Warfare, Gold and Regional Disparities, 1330–1339

Abstract

This chapter covers the whole of the 1330s which included the temporary closure, for lack of bullion, of both the London mint in 1330 and the Canterbury mint from 1332. This contributed to a low output of coin for most of the decade, and falling prices in local markets. Contrary to normal experience, and despite drought in 1331–1332, and the outbreak of war in 1337, credit still soared to reach a total only 10% lower than that of the boom years of the first decade. The discrepancy can best be explained by English wool exporters accepting payment in foreign gold coins which circulated increasingly in England from the 1320s, particularly in Norfolk and in London. The chapter examines the reasons for this and compares their experiences with those of other leading counties, including those with declining credit.