A Discourse of Coin and Coinage [8]
much greater, if it be not prevented.
But first to shew the Antiquity of the practice of raising of
Monies we will begin with the Romans. The As, which was
originally coyned of a pound weight, was, during the first Punick
War for help of publick necessities, brought to 2 ounces, and all
the lesser parts of the As, as ounces and others, were abated in
proportion. During the Dictatorship of Fabius Maximus the As was
brought to one ounce weight, and yet reduced again by Papirius to
half an ounce. The Denarii of Silver were at first current for
ten As, and the Sestertii, which were quarters of the Denarii,
for two and a half as. But when the weight of the as was
diminished to one ounce the denarius was made worth sixteen as,
and the sestertius worth four as. They did likewise make sundry
abasements (by means) of the Allay, whereof that of Livius Drusus
was excessive, mixing an 8th part of Copper. And hereby the
confusions grew so great, that Tullie in a passage of his Offices
saith, Jactobatur enim Temporibus illis Nummus, sic ut nemo
posset scire quid haberet (in pecunia); where upon Marius
Gratidianus, who being Triumvir monetae cudendae, brought in an
exact Ordinance for the regulating of this Money, had Statues
erected to him by the people. The first gold pieces were coined
of 40 pieces in the pound, and in the time of Justinian, the same
pieces, called Solidi aurei were 72 in the pound. After the great
inundations of the Barbarous people into the Roman Empire, the
Confusions in this subject of Money grew incredible.
Charles the Great, in whose time the Monarchy of the Francks
grew to the Height, made a new Reglement of Moneys, which is the
same that continues to this day in France, and is the same which
we do now practice in England, for the division of Moneys, though
for the Values of them the difference is grown exceeding great:
For he renewed again the Account by Livres or Pounds, and divided
the Pounds into twenty Solidi, which in France they call Sols,
and we Shillings; the solidus again into 12 Denarii, which in
France they call Deniers, and we pence. But the values are grown
so different as every of our Shillings, our Pounds, our Pence are
valued at ten of theirs: and yet in intrinsical value are more.
Many do hold that by the Institution of Charles the Great, twenty
Sols contained in them a Pound of silver. but it is authentically
to be proved, both by unquestionable Records, and by Pieces
themselves, of which I have some extant, that many hundred of
years after, in the time of St. Lewis, who was contemporary with
our Henry the Third, that the Sols then contained in intrinsical
value near six Sols of this present King, so much hath the Money
since that time been raised in price, and abased in substance,
which is the same. In the Reign of Philip the Second, in the year
1181, the French Mark of fine Gold, which makes almost 8 ounces
of our Pound, was valued in the Moneys then at 44 livres, and the
Mark of the King's Silver was valued at 2 livres, 13 sols, and 4
deniers. And by the Edict of this present King, in the year 1614,
the Mark of the same Gold was valued at 278 Livres, 6 Sols, 6
Deniers. And the Mark of the same silver was valued at 20 livres,
5 Sols; so that in this time, the Gold hath been raised to six
times, and almost the third part of the price which then it did
bear; and the Silver hath been raised much above seven times the
value which then it did bear.
I will not trouble the Reader to set down by what degrees
this Price has grown to so great an height which have been very
various, the Price having been sometimes excessively raised and
sometimes sudainly reduced back again by the French Kings, and
most commonly to make a Levy of Monies upon the People, which
hath bred infinite Confusions, and sometimes Rebellions in that
Kingdom.
But I will now come to the Kingdom of England, where the
raising of the Price hath been with a more constant hand, and,
almost alwayes, out of a kind of Necessity to follow the raising
of other
But first to shew the Antiquity of the practice of raising of
Monies we will begin with the Romans. The As, which was
originally coyned of a pound weight, was, during the first Punick
War for help of publick necessities, brought to 2 ounces, and all
the lesser parts of the As, as ounces and others, were abated in
proportion. During the Dictatorship of Fabius Maximus the As was
brought to one ounce weight, and yet reduced again by Papirius to
half an ounce. The Denarii of Silver were at first current for
ten As, and the Sestertii, which were quarters of the Denarii,
for two and a half as. But when the weight of the as was
diminished to one ounce the denarius was made worth sixteen as,
and the sestertius worth four as. They did likewise make sundry
abasements (by means) of the Allay, whereof that of Livius Drusus
was excessive, mixing an 8th part of Copper. And hereby the
confusions grew so great, that Tullie in a passage of his Offices
saith, Jactobatur enim Temporibus illis Nummus, sic ut nemo
posset scire quid haberet (in pecunia); where upon Marius
Gratidianus, who being Triumvir monetae cudendae, brought in an
exact Ordinance for the regulating of this Money, had Statues
erected to him by the people. The first gold pieces were coined
of 40 pieces in the pound, and in the time of Justinian, the same
pieces, called Solidi aurei were 72 in the pound. After the great
inundations of the Barbarous people into the Roman Empire, the
Confusions in this subject of Money grew incredible.
Charles the Great, in whose time the Monarchy of the Francks
grew to the Height, made a new Reglement of Moneys, which is the
same that continues to this day in France, and is the same which
we do now practice in England, for the division of Moneys, though
for the Values of them the difference is grown exceeding great:
For he renewed again the Account by Livres or Pounds, and divided
the Pounds into twenty Solidi, which in France they call Sols,
and we Shillings; the solidus again into 12 Denarii, which in
France they call Deniers, and we pence. But the values are grown
so different as every of our Shillings, our Pounds, our Pence are
valued at ten of theirs: and yet in intrinsical value are more.
Many do hold that by the Institution of Charles the Great, twenty
Sols contained in them a Pound of silver. but it is authentically
to be proved, both by unquestionable Records, and by Pieces
themselves, of which I have some extant, that many hundred of
years after, in the time of St. Lewis, who was contemporary with
our Henry the Third, that the Sols then contained in intrinsical
value near six Sols of this present King, so much hath the Money
since that time been raised in price, and abased in substance,
which is the same. In the Reign of Philip the Second, in the year
1181, the French Mark of fine Gold, which makes almost 8 ounces
of our Pound, was valued in the Moneys then at 44 livres, and the
Mark of the King's Silver was valued at 2 livres, 13 sols, and 4
deniers. And by the Edict of this present King, in the year 1614,
the Mark of the same Gold was valued at 278 Livres, 6 Sols, 6
Deniers. And the Mark of the same silver was valued at 20 livres,
5 Sols; so that in this time, the Gold hath been raised to six
times, and almost the third part of the price which then it did
bear; and the Silver hath been raised much above seven times the
value which then it did bear.
I will not trouble the Reader to set down by what degrees
this Price has grown to so great an height which have been very
various, the Price having been sometimes excessively raised and
sometimes sudainly reduced back again by the French Kings, and
most commonly to make a Levy of Monies upon the People, which
hath bred infinite Confusions, and sometimes Rebellions in that
Kingdom.
But I will now come to the Kingdom of England, where the
raising of the Price hath been with a more constant hand, and,
almost alwayes, out of a kind of Necessity to follow the raising
of other