A Discourse of Coin and Coinage [6]
that the remedies do make so
small a difference that it is not considerable; and besides it
were impossible to consider the remedies in this
Calculation,because they are casual in the work and are supposed
to fall out sometimes as well beyond the just standard as
deficient: And from all Antiquity it is provided in the
Indentures, that the remedies shall be allowed, if the defects
appear to be casual and not voluntary. The Truth is, that they
were an invention by which the Masters of the Mint made their
advantage under colour of Contingency of the work, which appears
to have bin first apprehended by King Henry the VII who in the
first year of his reign made the Masters of the Mint accountable
to himself for so much of the remedie as was found deficient from
the standard. The first clear record that I can find for the
values of our Moneys, is in the eighteenth year of Edward III and
then a full pound of fine silver was valued at 11 l. of fine
Silver, and eight pence over: From that time to the 25th of
Edward III there was some variety in the Money, but not worth the
mention. But in the 25th a full pound of fine Gold was valued at
11 l. of fine Silver, and 3s. 2d. over; and so it remained all
Edward III time, and all Richard II time, and until the 13 of
Henry IV; at which time both Gold and Silver were raised by
advice in Parliament, upon complaint that by reason of the low
prices of Gold and Silver, the Money of the Realm was exhausted.
And by that Ordinance a pound of fine Gold was valued at ten
pounds of fine Silver and almost one half, and so it remained all
his time, and all Henry V time and until the 49 of Henry VI time,
and then the Gold and Silver was again raised, and a pound of
Gold fine was valued at 11 l. of the fine Silver and 6s. over. In
the fourth of Edward IV the Gold was abased in value, and the
Silver left at the same price; by which means a pound of fine
Gold was valued at ten pound of fine Silver, and 6s 7d. over. But
in the 8 of Edward IV the Gold was again raised to the former
price, as it was in the 49 of Hen. VI and so the proportion
remained just the same both all Edward IV time and Henry VII
time, and the beginning of Henry VIII time. In 18 of Henry VIII
there were Letters Patent granted to the Cardinal of York and to
such of the King's Council, as he should call unto him,
authorizing them to give such Directions, as they should think
meet, for the alteration both of the standard and values of the
Kings Moneys, and a Commission was accordingly issued to the
Officers of the Mint to pursue the said Directions; the Colour
whereof was, That the Moneys of the Realm were transported
secretly by reason of the excessive raising of Moneys in France,
and in the Low Countries, and that the King, having sent unto
other Princes, could obtain no redress for the raising of their
Coyns: Upon this Commission did arise great confusions in the
prices and standards of the Moneys; which, with certainly I
cannot trace any further, because the matter passing by private
direction, there are no publick Records extant of them. In the
third of Edward VI a Commision was granted to coin Gold at 22
Carrats fine, of the value of 34 l. the pound: and Silver of 8
ounces fine, of the value of 4 l. 16s. the Pound whereby a pound
of Gold fine was valued at 37 l. and almost 2s. and a pound of
Silver fine was valued at 7 l. 4s. and by that rate, a pound of
fine Gold was as five pound of fine Silver and 22s. over: which
could not so fall out but through the excessive gain which the
King did make upon the Silver more than on the Gold: and it seems
that the proportion was much other between the Merchants in
Bullion, for neer about the same time the King gave Commission to
buy Gold and the Mint of 24 Carrats fine, at 58s. the ounce; and
Silver of 12 ounces fine 5s. 4d. which is almost jj for one.
These confusions did still remain all Kind Edward and Queen
Maries Reigns, but in 14 of Queen Elizabeth the antient sterling
standard both of Gold and Silver was renewed, and a pound
small a difference that it is not considerable; and besides it
were impossible to consider the remedies in this
Calculation,because they are casual in the work and are supposed
to fall out sometimes as well beyond the just standard as
deficient: And from all Antiquity it is provided in the
Indentures, that the remedies shall be allowed, if the defects
appear to be casual and not voluntary. The Truth is, that they
were an invention by which the Masters of the Mint made their
advantage under colour of Contingency of the work, which appears
to have bin first apprehended by King Henry the VII who in the
first year of his reign made the Masters of the Mint accountable
to himself for so much of the remedie as was found deficient from
the standard. The first clear record that I can find for the
values of our Moneys, is in the eighteenth year of Edward III and
then a full pound of fine silver was valued at 11 l. of fine
Silver, and eight pence over: From that time to the 25th of
Edward III there was some variety in the Money, but not worth the
mention. But in the 25th a full pound of fine Gold was valued at
11 l. of fine Silver, and 3s. 2d. over; and so it remained all
Edward III time, and all Richard II time, and until the 13 of
Henry IV; at which time both Gold and Silver were raised by
advice in Parliament, upon complaint that by reason of the low
prices of Gold and Silver, the Money of the Realm was exhausted.
And by that Ordinance a pound of fine Gold was valued at ten
pounds of fine Silver and almost one half, and so it remained all
his time, and all Henry V time and until the 49 of Henry VI time,
and then the Gold and Silver was again raised, and a pound of
Gold fine was valued at 11 l. of the fine Silver and 6s. over. In
the fourth of Edward IV the Gold was abased in value, and the
Silver left at the same price; by which means a pound of fine
Gold was valued at ten pound of fine Silver, and 6s 7d. over. But
in the 8 of Edward IV the Gold was again raised to the former
price, as it was in the 49 of Hen. VI and so the proportion
remained just the same both all Edward IV time and Henry VII
time, and the beginning of Henry VIII time. In 18 of Henry VIII
there were Letters Patent granted to the Cardinal of York and to
such of the King's Council, as he should call unto him,
authorizing them to give such Directions, as they should think
meet, for the alteration both of the standard and values of the
Kings Moneys, and a Commission was accordingly issued to the
Officers of the Mint to pursue the said Directions; the Colour
whereof was, That the Moneys of the Realm were transported
secretly by reason of the excessive raising of Moneys in France,
and in the Low Countries, and that the King, having sent unto
other Princes, could obtain no redress for the raising of their
Coyns: Upon this Commission did arise great confusions in the
prices and standards of the Moneys; which, with certainly I
cannot trace any further, because the matter passing by private
direction, there are no publick Records extant of them. In the
third of Edward VI a Commision was granted to coin Gold at 22
Carrats fine, of the value of 34 l. the pound: and Silver of 8
ounces fine, of the value of 4 l. 16s. the Pound whereby a pound
of Gold fine was valued at 37 l. and almost 2s. and a pound of
Silver fine was valued at 7 l. 4s. and by that rate, a pound of
fine Gold was as five pound of fine Silver and 22s. over: which
could not so fall out but through the excessive gain which the
King did make upon the Silver more than on the Gold: and it seems
that the proportion was much other between the Merchants in
Bullion, for neer about the same time the King gave Commission to
buy Gold and the Mint of 24 Carrats fine, at 58s. the ounce; and
Silver of 12 ounces fine 5s. 4d. which is almost jj for one.
These confusions did still remain all Kind Edward and Queen
Maries Reigns, but in 14 of Queen Elizabeth the antient sterling
standard both of Gold and Silver was renewed, and a pound