Gold penny facts for kids
The gold penny was a special coin made in England a long time ago. It was worth twenty pence, which was a lot of money back then! It was one of the first gold coins made in England.
Contents
History
Why England Needed Gold Coins
Before King Henry III of England ruled (from 1216 to 1272), England didn't make its own gold coins. Merchants and traders used gold coins from other places, like the Byzantine Empire or Arab countries. But as trade grew, people needed coins that were worth more than the simple silver pennies they had. So, King Henry III decided it was time for England to have its own gold coins. In 1257, he asked his goldsmith, William of Gloucester, to create a pure gold coin.
Introducing the Gold Penny
The new gold penny was introduced. It was worth twenty silver pennies. One side of the coin showed King Henry III sitting on his throne. He held a scepter in one hand and a special globe with a cross on top in the other. Around the edge, it said "HENRICUS REX III" (King Henry III).
The other side of the coin had a long cross with a flower in each corner. It also showed the name of the person who made the coin, like "WILLEM ON LVND" (William of London). Sometimes it said "LVNDEN" or "LVNDE" instead.
But the gold penny wasn't very popular. People in London complained about it in November 1257. King Henry III listened to them. He announced that no one had to accept the coin if they didn't want to. If someone did take a gold penny, they could bring it back to the King's exchange. There, they would get back almost all of its value.
Why the Gold Penny Disappeared
The gold in the coin was actually worth more than twenty pence. By 1265, the gold was worth twenty-four pence! Because of this, most of the coins were probably melted down. People could make a profit by melting the coin and selling the gold.
After this, England didn't make gold coins again for about seventy years. The next ones were made during the time of King Edward III.
Because almost all the gold pennies were melted, people forgot they ever existed. But in the 1700s, old documents were found that showed the coin had been made. A few coins did survive, perhaps because they were lost. Today, only eight of these rare gold pennies are known to still exist.
Surviving Examples
In 2022, one of these rare gold pennies was found by someone using a metal detector in Hemyock. It was later sold at an auction for a huge amount of money: £540,000!
