Throughout history, control over money has been one of the most powerful levers of state authority. Rulers have long understood that whoever issues and manages the currency also commands the economy and, by extension, society itself.
In Tudor England, Henry VIII’s “Great Debasement” between 1542 and 1551 reduced the silver content of coins from more than 90% to barely one-third, while leaving the king’s portrait shining on the surface, of course. The policy financed wars and courtly extravagance, but also fuelled inflation and public distrust in coinage.
