Recoinage

Today's numismatic term 'Recoinage'. It is the process where old coins are called in, melted down, and the metal is used to make new coins. This often happens when the currency is being reformed or the old coins are heavily worn or counterfeited. Two of the most famous historical examples in Britain were the Great Recoinages under William III (1696) and George III (1816), but significant recoinages have continued into the modern era, such as the decimalisation of 1971.