A Brief Account of the ancient Coins of England, and the severall alterations in their species, weight, and standard

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A Brief Account of the ancient Coins of England, and the severall alterations in their species, weight, and standard.

When Iulius Cæsar invaded England above 1700 years since he tells us in the 5.^th book of his Commentarys,^[1] that the Brittains used rings of Iron, and pieces of brass and copper unstamp'd instead of mony; but y^e. Romans bringing over with them some of their Coins, Kynobelin a British Prince began in y^e. time of Augustus to stamp monys in imitation of the Romans, some of which Coins M^r. Cambden assures us^[2] were remaining in his time, as were also some pieces of y^e. famous Brittish Queen Brundu{illeg}|c|ia

When the Romans had entirely conquer'd this Kingdom, they suppressed the Brittish, and, as a mark of their Conquest, made the Roman Coins alone to pass here; which were current from the Reign of y^e. Emperor Claudius down to the time of Valentinian the Younger, di.e. for about 500 years the mony being coined at Rome <8r> Lyons or Triers till the time of Constantine the great erected a mint at London. M^r. Cambden assures us he had seen some of the Copper monys stampt here in this Citty with this Inscription P. Lon. S. which at length is Pecunia Londini Signata: when the Master of the Mint was styled Præpositus Thesaurorum Augustensium. Of these Roman Coins diverse have been found in after ages under Town and Castles ruin'd and demolish'd by the invading Saxons, & Danes.^[3]

After the Romans quitted this Iland {sic}, 'tis M^r. Cambden's opinion,^[4] that their Coins passed current here for a long time; there having been no coins of Vortiger, Vortimer, Aurelius Ambrosius, Arthur, and other Brittish Princes (who liv'd in and about the year 500) ever yet found: nor do the Gentlemen acquainted with their language and history mention any coins that have been stampt in Wales, whilst it was two separat Kingdoms, in the time of the \Saxon/ Heptarchy.

The most antient {sic} English Coin that M^r. Cambden had ever se{illeg}|en| was that of Ethelbert, a King of Kent, and 1.^st Christian King of the English Nation; in whose time and after ages all reckonings and account were made by the denominations of pounds, shillings, pence, <8v> and mancuses.

The Pence^[5] were Coins so called undoubtedly from the Latin word Pendo and they and they weighed about 1.^d.wt having the Kings image stampt on the right side, and the Mint Masters on the reverse, or the names of the places where they were coyn'd.

Five of these pences made their shilling, and thirty pence their mancuse or mark; and 48 of the shillings made a pound; and 400 such pounds a Legacy for a King's daughter; as appears by King Alfred's last will and Testament: but the pence only, in M^r. Cambden's opinion, were reall coins; and the other terms of computation, by which they express'd their summs of mony.

The Danes brought in use a way of reckoning by Ores. The Severall Revolutions in this Iland {sic} undoubtedly caused a very great variety in the current Coin, so that it must be very difficult, if it were of any good use to give an exact account of the severall species, standards, and current values of the gold, silver and Copper monys that pass'd within this Realm during the Pictish, Saxon, and Danish Invasions and Governments.

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The Kings of the Norman Race coyn'd only pences, with the Princes head on one Side, & the name of y^e Citty where coyned on the other,^[6] & a cross of so deep an Impression, that a pieces might only be broken in two or 4 parts, whence these parts came to be nam'd half pences and farthings, alias four things.

Those Norman Princes, as their Saxon Predecessors had done before 'em, gave liberty to diverse of^[7] their subjects to coyne, as a favour, or for reasons of State; in so much that every considerable Town had a person who coyned mony. In London there have been 8; at Canterbury 4 for the King, and two for the Arch-Bishop, and 1 for the Abbot; at Winchester 6; at Rochester 3; at Hastings 2; at Southampton, Exceter Shaftsbury; Lewis and Chichester the like number.

