This book is intended for the
general reader who may wish to know something about monetary questions at a time when they
have become partieularly topical. The introduction of the Euro and the question of
possible British membership naturally prompt questions about sterling and its history, for
an understanding of sterling's role in the past may inform our judgement as we contemplate
the future. Although the discerning reader may detect some clues as to the author's views
on the Euro question, this book attempts to record the history of sterling
dispassionately.
Writers of very recent
history know well the danger that the turn of current events can suddenly transform
situations before the ink on their work is dry. It therefore seems worthwhile recording
that the main text of this book was completed late in 1998; that is to say, after the Far
East and Russian crises, but before the peaceful launch of the Euro and the Brazilian
devaluation.
I owe a particular debt of
gratitude to my wife and children, who read each chapter as it was written, and whose
comments made the text more readable than it would otherwise have been. A number of my
colleagues at St Cross College, Oxford have helped, especially Tom Soper, Godfrey Tyier,
and Chris Adam who saved me from error on various occasions; Professor Diarmaid MacCulloch
first suggested I contact Simon Winder at Penguin, who, along with his whole editorial
team, has been most helpful and efficient. My masters in the Ashmolean Museum allowed me
nine months' study leave in which most of the book was written, and my friends in the Coin
Room there have been talking to me about money for nearly thirty years.