Holograph draft memorandum on the value of the dollars after recoining

<199r>

^{[Editorial Note 1]}{illeg}\/ be worth 4^s 6^d a piece one w^th another {illeg} worth so much by one thid per cent.

{illeg}re recconed\{illeg} one with another/ 11 ounces one penny weight fine {illeg}ces of K. Charles are one with another {illeg}.

\{illeg}nd by{illeg}/ A pound weight {illeg}er weight of Mexico pieces of eight are one {p}er cent better in value then the same weight of two Ryal pieces of K. Charles.

A pound weight Tory of two Ryall pieces are\or any other weight/ of English money is to a in value a pound weight of two Ryall pies as 64 to 63.

A pound weight Troy of two Ryal pieces is wot|r|th 3^£. 1^s. 0^d$\frac{1}{2}$$\frac{1}{8}$ English &

A two Ryal piece is a quarter of a piece of eight. But\But/ The Spaniards {want} 25 years raised the value of their coin in the proportion of fou of four {to} five {&} therefore a two Ryal piece new plate is a fift p a fift part {of} a {illeg} piece of 8 old plate. And after this recconin rate 800000\Mexico/ pieces of 8 should produce five times that number of two Ryal pieces new plate that is 4000000 pie two Ryal pieces{illeg} of equal fineness.

But the two Ryal pieces \of K. C./ are in fineness one per cent wors the the the {sic} Mexico pieces & therefore the 800000 Mexico pieces of eight eight of just weight \of just weight/ should produce 4040000 two Ryal pieces supposing that of just weight supposing the pieces of 8 one w^th another to be five times heavier then the two Ryal pieces.

If the two Ryal pieces of K. C. one with another weigh 3^dwt 9^gr (as those four d{illeg}d w^ch I have examined) & the Mexico pieces of eight weighed 17^dwt$\frac{1}{2}$ as they ought to do the

A thousand mexico pieces OF 8 should weigh new coined & \brought/ fresh from America by the Merchant should weigh 875 ounces Troy but they are usually found by the Merchant to weigh but 872 ounces Troy & {illeg}|t|his should be the wight {sic} of 5000 two ryal pieces, & \therefore/ a two Ryal piece should weigh 3^dwt 11$\frac{712}{100}$ Gr. / But 4 f 4 two-ryal pieces examined by me weighed only 13^dwt 12^gr at w^ch rate 843 $\frac{3}{4}$^dwt {illeg}\5000/ we|i|ll weigh but {illeg}3^dwt 15{illeg} 843$\frac{3}{4}$ {illeg} ounces. I say therefore by the Rule of three \& 50 of them will weigh 18^oz 5^dwt 5^gr {sic}/ [ And so much as they are too light so much they number of them must be increased. I say therefore by y^e rule of three, As 843$\frac{3}{4}$ to 872 so is 404{illeg}|00|00 to \{illeg}/ {illeg} And 50 50 of them will weight {illeg} 5^dwt {illeg}^gr to a fourth number 4175265 which should \therefore/ be the number of two Ryal pieces coyned out of 800000 Mexico pieces of eight, Supposing that 1000 p|M|exico pieces weigh 872 ounces.|,| But if assumed that 500\& that The two Ryal pieces one with another weigh {illeg} 3^dwt 9^gr/ \3^d{illeg}|wt| 9^gr {sic}/ T Two-ryal pieces are of the same weight [But if {illeg}1000\the/ pieces of 8 were heavier or the two lighter \in {illeg}/ the number of two Ryal pieces must be increased or diminished in the sam{illeg}|e| proportion & if the the two Ryal pieces were\upon examination prove/ lighter or hev|a|vier \{illeg}/ their number must be again increased or diminished in the same proportion.

I am of opinion therefore that the Gentlemen who are going as Comm^ers from her Maj^ty into Spain, do carry with them a pound weight Troy which \ounces/ {illeg}|p|enny weights & grains exactly made, & compare \{or w^ch}/ this|e| wei Spanish pound weight used in their Mint. And if they can meet with the weight of the 800000 pie|Mex|ico p|&| Pillar pieces of 8 entred in any Books in Spain: by the proportion {illeg}|o|f the Spanish pound \W^t/ to the English pound weight it they will know the weight of o|t|he 800000 Pieces of 8 in {illeg} English weight\ounces Troy/, & thereby they will know also {illeg}|th|e weight of a thousand peices of eight in the same ounces. And if this weight be 872 ounces \Troy/ or within an o bet o within {illeg}|a|n ounce or two over or under, they may conclude that it has been weighed fairly. [And for every ounce that it is over or under that weight they must And if add or subduct 4633 to or from the number 4040000 & they will have the number of two-ryal pueces w^ch should have been coined out of the 800000 pieces of 8.] The Spanish pound {in} weight for gold & silver consists of sixteen ounces, & an ounce weighs about 443 grains Troy.