But this Practice very much expos'd the mystery of coynage, and in a few years brought in a world of mischief and disorder into Trade; by a most remarkable corruption of the mony which the severest Laws then made could not prevent; The debasers and counterfeitters of the coin had their eyes putt out, and their hands and genitalls cutt off; but y^e. proffit by <9v> ^[8]so pernicious an artifice was so considerable that, death it self did not deterr ill men from the undertaking.

About the year 928 a law was made by |King| ^[9] Athelstane (which was mentioned by the late Lord Chancelour Sommers at the Tryall of the ^[10]Pix anno 1696.) that one and the same money should be current throughout all England; and if any Minter or Coyner (as 'tis expressd) embas'd the mony, his hand was to be cutt off and fix'd to the doors of the Mint.

This severe Law was discontinued for some time but fresh abuses in y^e. coin gave occasion to King Edgar to revive it anno 975: & King Ethelred about 35 years after impos'd a fine and death it self on such as knowingly received bad mony or imported it.

Notwithstanding these severitys those Princes found it impossible to remedy that mischeivous {sic} practice while they continued to grant to divers Towns and great men a priviled|g|e to make mony; for in King Stephen's reign <10r> every Earl and Baron had his privat mint; out of which wee have good reason to beleive {sic}, there was more base and counterfeit mony issued than that of a just standard: if those privat mints had any other standard by which they coyned, besides the greedy avarice of the Owners, who many of 'em 'tis probable did purchas from needy Princes so gainfull a privilege; and when they once obtain'd it, made hay while the Sun shone, and refunded themselves by uttering their mony at an overvalue: and thô the Grants were for a term at y^e. expiration whereof the Grantees surrendred their Patents, yet 'tis likely they kept their skill in use.

For Henry the 2^d found the Kingdom so extreamly pesterd with counterfeit mony, that he^[11] putt a stop to all the mony then current & recoyn'd it, which it seems, was to the great advantage of the publick thô it proved a loss to some privat men: yet he afterwards, wee find, granted to certain Cittys and Abbeys a liberty to coin under severall restrictions. In this Princes reign a method of trying^[12] monys by assay was appointed by the Bishop of Salisbury <10v> {then} Lord Treasurer, which is recited at large at the end of M^r Lowndes his late Essay: and t'is very\not/ \im-/probable that the Tryal of the Pix, to ascertain the publick of the real value of the coins made by authority, was first settled in this reign.

In the reign of King Richard y^e. 1^st. the coin made in Germany being in good esteem,^[13] divers persons were sent for and employ'd in our Mints and from these ^[14]Foreigners, who liv'd in the Eastern parts of Germany, some are of opinion that the monys they coynd were afterwards called Sterling, which term is use'd in a statute^[15] of the 25 Edw^d. the 3^d. And M^r. Cambden assures us that the Phraze Nummi Esterlingi was to be found in diverse old Instruments and ancient {B}|D|eeds.

Yet after the forementioned reform made by those Foreigners, others viz \the/ Iews and Italians who in that age best understood trade and the value and use of mony clip'd and debas'd the reformed Coins of {Edw}|Rich|^d. y^e. 1^st.^[16] to that degree that King Henry y^e. 3^d. was obliged to stop their currency by proclamation, and to call in the old monys and recoyn 'em. Tho the people being directed to bring their old monys to the Kings Exchange were great loosers by the said Exchange; for they <11r> received back in new mony no more than y^e. value of 20^d. for 30. This Prince reduced the Coin to the Assise of his Progenitors which is mention'd in a Statute made 51° Henry y^e. 3^d.^[17]

King Edward the 1.^st his Successour, as M^r. Cambden informs us from the book of S^t. Edmundsbury, established a standard of the silver coins, which was w|t|hen|is|

\And/ the Penny was first {illeg}|made of| a round shape which was \{illeg}/ before\afterwards/ \was square/ and divisible into 4 parts: and the $\frac{1}{2}$ penny & farthing were made of the same figure.

