The numismatic chronicle and journal of the Royal ... - IndianCoins.org

124: HENRY SYMONDS.In July, 1602, the Queen gave instructions that allexchange of mere copper moneys was to be refused(op. cit. vol. t 211, Nos. 77-8), thus in effect demonetizingthese coins outside the realm of Ireland. I notice thatJames I treated the poor with greater considerationtwo-thirds thein October 1603, when he reduced byface value of Elizabeth's issue of " base mixed moneys "but exempted the copper pence and halfpence whentendered in small sums.It is clear that there were still many abuses of theexchange system due to fraudulent practices bymerchants, who thereby caused loss and suffering tothe community. An amendment of the general confusionwas attempted by a third proclamation dated24 January, 1602-3 "the last and most foolish proclamation", as it is described by Mr. R. P. Mahaffy,who edited this portion of the Irish State Papers.The document recited, among other things, that themischief which was the main cause of the alterationof the standard, namely, the use bythe rebels ofsterling money and its exportation to foreign countries,had not been remedied. Therefore Dublin and Londonwere tobe the only places where exchange could beobtained by those engaged in trade, but the army andothers in the Queen's pay might still use a " bancke "at Cork for that purpose, as formerly ;travellers andsoldiers leaving Ireland might exchange at Bristol andChester to the extent of four pounds. Another alterationincreased the compulsory proportion of sterlingmoneys to forty percent, of each 100broughtin forexchange (Carew Papers, sub anno).After the death of Elizabeth her later policy withregard to Irish currency matters was entirely reversed