<199v> ^{[Editorial Note 2]}

A spanish pound w \The pound weight T{illeg}/{illeg}& this ounce weighs \about/ 443\twelve ounces & this/{illeg} 40 And English ounce {illeg}{illeg} England\ounce/ containes 480 gr{ains}{illeg} Spanish ounce \for weighing of {illeg}/ & 16 ounc{e}{illeg} Gold & Silver in S|t|hat k{illeg} as c|C|ommissioners from {illeg} them a pound weigh {sic} Troy {illeg} s|t|hey seel|tt|le the proportio{n}{illeg} ours more exactly t{illeg} then I am.

The pound Troy for weighing of gold & silver in Eng{land} conteins 12 ounces & every ounce 480 grains, & about 4{illeg} of these grains make the ounce & 16 ounce the pound sp{illeg} for weighing gold & silver in Spain. If the Gentlement w{ho} are going Comm^ers f{illeg}|r|om her Maj{^ty} for\into/ Spain should cary with them a pound Troy with ounces penny weights & gra{ains} exactly made, they may sette|l|e the proportion between English & Spanish weights more exactly, [& by this pr{opor}tion they may know the we examin the weight of {illeg} spanish m If the weight of the Mexico 800000 Mexico pieces of eight \or of any certain/ be entered in any books in Spain

If the Gentlemen &c & by means of this proportion they may examin whether 1000 \of the Mexico/ peices of 8 weigh 7|8|72 ounces English Troy & the {illeg} the new pieces of 8 one w^th another weigh 3^dwt 9^gr.

For if the {illeg} weight of the 800000 \Mexico & Peru/ pieces of 8 be entered in any of or of any other certain number of them be entered in any books in Spain, by the proportion between the Spanish & E the Rule of three of three {sic} will give the weight of a 1000 i|o|f them in Spanish ounces, & the proportion between the Spanish & English ounce will give the weigh {sic} of 1000 in English ounces. And if this weight prove to be 872 ounces English or within an ounce or two over or under\of that weight over or under/, it may be concluded that the pieces of eight have been justly fairly weighed delivered weighted between the Merchant & the Queen & the Merchant. But if the error be above two or three ounces, the matter will deserve to f be enquired into. There has been either an error in the delivery\weighing or in the entring/ or in the proportion between the Spanish & English weights

I have only weighed four pies|c|es of two ryals & they are so unequal in their {illeg}|w|eight that it \will/ be convenient to weigh a pound weig a greater number. {illeg} If a single pieces one with another weigh 3^dwt 9^gr (as the four did w^ch I weighed{)} s|t|hen seventy & one of them will weigh a hundred of {them} will weigh 16^oz 17^dwt 12^gr. Let therefore a hunded {sic} of them be weighed by English weights, & if not, then let the excess or defect be noted. And if another hundred be whe weighed & aft{er} |that a| third hundred, to see how the weights agree, & a medium be taken the determination will be exacte{illeg}|d|.

Having found the weight of a t{illeg}|ho|usand Mexico pieces of eight & of a hundred Two-ryal pieces. for every quarter of an ounce by w^ch the weight of a thousand exceeds Mexico piec{es} exceeds or falls short of 872 ounces add to the number 404000\417526/ <200r> {or} subduct from it the number 1197 & \on the contrary/ for every grain by w^ch 100 Two ryal pieces exceeds or falls short of 16^oz 17^dwt 12^gr subduct or add or subduct 4 514|5|$\frac{1}{2}${illeg} y^e number w^ch results will be the will be the number of of {sic} Two ryall pieces w^ch ought to be produced out of the 800000 pieces of eight.

Out of this summ the seniorage is to be paid for coinage. What y^e seigniorage is in that Mint I do not know.