William Wood (Mintmaster)
Encyclopedia
William Wood was a hardware manufacturer and mintmaster
, noted for receiving a contract to strike an issue of Irish coinage from 1722 to 1724. He also struck the 'Rosa Americana' coins of British America
during the same period.
Wood's coinage was extremely unpopular in Ireland as a result of the publication of Jonathan Swift
's Drapier's Letters. It was recalled and exported to the colonies of British America
. Subsequently, he developed a novel (but ineffective) means of producing iron, which he later exploited as part of a fradulent investment scheme.
, son of Francis Wood, a silkweaver. His family were supposedly descendants of Huguenot
s named Dubois who had fled France after the St. Bartholomew’s Day Massacre in 1572.
William married Margaret Molineaux in 1690, daughter of Willenhall ironmonger Richard Molineaux. The couple in a large house in Wolverhampton
, The Deanery, where they raised 14 children.
, Cumberland
, run by his son Charles, and the Falcon Iron Foundry in London
, where he placed his son William in charge. Effectively he was attempting to profit from the crushing Whig victory in 1714.
In 1717, he became a partner in building a blast furnace
at Rushall
, where there was at least an intention to use coke as fuel, then a comparatively novel idea. He was also concerned in Tern mill, a brass and iron mill in the grounds of Attingham Park
(then called Tern Hall), and probably in several other ironworks.
for coining copper money for Ireland. Wood thought this would be a profitable enterprise so he purchased the royal patent from the duchess for £10,000. In his indenture from George I
dated 16 June 1722, Wood was authorized to produce up to 360 tons of halfpence and farthings for Ireland at 30 pence to the pound over a period of fourteen years for an annual fee of £800 paid to the king. These Hibernia coins, which were minted in Phoenix Street, Seven Dials from January 1722, were heavier and thus intrinsically more valuable than the coppers then circulating in Ireland. They were certainly less profitable for Wood to mint than his lighter weight Rosa Americana issues. (Hibernia's weighed sixty halfpence to the pound as compared to 120 Rosa Americana halfpence to the pound!). When including the costs of production and the £10,000 fee paid to the Duchess of Kendal, Mossman has calculated Wood would have lost £4,871 over the fourteen years of the patent. Thus from Wood's standpoint the Hibernia coin specifications were too generous based on the cost of production.
Wood's coinage was extremely unpopular in Ireland as a result of the publication of Jonathan Swift
's Drapier's Letters, so these were recalled. Among other things, Swift suggested that the coins were of inferior quality, but assays carried out by Sir Isaac Newton, at that time Master of the Mint
, showed that the copper “was of the same goodness and value with that which was coined for England." As compensation for the loss of his patents, William was granted a pension of £3000 a year for eight years although only received this for three years before his death on 2 August 1730.
Famed blind Irish harper Turlough O'Carolan
(1670 – 25 March 1738) wrote a tongue-in-cheek celebration of
this failure, titled "Squire Wood's Lamentation on the Refusal of his Halfpence".
. They financed operations by contracting to supply a large quantity of iron to the United Company of Mines Royal and Mineral and Battery Works
, but only delivered some 10 tons. This led to an investigation by the Privy Council, and the enterprise collapsed around the time of his death. Wood, two of his sons William and Charles
, his son in law William Buckland and Kingsmill Eyre
were the petitioners in this. Eyre took out a patent for a similar process in his own name in 1736.
built the Cyfarthfa Iron foundry
in Glamorgan
, and Charles and his brother John patented in 1761, a process known as potting and stamping
, an important advance in the conversion from pig iron
to bar iron
.
Charles was the grandfather of the noted Victorian writer Mary Howitt
. She published a history of the family, Some Reminiscences of my Life in the journal Good Words.
Moneyer
A moneyer is someone who physically creates money. Moneyers have a long tradition, dating back at least to ancient Greece. They became most prominent in the Roman Republic, continuing into the empire.-Roman Republican moneyers:...
, noted for receiving a contract to strike an issue of Irish coinage from 1722 to 1724. He also struck the 'Rosa Americana' coins of British America
Coins of British America
The coins of British America were issued in 1688 and in between 1722 and 1724. These coins are extremely sought after by those collecting coins of the British Empire and the Commonwealth.-The First US Coins:...
during the same period.
