History of Money, 1504 –– 1681

1504

Henry the VII Issues Shillings

The English shilling has been a unit of account until Henry the VII issues shilling coins.

1509

Henry VIII gives in to usury

King Henry VIII comes to power and relaxes the laws regarding usury. The money changers gold and silver coins became plentiful.

1526

Copernicus, The first economist?

The great astronomer Nicholas Copernicus writes in his "Treatise on Debasement"" that it is the total number of coins in circulation not the weight of the metal they contain that determines the level of prices and the buying power of currency.

1532

Incas have no money

Pizarro goes to Peru and conqueres the Incas. He finds that they have no system of money. Their rigid system of government eliminated the need for money. Pizarro eliminated the Incas.

1553

The money changers have a fit

Queen Mary I takes the thrown in England. A staunch Catholic, she tightened the usury laws and the money changers withdrew their gold and sliver coins from circulation and caused the economy to collapse.

1558

Queen Elizabeth I takes control of English money

Queen Elizabeth I succeeds Queen Mary I and decides to issue her own gold and silver coins through the public treasury. This was successful and the economy flourished.

1601

England invents the Poor Law

England introduces a poor law. (i.e. a law about the poor, England already had it's share of not very clever laws).

1609

The stage is set for the worlds destruction

The first central bank is established in Amsterdam.

1642

The bankers fund a revolution, it won't be their last

Oliver Cromwell is financed by the bankers and foments a revolution in England. After much bloodshed, Cromwell purges the parliament, overthrows King Charles I and puts him to death in 1649.

1659

The first check doesn't bounce

The earliest cheque is issued in England for 400 pounds. It orders London goldsmiths Morris and Clayton to pay Mr. Delboe.

1681

Wampum

New England ceases to use wampum as legal tender but it exists in other parts of America for another 200 years.

< 1275  |  1664 >