A Discourse of Coin and Coinage [4]
Tullius, to have bin the
first in Rome, to have stamped with an Impression a certain piece
of Money which was called As (as being of Copper, and weighing a
pound weight) and that he coyned lesser parts, distinguished by
ounces: it was long after in the Consulat of Quintus Fabius, that
the first Silver coin was made, called Denarius, because it was
valued at ten As, and at the same time were made half and
quarters of the Denarii, called Sestertii, marked LLs, to signifi
duas libras cum semisse. The first Denarii were made of Sextula
or six in the ounce: it was above threescore years after 'ere any
Gold was coined, the first pieces were of such a weight as 40
made a pound: which Example of the Roman Coins, I do not alledge
as the first, for it is manifest, that both the Median, Persian
and Grecian states did use Coins, which by their Impression did
signify both the weight and fineness; but because they were the
first, whereof I have any certain relation, and upon whose ground
all these parts of the World have formed their Coins and made
their divisions of weight. It doth now appear what Allay was
mingled or what Tribute was charged in the first Roman moneys of
Gold and Silver; by which word of Tribute, I do understand
whatever was substracted out of the Intrinsical value of the
Money, and allowed to it as an over-value towards the charge of
Coinage, or right of Soveraignty, rated by the State, or what
remedies were allowed for their weight and fineness; only it
appeareth by their medals that they were cast in a mold. But
after ages did grow to stamp their Coins finding how useful it
was to have lesser coins than could well be cast in a mould, and
also to avoid counterfeiting, which is with more difficulty in
Coins stamped: and because it was hard to observe an exact
proportion of weight, there was a certain remedy of grains,
beyond which, if the pieces of Coin did not fall of their just
weight, they were to be received of Officers appointed, otherwise
they were rejected to be new coyned. There was a remedy of
fineness, for when Allay grew to be mingled in the Coins, the
workmen could not constantly and precisely hit upon the mixture,
and therefore had allowed them a certain proportion for Remedy,
which if they did not exceed, their work was not subject to
censure. This allowance of Remedy hath been of two sorts, for
when States would coin their Money strong and rich in value, they
did not give any allowance to any pieces of Coin under the just
weight and fineness: but if they were of a just weight and
fineness, not exceeding the grains of Remedy, then they were
allowed; so as in this case, the Coins were upon accompt to be
recompence for so much as the over-put in the Money, being within
the remedy permitted, and this they call in French Battre le
fort. But all States rather inclining to make their Moneys weak
than strong, there is in these latter Ages another way practiced,
which is more general; that is, that Coins are not made one jot
above the just proportion of weight and fineness, but
(notwithstanding) the fail of either, so as it be no more than
the grains of remedy, they are allowed as compleat: and by this
means, upon Accompt, the Coiners are to make recompence to the
State of so much as is short in their Coins, of the just weight
and fineness, being within the permission of their remedy, which
in French they call Battre Sur le foible. This is as much as I
hold fit to be spoken of the Antient and Modern forms; Except I
should discourse of the Inscriptions or Characters, or of the
Figures of Money, which in some times and places, have been long,
oval, or square,and are now almost everywhere round, which to the
searchers of Antiquity might prove grateful, but to my purpose
would be of no use.
Chapter 4
Of the Proportion held between Gold and Silver, Antient and
Modern.
Use and Delight, or the opinion of them, are the true causes
why all things have a Value and Price set upon them, but the
Proportion of that value and price is wholly governed
first in Rome, to have stamped with an Impression a certain piece
of Money which was called As (as being of Copper, and weighing a
pound weight) and that he coyned lesser parts, distinguished by
ounces: it was long after in the Consulat of Quintus Fabius, that
the first Silver coin was made, called Denarius, because it was
valued at ten As, and at the same time were made half and
quarters of the Denarii, called Sestertii, marked LLs, to signifi
duas libras cum semisse. The first Denarii were made of Sextula
or six in the ounce: it was above threescore years after 'ere any
Gold was coined, the first pieces were of such a weight as 40
made a pound: which Example of the Roman Coins, I do not alledge
as the first, for it is manifest, that both the Median, Persian
and Grecian states did use Coins, which by their Impression did
signify both the weight and fineness; but because they were the
first, whereof I have any certain relation, and upon whose ground
all these parts of the World have formed their Coins and made
their divisions of weight. It doth now appear what Allay was
mingled or what Tribute was charged in the first Roman moneys of
Gold and Silver; by which word of Tribute, I do understand
whatever was substracted out of the Intrinsical value of the
Money, and allowed to it as an over-value towards the charge of
Coinage, or right of Soveraignty, rated by the State, or what
remedies were allowed for their weight and fineness; only it
appeareth by their medals that they were cast in a mold. But
after ages did grow to stamp their Coins finding how useful it
was to have lesser coins than could well be cast in a mould, and
also to avoid counterfeiting, which is with more difficulty in
Coins stamped: and because it was hard to observe an exact
proportion of weight, there was a certain remedy of grains,
beyond which, if the pieces of Coin did not fall of their just
weight, they were to be received of Officers appointed, otherwise
they were rejected to be new coyned. There was a remedy of
fineness, for when Allay grew to be mingled in the Coins, the
workmen could not constantly and precisely hit upon the mixture,
and therefore had allowed them a certain proportion for Remedy,
which if they did not exceed, their work was not subject to
censure. This allowance of Remedy hath been of two sorts, for
when States would coin their Money strong and rich in value, they
did not give any allowance to any pieces of Coin under the just
weight and fineness: but if they were of a just weight and
fineness, not exceeding the grains of Remedy, then they were
allowed; so as in this case, the Coins were upon accompt to be
recompence for so much as the over-put in the Money, being within
the remedy permitted, and this they call in French Battre le
fort. But all States rather inclining to make their Moneys weak
than strong, there is in these latter Ages another way practiced,
which is more general; that is, that Coins are not made one jot
above the just proportion of weight and fineness, but
(notwithstanding) the fail of either, so as it be no more than
the grains of remedy, they are allowed as compleat: and by this
means, upon Accompt, the Coiners are to make recompence to the
State of so much as is short in their Coins, of the just weight
and fineness, being within the permission of their remedy, which
in French they call Battre Sur le foible. This is as much as I
hold fit to be spoken of the Antient and Modern forms; Except I
should discourse of the Inscriptions or Characters, or of the
Figures of Money, which in some times and places, have been long,
oval, or square,and are now almost everywhere round, which to the
searchers of Antiquity might prove grateful, but to my purpose
would be of no use.
Chapter 4
Of the Proportion held between Gold and Silver, Antient and
Modern.
Use and Delight, or the opinion of them, are the true causes
why all things have a Value and Price set upon them, but the
Proportion of that value and price is wholly governed