A Discourse of Coin and Coinage [10]
coins, marks, shillings,
etc. does at this day contain.
There is yet another Proportion of Gold and Silver to be
inquired into as necessary to be known; and peradventure more
necessary than either of these: And that is to enquire what
Proportion our Gold and Silver holds in Value, being in Bullion,
as it is presented to the Mint by the Merchant, in Comparison of
the near adjoyning Countries: For by this Proportion we shall
discover the Reason why the Merchant Brings Gold into England
rather than Silver, and Silver into Holland rather than Gold, or,
why he carries both, or either of them, into one Country rather
than into another. And for that purpose, I will first begin with
England, and then compare it with some of the nearest
neighbouring Countreys.
In England, where the Merchant for so much Gold fine of 24
carats, as makes a pound, Tower weight, doth receive 43 l. 7s.
1d. according to the rate of the Mint, which is 41 l. 5s. for a
pound weight of sterling gold.
In France, according to the Edict of this King, Anno 1614,
which is yet in force, the Merchant receiveth at this Mint for so
much Gold of 24 Carats, as makes a pound of Tower weight, but 426
livres, and about 7 sols and one half French more at the Mint in
England for the same quantity of Gold, than the Merchant doth
receive at the Mint in France. Of Silver, the Merchant, at the
Mint in England receives for so much fine Silver as makes a
pound, Tower weight, 3 l. 4s. 6d. the Merchant receives at the
Mint in France, for the same quantity of Silver, 2 livres, and 2
sols French, or 4s. and almost 2d. half penny more than the
Merchant receives at the Mint of England. This Account I do make
reckoning the 12 ounces, Tower weight to make, as by tryal it has
been proved, 12 ounces and 6 deniers, Paris weight.
As for the United Provinces, etc.
Chapter 6
Of Base Money
I do not mean by base Money, Money of pure Copper, which in
all States and in all Ages hath almost always been used, at the
first for want of Gold and Silver, and now since, for the
necessity of the poorer sort onely, and not for Commerce and
Trade, as our farthlings have lately bin introduced: But I mean
that mixture of Metals, wherein Silver is incorporated with other
baser Metals, not for Allay but to the extinction of the
denomination of Silver; as Wine, when it is watered beyond a
certain proportion looseth the name of Wine. And in all the
Countries of Europe, as far as I can learn, except England and
Muscovia, is used for Commerce and Trade amongst the people:
which mixtion of mettals however it hath been practised at times
in former Ages, out of the extream Necessities of the Common
wealth, yet I do not find that it hath been constantly embraced
(as now it is in all parts) until about Eightscore years since,
about which time it was introduced into France by Charles the
Seventh. The pretences whereof were these.
First, That there was no Intention thereby to raise the price
or to diminish the weight of Silver, but that this Money should
be as good in intrinsical value, as in the Money of purer Silver,
save only a small charge laid upon it for the coinage: then that
by coining small pieces of a penny, two pence, or three pence,
and thereabouts, the pieces, by the mixtion should have a greater
bulk, and so be preserved from loss, which must needs frequently
happen by reason of the smallness of the pieces, if they were
made of pure Silver, so likewise they should be preserved from
wearing: and again, that the Gold-Smith should by this means be
kept from melting them, and the Stranger from exporting them,
because the charge of refining them and drawing the pure Silver
out of them would far exceed the profit: These are the Pretences
by which base Money was first introduced, but if they be weighed
against the Inconveniences, which have followed upon it, it will
be found one of the most mischievous Inventions that ever was
found in matters of Money. I could hardly resolve with myself to
insert this Chapter in this
etc. does at this day contain.
There is yet another Proportion of Gold and Silver to be
inquired into as necessary to be known; and peradventure more
necessary than either of these: And that is to enquire what
Proportion our Gold and Silver holds in Value, being in Bullion,
as it is presented to the Mint by the Merchant, in Comparison of
the near adjoyning Countries: For by this Proportion we shall
discover the Reason why the Merchant Brings Gold into England
rather than Silver, and Silver into Holland rather than Gold, or,
why he carries both, or either of them, into one Country rather
than into another. And for that purpose, I will first begin with
England, and then compare it with some of the nearest
neighbouring Countreys.
In England, where the Merchant for so much Gold fine of 24
carats, as makes a pound, Tower weight, doth receive 43 l. 7s.
1d. according to the rate of the Mint, which is 41 l. 5s. for a
pound weight of sterling gold.
In France, according to the Edict of this King, Anno 1614,
which is yet in force, the Merchant receiveth at this Mint for so
much Gold of 24 Carats, as makes a pound of Tower weight, but 426
livres, and about 7 sols and one half French more at the Mint in
England for the same quantity of Gold, than the Merchant doth
receive at the Mint in France. Of Silver, the Merchant, at the
Mint in England receives for so much fine Silver as makes a
pound, Tower weight, 3 l. 4s. 6d. the Merchant receives at the
Mint in France, for the same quantity of Silver, 2 livres, and 2
sols French, or 4s. and almost 2d. half penny more than the
Merchant receives at the Mint of England. This Account I do make
reckoning the 12 ounces, Tower weight to make, as by tryal it has
been proved, 12 ounces and 6 deniers, Paris weight.
As for the United Provinces, etc.
Chapter 6
Of Base Money
I do not mean by base Money, Money of pure Copper, which in
all States and in all Ages hath almost always been used, at the
first for want of Gold and Silver, and now since, for the
necessity of the poorer sort onely, and not for Commerce and
Trade, as our farthlings have lately bin introduced: But I mean
that mixture of Metals, wherein Silver is incorporated with other
baser Metals, not for Allay but to the extinction of the
denomination of Silver; as Wine, when it is watered beyond a
certain proportion looseth the name of Wine. And in all the
Countries of Europe, as far as I can learn, except England and
Muscovia, is used for Commerce and Trade amongst the people:
which mixtion of mettals however it hath been practised at times
in former Ages, out of the extream Necessities of the Common
wealth, yet I do not find that it hath been constantly embraced
(as now it is in all parts) until about Eightscore years since,
about which time it was introduced into France by Charles the
Seventh. The pretences whereof were these.
First, That there was no Intention thereby to raise the price
or to diminish the weight of Silver, but that this Money should
be as good in intrinsical value, as in the Money of purer Silver,
save only a small charge laid upon it for the coinage: then that
by coining small pieces of a penny, two pence, or three pence,
and thereabouts, the pieces, by the mixtion should have a greater
bulk, and so be preserved from loss, which must needs frequently
happen by reason of the smallness of the pieces, if they were
made of pure Silver, so likewise they should be preserved from
wearing: and again, that the Gold-Smith should by this means be
kept from melting them, and the Stranger from exporting them,
because the charge of refining them and drawing the pure Silver
out of them would far exceed the profit: These are the Pretences
by which base Money was first introduced, but if they be weighed
against the Inconveniences, which have followed upon it, it will
be found one of the most mischievous Inventions that ever was
found in matters of Money. I could hardly resolve with myself to
insert this Chapter in this