History
The earliest machine known for producing coins is the screw press, invented by Leonardo da Vinci in the 15th century, powered by a water mill. With the arrival of machine-driven and struck coins also came new technology and techniques for stamping the coin's edge with a reeded or milled edge or impressed with designs. The presence of reeding shows that the coin's edge has not been shaved or clipped.
The new edging processes for coins impeded them from being clipped into smaller pieces as did happen when coins were hammer-struck. Hence, milled edges were originally designed and intended to show that none of the metal had been shaved off the coin. Earlier, coins were shaved or clipped to almost half of their minted weight by unscrupulous persons and it is from this phenomenon that we derive the phrase "clip artist" to mean a thief. This form of debasement in Tudor England led to the formulation of Gresham's Law, so named after Sir Thomas Gresham.
The earliest milled coins produced in England date from the early 1560s, but milled coinage did not entirely replace hammered coinage until 1662.
The British numismatic term for the reeded ridged edge is graining and the reeds are called crenellations.
Read more about this topic: Milled Coinage
Famous quotes containing the word history:
“The history of persecution is a history of endeavors to cheat nature, to make water run up hill, to twist a rope of sand.”
—Ralph Waldo Emerson (1803–1882)
“We are told that men protect us; that they are generous, even chivalric in their protection. Gentlemen, if your protectors were women, and they took all your property and your children, and paid you half as much for your work, though as well or better done than your own, would you think much of the chivalry which permitted you to sit in street-cars and picked up your pocket- handkerchief?”
—Mary B. Clay, U.S. suffragist. As quoted in History of Woman Suffrage, vol. 4, ch. 3, by Susan B. Anthony and Ida Husted Harper (1902)
“When we of the so-called better classes are scared as men were never scared in history at material ugliness and hardship; when we put off marriage until our house can be artistic, and quake at the thought of having a child without a bank-account and doomed to manual labor, it is time for thinking men to protest against so unmanly and irreligious a state of opinion.”
—William James (1842–1910)