Memorandum on Spanish, Portuguese, Dutch and Imperial denominations and on the new French louis d'or of May 1709

Author: Isaac Newton

Source: MINT 19/2/6, National Archives, Kew, Richmond, Surrey, UK

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<6r>

Observations upon the valuation of Gold and Silver in proportion to one another.

A Spanish Pistole coyned for 32 Reaus or four piece of eight & is the sixteenth part of the weight thereof & of like allay.

A Doppia Moeda or Moyder of Portugal was coyned for 4000 Res or ten Crusados, & is the sixteenth part of the weight thereof & of like allay.

Gold is therefore by the standards of Spain & Portugal, of sixteen times more value then silver of like allay & equal weight. And at this rate a Guinea is worth so much fine silver as is conteined in 22^s 1^d of English money of just weight and allay. Now this high value carries away the silver from Spain as fast as it comes from the west Indies, & the scarcity of silver in that kingdom (& I think also in Portugal) puts them upon making their payments at home in Gold & refusing to pay in silver without a premium of six per cent. At w^ch rate a Guinea is worth 20^s. 9^d.

In France by the Edict of May 1709 a new Lewid'or was coyned for 20 Livres or four new Lewises of silver & is of like the fifteenth part of the weight thereof & of equal allay. And by the same Edict fine God|l|d is valued at fifteen times its weight of fine silver. At which rate a guinea is worth 20^s 8^d $\frac{1}{2}$ in silver

In Holland the Ducat is|of| Holland & that of the Empire is current at 5 Guilders & 5 stivers, that is, at so much fine silver as is conteined in 9^s 1 $\frac{1}{4}$ ^d English. At w^ch rate a Guinea is worth 20^s 7 $\frac{1}{2}$ ^d.

At Hannover the Ducat is valued at two old Rix Dollers or four Guilders, that is, at 9^s 1^d English. And Gold bears much the same proportion to silver in Italy as in Germany.

In England therefore that Gold & Silver may have the same proportion to one another as in the neighbouring parts of Europe, a Guinea should be va{illeg}|lu|ed at \{illeg}|t|wenty shillings & 7^d & 8^d or at the most, one pound weight of fine gold should be/ /valued at\ fifteen pounds weight of fine silver|,| in England whereas one pound weight of fine silver Gold should be\is at present/ valued at fifteen pounds weight of {illeg} six ounces seventeen penny weight & five grains of fine silver, which is almost four per cent {illeg}|too| high.

^[1]

^[1] Mint Office
Apr 29. 1714