forfeiture of all such property. Sworn searchers were appointed at all the ports; and, in 1343, these regulations were repeated, and the searchers were to receive one-third of all the money or plate seized. All foreign cloths were to be reduced to the English measure; all wore to be measured by the king's alduagers, and whatever cloth was found of a less measure in length or breadth was to be forfeited.
How commerce could exist under such absurd restrictions is marvellous. Yet the advantages of trade with this country must, under all those obstacles, have been greater than with most others, for foreign merchants flocked hither in great numbers. They were called "merchant-strangers;" and forming themselves into companies, they soon managed to engross nearly all the foreign trade of the country. The Merchants of the Steel Yard were a most flourishing company of German merchants, who were settled here before the Conquest, but at this period were become much more opulent and powerful. This was owing to their connection with the celebrated confederation of the Hanse Towns, and to the privileges conferred on them by successive monarchs in consequence of that connection.
Then there were the Merchants of the Staple, who were established about this time. Their business was to collect the staple articles, wool, sheep-skins, leather, load, and tin, and convey them to the staple towns. Englishmen, Irish, or Welsh might do this to the staple towns within the kingdom, but no native could be concerned in exporting them to the staple towns abroad. The great object was to enable the king to collect his customs easily, and that foreign merchants might know where to go for these articles. There were six moderators—two Germans, two Lombards, and two English—appointed to settle all disputes in the presence of the mayor and constable of the staple, for their affairs were not subject to the ordinary magistrates.
The Jews, who had been so fleeced in John's reign for their wealth and usurious habits, were banished from the realm in 1290.
According to Macpherson's "Annals of Commerce," the total exports of England in 1384 were £212,338 os., and the imports £38,383 16s. lOd., leaving a balance in our favour of £173,940. But Anderson, in his "Annals," makes the balance in our favour more considerable, namely, £255,370.
During this period coals began to be used in England, and were thought by sea to London. The monks of Dunfermline, in Scotland, also obtained leave of a neighbouring baron to dig coals for their own use in his lands at Pittenorief.
Bills of exchange were now much in use, being much encouraged by the Government, under the idea that they prevented money going out of the kingdom, and in 1381 a law was passed recommending, and, in fact, commanding their use in foreign transactions.
One of the most useful and creditable transactions of the reign of Edward III. was tho issue of a gold coinage. The coinage of England had till this period consisted of silver, and chiefly in the form of marks and pennies; a mark being two-thirds of a tower pound, the pound not being a real coin, but a pound weight of silver coins. The shilling also was a nominal coin at this time, being the twentieth part of a pound. The penny was the two bundled and fortieth part of a pound, and there were also silver halfpence and farthings; but the people often made these by cutting the pence into halves and quarters—a practice against which various ordinances were issued. At this time a penny was called an csterling, or sterling, whence our word sterling coin.
The gold coins circulated before this period were foreign, and called byzants, or byzantines. Henry I. issued a gold coin of the weight of two silver pennies, which was ordered to pass for twenty silver pennies. The people, however, refused it, as gold being only reckoned nine times the value of silver, the king had thus made it ten times the value, which was one-tenth more than tho real value. So completely did this coin disappear, that no specimen, we believe, is now known of it.
Penny of Edward I.
Edward I. issued in 1279 a silver coin equal to four silver pennies, and called it a gross, or groat, that is, a great penny. No coins of the reign of Edward II. are known certainly to remain, but there are a few which are surmised to be his.
Penny (supposed) of Edward II.
Groat of Edward III.
The new gold coinage of Edward III., issued in 1344, consisted of florins, to pass for six shillings; half florins for three shillings; and quarter for one shilling and sixpence. But he had committed the same fault as Henry I., and overvalued these coins, which prevented the circulation. To remedy this error, he coined in the same year gold nobles, half nobles, and farthing nobles, valued respectively at six shillings and eightpence, three shillings and fourpence, and one shilling and eightpence. The name of noble was given to this coin in honour of his great naval victory in 1340 at Sluys, and he appears upon them completely armed in a ship, with his sword
