The Great Recoinage of 1696 was an attempt by the English Government under King William III to replace the hammered silver that made up most of the coinage in circulation, much of it being clipped and badly worn.
Hand struck silver coins from prior to 1662 had been clipped around the edges and thus their value (weight) reduced so that they were no longer a viable tender, especially abroad.
[3] The currency also had a third problem: its value as silver bullion in Paris and Amsterdam was greater than the face value in London, and thus vast quantities of coins were melted and shipped abroad — an arbitrage market.
[3] Branch mints were established at Bristol, Chester, Exeter, Norwich, and York to assist with the work of recoinage.
On 10 June 1696 a Proclamation was issued, requiring all Receivers and Collectors of the Publick Taxes to take hammer'd Silver Money at five shillings and eight Pence an Ounce.