may 2, 1696 - Recoinage Act

Description:

- Silver coins producing during Charles II's reign had been regularly clipped, so their real value in England declined
- Since the value of silver was higher on the continent, increasing number of coins were melted down and shipped abroad
- Parliament requested all the old coins be stripped down and weighed to ascertain their true value; and new coins were struck at a number of mints
- Had positive short-term impact; the value of new coins was maintained for a while, restoring confidence to economy
- However, within two years, silver was again worth more in bullion than in coin

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