The French in this King's reign had counterfeited our Coins and stock'd the Nation with 3 sorts of base mony call'd Pollards, Crocars & Rosaryes, which King Edward call'd in and reformed: but in a short time the new mony he made was transported; and forreign coins call'd Mitres and Lyons imported in such a quantity that the King forbid them by proclamation: The Iews were notoriously guilty of clipping in this reign, in so much that 297 of 'em were executed^[18] in the Citty of London for that crime: and y^e. reformed <11v> Crocars and Pollards were cryd down to an $\frac{1}{2}$ penny value; and other coins such as the Rosaries, Stepings, & staldings were forbid to pass. In short the abuses by clipping and counterfeiting the English, and importing forreign base monys were become so intollerable in this and the following reign, that King Edward y^e. 3^d. was obliged to provide by new Laws against so growing a mischief.

In his 9^th. year a Law was made to prohibit y^e. Exportation of mony, plate, or vessels of silver out of the Realm, without licence upon pain of forfeiture and the Importation of counterfeit mony by Pilgrims and others, and the melting down of the current coin to make Silver plate.

In his 18.^th year the King was impowred to appoint Exchangers for mony,^[19] where he thought fitt; & in his 25^th. year counterfeiting the Kings coin and importing false mony was declared treason: and the money then current was not to be debased or diminished under severe penaltys.

This Prince seem'd to be in good earnest for reforming the great abuses in the current coin as appears <12r> by Severall Acts pass'd in y^e. 9^th, 18, 25, 27, 37, 38, and 47^th years of his reign

King Richard y^e. 2^d. his immediat successour in his 5.^th year strictly prohibited the exportation of mony; and in his 14.^th year settled the value of diverse pieces of scotch mony: and in his 17.^th forbid the currency of forreign monys; ordering it to be all brought to the Mint, & coynd into the current coins of England.

In the 4.^th year of Hen. 4.^th an Act was made appointing the proportion of small monys to be coyn'd for the conveniency of exchange, & $\frac{1}{3}$^d part of the silver brought to the Mint was ordered to be coyn'd into pieces calld half pence, and farthings; & the Master of the Mint sworn to observe that proportion,|:| and forreign Marchants a|we|re to lay out in the produce of the|is| Kingdom the monys they received here for their forreign Commoditys. And a Coin calld gally-halfpence brought hither by the Genoese Marchants was cryd down in his 11.^th year theier not being of intrinsic value.

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In the reign of Hen. 5.^th clipping, washing and filing grew too much in fashion, and great complaints arising thereupon, they were declared and made Treason by an Act pass'd in his 4^th. year, and in the 9^th. year of his reign, the Gold monys being very much debas'd in the allay {sic} and diminished in weight were forbid in all payments after a certain time, and an Act was made for Gold _{illeg} and Silv^r. monys to the Tower to be recoyn'd, and diverse Exchanges were appointed by the King to receive the old uncurrent mony and deliver out the new.

In this King's reign a Mint was erected at Calis to coin monys for the service of y^t. garrison, and the foreign Forces, but most of y^e. monys there coyn'd being drawn off into the neighbouring Countrys, in the course of Trade; an Act was ^[20]made sometime after to prevent the exportation of any monys hence—, or passing any from that Town, but with a clause that provided for the Kings Forces, and Garrisons beyond the Seas. at the same time, the Gally $\frac{1}{2}$ pence, suskins and <13r> {dothings} were crye'd down by proclamation, and the Master of the Mint obliged by Act of Parliament and Indenture with the King to coin groats, $\frac{1}{2}$ groats, pence, $\frac{1}{2}$ pence, & farthings for the ease of the people in exchange. In this Kings reign, (Sir Robert Cotton says) that one Missenden & others had commissions granted 'em to practise Alchimy for supplying the Mint, \. [The Standard appointed by the Authority continued,/ for what I find in gold and silver monys invariable from the time of Edw^d 1.^st to the 34 of Henry 8^th; but in the time of the Civil Warrs between the House of York & Lancaster \very/ great abuses were committed in debasing clipping and {im}|ex|porting the current mony: The Governments in that time were engaged principally in raising men and mony for the Princes on the throne and in disappointing the continuall intreagues of the adverse party: yet they found it necessary at some times to give check to the growing abuses of the Coin.

