Philip I of England, embezzlement, and the quantity theory of money

Early in 1555, King Philip I of England minted at the Tower of London over PS40,000 in sterling from New World silver brought from Spain. By probing Spanish and English accountancy procedures, this article demonstrates that this sum has not been included in either sixteenth -century or modern calculations of the circulating medium. Revised estimates for the money supply are given and possible inflationary effects on the mid -Tudor price rise are considered.