1/4 Noble - Edward III Treaty period, Calais mint

The Treaty period nobles were struck following the Peace of Brétigny in 1360, under which Edward III renounced his claim to the French throne in exchange for full sovereignty over an enlarged Gascony and a ransom of three million écus for John II of France. The Calais mint had been established in 1363 specifically to process the enormous bullion flows that English wool staple trade generated — all wool exports from England were legally required to pass through Calais, concentrating precious metal there in quantities that justified a permanent royal mint.

The Treaty period is distinguished from the Pre-Treaty and Post-Treaty phases primarily by the omission of the French royal title from Edward's style — a fleeting diplomatic concession he abandoned in 1369 when Charles V repudiated the Brétigny terms.