Britain Twopence 1797 Cartwheel

[Medalstrike]

The Cartwheel pennies were copper coins of one and two penny, first minted in 1797 by the Soho Mint
Order of the British Crown in large numbers. Since the material value should correspond to the
nominal value of the coins, these coins, however, in contrast to the normally used silver,
were minted from copper, they were unusually large and heavy.
Thus, there was a Twopence coin from 28.7 g of copper with a diameter of 41 mm.
The wide margins, which surrounded the coins, they left in their wagon wheels look similar
to what brought them popularly nicknamed "Cartwheel".
The Cartwheel pennies were the first order of the Royal Mint for the Soho Mint.
After the stamp of 1797 was followed by three more imprints in the years 1799, 1806 and 1807.
The coins were designed by the German medalists Conrad Heinrich Kuchler.

Av.: "GEORGIUS III D : G REX"
Rv.: "BRITANNIA"
36mm - 27.6g - KM# 618

The coin has a full black patina, so I had to lighten the image so you can see what.

Dietmar

[Galapagos]

The coins were designed by the German medalists Conrad Heinrich Kuchler.

Did he design any other British coins?

Massive coin. I suppose if our current 20p were circular in shape, you could call it a cartwheel - but it's not. 

[Medalstrike]

Apart from the coins listed, known to me is still Half Penny from 1806/07
Here are a few medals designed by him:
http://www.bmagic.org.uk/people/+Conrad+Heinrich+Kuchler

Dietmar

[Figleaf]

Since the material value should correspond to the nominal value of the coins, these coins, however, in contrast to the normally used silver, were minted from copper, they were unusually large and heavy.

Quite so. The period 1700-1750 was exceptionally rich in philosophers and scientists in England (but also in France and Germany). John Locke and Isaac Newton corresponded regularly. Locke posited the idea that coins were a public good, i.e. they were a government service to the people. Therefore, coins should be full value, i.e. when melted, the metal value should equal the value of the coin. If their metal content were lower, that would amount to a tax, and taxes had already been collected. The idea was brought forward by David Hume and finally implemented in the 1797 series.

The idea was quite wrong, of course, because it assumed fixed copper prices. With the slightest rise of the price of copper, full value copper coins would be ripe for melting. As it was, the threat of war with Napoleonic France brought about a hefty rise in the copper price. Nevertheless, many of the 1797 coins survived, because they doubled as weights for scales. It is no coincidence that Napoleon called England a "land of shopkeepers".

In one sense, the experiment was very useful. With the experience of Law's bank and the 1797 series, the extremes of how much metal was needed for coins were tested and the scene was set for the Bank of England. The BoE had issued notes before, but until 26th February 1797 the notes were fully covered in gold, so they were just a replacement of gold coins. Thereafter, The government instructed the bank to cease paying banknotes in gold.



The cartoon from 1797 shows politician William Pitt searching the pockets of the BoE for gold. The "Old Lady of Threadneedle Street", clad in banknotes, screams rape.

The ban remained in place until 1821, well after the Napoleonic wars. By that time, the BoE had gained so much confidence, that its efforts to buy back its notes with coins failed. People had discovered the banknote as a good alternative to coins, especially heavy coins.

Peter

[Medalstrike]

Thanks for the nice story Peter,
who is interested can download the Book "The token money of the Bank of England, 1797 to 1816" as PDF:
http://www.archive.org/details/tokenmoneyofbank00philrich

Dietmar