'An Account of the Scotch money'

Author: Isaac Newton

Source: MINT 19/3/2-3, National Archives, Kew, Richmond, Surrey, UK

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- Revision History
  - 1 January 2001
    - Catalogue information compiled by Rob Iliffe, Peter Spargo & John Young
  - 29 September 2011
    - Catalogue exported to teiHeader by Michael Hawkins
  - 16 March 2017
    - Transcribed by Will Scott
  - 6 June 2017
    - Minor amendment made by Will Scott
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<2r>

An Account of the Scotch money.

The Scots ever since a treaty between them and the English in order to a union in the reign of King James the 1^st have coyned their silver monies of the same standard with the English, viz^t 11 ounces 2 penny weight fine & eighteen penny weight allay. For which end they have indented trial pieces sent from hence of the same plate with those made for the English Mint. The standard Troy weights by which they coyne are also made at our Mint at the same time with ours by common consent of both Mints and our pound Troy is greater then theirs by four penny weight and nine grains of ours. And as we divide our ounce Troy into 62 pence so they divide their ounce Troy into 62 shillings (for their shillings in this recconing answer to our pence) excepting that in consideration of the charge of coynage and to prevent the melting down of their money, they make their money lighter by four shillings in sixty (as I am informed:) so that 60 shillings of their money are to their ounce Troy as 56 to 62 or 28 to 31 and by consequence ought to weigh 425 $\frac{20}{31}$ grains (or 17^dwt 17 $\frac{20}{31}$ ^gr) of our pound Troy (as I find by triall they do) & to be worth 55 English pence wanting the 48^th part of a penny. The experiments we have made of the weight & fineness of their money are as follows.

Pieces coyned	Date	Kings reign	Fineness	Weight		Value
				_s	_gr	_s	_d
A two-Mark piece	1673	Cha: II	Worse vij^dwt	175		1.	9 $\frac{7}{8}$
A Mark piece	✱	Cha: II	Worse vij	86		0.	10 $\frac{3}{4}$
Another Roettiers	1675	Cha: II	Worse ij	102		1.
A half Mark piece	1665	Cha: II	Worse iij* ob*	42		0.	5 $\frac{1}{4}$
A three pound piece	1681	Cha II	Worse iiij	416		4.	4 $\frac{3}{4}$
Another pound piece	1682	Cha II	Worse iij	425		4.	6 $\frac{1}{6}$
Another pound piece	1691	W^m & Ma.	standard	425		4.	6 $\frac{9}{10}$
A forty shillings piece	1687	Iac. II	not assayed	284		✱	✱
Another forty shillings piece	1688	Iac II	standard	283		3.	0 $\frac{1}{2}$
Another forty shillings piece	1689	W^m & Ma	standard	284		3.	0 $\frac{2}{3}$
Another forty shillings piece	1694	W^m & Ma	standard	284		3.	0 $\frac{2}{3}$
Another forty shillings piece	1695	W^m	standard scant	284		3.	0 $\frac{2}{3}$
Another forty shillings piece	1695	W^m	Worse iij	283		3.	0

<2v>

Another forty shillings piece	Gul	1669	standard	284	3.	0 $\frac{2}{3}$
Another forty shillings piece	Gul	1696	worse ij	283	3.	0 $\frac{1}{6}$
A twenty shillings piece	Gul	1695	standard	142	1.	6 $\frac{1}{3}$
Another twenty shillings piece	Gul	1695	standard	142	1.	6 $\frac{1}{3}$
Another twenty shillings piece	Gul	1696	standard scant	142	1.	6 $\frac{1}{3}$
A ten shillings piece	Iac. II	1687	standard	71	0.	9 $\frac{1}{6}$
Another ten shillings piece	Iac. II	✱	standard	71	0.	9 $\frac{1}{6}$
Another ten shillings piece	Gul	1695	not assayd	71	✱.	✱
Another ten shillings piece	Gul	1695	standard	71	0.	9 $\frac{1}{6}$
Another ten shillings piece	Gul	1695	standard	68	0.	8 $\frac{3}{4}$
A five shillings piece	Gul	✱	worse 1^dwt	35	0.	4 $\frac{1}{2}$

The two Mark the Mark and the half Mark pieces coyned before the year 1675 are bad work & considerably coarser then standard: for which reason they were called in neare the end of that reign and are no longer current.

The sixty, forty twenty ten & five shillings-pieces coyned since are better money & make up the bulk of the money which now (viz anno 1697) comes out of Scotland. Those coyned in the reigns of King James & King William are well sized. Most of their money here examined is standard none too fine some too coarse so that one piece with another it may be recconed above an half penny weight worse then standard.

The Scots now pay their shillings for our pence in the borders of Scotland & putt off our crown pieces for 65 & sometimes 66 of their shillings in Scotland (as I am credibly informed:) which being an advantage of 8 or 10 per cent has filled the borders of England with their money and Scotland with ours. And the carrying on of this trade hath or might have in time prompted them to melt down our money & carry it to their Mint had not our enquiry into this matter now put an end to it by the Lords of the Treasury ordering the Receivers to refuse their money.

If the Scotch money were all coyned of a just weight & Allay 11^s 9^d of such money would be worth 10^d $\frac{3}{4}$ of ours. But considering that some pieces of their money are too light & others too course & that their money is more easily counterfeiters then ours, we may receive their 10^s pieces for nine pences & their 5^s pieces for four pence halfpennies & their Mark & half mark pieces (when ever they shall coyne any more) for shillings & six pences, and <3r> so proportionally of their other pieces of money. For these are round recconings fit for use and approach the true value of their money most nearly.