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53-858: Henry Thornton may refer to: People [ edit ] Henry Thornton (reformer) (1760–1815), English economist, banker, philanthropist and parliamentarian; one of the founders of the Clapham Sect Henry Thornton (MP) for Bridgwater (UK Parliament constituency) Sir Henry Worth Thornton (1871–1933), president of Canadian National Railway Henry Gerard Thornton (1892–1977), British microbiologist, see Leeuwenhoek Lecture Henry Thornton (cricketer) (born 1996), Australian cricketer Other [ edit ] Henry Thornton (magazine) , Australian online opinions based magazine established in 1999 See also [ edit ] Harry Thornton (disambiguation) Topics referred to by

106-411: A commemorative plaque records the fact, with an additional reference to the family vault nearby. A selection of photographs is displayed on the website of the former school named after him. A successful merchant banker , as a monetary theorist Thornton has been described as the father of the modern central bank . An opponent of the real bills doctrine , he was a defender of the bullionist position and

159-474: A couple of years after decimalisation in 1971 . The guinea was used in a similar way in Australia until that country converted to decimal currency in 1966, after which it became worth $ 2.10. Bids are still made in guineas for the sale of racehorses at auction, at which the purchaser will pay the guinea-equivalent amount but the seller will receive only that number of pounds. The difference (5p in each guinea)

212-402: A fine right-facing bust of Charles II wearing a laurel wreath (amended several times during the reign), surrounded by the legend CAROLVS II DEI GRATIA (" Charles II by the grace of God"), while the reverse showed four crowned cruciform shields bearing the arms of England, Scotland, France, and Ireland, between which were four sceptres, and in the centre were four interlinked "C"s, surrounded by

265-582: A major part in the establishment of the Sierra Leone Company , which took over the failed attempt by Granville Sharp to create a colony for the settlement of freed slaves in Africa. The company sponsored the voyage to London (1791–93) of the Temne prince John Naimbanna . As the company's foremost director, Thornton virtually administered the colony as chairman of the company until responsibility

318-499: A royal proclamation in December of the same year fixed the value of the guinea at 21 shillings. King George II 's guinea pieces are a complex issue, with eight obverses and five reverses used through the 33 years of the reign. The coins were produced in all years of the reign except 1742, 1744, 1754, and 1757. The coins weighed 8.3–8.4 g (0.29–0.30 oz), and were 25–26 mm (0.98–1.02 in) in diameter except for some of

371-626: A significant figure in monetary theory, his process of monetary expansion anticipating Knut Wicksell 's theory of the Cumulative process . His work on 19th century monetary theory has won praise from present-day economists for his forward-thinking ideas, including Friedrich Hayek , who wrote an introduction to his 'An Enquiry into the Nature and Effects of the Paper Credit of Great Britain', and John Maynard Keynes alike. Guineas In

424-476: Is different from Wikidata All article disambiguation pages All disambiguation pages Henry Thornton (reformer) Henry Thornton (10 March 1760 – 16 January 1815) was an English economist , banker , philanthropist and parliamentarian . He was the son of John Thornton (1720–1790) of Clapham , London , who had been one of the early patrons of the evangelical movement in Britain. At

477-460: Is milled diagonally. The dies for all guineas of Queen Anne and King George I were engraved by John Croker , an immigrant originally from Dresden in the Duchy of Saxony . King George I 's guinea coins were struck in all years between 1714 and 1727, with the elephant and castle sometimes appearing in 1721, 1722, and 1726. His guineas are notable for using five different portraits of the king, and

530-525: Is traditionally the auctioneer's commission (which thus, effectively, amounts to 5% on top of the sales price free from commission). Many major horse races in Great Britain, Ireland, Canada, New Zealand and Australia bear names ending in "Guineas", even though the real values of their purses today are much higher than the £1,050 or £2,100 suggested by their names. In 2013 the Royal Mint issued

583-593: The Great Recoinage of 1816 , the guinea was demonetised and replaced by the gold sovereign . Following the Great Recoinage, the word "guinea" was retained as a colloquial or specialised term, even though the coins were no longer in use; the term guinea also survived as a unit of account in some fields. Notable usages included professional fees (medical, legal, etc.), which were often invoiced in guineas, and horse racing and greyhound racing , and

