Author Topic: New Year Quiz 2016  (Read 17883 times)

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Offline Gusev

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Re: New Year Quiz 2016
« Reply #90 on: January 10, 2016, 06:33:31 PM »
This is a question on the logic?
Then I imagine this chain of the argument.
1. Boulton gave Watt money money to build the first industrial design of the steam engine.
2. This steam engine was successfully used in the minting of coins for the East India Company.
3. All this has given impetus to the industrial revolution in the world.

It seems everything sounds logical? :)
"Those at the top of the mountain didn't fall there."- Marcus Washling.

Offline Figleaf

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Re: New Year Quiz 2016
« Reply #91 on: January 10, 2016, 07:31:34 PM »
Boulton and Watt was one company in Birmingham that operated the Soho Mint. Hint: Boulton and Watt equipped the Tower Mint with their first steam presses in 1805. India is asleep now. Let's see if they have the answer...

The minting business was sold to Messrs. Ralph Heaton and son in April 1850. After a number of permutations, the enterprise ceased to exist in 2003.

Peter
An unidentified coin is a piece of metal. An identified coin is a piece of history.

Offline Afrasi

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Re: New Year Quiz 2016
« Reply #92 on: January 10, 2016, 09:26:53 PM »
If the first steam press was installed in 1805, the coins of 1791 and 1794 have been struck, before their press was invented.  ;)

Offline malj1

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Re: New Year Quiz 2016
« Reply #93 on: January 10, 2016, 09:53:00 PM »
Prior to this didn't they install presses in the British office of the EIC?
Malcolm
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Offline Figleaf

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Re: New Year Quiz 2016
« Reply #94 on: January 11, 2016, 10:23:47 AM »
And I thought this would have been easy.

James Watt indeed radically improved the steam engine and Boulton & Watt applied it to making coins with steam-driven screw presses, but (key point) the minters guild (a medieval institution!) at the Tower Mint resisted steam presses. Have a look at the coins that Boulton and Watt wrought.

The three approaches:
Technical: the series were the first ever to have a raised border with incuse lettering, a trade secret of Boulton and Watt that London could not use. They were effectively showcasing the power of the steam engine on a coin press, including the production time maj1 mentioned.
Financial: it was usual to make every new series of coins lighter than its predecessor. These coins were in practice heavier and more precise in weight. They made it possible for Newton to consider introducing full weight coppers (a global novelty) in 1797, struck by Boulton and Watt. These in turn proved to be vulnerable to the copper price, which set the scene for fiduciary money, based on game theory.
Political: the EIC traditionally gave their orders for coins to the Tower Mint. Once they became aware of the possibilities of steam presses and in face of the resistance to steam presses from the minters, they switched to the Soho Mint. This squashed the monopoly of London on mintage. When Indian coins turned out to be better than British coins, the British government followed the EIC example and ordered the 1797 series in Birmingham. The minters' resistance was broken, steam presses were ordered and finally installed in London in 1805 by nemesis Boulton and Watt. India had led the way for Great Britain.

Since Gusev already had a turn, let malj1 ask the next question.

Peter
« Last Edit: January 12, 2016, 07:36:10 AM by Figleaf »
An unidentified coin is a piece of metal. An identified coin is a piece of history.

Offline Gusev

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Re: New Year Quiz 2016
« Reply #95 on: January 11, 2016, 11:09:16 AM »
It was a good question. I enjoyed. :)
"Those at the top of the mountain didn't fall there."- Marcus Washling.

Offline malj1

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Re: New Year Quiz 2016
« Reply #96 on: January 12, 2016, 06:07:21 AM »
What was the first coin issued by the old lady of Threadneedle st?
Malcolm
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Offline Afrasi

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Re: New Year Quiz 2016
« Reply #97 on: January 12, 2016, 10:29:35 AM »
 ??? Never heard of this lady ...  ???

A nickname for the Queen?

Offline malj1

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Re: New Year Quiz 2016
« Reply #98 on: January 12, 2016, 10:53:32 AM »
No, she is quite well known in the UK
Malcolm
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Offline gerard974

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Re: New Year Quiz 2016
« Reply #99 on: January 12, 2016, 12:06:01 PM »
i know the old Lady but no the first coin minted

Offline Afrasi

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Re: New Year Quiz 2016
« Reply #100 on: January 12, 2016, 12:10:23 PM »
No, she is quite well known in the UK

I always thought the Queen being quite well known in the UK, too ...  ;D

Offline Gusev

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Re: New Year Quiz 2016
« Reply #101 on: January 12, 2016, 12:53:22 PM »
i know the old Lady but no the first coin minted
Same here :)
"Those at the top of the mountain didn't fall there."- Marcus Washling.

Offline gerard974

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Re: New Year Quiz 2016
« Reply #102 on: January 12, 2016, 01:34:38 PM »
i say that the old lady is the bank of England

Offline Afrasi

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Re: New Year Quiz 2016
« Reply #103 on: January 12, 2016, 01:53:15 PM »
Thanks to Gerard!  :D

The Bombay Pice?

Offline malj1

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Re: New Year Quiz 2016
« Reply #104 on: January 12, 2016, 09:28:44 PM »
No. I think they were from the Soho mint in Birmingham.
Malcolm
Have a look at  my tokens and my banknotes.