Discussion of standards by which to gauge the value of gold coin (specifically pistoles)

Author: Isaac Newton

Source: MINT 19/2/142, 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
  - 24 August 2016
    - Transcribed by Will Scott
  - 23 September 2016
    - Will Scott finished transcription
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<142r>

To the R^t Hon^ble the Lords Comm^rss of his Maj^ties Treary.

May it please yo^r Lord^ps

In obedience to yo^r Lord^ps commands that we should give o^r opinion whether Pistoles ought to be valued in {illeg} {Marks}\England/ by comparing them with our \new coynd/ monies of due weight & fineness as we do Bullion or by comparing them with the current cash of the nation w^ch by wearing is grown lighter then standard we \have {are}\considered the matter &// humbly represent\represent/ \o^r opinion/ that the Par of Exchange between the monies of \two/ several nations is to be adjusted by considering\{considering}/ \considering/ the monies o{illeg}|f| both nations as {illeg}|Bu|llion witheld \& comparing them/ by the A weight & assay without any regard to the stamp of the monies or standard of either nation|.| b|B|ut in valuing the monies in the Markets of a single\one & the same/ nation (w^ch is the p^rsent case) the mon{illeg}|ey| of that nation w^ch have|ing| \there/ a currency by their\it/ stamp are\is/ not to be considered as bullion by|u||t| valued at what they were\it was/ coyned for altho by wearing they\it/ be grown lighter then standard,|.| because by their stamp they have a currency by their stamp. But And the monies of other nations w^ch have not \there/ a currency by their stamp are to be considered as bullion & valued only by their weight & fineness. And therefore Pistoles in {illeg}\therefore in y^e/ markets \of England/ are to be valued {sic}\considered/ as bullion \& valued/ {illeg}|by| comparing them with our own\English/ money of due weight & allay w^thout making any allowance \or abatement/ for y^e wearing of y^e current cash\lightness/ of y^e|o^r| coin by wearing.

In our last memorial we valued Pistoles \one w^th another/ at 17^{illeg}. 1^d or thereabouts. This value we gathered from their weight & fin assays finding them one w^th another to weigh 4^dwt 7 $\frac{1}{4}$ ^gr & to be worse then standard $\frac{1}{3}$ of a grain or thereabouts. But |[|These assays were \made in the Mint/ of old Pistoles made \by o^r Assaymasters/ some years ago,|]| but by many assays made |y^e| last week & this we find |[|that y^e Pistoles lately coyned are of coarser allay \than the old ones so as {sic}/ so as to be about \ $\frac{2}{3}$ or/ $\frac{3}{4}$ of a grain worse then standard. And this brings down the value of Pistoles to 17^s. {illeg}|&| $\frac{1}{3}$ of a penny or thereabouts one with another.\one with another./ Certainly they are not worth \less than/ 17^s. 1^d. & they are worth above\& more then/ 17^s|16^s|. 11^d $\frac{1}{2}$ If the \{a point}/ heaviest be culled out those may be worth 17^s 1^d $\frac{1}{2}$ but I reccon y^m one with another as they go in the market \by tale/ without culling, {illeg} for if the heaviest be culled out those may be worth 17^s 1^d $\frac{1}{2}$ a piece or 17^s 2^d a piece, & if the lightest be culled out those may \not/ be worth 16^s. {10}|11|^d.

All w^ch we offer to yo^r Lord^ps consideration w^th most humble submission to yo^r Lord^ps great wisdome.

<142v>

We have considered the matter & are humbly of represent that the question not being\being/ about y^e value of money |(|not in y^e exchange between \several/ nation|s| & nations but only|)| in y^e markets of England, \{whe}/ the French & Spanish pistoles {w^ch} having {illeg}\ng/ currency have by vertue of {sic} their stamp are to be considered only as more bullion & valued by their weight & assay according to o^r standard without making any allowance or abatement considering the wearing of o^r own money {w} For o^r own moneys has|ve| \here/ a currency by {illeg}|their| stamp {illeg}|th|o not of due weigh{t} & finenes but forreign moneys have only a currency of|n|ly {illeg}|th|eir intrinsic value

We find \more exactly/ that Pistoles \one w^th another are/ are worth we are\at least/ $\frac{1}{2}$ a grain worse then standard & weigh only 4^dwt 7^gr $\frac{1}{6}$ as nearly as we can determin. According to w^ch recconing they are one w^th another worth 17^s & $\frac{7}{15}$ parts of a penny