Wood's coinage was extremely unpopular in Ireland as a result of the publication of Jonathan Swift
Jonathan Swift
Jonathan Swift was an Irish satirist, essayist, political pamphleteer , poet and cleric who became Dean of St...
's Drapier's Letters. It was recalled and exported to the colonies of British America
British America
For American people of British descent, see British American.British America is the anachronistic term used to refer to the territories under the control of the Crown or Parliament in present day North America , Central America, the Caribbean, and Guyana...
. Subsequently, he developed a novel (but ineffective) means of producing iron, which he later exploited as part of a fradulent investment scheme.
Family life
William Wood was born in ShrewsburyShrewsbury
Shrewsbury is the county town of Shropshire, in the West Midlands region of England. Lying on the River Severn, it is a civil parish home to some 70,000 inhabitants, and is the primary settlement and headquarters of Shropshire Council...
, son of Francis Wood, a silkweaver. His family were supposedly descendants of Huguenot
Huguenot
The Huguenots were members of the Protestant Reformed Church of France during the 16th and 17th centuries. Since the 17th century, people who formerly would have been called Huguenots have instead simply been called French Protestants, a title suggested by their German co-religionists, the...
s named Dubois who had fled France after the St. Bartholomew’s Day Massacre in 1572.
William married Margaret Molineaux in 1690, daughter of Willenhall ironmonger Richard Molineaux. The couple in a large house in Wolverhampton
Wolverhampton
Wolverhampton is a city and metropolitan borough in the West Midlands, England. For Eurostat purposes Walsall and Wolverhampton is a NUTS 3 region and is one of five boroughs or unitary districts that comprise the "West Midlands" NUTS 2 region...
, The Deanery, where they raised 14 children.
Ironmonger
After his marriage William Wood entered into a partnership as a manufacturing ironmonger in Wolverhampton with his father-in-law, Richard Molyneux. Later in 1723 his two brothers-in-law, the Dublin ironmongers John and Daniel Molyneux, disclaimed all connection with the coinage of William Wood. However, little is known of his trade.Ironmaster
In 1715, William Wood 'took two important steps away from his prosperous anonymity and down a road which led eventually to infamy and ruin. The first was his application for the receiver-generalship of the land tax for the neighbouring county of Shropshire, and the second his formation of a large partnership for the production and marketing of iron and steel in the Midlands and London.' He had foundries in WhitehavenWhitehaven
Whitehaven is a small town and port on the coast of Cumbria, England, which lies equidistant between the county's two largest settlements, Carlisle and Barrow-in-Furness, and is served by the Cumbrian Coast Line and the A595 road...
, Cumberland
Cumberland
Cumberland is a historic county of North West England, on the border with Scotland, from the 12th century until 1974. It formed an administrative county from 1889 to 1974 and now forms part of Cumbria....
, run by his son Charles, and the Falcon Iron Foundry in London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
, where he placed his son William in charge. Effectively he was attempting to profit from the crushing Whig victory in 1714.
In 1717, he became a partner in building a blast furnace
Blast furnace
A blast furnace is a type of metallurgical furnace used for smelting to produce industrial metals, generally iron.In a blast furnace, fuel and ore and flux are continuously supplied through the top of the furnace, while air is blown into the bottom of the chamber, so that the chemical reactions...
at Rushall
Rushall
Rushall may refer to:*Rushall, Herefordshire, England*Rushall, Norfolk, England*Rushall, West Midlands, England**Rushall railway station, West Midlands, England*Rushall, Wiltshire, England*Rushall railway station, Melbourne, Australia...
, where there was at least an intention to use coke as fuel, then a comparatively novel idea. He was also concerned in Tern mill, a brass and iron mill in the grounds of Attingham Park
Attingham Park
Attingham Park is a country house in Shropshire, England, which is owned by the National Trust. It is a Grade I listed building.- Location :It is located near to the village of Atcham, on the B4380 Shrewsbury to Wellington road.- History :...
(then called Tern Hall), and probably in several other ironworks.
