IR498 - Edward IV (1461-1483), Penny, 0.29g., Bust / Rose-on-Sun Coinage - 'Doubles Issue' (c.1467-70), Drogheda mint, crowned facing bust of Edward, EDWA[RD], rev., radiate sun, [VILLA D]E [DROGH], (S.6302), struck on an irregular flan, fine and extremely rare. $3125 SOLD

On the 11th December 1467 Sir John Tiptoft the King's Justiciar in Ireland introduced legislation that was intended to stop the outflow of silver currency from Ireland to England and the Continent. The weight of the new coinage was effectively half that of it's predecessor and included a new Double Groat denomination of eight pence. The new design with a radiate sun reverse was intended to easily distinguish it from contemporary English issues, ensuring that it's inferior intrinsic value would be apparent to the potential exporter. All previous issues were also recalled to be recoined into the new retariffed 'doubles' coinage. This inflationary debasement of the coinage coupled with the removal of all good silver from the economy proved in turn to be disastrous. The Anglo-Irish Parliament was forced to introduce price controls of basic food stuffs and commodities. Tiptoft himself fell victim to a Lancastrian mob in October 1470, having returned to London during the crisis that ended in the restoration of Henry VI. His 'Doubles' coinage was abolished by a still pro-Yorkist Anglo-Irish Parliament in November 1470 having been acknowledged as a failure that had left the Irish people "so greatly impoverished , that many of them have given up their houses and avoided the land, and all merchandises, and especially victuals that have grown excessive dear, from which many people are like to perish through want"*