Note 153 — Chapter V · 1560-1561

At first the difficulty of obtaining the new coins caused some inconvenience, and several of Elizabeth’s Councillors were in favour (1562) of a fresh debasement of the coinage. By Cecil’s and Paget’s efforts, however, this was avoided, as it was feared that such a measure would cause disturbance. For the first year or two the demand was so great for the new money that the supply was quite inadequate to the demand, but the people greatly resented the idea of a fresh debasement.