July 10 – Elizabeth I visits the Tower of London mint

On this day in Tudor history, 10th July 1561, Queen Elizabeth I visited the Tower of London mint to check on the progress of her new coins.

Debasement of coins had happened between 1544 and 1551, in the reigns of Henry VIII and Edward VI, when the government was looking to fund foreign wars. The ratio of precious metal to alloy was reduced, so more coinage could be produced more cheaply, with the government pocketing the profit.

This led to a fall in public confidence in currency with price increases, people hoarding good coins, and problems with exchange rates.

Elizabeth called in problem coins and had them marked and then minted new coins which were of the full weight and value. She successfully restored the reputation of English coins.

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