Henry the 7.^th, whose accession to the throne putt an end to the bloody contest between the Houses <13v> York and Lancaster took care by diverse good Laws to make provisions against y^e. abuses of the Coin committed in former reigns.

A sort of mony called Irish mony was forbid in all payments. No gold or|&| silver in Bullion and|nor| plate or mony was to be exported, nor any current mony to be melted down under severe penaltys: and a remedy was made to prevent the abuses of Refiners and parters of gold and silver. The counterfeiting of foreign monys, current in this kingdom by authority, was made Treason by a fresh Law, and the exportation thereof–     prohibited under strict penaltys.^[21]

In his 19^th. year a Law was made,^[22] to settle the value of diverse of the current coins according to their weight and finenesse, for the law expressly says, that all gold coins called a Sover{e}|a|ign, $\frac{1}{2}$ Soveraign, a Rial, $\frac{1}{2}$ r|R|iall, an Angel, $\frac{1}{2}$ Angel, being of due weight and fineness shall be current at the value they were coyned: and all groats coyned in England or forreign pieces passing under that denomination being good silver, and not clipp'd or otherwise lessen'd in their weight (reasonable wearing excepted) and {illeg}|a|ll two pences of the like condition shall pass for <14r> the value at which they were coyned. All pence of silver of the Kings stamp were to continue current at that value; except pieces stampt with the figures of diverse spurrs, or the mullets betwixt the cross barrs, \both/ which were to pass in all payments, as half pence. And all English and Foreign coins of the aforesaid denominations, clip'd, minished, or otherwise impair'd were not to pass in any payement whatsoever, but notice was given that all persons having such uncurrent mony, might exchange it at the Mint, or convert it into plate or any other use. And to prevent clipping, the King by the advice of his Councill caus'd groats and two pences to be coyn'd with a circle neer the edge of the piece. And all gold coins for y^e. future were to have the inscription entire, otherwise they were not to pass.

By the same Law the Warden and Comptroler of the Mint were to forfeit their offices, and be fined at the Kings pleasure if they suffer'd mony to be deliver'd out of the Mint not made according to this regulation.

Also former Statuts against the exportation of <14v> mony, plate, and Iewells were reviv'd and no persons was allowed to carry out of England into Ireland above the value of 6^s.8^d nor to bring thence above the value of 3^s.4.^d

And now wee are come to that reign wherein more mischief was done to the publick in a prodigious debasement of the silver monys by publick authority and the King's commission than had been by clipping, debasing and counterfeiting by private hands, in all the former reigns.

King Henry 8.^th (who had a great treasure left him by his father, and wise a prudent Prince) in his 1^st. year^[23] continued the Acts of 17 Ed. 4^th. and the 1.^st Hen. 7. 3. against the exportation of mony: and a certain proportion of the severall species were appointed to be coyn'd viz in every 100|^£| E{illeg}r.\sterling/ of gold 20^£ £ Sterling was to be coyned into $\frac{1}{2}$ Angels or 4 penny-pie\peices {sic}/ ^[24]and in every 100^£ sterling of silver, there was to be 50^£ sterl.^g in groats: 20\£/. Sterlings in two penny-pieces: 20\£/. Sterl^g. <15r> in pence, 10 marks Sterling in $\frac{1}{2}$ pence, & 5 marks value in farthings. This was a good provision for the conveniency of exchange.

