To the Rt Honble the Earl of Oxford and Earl Mortimer, Lord High Treasurer of great Britain.

May it please yor Lordp

By the weight & assay of forreig{h}|n| coins formerly taken in the Mint, Mexico pieces of eight \unworn/ one wth another are worth {illeg}|4|s 6d sterling in intrinsic value, & Sevil pieces of eight (old plate) are of the same intrinsic value with those of Mexico. And according to this value eight hundred eighty eight thousand eight hundred & eighty nine pieces of eight {illeg}|of| e{illeg}|it|her Mexico or {P}|S|e{ru}|vi||ll| are worth two hundred thound pounds & six pence.

In this recconing I have made no allowance for the wearing of the money. Exchangers reccon pieces of eight at a par wth 4s 3d5195 without distinguishing between the several sorts of them. For the pieces of Peru are coarse & Refiners reccon them scarce worth 4s 3d a piece one wth another. If pieces of eight be taken promiscuously at a par with 4s {2}|3|d5195, nine hundre{{illeg}|d|} thirty one thousand three hundred |s| {sic}fifty & three\seventy & two/ pieces of eight will be worth two hundred thousand pounds.

All wch &c

Is. Newton


[1] Mint office,
June 10 1711

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