Edward I of England
Finances and Parliament

Edward's reign saw an overhaul of the coinage system, which was in a poor state by 1279. Compared to the coinage already circulating at the time of Edward's accession, the new coins issued proved to be of superior quality. In addition to minting pennies, halfpences and farthings, a new denomination called the groat (which proved to be unsuccessful) was introduced. The coinmaking process itself was also improved. The moneyer William Turnemire introduced a novel method of minting coins that involved cutting blank coins from a silver rod, in contrast with the old practice of stamping them out from sheets; this technique proved to be efficient. The practice of minting coins with the moneyer's name on them became obsolete under Edward's rule because England's mint administration became far more centralised under the Crown's authority. During this time, English coins were frequently counterfeited on the Continent, especially the Low Countries, and despite a ban in 1283, English coinage was secretly exported to the European continent. In August 1280, Edward forbade the usage of the old long cross coinage, which forced the populace to switch to the newly minted versions. Records indicate that the coinage overhaul successfully provided England with a stable currency.

Edward's frequent military campaigns put a great financial strain on the nation. There were several ways through which the King could raise money for war, including customs duties, loans and lay subsidies, which were taxes collected at a certain fraction of the moveable property of all laymen who held such assets. In 1275, Edward negotiated an agreement with the domestic merchant community that secured a permanent duty on wool, England's primary export. In 1303, a similar agreement was reached with foreign merchants, in return for certain rights and privileges. The revenues from the customs duty were handled by the Riccardi, a group of bankers from Lucca in Italy. This was in return for their service as moneylenders to the crown, which helped finance the Welsh Wars. When the war with France broke out, the French king confiscated the Riccardi's assets, and the bank went bankrupt. After this, the Frescobaldi of Florence took over the role as money lenders to the English crown. Edward also sought to reduce pressure on his finances by helping his wife Eleanor to build an independent income.

Edward held Parliament on a regular basis throughout his reign. In 1295, a significant change occurred. For this Parliament, as well as the secular and ecclesiastical lords, two knights from each county and two representatives from each borough were summoned. The representation of commons in Parliament was nothing new; what was new was the authority under which these representatives were summoned. Whereas previously the commons had been expected simply to assent to decisions already made by the magnates, it was now proclaimed that they should meet with the full authority (plena potestas) of their communities, to give assent to decisions made in Parliament. The King now had full backing for collecting lay subsidies from the entire population. Whereas Henry III had only collected four of these in his reign, Edward collected nine. This format eventually became the standard for later Parliaments, and historians have named the assembly the " Model Parliament ", a term first introduced by the English historian William Stubbs.
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