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636-620: The House of Commons , as much of his contribution was in the various parliamentary committees on which he sat. In 1795 he became the treasurer of the committee responsible for the publication of the Cheap Repository Tracts . He served on committees to examine the public debt (1798), the Irish exchange (1804), public expenditure (1807) and the bullion committee (1810), which scrutinized the high price of gold, foreign exchange, and

689-484: The Military Guinea . At this time, gold was still scarce and the guinea was trading on the open market for 27 shillings in paper money, so the coining of this issue for the army's special needs was a poor deal for the government, and this was the last issue of guineas to be minted. The reverse of the military guinea is a unique design, showing a crowned shield within a Garter, with HONI SOIT QUI MAL Y PENSE on

742-557: The slave trade . A close friend and cousin of William Wilberforce , he is credited with being the financial brain behind their many campaigns for social reform and philanthropic causes which the group supported. For some years Thornton and Wilberforce shared a house called Battersea Rise which Thornton had bought in 1792. The cousins spent much time here co-coordinating their activities and entertaining their friends. After their marriages in 1796–97 they continued to live and work in close proximity for another decade. In 1791 Thornton played

795-496: The 1714 coin is notable for declaring him to be Prince Elector of the Holy Roman Empire . The coins weighed 8.3–8.4 grams, were 25–26 millimetres in diameter, and the average gold purity was 0.9135. The 1714 obverse shows the right-facing portrait of the king with the legend GEORGIVS D G MAG BR FR ET HIB REX F D ("George, by the grace of God of Great Britain, France, and Ireland King, Fidei Defensor "), while

848-469: The 1727 coins which were 24–25 mm. The average gold purity was 0.9140. Some coins issued between 1729 and 1739 carry the mark EIC under the king's head, to indicate the gold was provided by the East India Company , while some 1745 coins carry the mark LIMA to indicate the gold came from Admiral George Anson 's round-the-world voyage. In the early part of the reign the edge of the coin

901-457: The Faith, Duke of Brunswick and Lüneburg, Arch-Treasurer and Elector of the Holy Roman Empire"). In 1787 a new design of reverse featuring a spade-shaped shield was introduced, with the same legend; this has become known as the spade guinea . In 1774 almost 20 million worn guineas of King William III and Queen Anne were melted down and recoined as guineas and half-guineas. Towards the end of

954-771: The Garter, and BRITANNIARUM REX FIDEI DEFENSOR ("King of the Britains, Defender of the Faith") around the edge, and "1813" between the edge inscription and the garter. In the Great Recoinage of 1816 , the guinea was replaced by the pound as the major unit of currency, and in coinage by the sovereign . After the guinea coin ceased to circulate, the guinea continued in use as a unit of account worth 21 shillings (£1.05 in decimalised currency). The guinea had an aristocratic overtone, so professional fees, and prices of land, horses, art, bespoke tailoring, furniture, white goods and other "luxury" items were often quoted in guineas until

1007-410: The Holy Roman Empire") and the year. The edge of the coin is milled diagonally. The value of the guinea had fluctuated over the years from 20 to 30 shillings and back down to 21 shillings and sixpence by the start of George's reign. In 1717, Great Britain adopted the gold standard , at a rate of one guinea to 129.438 grains (8.38 g, 0.30 oz) of crown gold , which was 22 carat gold, and

1060-515: The Holy Roman Empire"). Unlike the two-guinea and five-guinea coins, production of the guinea continued through much of the long reign of King George III . The guineas of King George III weighed 8.4 g (0.27 ozt) and were 25 mm (0.98 in) in diameter, with an average gold purity (at the time of the 1773 assay) of 0.9146 (meaning it contained 7.7 g (0.25 ozt) of gold). They were issued with six different obverses and three reverses in 1761, 1763–79, 1781–99, and 1813. All

1113-526: The age of five, Henry attended the school of Mr Davis at Wandsworth Common , and later with Mr Roberts at Point Pleasant, Wandsworth . From 1778 he was employed in the counting house of his cousin Godfrey Thornton, two years later joining his father's company, where he later became a partner. In 1784 Thornton joined the banking firm of Down and Free of London, later becoming a partner of the company which became known as Down, Thornton and Free. It

