Can Britain be Saved form Extinction?
QUESTION: Dear Martin, Merry Christmas to you, your family, and the Armstrong Economic team. All of you have worked tirelessly to help humanity. A question about the UK: you have [...]
Elizabeth I Two-Tier Monetary System
QUESTION: You have mentioned that the US maintained a two-tier monetary system with trade dollars during the 19th century. Did Britain ever do the same or was the fact that Britain was the financial capital so they were exempt?
Thank you for the help and education.
DL
ANSWER: When Elizabeth I (1558-1603) was on the throne, Spain was the financial capital. Therefore, we do see an attempt to employ a two-tier monetary system in England at that time. Elizabeth issued four denominations of Eight, Four, Two and One silver Testern as they were known. They were also called “Portcullis Money”, This was an attempt at producing a trade coinage sponsored by the newly formed East India Company to be used in overseas trade principally in the Far East.
However, the competition against Spain and the Spanish Eight Reales (dollars) and its fractions was far too great. Eventually, the coinage did not succeed and thus the surviving coins are a rarity today. The surviving coins are most likely those that were retained in London as a novelty.
The abbreviated Latin legends on the Testern translate as on the obverse “Elizabeth by the Grace of God, Queen of England France and Ireland; and on the reverse “I have made God my Helper” a Psalm from the Bible.
Latest Posts
Gold Clause & CBDC
QUESTION: Regarding CBDC, will they convert all the savings/cash in your bank account, will they convert everything in your brokerage accounts (all stocks etc.) will they go after gold and silver [...]
Diamond Dust to End Climate Change?
Stratospheric aerosol injection is the latest proposed method to save civilization from human-induced climate change. I jokingly say that the climate change agenda believes they can simply throw money at [...]
Who Creates Money?
To a large extent, there is still much confusion regarding the creation of MONEY. Some people still think the government actually creates money as if it were in ancient times. [...]