Wood’s Halfpence
William hoped to make a profit producing coins for use in Ireland and America. During the first half of 1722 the king's mistress, the Duchess of Kendal, obtained a patent from the Earl of SunderlandEarl of Sunderland
Earl of Sunderland is a title that has been created twice in the Peerage of England. The first creation came in 1627 in favour of Emanuel Scrope, 12th Baron Scrope of Bolton. The earldom became extinct on his death in 1630 while the barony became either extinct or dormant...
for coining copper money for Ireland. Wood thought this would be a profitable enterprise so he purchased the royal patent from the duchess for £10,000. In his indenture from George I
George I of Great Britain
George I was King of Great Britain and Ireland from 1 August 1714 until his death, and ruler of the Duchy and Electorate of Brunswick-Lüneburg in the Holy Roman Empire from 1698....
dated 16 June 1722, Wood was authorized to produce up to 360 tons of halfpence and farthings for Ireland at 30 pence to the pound over a period of fourteen years for an annual fee of £800 paid to the king. These Hibernia coins, which were minted in Phoenix Street, Seven Dials from January 1722, were heavier and thus intrinsically more valuable than the coppers then circulating in Ireland. They were certainly less profitable for Wood to mint than his lighter weight Rosa Americana issues. (Hibernia's weighed sixty halfpence to the pound as compared to 120 Rosa Americana halfpence to the pound!). When including the costs of production and the £10,000 fee paid to the Duchess of Kendal, Mossman has calculated Wood would have lost £4,871 over the fourteen years of the patent. Thus from Wood's standpoint the Hibernia coin specifications were too generous based on the cost of production.
Wood's coinage was extremely unpopular in Ireland as a result of the publication of Jonathan Swift
Jonathan Swift
Jonathan Swift was an Irish satirist, essayist, political pamphleteer , poet and cleric who became Dean of St...
's Drapier's Letters, so these were recalled. Among other things, Swift suggested that the coins were of inferior quality, but assays carried out by Sir Isaac Newton, at that time 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...
, showed that the copper “was of the same goodness and value with that which was coined for England." As compensation for the loss of his patents, William was granted a pension of £3000 a year for eight years although only received this for three years before his death on 2 August 1730.
Famed blind Irish harper Turlough O'Carolan
Turlough O'Carolan
Turlough Carolan, also known as Turlough O'Carolan, was a blind, early Irish harper, composer and singer whose great fame is due to his gift for melodic composition. He was the last great Irish harper-composer and is considered by many to be Ireland's national composer...
(1670 – 25 March 1738) wrote a tongue-in-cheek celebration of
this failure, titled "Squire Wood's Lamentation on the Refusal of his Halfpence".
Later ventures
Later, he sought to exploit patents for iron making processes invented by his son Richard, for which he wanted to incorporate the "Company of Ironmasters of Great Britain", but this proved to be an exercise in stockjobbingStockjobber
Stockjobbers were institutions that acted as market makers in the London Stock Exchange. Prior to "Big Bang" in 1986, every stock traded on the Exchange passed through a jobber's book, where they acted as intermediaries between stockbrokers, who were in turn not permitted to be market makers...
. They financed operations by contracting to supply a large quantity of iron to the United Company of Mines Royal and Mineral and Battery Works
Company of Mineral and Battery Works
The Company of Mineral and Battery Works was, , one of two mining monopolies created by Queen Elizabeth I of England in the mid-1560s. The Company's rights were based on a patent granted to William Humfrey on 17 September 1565. This was replaced on 28 May 1568 by a patent of incorporation, making...
, but only delivered some 10 tons. This led to an investigation by the Privy Council, and the enterprise collapsed around the time of his death. Wood, two of his sons William and Charles
Charles Wood (ironmaster)
Charles Wood was an ironmaster and one of the inventors of the potting and stamping method of making wrought iron from pig iron.-Parents:...
, his son in law William Buckland and Kingsmill Eyre
Kingsmill Eyre
Kingsmill Eyre was Secretary of Chelsea Hospital, a garden designer, and the patentee of a process for making iron.-Family:Kingsmill was the youngest of five children of Samuel and Martha Eyre of New House, Whiteparish, Wiltshire...
were the petitioners in this. Eyre took out a patent for a similar process in his own name in 1736.
