The values of the many different types of coins changed depending on the value of the metal used to make them. When the coinage was “debased,” that is, when the amount of gold or silver in the coin was reduced, the value of the coin itself was reduced.

Halfpennies (pronounced “hay-pennies”) and farthings were made of brass, lead, and occasionally even leather. Some merchants issued tokens that were redeemable as payment for goods and services by themselves and other merchants, though certainly not by all.

Value of the Coins

The following are some Elizabethan denominations with approximate current U.S. dollar equivalents. The translation of money values is a tricky subject, and while we can think of a penny then as being close to a dollar today, in truth it varied dramatically. At different times it could be worth only fifty cents or as much as $5 or more, depending on the variations of precious metals used to cast the coin (combinations of either brass, copper, silver, or gold), economic ups and downs, and a proportional value defined by the cost of goods and services against wages earned. It is important to remember that even if we say that a penny would now equal more than a dollar-and-a-half, in Shakespeare's day that same penny was one-sixth of a journeyman's daily wage.