Coin clipping
Encyclopedia
Coin debasement is the act of decreasing the amount of precious metal in a coin, while continuing to circulate it at face value. This was frequently done by governments in order to inflate the amount of currency in circulation; typically, some of the precious metal was replaced by a cheaper metal when the coin was minted. But when done by an individual, precious metal was physically removed from the coin; which could then be passed on at the original face value, leaving the debaser with a profit. Coin debasement was effected by several methods, including clipping (shaving metal from the coin's circumference) and sweating (shaking the coins in a bag and collecting the dust worn off).
Until the mid 20th century, coins were often made of silver
or gold
, which were quite soft and prone to wear. This meant coins naturally got lighter (and thus less valuable) as they aged, so coins that had lost a small amount of bullion would go unnoticed. Modern coins are made of hard, cheap metals such as steel
, copper
or a copper-nickel alloy, reducing wear and making it difficult and unprofitable to debase them.
Clipping is the act of shaving off a small portion of a precious metal coin for profit. Over time the precious metal clippings could be saved up and melted into bullion or used to make new coins.
Coin clipping was usually considered by the law to be of a similar magnitude to counterfeit
ing, and was occasionally punished by death
, a fate which befell Thomas Rogers and Anne Rogers
.
Coin clipping is why many coins have the rim of the coin marked with stripes
(milling or reeding), text (engraving
) or some other pattern that would be destroyed if the coin were clipped, a process attributed to Isaac Newton
, after being appointed Master of the Mint
(charge he held from 1699 to his death in 1727). Although the metal used in most modern coins is not intrinsically valuable, modern milling can be a deterrent to counterfeiting, an aid to the blind to distinguish different denominations, or purely decorative.
In the process of sweating, coins were placed in a bag and shaken. The bits of metal worn off of the coins were recovered from the bottom of the bag. Sweating tended to wear the coin in a more natural way than clipping, and so was harder to detect.
If the coin was large, a hole could be punched out of the middle, and the face of the coin hammered to close up the hole. Or the coin could be sawed in half, and a plug of metal extracted from the interior. After filling the hole with a cheaper metal, the two halves would be welded back together again.
Until the mid 20th century, coins were often made of silver
Silver
Silver is a metallic chemical element with the chemical symbol Ag and atomic number 47. A soft, white, lustrous transition metal, it has the highest electrical conductivity of any element and the highest thermal conductivity of any metal...
or gold
Gold
Gold is a chemical element with the symbol Au and an atomic number of 79. Gold is a dense, soft, shiny, malleable and ductile metal. Pure gold has a bright yellow color and luster traditionally considered attractive, which it maintains without oxidizing in air or water. Chemically, gold is a...
, which were quite soft and prone to wear. This meant coins naturally got lighter (and thus less valuable) as they aged, so coins that had lost a small amount of bullion would go unnoticed. Modern coins are made of hard, cheap metals such as steel
Steel
Steel is an alloy that consists mostly of iron and has a carbon content between 0.2% and 2.1% by weight, depending on the grade. Carbon is the most common alloying material for iron, but various other alloying elements are used, such as manganese, chromium, vanadium, and tungsten...
, copper
Copper
Copper is a chemical element with the symbol Cu and atomic number 29. It is a ductile metal with very high thermal and electrical conductivity. Pure copper is soft and malleable; an exposed surface has a reddish-orange tarnish...
or a copper-nickel alloy, reducing wear and making it difficult and unprofitable to debase them.
Clipping is the act of shaving off a small portion of a precious metal coin for profit. Over time the precious metal clippings could be saved up and melted into bullion or used to make new coins.
Coin clipping was usually considered by the law to be of a similar magnitude to counterfeit
Counterfeit
To counterfeit means to illegally imitate something. Counterfeit products are often produced with the intent to take advantage of the superior value of the imitated product...
ing, and was occasionally punished by death
Capital punishment
Capital punishment, the death penalty, or execution is the sentence of death upon a person by the state as a punishment for an offence. Crimes that can result in a death penalty are known as capital crimes or capital offences. The term capital originates from the Latin capitalis, literally...
, a fate which befell Thomas Rogers and Anne Rogers
Thomas Rogers and Anne Rogers
Thomas Rogers and Anne Rogers were English counterfeiters convicted on 15 October 1690, for "Clipping 40 pieces of Silver" . Thomas Rogers was hanged, drawn and quartered, and Anne Rogers was burnt alive. The gruesome forms of punishment were meted out due to their acts being High Treason.-External...
.
Coin clipping is why many coins have the rim of the coin marked with stripes
Milled coinage
In numismatics, the term milled coinage is used to describe coins which are produced by some form of machine, rather than by manually hammering coin blanks between two dies or casting coins from dies.-History:The earliest machine known for producing coins is the screw press, invented by Leonardo...
(milling or reeding), text (engraving
Engraving
Engraving is the practice of incising a design on to a hard, usually flat surface, by cutting grooves into it. The result may be a decorated object in itself, as when silver, gold, steel, or glass are engraved, or may provide an intaglio printing plate, of copper or another metal, for printing...
) or some other pattern that would be destroyed if the coin were clipped, a process attributed to Isaac Newton
Isaac Newton
Sir Isaac Newton PRS was an English physicist, mathematician, astronomer, natural philosopher, alchemist, and theologian, who has been "considered by many to be the greatest and most influential scientist who ever lived."...
, after being appointed Master of the Mint
Master of the Mint
Master of the Mint was an important office in the governments of Scotland and England, and later Great Britain, between the 16th and 19th centuries. The Master was the highest officer in the Royal Mint. Until 1699, appointment was usually for life. Its holder occasionally sat in the cabinet...
(charge he held from 1699 to his death in 1727). Although the metal used in most modern coins is not intrinsically valuable, modern milling can be a deterrent to counterfeiting, an aid to the blind to distinguish different denominations, or purely decorative.
In the process of sweating, coins were placed in a bag and shaken. The bits of metal worn off of the coins were recovered from the bottom of the bag. Sweating tended to wear the coin in a more natural way than clipping, and so was harder to detect.
If the coin was large, a hole could be punched out of the middle, and the face of the coin hammered to close up the hole. Or the coin could be sawed in half, and a plug of metal extracted from the interior. After filling the hole with a cheaper metal, the two halves would be welded back together again.