museum , Oxford. N . J . MAYHE W , Esq., Ass istan t K eeper, Heberden Co in Roo m, Ash mo lean Museu m , Ox ford. Dr. D . M.

METCALF, Ass istan t K eeper, Heberden Co in Roo m, Ash mo lean

Museu m, Ox ford. Dr. A . L . MURRAY, S cot t ish Record O f f ice, P .O . Box 3 6 , Ed inburgh EH13YY. Mrs. J . E . L . MURRAY , M.B.E., 1 3 Ho mecrof t Dr ive, Uck ington , Che ltenha m GL51 9 SN. Co l. J . K . R . M URRAY , 1 3 Ho mecrof t Dr ive, Uck ington , Cheltenha m GL51 9 SN. Professor Rana ld G . N ICHOLSON , P rofessor o f H istory , Un ivers ity o f Guelph , On tar io , Canada

N 1G 2W1.

S . E . R IGOLD, Esq., I nspector o f Anc ien t Monu men ts f or Eng land , Departmen t o f t he Env ironmen t , 2 3 S av ile Row , L ondon W1X 2 AA. Dr. Gran t G . S I MPSON , L ecturer i n t he Departmen t o f H istory , Un ivers ity o f Aberdeen , AB9 2UB. R . B . K . STEVENSON , Esq., K eeper o f t he N at iona l Museum o f An t iqu it ies o f S cot land , Queen S treet , Ed inburgh EH2 1 JD. 1 97

I an STE WART, Esq., M.P., House o f Co m mons , L ondon SW1A O AA. D. R . WALKER, Esq., Genera l Ed itor, Br it ish Archaeo log ica l Reports, 1 22 Banbury Road , Ox ford OX2 7 BP. A . B . WEBSTER, Esq., L ecturer i n t he Dept . o f H istory , K eynes Co l lege, The Un ivers ity , Can terbury , K en t CT2 7 NP. P . WOODHEAD, Esq., 6 5 A ldsworth Avenue, Gor ing-by-Sea, Worth ing , S ussex BN12 4XG.

1 98