Wood's Halfpence

Wood's Halfpence, a copper coinage for Ireland granted by the English ministry in 1722 to William Wood. He was to share the profit from the difference between the nominal and the intrinsic or bullion value of the coins with the king's mistress, the Duchess of Kendal, who had secured the patent for Wood. Against the whole transaction the Drapier's Letters of Swift (q.v.) raised such public indignation that the patent was cancelled, and Wood compensated by a pension.