When the sovereign entered circulation in late 1817, it was not initially popular, as the public preferred the convenience of the banknotes the sovereign had been intended to replace. Lack of demand meant that mintages dropped from 2,347,230 in 1818 to 3,574 the following year. Another reasons why few sovereigns were struck in 1819 was in furtherance of a proposal, eventually rejected, by economist David Ricardo to eliminate gold as a coinage metal, though making it available on demand from the Bank of England. Once this plan was abandoned in 1820, the Bank encouraged the circulation of gold sovereigns, but acceptance among the British public was slow. As difficulties over the exchange of wartime banknotes were overcome, the sovereign became more popular, and with low-value banknotes becoming scarcer, in 1826 Parliament prohibited the issuance of notes with a value of less than five pounds in England and Wales