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 £40,000 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.