グレシャムの法則
Edward III's son, the Black Prince died in 1376, a year before his father, which meant that the next king was Edward's eleven-year-old grandson Richard II (1377–1399). England continued to lay claim to France, and remained at war until 1396; high taxation to pay for the war caused several peasant uprisings. During this period large quantities of inferior quality European coins circulated alongside the high-quality English coins, producing a real-life example of Gresham's law as English coins were smuggled to the continent to be melted down, alloyed with other metals and remanufactured as fake pennies and returned to England. Pennies were produced at London, York and Durham, and inscribed .