Coinage Act 1816

Updated on Dec 19, 2024

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Citation 56 Geo. III c.68

Territorial extent United Kingdom of Great Britain and Ireland

The Coinage Act 1816 (56 Geo. III c.68), also known as Liverpool's Act, defined the value of the pound sterling relative to gold but of an unchanged monetary standard for gold. One troy pound of standard (22-carat) gold was defined as equivalent to £46 14s 6d., i.e. 44½ guineas, the guinea having been fixed in December 1717 at £1 1s exactly. According to its preamble, the purposes of the Act were to:

prohibit the use of silver coins (which would now be of reduced weight, 66 shillings rather than 62 shillings per troy pound), for transactions larger than 40s

establish a single gold standard for transactions of all sizes.

References

Coinage Act 1816 Wikipedia

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