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1166-479: The banking business, but the firm was merged into Williams Deacon's Bank following the financial crisis of 1825–6. One of the younger daughters, Sophia Thornton, married John Leslie-Melville, 9th Earl of Leven ). Another daughter, Isabella, in 1841 married the clergyman Benjamin Harrison who became a Canon of Canterbury and Archdeacon of Maidstone. Henry Thornton was buried at St Paul's Church, Clapham where

1219-490: The century gold began to become scarce and rise in value. The French Revolution and the subsequent French Revolutionary Wars had drained gold reserves and people started hoarding coins. Parliament passed a law making banknotes legal tender in any amount, and in 1799 the production of guineas was halted, although half- and third-guineas continued to be struck. Following the Act of Union between Great Britain and Ireland in 1800,

1272-454: The children were adopted by a family friend, Sir Robert Inglis . The eldest child, Marianne Thornton , was a bluestocking who lived in Clapham for most of her long life. She was the subject of a biography by her cousin, E.M. Forster (1879–1970), the novelist, who was one of Henry Thornton's great-grandchildren. The eldest son, Henry Sykes Thornton (1800–1881), succeeded his father in

1325-563: The coin was 1 in (25.4 mm) throughout Charles II's reign, and the average gold purity (from an assay done in 1773 of samples of the coins produced during the preceding year) was 0.9100. "Guinea" was not an official name for the coin, but much of the gold used to produce the early coins came from Guinea (largely modern Ghana ) in West Africa . The coin was produced every year between 1663 and 1684, with an elephant appearing on some coins each year from 1663 to 1665 and 1668, and

1378-436: The design probably being the work of Johann Crocker, also known as John Croker, since James Roettiers had died in 1698 and his brother Norbert had moved to France in 1695. The coins of William III's reign weighed 8.4 g (0.27 ozt) with an average gold purity of 0.9123. The diameter was 25–26 mm (0.98–1.02 in) until 1700 and 26–27 mm (1.02–1.06 in) in 1701. William's head faces right on his coins, with

1431-567: The economic ills of the day. This was a work of great importance, and gave a detailed account of the British monetary system as well as a detailed examination of the ways in which the Bank of England should act to counteract fluctuations in the value of the pound . Thornton was one of the founders of the Clapham Sect of evangelical reformers and a foremost campaigner for the abolition of

1484-635: The elephant with a howdah on other coins minted from 1674 or 1675 onwards. The elephant, with or without a howdah, was the emblem of the Royal African Company (RAC), which had been granted a monopoly on English trade with Africa in slaves, gold and other goods, from 1672 until 1698; gold imported from Africa by the RAC bore the elephant emblem beneath the monarch's head on the coin. The obverse and reverse of this coin were designed by John Roettiers (1631– c.  1700 ). The obverse showed

1537-660: The founding of the Society for Missions to Africa and the East (later the Church Missionary Society ) in 1799, and the British and Foreign Bible Society (now the Bible Society ) in 1804, of which he became the first treasurer. A friend of Hannah More , he assisted in the writing and publication of her Cheap Repository tracts. In 1806, Thornton served as Manager of the newly formed London Institution . He

1590-633: The grace of God"), while the reverse is the same as in Charles II's reign except for omitting the interlinked "C"s in the centre of the coin. The edge of the coins are milled diagonally. With the removal of James II in the Glorious Revolution of 1688, his daughter Mary and her husband Prince William of Orange reigned jointly as co-monarchs. Their heads appear conjoined on the guinea piece in Roman style, with William's head uppermost, with

1643-426: The inscription MAG BR FRA ET HIB REX ("Of Great Britain , France , and Ireland King"). The edge was milled to deter clipping or filing, and to distinguish it from the silver half-crown which had edge lettering. Until 1669 the milling was perpendicular to the edge, giving vertical grooves, while from 1670 the milling was diagonal to the edge. John Roettiers continued to design the dies for this denomination during

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1696-670: The king's titles changed, and an Order in Council of 5 November 1800 directed the Master of the Mint to prepare a new coinage, but although designs were prepared, the production of guineas was not authorised. In 1813 it was necessary to strike 80,000 guineas to pay the Duke of Wellington 's army in the Pyrenees , as the local people would accept only gold in payment. This issue has become known as

