 This debasement was recognised as a mistake, and during Elizabeth's reign newly minted coins, including the testoon (now known as the shilling), had a much higher silver content and regained their pre-debasement value.Shillings were minted during the reign of every English monarch following Edward VI, as well as during the Commonwealth, with a vast number of variations and alterations appearing over the years.The Royal Mint undertook a massive recoinage programme in 1816, with large quantities of gold and silver coin being minted.