195)

Author: Isaac Newton

Source: MINT 19/2/202, 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
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  - 23 March 2017
    - Transcribed by Will Scott
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<202r>

Sir Lambert Blackwell & I are of opinion that eight or nine hundred thousand Mexico or Sevil Dollars may be received at Port Mahon by tale And that interest may be allowed at the rate of five dollars per cent per annum to be paid half yearly, & the principal repaid by tale in the like dollars at the end of two years. For Mexico dollars are pretty equal in their weight, being one with another 17^{wt} & 10 or 12^gr, as they come from Mexico. But in default of such Dollars we are not yet agreed how the payment of the surplus shall be made up in other moneys or Bullion.

If the payment may be made in the standard weight of the silver received, then the whole weight of the Dollars received at Port Mahon must be taken by persons deputed on both sides, & the weight of the Dollars paid must be deducted & the residue must be reduced to standard, recconing Mexico Dollars to be 11^oz 1^{dw^t} fine: And the standard weight must be repaid in bullion at Genoa, & this would be most for her Majestys advantage. But considering the charge of coinage to turn bullion into current Money & considering also that Mexico & Sevil Dollars may be worth more to the Merchant at Genoa then bullion of the same standard weight, it is doubted whether the Geouise will take less bullion then what may be there of equal value to the Merchant

Vpon the annexed proposal shewed me by Sir L. Blackwel, by your Lordships order for setling the value of Mexico Dollars to be received at Port Mahon: I humbly represent that those Dollars are 11^oz 1^dwt fine & weigh 17 $\frac{1}{2}$ ^dwt one with another when fresh out of the mint, & are then worth 4^s 6^d a piece & if a grain or two be abated for wearing they will be worth about 4^s 5^d $\frac{5}{6}$ : a piece{.} And in this valuation Sir Lambard agrees with me: for he tells me that 1000 Dollars of this sort are found by merchants to weight 872 ounces Troy within an ounce or two over or under: & at this rate a Dollar weighs 17^{dw^t} 10^gr $\frac{1}{2}$ at a medium.

Sevil Dollars old Plate were formerly worth 4^s 6^d a piece fresh out of the Mint but are now much diminished by wearing, & Sevil Dollars new Plate are of a lighter species being worth but 3^s 7^d or 3^s 7 $\frac{1}{4}$ ^d a piece. The Pillar pieces of $\frac{8}{8}$ are finer but more worn then the Mexico, & but few in number, the Peru pieces are coarsest & most worn & diminished.

After the Mexico Dollars are told out of the baggs they may be weighed by a thousand at a draught for ascertaining this value more exactly, & an account may be taken of them by persons deputed on both sides & weights by which they are weighed may be compared exactly with out weights Troy by the same persons.

If an eaven number of Dollars suppose eight or nine hundred thousand be borrowed: the interest at 5 per cent may be recconed also in dolla{rs} & both interest & principal paid either in Dollars or in bullion at such a rate as shall be agreed upon.