Rescue of the pound When in 1551 the mismanagement of Sir William Damsell, King's Merchant to the Low Countries, had caused the English Government much financial embarrassment, the authorities called Gresham for advice, thereafter following his proposals. Gresham advocated the adoption of various methods – highly ingenious, but quite arbitrary and unfair – for raising the value of the pound sterling on the Antwerp bourse which proved so successful that in just a few years King Edward VI had discharged almost all of his debts. The Government sought Gresham's advice in all their money difficulties, and also frequently employed him in various diplomatic missions. He had no stated salary, but in reward of his services received from King Edward various grants of lands, the annual value of which at that time amounted ultimately to about 400 pounds a year.
Rescue of the pound When in 1551 the mismanagement of Sir William Damsell, King's Merchant to the Low Countries had caused the English Government much financial embarrassment, the authorities called Gresham for advice, thereafter following his proposals. Gresham advocated the adoption of various methods – highly ingenious, but quite arbitrary and unfair – for raising the value of the pound sterling on the Antwerp bourse which proved so successful that in just a few years King Edward VI had discharged almost all of his debts. The Government sought Gresham's advice in all their money difficulties, and also frequently employed him in various diplomatic missions. He had no stated salary, but in reward of his services received from King Edward various grants of lands, the annual value of which at that time amounted ultimately to about 400 pounds a year.