Since the twelfth century, the coinage of the realm has been assayed in an arcane ritual known as the Trial of the Pyx.
Every February for the past 800-odd years, a delegation from the Royal Mint, under armed guard, has brought a set of small chests (pyx) to Goldsmiths’ Hall (previously to Westminster Abbey) for the ceremony. The pyx have been loaded with coins – one coin from every batch of each denomination minted in the year. Usually several thousand.
The Queen’s Remembrancer, wearing a full length wig and tricorne hat, opens the ceremony as a formal court of law. And then a group of old men with nothing better to do count the coins and check them to make sure they all seem above board. (Next door to the old men are some machines which do the job properly, but they’re not as characterful).
Londonist went along to this years Pyx trial (their photo above) – an excellent account of their day is here.
In May we get to find out the results of the old men’s deliberations, which should be – as they more or less have been for the past couple centuries – that the coinage has not been debased.
Not in a literal cupric/auric sense anyway…
Suggestions for a modern day trial of the Pyx (sort of a trial of the M0/narrow money but with a catchier, more hogwartsy name) can be sent to the usual place – scrawl ‘em below.
Related links:
QE Confidential – FT Alphaville