6 Pence – Ireland

In 1604, Ireland operated under a complex and strained monetary system, a legacy of Tudor conquest and ongoing colonization. The official currency was nominally the same as in England—pounds, shillings, and pence—and was theoretically on a bimetallic standard of gold and silver. However, the reality was a severe shortage of regulated coin, particularly small-denomination silver coins for everyday trade. This scarcity was exacerbated by the outflow of good English coin to pay for imports and the hoarding of precious metal due to political instability following the Nine Years' War (1594-1603).

The vacuum was filled by a chaotic mix of foreign currencies, predominantly Spanish reales and Portuguese crusados from the lucrative continental trade, which circulated alongside worn and clipped English coins. These foreign coins, while plentiful, had no fixed value and their worth fluctuated based on their metal content and the whims of local markets, leading to confusion and fraud. Furthermore, the Irish economy was heavily "debased"; earlier reigns, notably Henry VIII and Elizabeth I, had issued inferior Irish coinage containing less silver than their English counterparts, which eroded trust and further complicated exchange.

Recognizing this monetary crisis as an impediment to crown control and economic stability, the new Stuart monarchy under James I took decisive action. In 1604, the king proclaimed a sweeping recoinage, demonetizing all existing circulating coins. The plan was to introduce a new, unified coinage for all his realms, with Irish coins distinguished only by a harp crown. While this reform aimed to establish order, its implementation was challenging and gradual. The immediate situation in 1604 was therefore one of transition, marked by the announcement of a solution but still mired in the practical difficulties of a depleted and unreliable currency system that stifled commerce and administration.