The brainchild of speculator and Master of the Royal Mint Thomas Neale, the lottery was created in order to raise money for the Exchequer.

100,000 £10 tickets were offered for sale as one of a series of measures to raise revenue to allow English participation in the Nine Years' War against France.

Other contemporary financial innovations included the granting of a royal charter to the Bank of England and the creation of the country's first national debt.

[3] In an ostentatious demonstration of security, tickets for the lottery were kept in special chests with 18 locks.

In fact, the fund exhibited a shortfall almost immediately and could not keep up with repayments until 1698 when the war was over.