196 CURRENCY. 



continually 'diminished the value of his money, to his great 

 loss.' On the other hand the public found that these expedients 

 were a heavier loss to them. 



The distress was greatest in 1551. The price of wheat after 

 the harvest of 1550 had risen to a price to which there had 

 hitherto been no parallel, but that of 1551 was still more 

 serious. A sharp proclamation was therefore issued on July 1 8, 

 I 55 I > when the prospects of the ensuing harvest were pretty 

 clearly anticipated, denouncing with great indignation the 

 rumours current about the coin being further abased, by which 

 I conclude is meant, that the redemption of it, in good money, 

 is further repudiated. A month after the date of the proclama- 

 tion a further repudiation is announced. 



In 1552, according to Ruding, there was an issue of coin at 

 nearly the old standard, n oz. i dwt. to iQdwts. alloy. But 

 there is no information as to the amount coined, and it is 

 certain that whatever was coined would have been speedily 

 exchanged against base moneys, and would be hoarded. And 

 this in fact was done 1 . Whether indeed, had Edward lived, 

 he would have reformed the currency may be questioned. He 

 had the most favourable opportunity offered him at the end of 

 his reign, for in 1552-3 and 1553-4 the price of wheat sank to 

 IQS. 6%d. and los. In 1551, it stood at an average of 23^. 8^. 

 It rose in 1556 to an average of 28^. 5i^., and never reached 

 that price again for thirty years. 



That Mary was anxious to carry out her brother's purposes 

 is highly probable. She knew how much unpopularity the 

 Reformation had incurred by reason of the base money, and 

 within a month of her accession she issued a proclamation 

 announcing her purposes. But she never carried out these 

 purposes, if she seriously entertained them. She had, I imagine, 

 little chance of doing so, for in 1554 wheat rose to iHs. 8^/., 

 in 1555 to 22J. v\d., and in 1556 to 28^. $\d. The highest 

 price which I have noted in this last year is 40^., at which it 



1 Leake, p. 215, 