Posterity
William’s son Charles WoodCharles Wood (ironmaster)
Charles Wood was an ironmaster and one of the inventors of the potting and stamping method of making wrought iron from pig iron.-Parents:...
built the Cyfarthfa Iron foundry
Cyfarthfa Ironworks
The Cyfarthfa Ironworks was a major 18th century and 19th century ironworks located in Cyfarthfa, on the north-western edge of Merthyr Tydfil, in South Wales.-The beginning:...
in Glamorgan
Glamorgan
Glamorgan or Glamorganshire is one of the thirteen historic counties and a former administrative county of Wales. It was originally an early medieval kingdom of varying boundaries known as Glywysing until taken over by the Normans as a lordship. Glamorgan is latterly represented by the three...
, and Charles and his brother John patented in 1761, a process known as potting and stamping
Potting and stamping
Potting and stamping is a modern name for one of the 18th century processes for refining pig iron without the use of charcoal.-Inventors:The process was devised by Charles Wood of Lowmill, Egremont in Cumberland and his brother John Wood of Wednesbury and patented by them...
, an important advance in the conversion from pig iron
Pig iron
Pig iron is the intermediate product of smelting iron ore with a high-carbon fuel such as coke, usually with limestone as a flux. Charcoal and anthracite have also been used as fuel...
to bar iron
Wrought iron
thumb|The [[Eiffel tower]] is constructed from [[puddle iron]], a form of wrought ironWrought iron is an iron alloy with a very low carbon...
.
Charles was the grandfather of the noted Victorian writer Mary Howitt
Mary Howitt
Mary Howitt was an English poet, and author of the famous poem The Spider and the Fly. She was born Mary Botham at Coleford, in Gloucestershire, the temporary residence of her parents, while her father, Samuel Botham, a prosperous Quaker of Uttoxeter, Staffordshire, was looking after some mining...
. She published a history of the family, Some Reminiscences of my Life in the journal Good Words.
External links
- Wolverhampton's Blue Plaques: Lichfield Street, Fryer Street, Wulfruna Street & Victoria Square
- Wood’s Hibernia Coins Come to America
- The Prose Works of Jonathan Swift, Vol. VI; The Drapier`s Letters
- Hibernia Coppers 1722-1724: Introduction
- The Works of Jonathan Swift: Containing Interesting and Valuable Papers not Hitherto Published
- Sheet music for Turlough O'Carolan's "Squire Wood's Lamentation on the Refusal of his Halfpence"
Further reading
, with comments on the article by Phil Mossman in vol. 8, no. 4 (Winter, 2000)- J. Gross (ed.), The diary of Charles WoodCharles Wood (ironmaster)Charles Wood was an ironmaster and one of the inventors of the potting and stamping method of making wrought iron from pig iron.-Parents:...
of Cyfarthfa Ironworks, Merthyr Tydfil, 1766–1767 (Merton Priory Press, Cardiff 2001). - Peter King: 'The Production and Consumption of Iron in Early Modern England and Wales', Economic History Review LVIII(1), 2005, 1–33 (correction LXIX(1), 264).
- Sydney Martin: 'Wood's Hibernia Farthings: An Analysis and Categorization', The Colonial Newsletter 34 (November 1994, serial no. 98).
- Sydney Martin: 'Wood's Hibernia Halfpence: An Analysis and Categorization', The Colonial Newsletter 36 (January 1996, serial no. 101) 1593–1599.
- M. B. Rowlands, Masters and Men in the West Midlands metalware trades before the industrial revolution, Manchester Univ. Press 1975
- J. M. Treadwell: 'Swift, William Wood, and the Factual Basis of Satire', The Journal of British Studies, Vol. 15, No. 2. (Spring, 1976), pp. 76–91.
- J. M. Treadwell: 'William Wood and the Company of Ironmasters of Great Britain', Business History 16(2), 1974, 93–112.
See also
- Coins of British AmericaCoins of British AmericaThe coins of British America were issued in 1688 and in between 1722 and 1724. These coins are extremely sought after by those collecting coins of the British Empire and the Commonwealth.-The First US Coins:...
- Coins of Ireland