Other European countries want to follow the success of the florin. In England gold reserves begin to accumulate. In 1257 King Henry III commissions his goldsmith William of Gloucester to create a gold penny of 45 grains with an official value of 20 pence.
Arithmetic did not adjust : the gold penny was deliberately undervalued by about 20%. The London merchants represented by the Lord Mayor formally challenged this scam that devalued their silver money. Henry III was unpopular. His Lusignan advisers were hated. His foreign policy was indecisive and expensive. He had no choice but to give up. The acceptance of a gold penny by a creditor ceased to be mandatory only a few months after its launch.
The following year is much worse, with catastrophic harvests. The coup of Simon de Montfort puts an end to the government of this incompetent king. This totally failed first experiment for an English gold-silver bimetallism falls into complete oblivion after a few years.
Most of these gold penny coins, heavier than their official value and no more supported by the government, were very early melted. Eight pieces survived. One of them close to perfection, graded MS63 by NGC, is estimated $ 250K for sale by Heritage in New York on January 8, lot 32241.