In 1257, Henry III minted a gold penny which had the nominal value of 1 shilling 8 pence (i.e. 20 "d."). At first, the coin proved unpopular because it was overvalued for its weight; by 1265 it was so undervalued—the bullion value of its gold being worth 2 shillings (i.e. 24 "d.") by then—that the coins still in circulation were almost entirely melted down for the value of their gold. Only eight gold pennies are known to survive. It was not until the reign of that the florin and noble established a common gold currency in England.