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Henry VII's Money Tricks: Crown Lands, Bonds, and the Council Learned in Law

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Henry VII's Money Tricks: Crown Lands, Bonds, and the Council Learned in Law
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layla

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Henry VII's financial policies significantly improved England's economy, leaving a substantial legacy for his successor. The king employed various methods to increase both ordinary and extraordinary revenue, resulting in a solvent treasury upon his death.

  • Ordinary revenue sources included customs duties, crown lands, and feudal dues.
  • Extraordinary revenue came from parliamentary subsidies, voluntary loans, benevolences, bonds and recognisances, feudal obligations, clerical taxes, and the French pension.
  • Henry VII left £1.5 million and increased annual crown income to £113,000, though England remained financially weaker than France.

13/04/2023

190

IL
Ordinary revenue
Curtom duties.
income rose from £33,000 pa to £40,000 par
Crown lands
gained through attainders + resuniptions from as f

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Henry VII's Financial Policies

Henry VII implemented a range of financial policies to strengthen the English economy and increase royal revenue. These policies can be divided into two main categories: ordinary revenue and extraordinary revenue.

Ordinary Revenue

Crown lands played a significant role in Henry VII's financial strategy. The king expanded crown lands through attainders and resumptions dating back to 1455, including properties from the houses of York and Lancaster. As a result, revenue from crown lands increased dramatically from £12,000 in 1486 to £42,000 in 1508.

Highlight: The deaths of Elizabeth of York and Prince Arthur further contributed to the increase in revenue from crown lands.

Customs duties also saw an increase under Henry VII's rule, with income rising from £33,000 per annum to £40,000 per annum.

Feudal dues were another source of ordinary revenue. Income from wardships, for example, rose significantly from £350 per annum to £6,000 in 1507.

Example: In 1487, Henry VII enforced the payment of feudal aids when the king's sons were knighted or daughters were married.

Profits of justice contributed to the royal coffers, with fines going directly to the king. Henry VII preferred to use fines rather than executions, as this generated more profit.

Vocabulary: Attainders were legal punishments that resulted in the forfeiture of property and rights. During Henry VII's reign, 138 attainders were passed.

Extraordinary Revenue

Henry VII employed various methods to generate extraordinary revenue:

  1. Parliamentary subsidies: These were granted when Henry called parliament, with each subsidy providing £29,000. Henry held seven parliaments during his reign.

  2. Voluntary loans: Collected mainly from merchants or the City of London, these loans amounted to £10,000 in 1485 and £48,500 in 1491. In total, Henry collected £203,000 in voluntary loans during his reign.

  3. Benevolences: These were non-repayable contributions, such as the £48,000 collected in 1491 for the invasion of France and another collection in 1496 to deal with Perkin Warbeck's rebellion.

  4. Bonds and recognisances: Enforced through the Council Learned in Law, these financial instruments became increasingly important. In the first decade of Henry's reign, 191 bonds were collected, with the value rising from £3,000 in 1493 to £35,000 in 1505.

  5. Feudal obligations: Henry collected £30,000 for Prince Arthur's knighting, even though the prince had already died.

  6. Clerical taxes: These matched each parliament's subsidy and included income from vacant church positions, which Henry kept open for a year to collect the revenue.

  7. French pension: Established by the 1475 Treaty of Picquigny and upheld by Charles VIII in 1492, this provided £5,000 per annum to the English crown.

Definition: Bonds and recognisances were financial instruments used to ensure loyalty and good behavior, often requiring individuals to pay a sum of money if they failed to meet certain conditions.

Success of Henry VII's Financial Policies

Henry VII's financial strategies proved largely successful:

  • He died solvent, leaving £1.5 million in the treasury.
  • Crown income had risen to £113,000 per annum by the end of his reign.

Highlight: Despite these improvements, England's financial position remained weaker than that of France, whose king relied on an annual income of £800,000.

Henry VII's financial policies laid a strong foundation for the Tudor dynasty, providing his son, Henry VIII, with a stable economic base from which to rule.

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Henry VII's Money Tricks: Crown Lands, Bonds, and the Council Learned in Law

user profile picture

layla

@layla_hmuq

·

13 Followers

Follow

Henry VII's financial policies significantly improved England's economy, leaving a substantial legacy for his successor. The king employed various methods to increase both ordinary and extraordinary revenue, resulting in a solvent treasury upon his death.

