1 Sovereign - Henry VIII 3rd coinage, Tower mint

Henry VIII debased English gold coinage in stages across his reign, but the 3rd coinage represents the most aggressive reduction, dropping the fineness of the sovereign to 20 carats — down from the 23 carat standard his father had established. The debasement was driven by the chronic fiscal drain of continental warfare and the costs of maintaining the court, not by any monetary reform agenda. The Crown was, bluntly, spending faster than tax revenue and dissolved monastic wealth could cover.

Dies for this issue were produced at the Tower mint under the supervision of the Master of the Mint Ralph Rowlett, who took office partway through this coinage period. The reduced gold content was partially masked by a heavier, more imposing design format — the sovereign remained a prestige object even as its intrinsic value quietly contracted.