Editing Henry VIII (section)

=== Finances ===
[[File:Henry VIII crown 763986.jpg|thumb|Gold [[Crown (British coin)|crown]] of Henry VIII, minted {{circa|1544}}–1547. The reverse depicts the quartered arms of England and France.]]

Henry inherited a vast fortune and a prosperous economy from his father, who had been frugal. This fortune is estimated at £1,250,000 (the equivalent of £375&nbsp;million today).{{Sfn|Weir|2002|p=13}} By comparison, Henry VIII's reign was a near disaster financially. He augmented the royal treasury by seizing church lands, but his heavy spending and long periods of mismanagement damaged the economy.{{Sfn|Elton|1977|pp=215–216,&nbsp;355–356}}

Henry spent much of his wealth on maintaining his court and household, including many of the building works he undertook on royal palaces. He hung 2,000 tapestries in his palaces; by comparison, James V of Scotland [[Scottish royal tapestry collection|hung just 200]].<ref>{{Harvnb|Thomas|2005|pp=79–80}}, citing {{Harvnb|Thurley|1993|pp=222–224}}</ref> Henry took pride in showing off his collection of weapons, which included exotic archery equipment, 2,250 pieces of land ordnance and 6,500 [[handgun]]s.{{Sfn|Davies|2005|pp=11–29}} Tudor monarchs had to fund all government expenses out of their own income. This income came from the crown lands that Henry owned as well as from customs duties like [[tonnage and poundage]], granted by Parliament to the King for life. During Henry's reign the revenues of the Crown remained constant (around £100,000),{{Sfn|Weir|2002|p=64}} but were eroded by inflation and rising prices brought about by war. Indeed, war and Henry's dynastic ambitions in Europe exhausted the surplus he had inherited from his father by the mid-1520s.

Henry VII had not involved Parliament in his affairs very much, but Henry VIII had to turn to Parliament during his reign for money, in particular for grants of subsidies to fund his wars. The dissolution of the monasteries provided a means to replenish the treasury, and as a result, the Crown took possession of monastic lands worth £120,000 (£36&nbsp;million) a year.{{Sfn|Weir|2002|p=393}} The Crown had profited by a small amount in 1526 when Wolsey put England onto a gold, rather than silver, standard, and had debased the currency slightly. Cromwell debased the currency more significantly, starting in [[Lordship of Ireland|Ireland]] in 1540. The English pound halved in value against the Flemish pound between 1540 and 1551 as a result. The nominal profit made was significant, helping to bring income and expenditure together, but it had a catastrophic effect on the country's economy. In part, it helped to bring about a period of very high inflation from 1544 onwards.{{Sfn|Elton|1977|pp=312–314}}