A baronet (traditional abbreviation Bart, modern abbreviation Bt) or the rare female equivalent, a baronetess (abbreviation Btss), is the holder of a hereditary baronetcy awarded by the British Crown. The practice of awarding baronetcies was originally introduced in England and Ireland by James I of England in 1611 in order to raise funds, and is now practically obsolete as hereditary honours are generally no longer recommended. A baronetcy is the only hereditary honour which is not a peerage; baronets are commoners.