The Standard for silver established in the 28^th. of Edward 1^st. had now continued for about 300 years without any alteration to the 34.^th year of this king; who, thô he had the greatest opportunity of filling his Exchecquer, that ever any king of England before him mett with by the dissolution of Monasterys, confiscation of \their/ plate and moaveables and sale of their Lands; and by first fruits, tenths and exactions et cet^ra. Yet to the great blemish of his reign, and the damage of his people, and successo\u/rs he began to debase the Silver monys in his 34^th year by mixing with the silver $\frac{1}{6}$ part of copper allay {sic}: and 2 years after, the mony was coyn'd out of a mass that was one $\frac{1}{2}$ silver and the other $\frac{1}{2}$ copper. The following year being the 38.^th of his reign $\frac{2}{3}$^d of the metall coyn'd was copper and but $\frac{1}{3}$^d silver. This was an intollerable corruption, to which the King (we are told)^[25] was advised by one Parson Brocke; with whome one S^r. Iohn Rainsford who was a sufferer by y^e. debasement, was very angrey and threatned to break his head for disgraceing his sovereign <15v> with a copper nose, as he familiarly express'd it.

From before the reign of Henry 3^d to the middle of the reign of Hen. y^e. 8.^th the Kings of their Exchanges,^[26] the profitts whereof were considerable, and all subject by severall Acts of Parliament were forbid to make any advantage by such Exchanges, it being a kind of monopoly vested in the Crown. This is a method of raising mony long since disused: S^r Robert Cotton was of opinion it might have produced a revenue of 10000^£s per ann. to the Crown, besides a constant supply of Bullion for the service of the Mint.

The Profusion of King Henry the 8^th. had brought him under a kind of necessity of debasing his coins to supply his occasions: and when once a Court has given way to so notorious a violation of publick faith; 'tis so easy a method of supply, that 'tis a perpetuall temptation \to/ repeate the attempt, whenever the Government is press'd by any emergent occasion: as, to look no further for an instance, has been lately y^e. practice of the Courts at Versailles, & Dublin.

King Edward the 6.^th came to the throne 3 yea^rs. after when his father had just begun the debasement of the silver monys: and the Prince being under <16r> the direction of a Council his father had appointed by his will; and the Government having contracted some debts, and being out of cash, the Mints, he tell us, \in his Iournal/ were set at work to coin 240000\ll/ for one year to bear the King's charges in Ireland, and 1000^£ to be put into the King's coffers.

S^r. Iohn York Master of a Mint in the Tower,^[27] as y^e. King expresses it, undertook to supply the Mint with bullion provided he might have the proffitts, by coyning such silver as he imported. Out of the mony so coyn'd 120000^£s was orderd towards payment of the publick debts, and 10000^£ was to be a stock to trade with all, and the proffitts thereof were to be apply'd to the same purpose|.| a|A|fterwards S^r. Iohn York was directed to coyne 20000^L.^wt into curr.^t mony of a coarser allay {sic} viz^t 3^oz of silver & 9^oz. of copper in the Lib. and 160000^Ls were intent|d|ed to be coynd of this base mony, but no more than half that summ was actually coynd at that time: being found sufficient to discharge the whole debt of the Government: but not long after, the charges of in fortifying Calis & Barwick requiring a new supply, order was given to coyn 40000^L. more of the same standard.

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This excessive debasement produced great uneasinesse among the people, & rais'd all commoditys to an intollerable price; so that the Government found it necessary to issue proclamations for punishing such persons, as spread rumours concerning alterations in y^e. mony: whereof some that was then current had 9^oz. 8. 4 and some\130000^£/ but 3^oz of silver in the L.^wt standard. Hereupon all sorts of provisions rose to a high price, & they too were regulated by proclamation: but that being a remedy insufficient for the cure of those publick disorders; another proclamation was issued to fall the current value of all the Silver monys in England in one day: and the Testoon which was paid by the King, and made current at 12^d was lower'd to 9^d and the groat to 3^d. yet this was much above their intrinsic value, however the fall \was/ so considerable, that all persons whose Estates were in ready mony, lost by it $\frac{1}{4}$^th. part of their whole fortunes. The mony thus fallen being still at too high a value, the publick disorders in trade, by so great an uncertainty in the rule commerce continued; which obliged <17r> the Government, in a short time after, to fall the Testoon to 6.^d and the inferiour species in proportion: which was just half the value, at which they were first issued, & paid by y^e. Governm^t. to the people, yet near double the reall & intrinsick value.

