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To the Right Honourable the Earl of Oxford and Earl Mortimer, Lord High Treasurer of great Britain.

By the weight & assay of forreign coins formerly taken in the Mint, Mexico pieces of eight unworn one with another are worth 4s 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 of either Mexico or Sevill are worth two hundred thousand 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 with 4s 3d$\frac{51}{95}$ 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 with another. If pieces of eight be taken promiscuously at a par with 4s 3d$\frac{51}{95}$, nine hundre{d} thirty one thousand three hundred seventy & two pieces of eight will be worth two hundred thousand pounds.

All which &c

Is. Newton

[1]

[1] Mint office,
June 10 1711