1749-575: The later coins bear the legend GEORGIVS D G M BR FR ET HIB REX F D . The reverse follows the same general design as before, except the order of the shields is England and Scotland, France, Ireland, and Hanover, with the legend in 1714 BRVN ET LVN DUX S R I A TH ET PR EL (" Duke of Brunswick and Lueneburg , Arch-Treasurer and Prince Elector of the Holy Roman Empire ") and the year, and in other years BRVN ET L DUX S R I A TH ET EL ("Duke of Brunswick and Lueneburg, Arch-Treasurer and Elector of

1802-421: The legend GEORGIVS II DEI GRATIA ( GEORGIUS II DEI GRA between 1739 and 1743), while the reverse features a single large crowned shield with the quarters containing the arms of England+Scotland, France, Hanover, and Ireland, and the legend M B F ET H REX F D B ET L D S R I A T ET E ("King of Great Britain, France and Ireland, Defender of the Faith, Duke of Brunswick and Lüneburg, Arch-Treasurer and Elector of

1855-409: The legend GVLIELMVS ET MARIA DEI GRATIA ("William and Mary by the grace of God"). In a departure from the previous reigns, the reverse featured a totally new design of a large crowned shield which bore the arms of England and France in the first and fourth quarters, of Scotland in the second quarter, and of Ireland in the third quarter, the whole ensemble having a small shield in the centre bearing

1908-486: The legend GVLIELMVS III DEI GRATIA , while the reverse design of William and Mary's reign was judged to be unsuccessful, so the design reverted to that used by Charles II and James II, but with a small shield with the lion of Nassau in the centre, with the legend MAG BR FRA ET HIB REX and the year. The coin had a diagonal milled edge. During the reign of Queen Anne (1702–1714) guineas were produced in all years between 1702 and 1714 except for 1704. The 1703 guinea bears

1961-402: The obverses show right-facing busts of the king with the legend GEORGIVS III DEI GRATIA with different portraits of the king. The reverse of guineas issued between 1761 and 1786 show a crowned shield bearing the arms of England+Scotland, France, Ireland and Hanover, with the legend M B F ET H REX F D B ET L D S R I A T ET E and the date ("King of Great Britain, France and Ireland, Defender of

2014-502: The order of arms appearing on the shields becomes England and Scotland, France, England and Scotland, Ireland. The elephant and castle can appear on the coins of 1708 and 1709. The centre of the reverse design shows the Star of the Order of the Garter . The coins weighed 8.3 g (0.29 oz), were 25 mm (0.98 in) in diameter, and had a gold purity of 0.9134. The edge of the coin

2067-417: The rampant lion of Nassau ; the legend on the obverse read MAG BR FR ET HIB REX ET REGINA (Of "Magna Britannia" Great Britain, "Francia" France and "Hibernia" Ireland King and Queen) and the year. By the early part of this reign the value of the guinea had increased to nearly 30 shillings. The guineas of this reign weighed 8.5 g (0.30 oz), were 25–26 mm (0.98–1.02 in) in diameter, and were

2120-435: The reign of King James II . In this reign, the coins weighed 8.5 g (0.27 ozt) with a diameter of 25–26 mm (0.98–1.02 in), and were minted in all years between 1685 and 1688, with an average gold purity of 0.9094. Coins of each year were issued both with and without the elephant-and-castle mark. The king's head faces left in this reign, and is surrounded by the inscription IACOBVS II DEI GRATIA ("James II by

2173-563: The reverse showed the arms of England, Scotland, France, and Ireland in order, separated by sceptres and with a central rose, and the legend MAG BR FRA ET HIB REG ("Of Great Britain, France, and Ireland Queen") and the year. With the Act of Union, the English and Scottish arms appear conjoined on one shield, with the left half being the English arms and the right half being the Scottish arms, and

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2226-591: The sale of rams . In each case a guinea meant an amount of one pound and one shilling (21 shillings, £1.05 in decimal notation). The first guinea was produced on 6 February 1663 (361 years ago)  ( 1663-02-06 ) ; a proclamation of 27 March 1663 made the coins legal currency. One troy pound of 11 ⁄ 12 (0.9133) fine gold (22 carat or 0.9167 pure by weight) would make 44 + 1 ⁄ 2 guineas, each thus theoretically weighing 129.438 grains (8.385 grams crown gold, 7.688 grams fine gold, or 0.247191011 ozt (troy ounces) fine gold). The coin

