Gunmoney coinage, Sixpence, 1689 June + full stop (1)

James II & his Gunmoney: June 1689 (timeline)

This was never going to be enough and the answer to James’s financial predicament came from a Protestant – William Bromfield, an English Quaker and one time surgeon who invented the world’s first ‘fiat’ currency based upon a promise to pay at a later date

James II, King of England, Scotland & Ireland

Monetary Crisis (1689), as James II Fixes Exchange Rates for Foreign Coins in Ireland

Introduction When James II succeeded his father in 1685, he continued to issue copper halfpennies, albeit via a ‘patent’ like his father did before him. This maintained the flow of small change but the same ‘decades old’ problem persisted with the large proportion of under-weight ‘clipped’ silver in circulation. This might have sufficed for transactions…