In 1722, hardware manufacturer William Wood was granted a letters patent to produce copper coinage of up to £108,000 (approximately £15,209,500 as of 2011) for use in Ireland.[8] The patent was secured by a bribe of £10,000 (approximately £1,408,300 as of 2011) to the Duchess of Kendal,[9] mistress to King George I. Although Wood produced copper coins, assays showed his coins to be significantly underweight, undersized, and made from inferior materials. Despite this, they were approved by the British Parliament for use in Ireland.[10]
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