Charles II, King of England, Scotland and Ireland, by John Riley

Banking Collapse in London (1676) as Charles II Defaults on Royal Loans

Background The Great Stop of 1672 caused five of the leading London Goldsmiths to go bust, drastically affected nine others, and ‘financially embarrassed over 10,000 wealthy families in England. The Great Stop effectively ended the ‘cosy relationship’ between the king and a small clique of private bankers that thrived on the Crown’s inability to generate…