1 Shilling – England

In 1605, England operated under a bimetallic system based on silver and gold, with the silver penny as its foundational unit. The most common coins in circulation were the silver shilling (12 pence), the gold sovereign (20 shillings), and the silver crown (5 shillings). However, the currency was under significant strain due to the widespread practice of "clipping" (shaving metal from coin edges) and counterfeiting, which reduced the precious metal content and undermined public trust in the coinage's value. This was exacerbated by the "Great Debasement" under Henry VIII a century earlier, the effects of which still lingered in the mixed-quality coins in circulation.

The reign of James I, who had united the English and Scottish crowns in 1603, brought new monetary challenges and initiatives. A major reform occurred in 1604 with the introduction of a new gold coin, the Unite (valued at 20 shillings), symbolising the union of the two kingdoms. While an attempt to modernise the coinage, this period also saw rising tension between the face value of coins and their intrinsic metal worth, particularly as European bullion markets fluctuated. The government struggled to enforce the legal tender values it proclaimed, leading to complex exchange rates in practice.

For the average person, this instability meant daily transactions could be fraught with suspicion over a coin's weight and authenticity. The economy was still largely agrarian, and many workers were paid in kind or with a mix of goods and coin. For larger ventures, such as the establishment of the Virginia Company in 1606 or the funding of the Crown itself, currency instability complicated taxation, lending, and long-term investment. Thus, in 1605, England's monetary system was in a transitional and somewhat fragile state, caught between medieval practices and the demands of a growing commercial age.