  • Ordinary revenue sources included customs duties, crown lands, and feudal dues.
  • Extraordinary revenue came from parliamentary subsidies, voluntary loans, benevolences, bonds and recognisances, feudal obligations, clerical taxes, and the French pension.
  • Henry VII left £1.5 million and increased annual crown income to £113,000, though England remained financially weaker than France.

13/04/2023

190

 

12/13

 

History

4

IL
Ordinary revenue
Curtom duties.
income rose from £33,000 pa to £40,000 par
Crown lands
gained through attainders + resuniptions from as f

Henry VII's Financial Policies

Henry VII implemented a range of financial policies to strengthen the English economy and increase royal revenue. These policies can be divided into two main categories: ordinary revenue and extraordinary revenue.

Ordinary Revenue

Crown lands played a significant role in Henry VII's financial strategy. The king expanded crown lands through attainders and resumptions dating back to 1455, including properties from the houses of York and Lancaster. As a result, revenue from crown lands increased dramatically from £12,000 in 1486 to £42,000 in 1508.

Highlight: The deaths of Elizabeth of York and Prince Arthur further contributed to the increase in revenue from crown lands.

Customs duties also saw an increase under Henry VII's rule, with income rising from £33,000 per annum to £40,000 per annum.

Feudal dues were another source of ordinary revenue. Income from wardships, for example, rose significantly from £350 per annum to £6,000 in 1507.

Example: In 1487, Henry VII enforced the payment of feudal aids when the king's sons were knighted or daughters were married.

Profits of justice contributed to the royal coffers, with fines going directly to the king. Henry VII preferred to use fines rather than executions, as this generated more profit.

Vocabulary: Attainders were legal punishments that resulted in the forfeiture of property and rights. During Henry VII's reign, 138 attainders were passed.

Extraordinary Revenue

Henry VII employed various methods to generate extraordinary revenue:

  1. Parliamentary subsidies: These were granted when Henry called parliament, with each subsidy providing £29,000. Henry held seven parliaments during his reign.

  2. Voluntary loans: Collected mainly from merchants or the City of London, these loans amounted to £10,000 in 1485 and £48,500 in 1491. In total, Henry collected £203,000 in voluntary loans during his reign.

  3. Benevolences: These were non-repayable contributions, such as the £48,000 collected in 1491 for the invasion of France and another collection in 1496 to deal with Perkin Warbeck's rebellion.

  4. Bonds and recognisances: Enforced through the Council Learned in Law, these financial instruments became increasingly important. In the first decade of Henry's reign, 191 bonds were collected, with the value rising from £3,000 in 1493 to £35,000 in 1505.

  5. Feudal obligations: Henry collected £30,000 for Prince Arthur's knighting, even though the prince had already died.

  6. Clerical taxes: These matched each parliament's subsidy and included income from vacant church positions, which Henry kept open for a year to collect the revenue.

  7. French pension: Established by the 1475 Treaty of Picquigny and upheld by Charles VIII in 1492, this provided £5,000 per annum to the English crown.

Definition: Bonds and recognisances were financial instruments used to ensure loyalty and good behavior, often requiring individuals to pay a sum of money if they failed to meet certain conditions.

Success of Henry VII's Financial Policies

Henry VII's financial strategies proved largely successful:

  • He died solvent, leaving £1.5 million in the treasury.
  • Crown income had risen to £113,000 per annum by the end of his reign.

Highlight: Despite these improvements, England's financial position remained weaker than that of France, whose king relied on an annual income of £800,000.

Henry VII's financial policies laid a strong foundation for the Tudor dynasty, providing his son, Henry VIII, with a stable economic base from which to rule.

Can't find what you're looking for? Explore other subjects.

Knowunity is the #1 education app in five European countries

Knowunity has been named a featured story on Apple and has regularly topped the app store charts in the education category in Germany, Italy, Poland, Switzerland, and the United Kingdom. Join Knowunity today and help millions of students around the world.

Ranked #1 Education App

Download in

Google Play

Download in

App Store

Knowunity is the #1 education app in five European countries

4.9+

Average app rating

13 M

Pupils love Knowunity

#1

In education app charts in 12 countries

950 K+

Students have uploaded notes

Still not convinced? See what other students are saying...

iOS User

I love this app so much, I also use it daily. I recommend Knowunity to everyone!!! I went from a D to an A with it :D

Philip, iOS User

The app is very simple and well designed. So far I have always found everything I was looking for :D

Lena, iOS user

I love this app ❤️ I actually use it every time I study.