'Of Spanish Money'

Author: Isaac Newton

Source: MINT 19/2/197, National Archives, Kew, Richmond, Surrey, UK

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  - 1 January 2001
    - Catalogue information compiled by Rob Iliffe, Peter Spargo & John Young
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    - Transcribed by Will Scott
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<197r>

Of Spanish Money.

The gold monies of Spain are the double Dobleon or four Pistole piece with sixteeen Reales, the Dobleon worth 8 Reales, the single Pistole worth four Realis, the Ecus de Mare or Crown de Mare worth 2 Reales or 16 Reaus or 544 Maravadis. The silver pieces are the Reale, Piastre or Piece of 8 worth 1 Reale or 8 Reaus of old Plate & 10 of new. For since the year 1686 their monies have been raised 25 per cent, or in the proportion of 4 to 5. The half & quarter pieces of eight called in Ireland half & quarter cobbs worth 4 & 2 Reaus of old plate & 5 & 2 $\frac{1}{2}$ . The Reaule of plate or silver worth 34 Maravadies. The Maravadi is a little piece of copper money. Their Pistoles & Pieces of $\frac{8}{8}$ are of the same weight fineness & value with the French Lewidors & Ecus. The Pistoles are accounted $\frac{1}{4}$ ^legr wors their pieces of $\frac{8}{8}$ of Sevil $\frac{1}{2}$ ^{dw^t} worse, those of Mexico 1 $\frac{1}{2}$ ^{dw^t} worse those of Peru 12^{dw^t} worse, the Pillar pieces of $\frac{8}{8}$ are $\frac{1}{2}$ ^dwt better. Their Ducat is not a real coyne but an imaginary one being a name put for 11 Reaus 374 Maravadis in merchandizing or 11 Reaus & 1 Maravadi or 375 Maravadis in Bills of exchange. For exchanges are often made by the Ducat. The silver money above mentioned they call money of plate. This is reale effective & invariable. They have another sort of money called money of Billion which is partly reale of silver & copper mint) & partly imaginary & this money is half the value of the money of Plate, but variable in value. In this money there are no Reales nor Reaus in specie but only quarter & half quarter of Reaus.

One Sevill piece dated 1691 weight 13^dwt 21^gr. Another dated 1700 weight 14^dwt 00^gr By the assay both were found standard. They seem to be four fifts of the old Piasters & to be coyned for eight Reaus after the Piastres were raised to tenn & to be worth about 3^s. 7 $\frac{1}{4}$ ^d.

Pieces of eight should weigh 17 $\frac{1}{2}$ ^{dw^t} & 1000 pieces of eight should weigh 875 ounces or 72^℔ 11 ounces Troy, but Merchants find that those which come from the West Indies fresh out of the Mint (the Mexico & Pillar pieces usually weigh but 872 ounces or 72^℔ 8 ounces Tory the thousand & sometimes but 72^℔ 5^oz, especially if there be many pillar pieces mixt with the Mexico. For the Pillar pieces are scarce so heavy as the Mexico & some of them are a little worn: whereas the Mexico come all of the{m} fresh out of the mint. The merchants sort them & send the lighter pieces to the sea coasts of France & other places where they pass as money the 8 grain pieces to barbary; the four grain pieces to Turkey & the pillar pieces to England for the melting pot. Whence the pillar pieces in London equal or exceed the Mexico pieces in number.