At last y^e. Government being convinc'd, that they ought to take other measures before this evill could be entirely redress'd:^[28] The Lord Treasurer & the Master of the house were authoriz'd accordingly to regulate the coin, which they did by directing the Testoon to be coyn'd at 11.^oz..1\dwt/. stand in y^e Tower, and that all mony of a coarser allay {sic} should be coynd at York and Canterbury. This resolution produced a new Proclamation for bringing all the Testoons to the Mint to be recoyn'd, and in a little time after, all the mony current throughout all Ireland was stop'd in one day & 3000.^{£ wt} of silver was sent thither to be coynd at 3 deniers standard

Yet the Government was immediatly sensible that this was but an imperfect cure for whilst they <17v> admitted the coyning of two sorts of mony; the one neer the real, & the other of a nominal value y^e. disorders {illeg}|in| the markett, and the perplexitys of trade grew daily to a greater height. The Magistrats of London and other Corporations, were commanded to settle the price of Commoditys, and to keep good order in y^e. market; but all to no purpose. Nay the Lords of y^e. Council came to Guildhall, sent for the Lord Mayor and Court of Alderman and threatned 'em to seize their Charter if they neglected to regulate the excessive rates of all Commoditys, which alas; was not in their power to do, whilst any mony continued current at a great overvalue: for the people had as good reason to raise their Commoditys to twice, 3^ce., 4 times y^e. former value, as the Government had to raise the mony they coyn'd and paid \to/ the people at the like overvalue. The Regency in this Princes reign made mony a commodity, and the Mint a Monopoly; as the Kings of France make their advantage by y^e. pre|a|emption of salt, so here you were to take the King's base mony at the value he sett upon it, and not at the rate silver went att in forreign marketts; whereupon the people being injur'd by the State, attempted, as they ever did & will do, to repair their loss, and bring things to their generall <18r> and naturall value, by demanding the same rates for their good, as which the King required his base mony to be taken - nec Lex est justior ulla

Interest in this Princes reign was 14 ꝑ Cent, high premio's were given for the procuration, & forbearance of mony, & the Kings debts grew upon him 'till at last they amounted to 251000^L. which was a vast sum̄ in those days. Yet all this was the naturall & ordinary effect of debasing and corrupting the publick cash: for whenever that's don, be it by privat hands or publick authority, the event will be always the same; & if disorders happen, whenever the people do endeavour to right themselves, The consequences thereof are justly chargeable upon them who reduce their subjects to a necessity {illeg}|of| doing justice to themselves.

Thus for reasons of State, the justice & creditt whereof I leave to the Politicians of those times, the silver coins of England were wretchedly debas'd by authority in the declining age of Hen. 8^th. and the Nonage of Edward the 6.^th, And the old english Stand of 222^dwt which had continued from y^e. 18 of Edw^d. y^e. 3^d through the reigns of nine Princes, who were most of 'em engaged in forreign, or civill wars, at <18v> home, and were often in great streights to supply y^e their occasions; yet they inviolably maintaind y^e purity of the coin, as the Palladium of the State, 'till in y^e. 34.^th of Hen. y^e. 8^th he durst undertake the doing that by colour of his Prerogative, which was expressly forbidden by about one or two and twenty Acts of Parli\a/ment made in the reign of his Predecessours; & for doing of which many hundreds of Iews, and other Criminalls had sufferd death, or such other penaltys, as were appointed by Law.

