William Huskisson in the context of Commissioners of Woods and Forests

Currency depreciation is the loss of value of a country's currency with respect to one or more foreign reference currencies, typically in a floating exchange rate system in which no official currency value is maintained. Currency appreciation in the same context is an increase in the value of the currency. Short-term changes in the value of a currency are reflected in changes in the exchange rate.

There is no optimal value for a currency. High and low values have tradeoffs, along with distributional consequences for different groups.

The Liverpool and Manchester Railway (L&M) opened on 15 September 1830. Work on the L&M had begun in the 1820s, to connect the textile mills of the city of Manchester with the nearest deep water port at the Port of Liverpool, 35 miles (56 km) away. Although horse-drawn railways already existed elsewhere, the Stockton and Darlington Railway had been running for five years, and a few industrial sites already used primitive steam locomotives for bulk haulage, the L&M was the first locomotive-hauled railway to connect two major cities, and the first to provide a scheduled passenger service. The opening day was a major public event. Arthur Wellesley, Duke of Wellington, the prime minister, rode on one of the eight inaugural trains, as did many other dignitaries and notable figures of the day. Huge crowds lined the track at Liverpool to watch the trains depart for Manchester.

The trains left Liverpool on time and without any technical problems. The Duke of Wellington's special train ran on one track, and the other seven trains ran on an adjacent and parallel track, sometimes ahead and sometimes behind the duke's train. Around 13 miles (21 km) out of Liverpool the first of many problems occurred, when one of the trains derailed and the following train collided with it. With no reported injuries or damage, the derailed locomotive was lifted back onto the track and the journey continued. At Parkside railway station, near the midpoint of the line, the locomotives made a scheduled stop to take on water. Although the railway staff advised passengers to remain on the trains while this took place, around 50 of the dignitaries on board alighted when the Duke of Wellington's special train stopped. One of those who got off was William Huskisson, former cabinet minister and Member of Parliament for Liverpool. Huskisson had been a highly influential figure in the creation of the British Empire and an architect of the doctrine of free trade, but had fallen out with Wellington in 1828 over the issue of parliamentary reform and had resigned from the cabinet. Hoping to be reconciled with Wellington, he approached the duke's railway carriage and shook his hand. Distracted by the duke, he did not notice an approaching locomotive on the adjacent track, Rocket. On realising it was approaching, he panicked and tried to clamber into the duke's carriage, but the door of the carriage swung open, leaving him hanging directly in the path of the oncoming Rocket. He fell onto the tracks in front of the train, suffering serious leg injuries, and died later that night.