A Discourse of Coin and Coinage [5]
by Rarity
and Abundance: And therefore the Proportion of value between Gold
and Silver must needs differ in several Times and Places,
according to the scarcity or abundance of those Mettals. There is
much Variety amongst Authors what Proportions Gold and Silver
held to one another amongst the Hebrews, not out of the
Difference of Times, but out of the Difference of
Interpretations; for Bodine doth alledge the same places to prove
the Proportion was twenty five for one, which other Authors do
alledge to prove it to have been 45 for one; and others 10 for
one. There is a Passage in Thalia, of Herodotus (sect. 95) by
which it appears, that Thirteen Talents of Silver were valued at
one of Gold in the Revenues of Darius. And there is an Opinion
received, That in the time of the flourishing of the Grecian
Common-wealths, those Mettals were in the Proportion of twelve to
one. It is also reported in Pliny, (without mentioning any
certain time) That antiently the Romans did value a scruple of
Gold at twenty Sestertii of Silver, which, if it were when the
Sestertii were at the greatest weight, made the Proportion of
twenty for one: and if it were when they were at their least
weight, it made the Proportion of fifteen for one. But there is a
clear Passage, in the 8th Book (sect. 11) of the 4th Decade of
Livy, of an Accord between the Romans and AEtolians, that the
AEtolians might pay, instead of every Talent of Gold, ten Talents
of Silver; and (in Suetonius) it is said, that Caesar, at his
coming out of Gallia brought such a quantity of Gold, that the
Proportion betwixt Gold and silver abated to seven and one half
of Silver to one of Gold: the abatement had not been credible, if
the Proportion of Pliny had been twenty for one, or fifteen for
one. But to come to later times, and to our Neighbours, which
have therefore a more near Relation to us, both in time and
place.
The proportion in France, in the time of King John, who was
contemporant with Edward the Third, was 11 for one: and in the
time of Charles the Fifth, who succeeded next to him, it was 11
and almost 12 for one. And ever since the Proportion has been
held between 11 and 12 for one. But by the edict of this French
Kind now reigning, December 1614, the mark of Gold fine is valued
at 27 l. 16 s. 7 d. the mark of Silver called Argent le Roy, is
valued at 14 s. 6 d. and almost one half penny. But adding a 24th
part to the two, to make it fine, which the Silver called Argent
le Roy doth want of fineness, the proportion will arise into 13,
wanting about a seventh part to one of Gold. In Germany about the
year 1610, the Proportion held 13 for one, sometimes a little
more, sometimes a little less; though antiently the Proportion
was eleven for one. The Proportion in Spain hath a long time
remained near about twelve for one. The Proportion in the United
Provinces, by the Placcard 1622 (which is yet in force) is about
12 and two thirds fine silver, to one of Gold. But before I come
to set the Proportions that have been held in this Kingdom of
England I shall first set down, How I do inquire and resolve of
the said Proportions, to the end I may satisfy such whose
Curiosity may carry them to examine the truth of the said
Proportions.
I do first examine by the Records of the several times, how
much the Gold, then coined in work, is valued at, then I do
examine what proportion of Allay is mixed in the said Gold coined
in work, and add to the same the said proportion of Allay, as if
it were fine Gold, and so make up a full pound of fine Gold; and
do just in the same manner, value the full pound of fine Silver
and then calculate what proportion is between the value of the
pound of fine Gold and the value of the pound of fine Silver. To
which examination, I cannot conceive what can be objected other
than this, That the remedies which are allowed, being different
in the Gold from the Silver, and different in themselves, in
different times, must needs breed an error in this Calculation.
But to that objection I answer,
and Abundance: And therefore the Proportion of value between Gold
and Silver must needs differ in several Times and Places,
according to the scarcity or abundance of those Mettals. There is
much Variety amongst Authors what Proportions Gold and Silver
held to one another amongst the Hebrews, not out of the
Difference of Times, but out of the Difference of
Interpretations; for Bodine doth alledge the same places to prove
the Proportion was twenty five for one, which other Authors do
alledge to prove it to have been 45 for one; and others 10 for
one. There is a Passage in Thalia, of Herodotus (sect. 95) by
which it appears, that Thirteen Talents of Silver were valued at
one of Gold in the Revenues of Darius. And there is an Opinion
received, That in the time of the flourishing of the Grecian
Common-wealths, those Mettals were in the Proportion of twelve to
one. It is also reported in Pliny, (without mentioning any
certain time) That antiently the Romans did value a scruple of
Gold at twenty Sestertii of Silver, which, if it were when the
Sestertii were at the greatest weight, made the Proportion of
twenty for one: and if it were when they were at their least
weight, it made the Proportion of fifteen for one. But there is a
clear Passage, in the 8th Book (sect. 11) of the 4th Decade of
Livy, of an Accord between the Romans and AEtolians, that the
AEtolians might pay, instead of every Talent of Gold, ten Talents
of Silver; and (in Suetonius) it is said, that Caesar, at his
coming out of Gallia brought such a quantity of Gold, that the
Proportion betwixt Gold and silver abated to seven and one half
of Silver to one of Gold: the abatement had not been credible, if
the Proportion of Pliny had been twenty for one, or fifteen for
one. But to come to later times, and to our Neighbours, which
have therefore a more near Relation to us, both in time and
place.
The proportion in France, in the time of King John, who was
contemporant with Edward the Third, was 11 for one: and in the
time of Charles the Fifth, who succeeded next to him, it was 11
and almost 12 for one. And ever since the Proportion has been
held between 11 and 12 for one. But by the edict of this French
Kind now reigning, December 1614, the mark of Gold fine is valued
at 27 l. 16 s. 7 d. the mark of Silver called Argent le Roy, is
valued at 14 s. 6 d. and almost one half penny. But adding a 24th
part to the two, to make it fine, which the Silver called Argent
le Roy doth want of fineness, the proportion will arise into 13,
wanting about a seventh part to one of Gold. In Germany about the
year 1610, the Proportion held 13 for one, sometimes a little
more, sometimes a little less; though antiently the Proportion
was eleven for one. The Proportion in Spain hath a long time
remained near about twelve for one. The Proportion in the United
Provinces, by the Placcard 1622 (which is yet in force) is about
12 and two thirds fine silver, to one of Gold. But before I come
to set the Proportions that have been held in this Kingdom of
England I shall first set down, How I do inquire and resolve of
the said Proportions, to the end I may satisfy such whose
Curiosity may carry them to examine the truth of the said
Proportions.
I do first examine by the Records of the several times, how
much the Gold, then coined in work, is valued at, then I do
examine what proportion of Allay is mixed in the said Gold coined
in work, and add to the same the said proportion of Allay, as if
it were fine Gold, and so make up a full pound of fine Gold; and
do just in the same manner, value the full pound of fine Silver
and then calculate what proportion is between the value of the
pound of fine Gold and the value of the pound of fine Silver. To
which examination, I cannot conceive what can be objected other
than this, That the remedies which are allowed, being different
in the Gold from the Silver, and different in themselves, in
different times, must needs breed an error in this Calculation.
But to that objection I answer,