King James I created the hereditary Order of Baronets in England on 22 May 1611, for the settlement of Ireland. He offered the dignity to 200 gentlemen of good birth, with a clear estate of £1,000 a year, on condition that each one should pay a sum equivalent to three years' pay to 30 soldiers at 8d per day per man (total - £1,095) into the King's Exchequer.