Wood's 1723 Irish Halfpenny

Item Description

Ireland, 1723/2 George I 'Wood's Coinage' copper Halfpenny, 3 over 2 (S 6601). Obverse: right-facing laureate head, 'GEORGIUS · DEI · GRATIA · REX ·' around. Reverse: Hibernia holding palm with harp at her side, '· HIBERNIA · 1723' above, date over 1722. Weight: 7.70g. Diameter: 27mm. Grade: gVF, an attractive and well-struck example.

This appealing example of a 1723 Irish Halfpenny will be sold on 23 April 2025 as part of our popular Jewellery, Silver, Watches, and Coins auction, with an estimate is £80 to £120.

The modest price and appearance disguise a fascinating backstory involving the satirist Jonathan Swift, an entrepreneurial royal mistress, and a scandal that shook Anglo-Irish relations in the early 18th century.

Who Was William Wood?

This Halfpenny is part of a controversial issue of copper coins, struck between 1722 and 1724 by ironmaster William Wood (1671-1730).

Born in fairly humble circumstances in Wolverhampton, Wood rose to become a significant figure in the iron trade, owning shares in numerous mines and foundries. The Hannoverian succession in 1714 brought new opportunities for Wood, including a position as Receiver-General in Shropshire, made profitable by speculating on monies collected, and a contract to supply copper to the Royal Mint.

At this time, there was a severe shortage of small denomination coins, making daily transactions difficult. The problem was particularly acute in Ireland, where no copper coins had been issued for circulation since the 1690s.

Bribery And Corruption

Seeing an opportunity, in July 1722, Wood reportedly bought a patent for minting Irish copper coins via a bribe of £10,000 (more than £1.2 million in today's money) to Melusine von der Schulenburg, Duchess of Kendal (1667-1743). The Duchess was King George I's longtime mistress and had made a fortune selling patent rights, as well as public offices and titles.

Wood was authorised to produce Irish coinage to a cash value of £108,000, equivalent to 360 tonnes of coin, over a period of 14 years. This equated to tens of millions of Halfpennies and Farthings, far more than was realistically needed.

The first of these coins were struck in England and assayed at the Royal Mint, where Sir Isaac Newton was then Mint Master. Proving acceptable, Wood's coinage was authorised for distribution in Ireland.

Whether the coins Newton saw were the same quality as those actually circulated is another matter. Historians suggest that between the initial bribe, metal costs, production costs and an annual fee, Wood would have lost money on the project. Unless, that is, he debased his own currency or counterfeited his own coins, as contemporary pamphleteers suggested.

Wood's Irish Halfpennies

Wood's Irish coins feature a right-facing laureate portrait of George I with long curling hair, surrounded by an inscription that reads ‘GEORIGUS · DEI · GRATIA · REX ·'. The reverse shows the seated figure of Hibernia - the female personification of Ireland - with the Irish harp at her side and the word ‘HIBERNIA' and the date above. On later issues, Hibernia also holds a palm frond. A similar design was used for Wood's Irish Farthings. An extensive range of minor variations, as well as proofs and silver proofs are known for this issue.

While contemporary English Halfpennies weigh about 10 grams on average, Wood's Halfpennies are lighter, weighing 6.5 to 7.5 grams, give or take. However, the weight here is similar to that of other Irish Halfpennies, including the issues made during the reign of William and Mary in the 1690s and the later regal issues made under George II.

Further, while these findings do not constitute a conclusive metal study, XRF tests on the two Wood's Halfpennies in our April 2025 sale show both to be made of high-quality copper, contrary to some sources.

‘Clandestine And Unprecedented'

The true nature of Wood's scheme for profiting off his Irish coinage is obscured by time and the accusations levelled against him from all quarters following the introduction of his Halfpennies and Farthings.

Early critics included the archbishop of Dublin, William King, who argued that an influx of copper coinage would lead to inflation and the outflow of gold and silver currency through a principle known today as Gresham's law. The issue was taken up by the Parliament of Ireland, which sent an address to George I in September 1723, highlighting the risk to Irish commerce and royal revenues and decrying the ‘Clandestine and Unpresedented [sic] manner' in which Wood's patent had been obtained.

A profusion of pamphlets, puppet shows, ballads, and open letters stirred up a national boycott of Wood's coins. In the wake of the South Sea Bubble, stories of corrupt financial dealings were popular. The most important publication on the subject is the Drapier's Letters, a series of seven pamphlets written between 1724 and 1725 by Jonathan Swift, then Dean of St Patrick's Cathedral, Dublin.

In the Drapier's Letters, Swift takes on the personal of a common Irishman to warn of the ruinous effect he fears Wood's coins will have on the Irish economy. He is careful to place blame on Wood and the dominant Whig party, walking a fine line to avoid directly criticising the King or his mistress. 

Robert Walpole, Britain's first Prime Minister, defended Wood's coinage, but to Swift and others, this only raised further questions about why public opinion in Ireland should be set aside so easily and, ultimately, the role of an English parliament in Irish affairs.

Rosa Americana Coins

Anonymously stirring up a constitutional crisis did not make Swift popular in London, leading to accusations of treason, the arrest of his printer, and a £300 bounty for unmasking the Drapier, though he was not ultimately punished.

However, Swift's complaints ultimately led to the withdrawal of Wood’s patent and lent the author an enduring reputation as an Irish patriot. His most famous work, Gulliver's Travels, published in 1726, was informed by his political experiences, including the Wood affair.

Production of Wood's Halfpennies and Farthings ceased after 1724, and the number of coins permitted for import was capped at £40,000. These coins did circulate, as evidenced by well-worn specimens that came to market. The army in Ireland was forced to receive the coins to pay salaries, and revenue collectors were obliged to accept them.

Later, quantities of these Irish coins were exported to British America, where they circulated alongside another coin struck by William Wood: the so-called Rosa Americana coinage. These Twopennies, Pennies and Halfpennies are distinguished by a rose design to the reverse and are made from a type of brass known as Bath Metal. Struck at the same time as Wood's Irish coinage, they share a similar portrait of George I. Like the Irish coins, they were poorly received.

Wood's Irish coins circulated on two continents, making them of interest to collectors of British and American currency. The scandalous story of their production and reception has attracted significant attention from historians and numismatists over the years.

For his troubles, Wood was awarded a pension of £3,000 per annum, which he only collected for three years before his death in August 1730.

Further Reading

Martin, Sydney F. The Hibernia Coinage Of William Wood (1722-1724). The Colonial Coin Collectors Club, 2007.

Nelson, Philip. The Coinage of William Wood, 1722-1733. Spink, 1959.

Treadwell, J. M. 'Swift, William Wood, and the Factual Basis of Satire.' Journal of British Studies 15, no. 2 (1976): 76–91.