BARONET, a dignity or degree of honour next below that of baron, and above that of knight, with precedence of all knights excepting those of the Garter.
The dignity of baronet is generally conferred by patent, and forms the lowest degree of honour that is hereditary. The order was instituted by King James I. at the suggestion of Sir Robert Cotton in 1611, when 200 baronets were created at once, being the number to which it was intended they should always be restricted; but it is now enlarged at the sovereign's pleasure, without limitation. Originally the creation of this order seems to have been merely an expedient to raise money in the name of fees, which, in each case, amounted to about £1200 sterling.
Baronets take precedence according to the dates of their patents, conformably to the terms of which, no intermediate honour between baron and baronets can be established. The title or prefix of Sir is granted them by a peculiar clause in their patents, though they be not dubbed knights.