1 Shilling – England

In 1658, England's currency system was a complex and strained mixture of metallic coinage, deeply affected by the political and economic upheavals of the Civil War and Interregnum. The nation operated on a bimetallic system of silver and gold coins, but the state of the coinage was poor. Widespread clipping (shaving metal from coin edges) and counterfeiting had severely degraded the silver currency, particularly the smaller denominations used in everyday trade. This led to a critical loss of public confidence, as the intrinsic silver value of a heavily clipped coin was often far below its face value, causing inflation and market disorder.

The government of the Lord Protector, Oliver Cromwell, who died in September 1658, had been aware of the crisis but had failed to implement a full recoinage. The Commonwealth regime had taken some steps, such as introducing the iconic "Breeches" coinage (featuring the shield of St. George) and minting new gold crowns, but these efforts were insufficient to stem the tide of bad money. The financial demands of maintaining a standing army and navy placed immense strain on the treasury, leaving little resource for the massive undertaking of recalling and reminting the entire silver coinage. Consequently, sound, full-weight coins were hoarded or exported, leaving the degraded currency in circulation.

Therefore, by the end of 1658, England was on the brink of a monetary crisis. The economic uncertainty was compounded by the political vacuum following Cromwell's death and the succession of his less capable son, Richard. This unstable currency directly hampered trade, complicated taxation, and created social tension. The situation would ultimately force the hand of the restored monarchy after 1660, leading to the Great Recoinage of 1696 under King William III, which finally addressed the systemic flaws so apparent in the late 1650s.