Thomas
Armstrong, permitting him to coin farthings for twenty years. It
appears, however, that Armstrong never actually coined the farthings,
although he had gone to the expense of establishing a costly plant for
the purpose.

Small copper coins becoming scarce, several individuals, without
permission, issued tokens; but the practice was stopped. In 1680 Sir
William Armstrong, son of Sir Thomas, with Colonel George Legg
(afterwards Lord Dartmouth), obtained a patent for twenty-one years,
granting them the right to issue copper halfpence. Coins were actually
struck and circulated, but the patent itself was sold to John Knox in
the very year of its issue. Knox, however, had his patent specially
renewed, but his coinage was interrupted when James II. issued his
debased money during the Revolution (see Monck Mason, p. 334, and the
notes on this matter to the Drapier's Third Letter, in present edition).

Knox sold his patent to Colonel Roger Moore, who overstocked the country
with his coins to such an extent that the currency became undervalued.
When, in 1705, Moore endeavoured to obtain a renewal of his patent, his
application was refused. By 1722, owing either to Moore's bad coinage,
or to the importation of debased coins from other countries, the copper
money had degraded considerably. In a pamphlet[1] issued by George
Ewing in Dublin (1724), it is stated that in that year, W. Trench
presented a memorial to the Lords of the Treasury, complaining of the
condition of the copper coinage, and pointing out that the evil results
had been brought about by the system of grants to private individuals.
Notwithstanding this memorial, it was attempted to overcome the
difficulty by a continuance of the old methods. A new patent was issued
to an English iron merchant, William Wood by name, who, according to
Coxe, submitted proposal with many others, for the amelioration of the
grievance. Wood's proposals, say this same authority, were accepted "as
beneficial to Ireland." The letters patent bear the date July 12th,
1722, and were prepared in accordance with the King's instructions to
the Attorney and Solicitor General sent in a letter from Kensington on
June 16th, 1722. The letter commanded "that a bill should be prepared
for his royal signature, containing and importing an indenture, whereof
one part was to pass the Great Seal of Great Britain." This indenture,
notes Monck Mason,[2] between His Majesty of the one part, "and William
W