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Token Coinage:
In 1648 small change was becoming so scarce and in bad condition that it caused difficulties in every day trading. Parliament seemed unwilling to mint small change because the cost would have been more than its value. Traders took it upon themselves to issue their own coinage, but it was not a good solution, as usually the tokens could only be exchanged at the shop that issued them.
Meanwhile, Parliament still did not issue small change, and the old currency, by deterioration and old age gave encouragement to the
production of spurious specimens. It was officially stated at this time that less than a quarter of the pence and half-pence in circulation were genuine. Business dealings became severely hampered.
Petitions and appeals to Parliament were of no avail, so traders decided to accept only "Tower" money, i.e. minted at the Tower Mint. This caused further confusion, as the bulk of the community was
unable to distinguish the good from the bad.
In Hungerford we are aware of several tokens, including: - William Bell, Vintner at The Bear - Timothy Lucas, Spice merchant
- Thomas Sare, Wheelwright and Constable - John Butler
Parliament was at last forced to do something, and what, they did was most extraordinary. Everybody was allowed to make their money for
themselves. Any man who chose to make a thing called a halfpenny or farthing was free to do so, and it was legal tender. This situation was common throughout the British Isles, and it was too good an
opportunity to be lost. The whole country was swamped with halfpence and farthings of the greatest varieties.
In August 1672 Charles II and Parliament forbade their further use and met the country's needs by
minting official high quality copper small change - both halfpennies and farthings. Coinage with images of the King and Britannia replaced the multitude of privately issued local tokens, symbolically
uniting the country and restoring royal control over the currency. Britannia has been on all coins since, and on all Bank of England notes since the bank was founded in 1694.
The "John of Gaunt" halfpenny tokens shown on the right are from a much later date - 1792. The obverse shows the Bust of John of Gaunt in robes and ducal coronet. The reverse
shows the arms of the Borough of Lancaster. Remarkably, the edge is inscribed "PAYABLE AT THE WAREHOUSE OF THOS. WORSWICK & SONS. X." They appear to have been gold and silver smiths, watchmakers and
jewellers in New-street, Lancaster. They were also bankers, and the banking firm of Worswick and Sons was established in 1794 by Thomas Worswick. The firm had commercial interests in the West Indies, and
this may account for the tokens being payable at the warehouse. It is thought that about five tons were minted - and there are many forgeries and imitations.
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