Coinage Act 1816

Coinage Act 1816
Status: Repealed
Parliament of the United Kingdom
Citation	56 Geo. III c.68
Territorial extent	United Kingdom of Great Britain and Ireland

The Coinage Act 1816 (56 Geo. III c.68), also known as Liverpool's Act,^[1] defined the value of the pound sterling relative to gold. One troy pound of standard (22-carat) gold was defined as equivalent to £46 14s 6d.,^[2] i.e. 44½ guineas, the guinea having been fixed in December 1717 at £1 1s exactly. According to its preamble, the purposes of the Act were to:

prohibit the use of silver coins (which would now be of reduced weight, 66 shillings rather than 62 shillings per troy pound), for transactions larger than 40s
establish a single gold standard for transactions of all sizes.^[3]

References

↑ Sargent, Thomas J. (2002). The Big Problem of Small Change. Princeton University Press. p. 303.
↑ Lisle, George (2008) [first pub. 1906]. "British Currency: Gold". Accounting in Theory and Practice. Read Books. p. 277. ISBN 978-1-4097-7128-9.
↑ Scott, William Amasa (1903). "XV.2: Currency Reform in England and the Act of 1816". Money and Banking. Henry Holt and Company.

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Coinage Act 1816

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