2279-464: The same term [REDACTED] This disambiguation page lists articles associated with the title Henry Thornton . If an internal link led you here, you may wish to change the link to point directly to the intended article. Retrieved from " https://en.wikipedia.org/w/index.php?title=Henry_Thornton&oldid=1121861085 " Categories : Disambiguation pages Human name disambiguation pages Hidden categories: Short description

2332-584: The same year Thornton was elected as member for Southwark , London. Despite lacking popular appeal, and refusing to bribe voters in a similar way to those of Hull, he became respected as a man of morals and integrity. As an independent MP, Thornton sided with the Pittites, and in 1783 voted for peace with America . In general he tended to support William Pitt , Henry Addington and the Whig administration of William Grenville and Charles Fox . He seldom spoke in

2385-531: The state of the British currency. The report of the committee, written by Thornton, argued for the resumption of gold payments in exchange for notes and deposits, which the Bank of England (of which his elder brother, Samuel Thornton, was a director) had suspended in 1797, but the recommendation was not well received at the time, and gold redemption on demand was not restored until 1821. In the next few years he continued to press for these measures to be implemented, publishing two reports in 1811. This period 1797–1810

2438-684: The word VIGO under the Queen's bust, to commemorate the origin of the gold taken from Spanish ships captured at the Battle of Vigo Bay . With the Acts of Union 1707 creating a unified Kingdom of Great Britain through the union of the Parliament of Scotland with the Parliament of England , the design of the reverse of the first truly British guinea was changed. Until the Union, the cruciform shields on

2491-414: The work of James and Norbert Roettiers. They were produced in all years between 1689 and 1694 both with and without the elephant and castle; in 1692 and 1693 the mark of the elephant alone was also used. Following the death of Queen Mary from smallpox in 1694, William continued to reign as William III. The guinea coin was produced in all years from 1695 to 1701, both with and without the elephant and castle,

2544-586: Was a pioneer of deaf education , setting up, with Rev John Townsend and Henry Cox Mason, rector of Bermondsey , Britain's first free school for deaf pupils, the London Asylum for the Deaf and Dumb. Its name and location changed over the centuries; The Royal School for Deaf Children Margate closed in 2015. In 1796 Thornton married Marianne Sykes (1765–1815), daughter of Joseph Sykes, a merchant from Hull. They had nine children. Both parents died in 1815 and

2597-406: Was a time of major change and great confusion in the British banking system, and the currency crisis of 1797 led to Thornton's greatest contribution as an economist , for which he is most remembered today. In 1802 he wrote An Enquiry into the Nature and Effects of the Paper Credit of Great Britain , in which he set out to correct the view that the increase in paper credit was the principal cause of

2650-403: Was milled diagonally, but from 1739 following the activities of a particularly bold gang of guinea filers for whom a reward was posted, the milling was changed to produce the shape of a chevron or arrowhead. In 1732 the old hammered gold coinage was demonetised, and it is thought that some of the old coins were melted down to create more guineas. The obverse has a left-facing bust of the king with

2703-429: Was originally worth twenty shillings (one pound), but an increase in the price of gold during the reign of King Charles II led to the market trading it at a premium. The price of gold continued to increase, especially in times of trouble, and by the 1680s, the coin was worth 22 silver shillings . Indeed, in his diary entries for 13 June 1667, Samuel Pepys records that the price was 24 to 25 shillings. The diameter of

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2756-584: Was transferred to the Crown in 1808. It was at this time that he became a friend of Zachary Macaulay , who was governor of the colony 1794–99. In 1802 Thornton was one of the founders of the Christian Observer , the Clapham Sect's journal edited by Zachary Macaulay , to which he contributed many articles. He was also involved in supporting the spread of Christian missionary work, including

2809-471: Was under his direction that this became one of the largest banking firms in London , with regional offices in other British cities. In 1782 Henry Thornton had been urged to seek a seat in Parliament , and applied to contest one of the two seats for Hull . He soon withdrew on a point of principle, after learning that it was local custom to pay each voter two guineas in order to secure their vote. In September

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