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British Sterling Currency - Numismatics,
Penny
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Penny
Edward I 1272-1307 AD
Edward I's frequent military campaigns put a great financial strain on the nation. There were several ways through which the king could raise money for war, including customs duties, money lending and lay subsidies. In 1275, Edward I negotiated an agreement with the domestic merchant community that secured a permanent duty on wool.
In 1303, a similar agreement was reached with foreign merchants, in return for certain rights and privileges. The revenues from the customs duty were handled by the Riccardi, a group of bankers from Lucca in Italy. This was in return for their service as money lenders to the crown, which helped finance the Welsh Wars. When the war with France broke out, the French king confiscated the Riccardi's assets, and the bank went bankrupt. After this, the Frescobaldi of Florence took over the role as money lenders to the English crown.
Edward I's frequent military campaigns put a great financial strain on the nation. There were several ways through which the king could raise money for war, including customs duties, money lending and lay subsidies. In 1275, Edward I negotiated an agreement with the domestic merchant community that secured a permanent duty on wool.
In 1303, a similar agreement was reached with foreign merchants, in return for certain rights and privileges. The revenues from the customs duty were handled by the Riccardi, a group of bankers from Lucca in Italy. This was in return for their service as money lenders to the crown, which helped finance the Welsh Wars. When the war with France broke out, the French king confiscated the Riccardi's assets, and the bank went bankrupt. After this, the Frescobaldi of Florence took over the role as money lenders to the English crown.
Royal Monarchy
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