COIN

During the early 15th and early 16th centuries the English economy experienced serious shortages of circulating fractional denominations, so much so that foreign coinage came to be used to alleviate the shortfall. One such coin used was the Venetian Soldino or 'little shilling'.

The Venetians were notorious traders in the late medieval period with shipping routes spreading across Mediterranean and Europe. Annual trade with England would begin in May, when Venetian galleys first arrived, and would continue until late August or early September, During these summer months, Soldini would enter circulation, quickly becoming widespread across England. The soldino also became colloquially known as the 'galyhalpens', after the 'Galley-men' who brought them here.

While the general population seemed to enjoy these new exotic coins, the government was faced with a significant problem other than the fact these were unsanctioned imports. The pressing issue was that Soldini were being overvalued as English halfpennies (despite being lighter coins). Permitting their continued circulation therefore posed a significant risk to the integrity of the economy, as the now undervalued official denominations became prey to hoarding and illegal destruction. During the reigns of Henry IV (1399-1413) and Henry V (1413-1422), the government therefore instructed port-officials to confiscate any Soldini they came across, and in 1414, further measures were introduced such as the forcible search of galleys. Contemporary documents survive, that show large quantities of Soldini being seized at London, Dover and Southampton. In 1416, the English government also persuaded the Venetian Senate to forbid the export of Soldini, which effectively stemmed the flow of the coins into England. This success was short lived however, as large quantities of coins were imported once more by Venetian merchants in the early 16th century.

Venetian Soldini span the period c.1382-1526. The dates of these coins show that the majority entered England in two substantial incursions: the first under Doge Michele Steno (c.1400-1415), and the second under Doge Leonardo Loredan (c.1501-1521).

Daubney classifies three main types of Soldino, named simply as Type 1, 2 and 3. This issue of Doge Michele Steno is a 'Type 1' that arrived in England during the first incursion of the early 15th Century.