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…