Failed Attempts to Overvalue Money

On July 12, 1722, William Wood (1671–1730), who was a hardware manufacturer, ironmaster, and mintmaster, received a contract from the British Crown to strike an issue of Irish coinage from 1722 to 1724. He also struck the ‘Rosa Americana’ coins of British America during the same period. Wood’s coinage was extremely unpopular in Ireland for being overvalued in monetary value compared to the intrinsic metal value. It was seen as the King attempting to create money from nothing or fiat despite...