Traditional accounts of events in the Munster towns during the spring of 1603 have understandably drawn attention to the obvious religious and jurisdictional undercurrents involved in the civil disturbances in these major corporations. Davies' Reports, however, point to equally significant economic aspects of this unrest brought about by government insolvency that precipitated attempts to tamper with the coinage. With disastrous results, the government sought to finance the cost of Tyrone's rebellion by debasing the Irish coin in 1601 from 9 oz. fine to 3 oz. fine of silver. Failure to withdraw the old sterling money from circulation, combined with the government's inability to gain acceptance of the base coin at face rather than intrinsic value, rapidly inflated the price of grain and other foodstuffs. Increased prices were further aggravated by the refusal of merchants to accept the base coin in commercial transactions, which led to disruption of the vital subsistence links connecting England with the port towns. The unrest launched by the appearance of the base coin was the subject of frequent complaint, and the role of the bogus shilling in feeding the fires of anarchy in the corporations has not received the study it deserves.

This oversight is particularly striking when balanced against remarks by contemporaries. The comments by Lord Deputy Mountjoy and Solicitor-General Davies clearly registered the difficulties caused by the new coin.