Coinage Act 1816
|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, 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., 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.
- Sargent, Thomas J. (2002). The Big Problem of Small Change. Princeton University Press. p. 303.
- Lisle, George (1906). "British Currency: Gold". Accounting in Theory and Practice. William Green & Sons. p. 277.
- 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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