11 January 1569: England holds its first lottery draw

Outside Old St Paul's Cathedral in London, England's first lottery draw got underway on this day in 1569.

Lottery draw
(Image credit: Getty Images)

By 1566, England's harbours and coastal defences were looking a little shabby. To fix them, Queen Elizabeth I would either have to raise taxes (boo) or hold a glittering prize draw and raise the money that way. Unsurprisingly, she chose the latter.

Selling tickets for the chance to win a prize was nothing new. The idea had been around on the continent for at least a hundred years, where lotteries were sometimes held by merchants looking to shift expensive stock that wasn't selling. So on 11 January 1569, outside the west wing of the old St Paul's Cathedral in London, punters huddled together against the chill to see what they had won in England's first state lottery draw. The event was hardly a runaway success. Less than 10% of the 400,000 tickets had been bought at ten shillings each. (If you thought that was a bit steep, you could always buy a share of a ticket – a sort of Renaissance office syndicate.)

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Chris Carter
Wealth Editor, MoneyWeek

Chris Carter spent three glorious years reading English literature on the beautiful Welsh coast at Aberystwyth University. Graduating in 2005, he left for the University of York to specialise in Renaissance literature for his MA, before returning to his native Twickenham, in southwest London. He joined a Richmond-based recruitment company, where he worked with several clients, including the Queen’s bank, Coutts, as well as the super luxury, Dorchester-owned Coworth Park country house hotel, near Ascot in Berkshire.

Then, in 2011, Chris joined MoneyWeek. Initially working as part of the website production team, Chris soon rose to the lofty heights of wealth editor, overseeing MoneyWeek’s Spending It lifestyle section. Chris travels the globe in pursuit of his work, soaking up the local culture and sampling the very finest in cuisine, hotels and resorts for the magazine’s discerning readership. He also enjoys writing his fortnightly page on collectables, delving into the fascinating world of auctions and art, classic cars, coins, watches, wine and whisky investing.

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