In 1611 the value of all gold coins, which had previously been down-rated, was now raised by ten percent. Previously the gold coins had circulated at inconvenient fractional values, such as 33 shilling; 16 shillings and 6 pence; 4 shillings and 4 pence three farthings; and so forth. To obviate this a new unit of 20 shillings value was introduced, of which this is a specimen. Showing the king wearing a laurel wreath, it quickly became known as a "Laurel."