A Discourse of Coin and Coinage [7]
of Gold
fine valued at 11 l. of fine Silver, and 7s. 10d. over: In the
24th of Elizabeth the standard of Gold was abased one quarter of
a grain, and of Silver one pennyweight, but the proportion
between two metals near upon the same point: And although in
these times the Crown Gold was coined upon another standard, yet
the proportion in the Intrinsical value was kept the same. In
secundo Jacobi, the proportion was 12 for one; but every 20s.
being afterwards by Proclamation raised to 22s; one pound of fine
Gold of 24 carrats, is valued at 13 l. of fine Silver of 12
ounces fine and one fifth over.
And these are the Antient and Modern proportions of Gold and
Silver to one another in price, as punctually and authentically
as by diligent search I could gather them. There is yet another
proportion between mettals, which is not unnecessary to our
purpose to be understood, which although I have not by mine own
trial examined, yet having taken it from good Authors, I will not
omit; and that is a natural and a constant proportion which
mettals do hold differently to one another in weight in the same
value and superficies: which is, that Gold weighs 48 parts, Quick
Silver 27 parts, Silver 24 parts, Lead 22 parts, Tinn, Iron,
Coper, 15 parts; which different proportion of weight was the
ground of that condition of Archymedes whereby he found out how
much Silver the workmen of Hiero put into his Crown of Gold; and
which is likewise the ground of many other subtil Conclusions,
which have bin found out for the deprehension of mettals, and
other mechanical works; and by this proportion those of China do
examine the fineness of the Gold which is current amongst them,
who by constant Relation, being said to be most subtile and exact
in mechanical trials of mettals, have not the Gold which is
current amongst them coined, but reduced into powder, which they
do pass to one another in their commerce by weight, and do easily
deprehend if there be mixture of Allay amongst it by measuring
the powder, and then tempering the weight and measure together.
Chapter 5
Of the raising of the price of Money both of Silver and Gold
It is to be understood that there are three ways of raising
the price of Moneys either Gold or Silver: The first is without
alteration of the Species of the Money, by encreasing the value
of it, by giving more parts to it than originally it had, as by
ordaining an Angel or a Soveraign to be valued at eleven
shillings, which was coined for ten, or a shilling to be valued
at fourteen pence. The second way is by diminishing the matter,
but leaving the same name and value to the Money which it had
before, as if Shillings or Angels, or Soveraigns were coined by
the same name and value as before, but were diminished so many
grains in weight: or, if new names were given to them and the
same value retained, but the weight diminished; for in this case,
there being really less Gold and Silver in weight in the piece
than there was before and the value remaining the same, the
Silver and Gold which remains hath a higher price set upon it.
The third is when the value remaining the same of the species of
Money, and the weight of the same, the fineness is abased by
putting more Allay into it, for then there is really less Gold
and Silver in fineness.
There are two causes of the raising of Money: the first and
most antient cause of raising Money, was a gain which the state
made of it in their Necessities, which hath not often been
practised in this Kingdom. But the second and most frequent cause
hath been, an Art which States have used to rob one another of
their Money, by setting on higher prices upon it; so that some
States being induced, by an unjust device, to draw to themselves
the Money of their Neighbours, and others by a necessity to keep
their own. All these parts of the world, for some few hundred of
years, have done nothing but vye one upon another who shall raise
their Money highest, which hath brought great Confusion in all
States; and doth threaten
fine valued at 11 l. of fine Silver, and 7s. 10d. over: In the
24th of Elizabeth the standard of Gold was abased one quarter of
a grain, and of Silver one pennyweight, but the proportion
between two metals near upon the same point: And although in
these times the Crown Gold was coined upon another standard, yet
the proportion in the Intrinsical value was kept the same. In
secundo Jacobi, the proportion was 12 for one; but every 20s.
being afterwards by Proclamation raised to 22s; one pound of fine
Gold of 24 carrats, is valued at 13 l. of fine Silver of 12
ounces fine and one fifth over.
And these are the Antient and Modern proportions of Gold and
Silver to one another in price, as punctually and authentically
as by diligent search I could gather them. There is yet another
proportion between mettals, which is not unnecessary to our
purpose to be understood, which although I have not by mine own
trial examined, yet having taken it from good Authors, I will not
omit; and that is a natural and a constant proportion which
mettals do hold differently to one another in weight in the same
value and superficies: which is, that Gold weighs 48 parts, Quick
Silver 27 parts, Silver 24 parts, Lead 22 parts, Tinn, Iron,
Coper, 15 parts; which different proportion of weight was the
ground of that condition of Archymedes whereby he found out how
much Silver the workmen of Hiero put into his Crown of Gold; and
which is likewise the ground of many other subtil Conclusions,
which have bin found out for the deprehension of mettals, and
other mechanical works; and by this proportion those of China do
examine the fineness of the Gold which is current amongst them,
who by constant Relation, being said to be most subtile and exact
in mechanical trials of mettals, have not the Gold which is
current amongst them coined, but reduced into powder, which they
do pass to one another in their commerce by weight, and do easily
deprehend if there be mixture of Allay amongst it by measuring
the powder, and then tempering the weight and measure together.
Chapter 5
Of the raising of the price of Money both of Silver and Gold
It is to be understood that there are three ways of raising
the price of Moneys either Gold or Silver: The first is without
alteration of the Species of the Money, by encreasing the value
of it, by giving more parts to it than originally it had, as by
ordaining an Angel or a Soveraign to be valued at eleven
shillings, which was coined for ten, or a shilling to be valued
at fourteen pence. The second way is by diminishing the matter,
but leaving the same name and value to the Money which it had
before, as if Shillings or Angels, or Soveraigns were coined by
the same name and value as before, but were diminished so many
grains in weight: or, if new names were given to them and the
same value retained, but the weight diminished; for in this case,
there being really less Gold and Silver in weight in the piece
than there was before and the value remaining the same, the
Silver and Gold which remains hath a higher price set upon it.
The third is when the value remaining the same of the species of
Money, and the weight of the same, the fineness is abased by
putting more Allay into it, for then there is really less Gold
and Silver in fineness.
There are two causes of the raising of Money: the first and
most antient cause of raising Money, was a gain which the state
made of it in their Necessities, which hath not often been
practised in this Kingdom. But the second and most frequent cause
hath been, an Art which States have used to rob one another of
their Money, by setting on higher prices upon it; so that some
States being induced, by an unjust device, to draw to themselves
the Money of their Neighbours, and others by a necessity to keep
their own. All these parts of the world, for some few hundred of
years, have done nothing but vye one upon another who shall raise
their Money highest, which hath brought great Confusion in all
States; and doth threaten