10. The ‘Great Debasement’ of Henry VIII
In the 1540s, King Henry VIII initiated the ‘Great Debasement’ to fund his costly wars with France and Scotland. This policy involved reducing the precious metal content in English coinage, substituting gold and silver with cheaper base metals like copper. By 1544, the silver content in coins had decreased from over 90% to just 25%, leading to inflation and economic instability. The debased coins often wore quickly, exposing the copper beneath, earning Henry the nickname ‘Old Coppernose’. The economic repercussions of this debasement persisted until reforms were implemented in the 1560s. (historyhit.com).
