Coinage Act 1816
The Coinage Act 1816, also known as the Coin Act 1816 or Liverpool's Act, was an act of the Parliament of the United Kingdom that defined the value of the pound sterling relative to gold. One troy pound of standard gold was defined as equivalent to £46 14s 6d., i.e., the guinea having been fixed in December 1717 at exactly. According to its preamble, the purposes of the act were to:
- prohibit the use of silver coins, for transactions larger than 40s
- establish a single gold standard for transactions of all sizes.
Legacy