Portrait of King Charles II, by John Riley

Monetary Crisis (1660), as Charles II Fixes Exchange Rates for Foreign Coins in Ireland

Introduction Though fresh attempts were being made in the reign of Charles II to strengthen Britain’s currency, these efforts did not prevent the monetary crisis of the 1680s which saw a fast decline of England’s currency on the international exchange markets. The basic unit of account was the pound sterling defined as the equivalent of 240 pennies…