o the extent that it was decided to recall and replace all hammered silver coinage in circulation. The exercise came close to disaster due to fraud and mismanagement, but was saved by the personal intervention of Isaac Newton after his appointment as Warden of the Mint, a post which was intended to be a sinecure, but which he took seriously. Newton was subsequently given the post of Master of the Mint in 1699. Following the 1707 union between the Kingdom of England and the Kingdom of Scotland, Newton used his previous experience to direct the 1707–1710 Scottish recoinage, resulting in a common currency for the new Kingdom of Great Britain. After 15 September 1709 no further silver coins were ever struck in Scotland.
As a result of a report written by Newton on 21 September 1717 to the Lords Commissioners of His Majesty's Treasury the bimetallic relationship between gold coins and silver coins was changed by Royal proclamation on 22 December 1717, forbidding the exchange of gold guineas for more than 21 silver shillings. Due to differing valuations in other European countries this inadvertently resulted in a silver shortage as silver coins were used to pay for imports, while exports were paid for in gold, effectively moving Britain from the silver standard to its first gold standard, rather than the bimetallic standard implied by the proclamation.
The coinage reform of 1816 set up a weight/value ratio and physical sizes for silver coins.
In 1920, the silver content of all British coins was reduced from 92.5% to 50%, with a portion of the remainder consisting of manganese, which caused the coins to tarnish to a very dark colour after they had been in circulation for a significant period. Silver was eliminated altogether in 1947, except for Maundy coinage, which returned to the pre-1920 92.5% silver composition.
The 1816 weight/value ratio and size system survived the debasement of silver in 1920, and the adoption of token coins of cupro-nickel in 1947. It even persisted after decimalisation for those coins which had equivalents and continued to be minted with their values in new pence. The UK finally abandoned it in 1992 when smaller, more convenient, "silver" coins were introduced.
All coins since the 17th century have featured a profile of the current monarch's head. The direction in which they face changes with each successive monarch, a pattern that began with the Stuarts, as shown in the table below:
|Facing left||Facing right|
|Cromwell 1653–1658||Charles II 1660–1685|
|James II 1685–1688||William and Mary 1689–1694
William III 1694–1702
|Anne 1702–1714||George I 1714–1727|
|George II 1727–1760||George III 1760–1820|
|George IV 1820–1830||William IV 1830–1837|
|Victoria 1837–1901||Edward VII 1901–1910|
|George V 1910–1936|
|Edward VIII 1936||(uncirculated issues)|
|George VI 1936–1952||Elizabeth II 1952–present|
For the Tudors and pre-Restoration Stuarts, both left- and right-facing portrait images were minted within the reign of a single monarch (left-facing images were more common). In the Middle Ages, portrait images tended to be full face.
There was a small quirk in this alternating pattern when Edward VIII ascended to the throne in January 1936 and was portrayed facing left, the same as his predecessor George V. This was because Edward thought his left to be his best side. However, Edward VIII abdicated in December 1936 and his coins were never put into general circulation. When George VI came to the throne, he had his coins struck with him facing the left, as if Edward VIII's coins had faced right (as they should have done according to tradition). Thus, in a timeline of circulating British coins, George V and VI's coins both feature left-facing portraits, although they follow directly chronologically.
Currently circulating coinage
Production and distribution
All UK coins are produced by the Royal Mint. The same coinage is used across the United Kingdom – Unlike banknotes, local issues of coins are not produced for different parts of the UK. The pound coin until 2008 has been produced in regional designs, but th