History of the English penny (1485–1603)

The Tudor era saw the debasement of the penny under Henry VIII and Edward VI, with Elizabeth I's reign overseeing the recovery of the silver quality.

The inscription was one of a variety of HENRIC DI GRA REX ANG — Henry by the grace of God King of England.

Henry introduced what is known as the "Sovereign coinage", so called because the king is depicted seated on a throne, while the reverse shows the royal shield over a cross.

[citation needed] The Sovereign coinage was minted at London, Durham, and York, and inscribed with one of a variety of HENRICUS DI GRA REX ANG.

This was understandably unpopular with the people, resulting in Henry acquiring the nickname "Old Coppernose" as the silver rubbed off the high-relief part of the coin design.

The influx of silver and gold from Central and South America into Spain and to the rest of Europe was destabilising the price of bullion and worsening the situation.

Edward VI's pennies, were made using debased metal at the Tower, Southwark, Bristol and York, with the inscription E.D.G.

In 1553, Edward VI died and was succeeded — after the nine-day rule of Lady Jane Grey — by his older sister, the strongly Catholic Queen Mary I. Pennies of Her first year, bearing her head alone with the inscription M.D.G.

When Elizabeth I ascended the throne in 1558, England was an impoverished country, in religious turmoil, and with a coinage that was in a poor state after Henry VIII's debasement, since when little had been done to improve the quantity or quality of the coins in circulation.

Still, while the milled issue was fairly successful, there was controversy towards Mestrelle by other employees of the Tower mint who feared for their jobs, leading to his dismissal.