The Council of Edward the 6.^th who thought is necessary in the former part of his reign, to supply the publick occasions, by corrupting the coin did in his Sixth year find, by experience, a greater necessity for reforming it; which reform was just begun before the death of that incomparable young Prince. As for Queen Mary his successour during her short reign she coyn'd at the old stand of 222.^dwt a small quantity of silver monys: yet the base mony of Edw^d. 6.^th were|as| still current 'till 'till the 3.^d year of Queen Elizabeth.

This excellent Princess soon after she came to the crown began a reformation both in Church and State; and having the advice of an admirable Ministry, she went thrô all the difficultys that attended her undertaking with success. In her 3^d year her Council had under consideration the State of the Coin, and the major part of 'em were at first <19r> enclin'd to debase it, but those two eminent Ministers of State, the Lord Treasurer Burleigh, & Secretary Smith hinderd that des{illeg}|ign|; & gave, in a memoriall, such reasons for continuing the old Standard, as fixed y^e. resolution of the Queen to maintain it, & \to/ reform all the base mony then current in her kingdom: And thô she was afterwards sollicited by divers projectors, she never yielded to any alteration.

Wee are told by M^r. Cambden that the best of our coins we{illeg}|r|eain the former reigns exported to Rome for first fruits, pardons, appeals, dispensations, Palls &c^a. That there were great summs of brass & counterfeit mony imposd|rt|ed upon us, & exchang'd for our Commoditys, & that the badness of y^e. coin was very detrimentall to soldiers, servants, and day labourers.– That the reformation of y^e. coin was effected in a few months by a prohibition to melt down or export either good or bad monys, by reducing the base coins of Hen. 8^th. & Edw^d. 6^th. to their just value viz

of the silver that was in those Coins.

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And lastly the Queen gave such who brought their base mony to the Mint, in a certain t{erm}|im|e, new mony in exchange, she her self bearing the loss. This is M^r. Cambden's whole account of that important affair, and the best account that any of the Historians of those times af{ter}|fo||rd| us. It might indeed have been expected that her Majest.^s Mint in the Tower should have preserv'd some Iournalls for the information of future ages in this great affair: But either the Gentlemen who then manag'd the coinage neglected to sett down any minutes for the service of posterity; or the officers who succeeded 'em have not been so carefull to preserve 'em there for publick use; in short if there \is/ any particular Memoirs of the Queens grand Coynage now in being, they are in private hands.

The best Account we have at present is,–^[29] That an Indenture dated the 3^d. year of the Queen, appointed one Fleetwood then Vndertreasurer of the Mint in the Tower, to receive by tale the base monys therein mention'd at the rates before named in a Proclamation, in that behalf: and to give Bills, under his hand, to the severall Importers for repayment of them in the new monys cony'd at the stand^d: of 222^dwt.    The base mony received was enter'd in one Leiger {sic} kept by the Vndertreasurer, and the new mony repaid in another kept by severall Tellers. And the <20r> Comptroler and Assaymaster kept Accounts of y^e. melting down and the refining of the base monys, as vouchers to the Vndert|T|reasurer (for his loss by wast and coarsness) who was to accompt for the whole with the Queen.

But what the amount was of the base monys then recoyn'd, what the debasement, and what the refining charge, how much was weekly or monthly coyn'd in that great Coynage, how many persons were employ'd in the service, how many extraordinary officers and Clerks appointed, what the loss or deficiency actually was upon the whole, what supply the people had for trade, whilst the Cash of the whole kingdom was recoyning, and how long the whole was a doing, 'til the reform was perfected; is not, I doubt, discoverable by any Memorialls remaining in the Exchequer, and I am sure cannot be known from the Books and Papers of the Mint in the Tower of London.

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On the foot this Excellent Princess settled the Gold and Silver Standards in her 3^d. year, they continued during her whole reign in this kingdom: and the same species of silver monys, excepting the three half penny, 3 farthings, $\frac{1}{2}$ penny, and farthing pieces, have ever since been coynd, in the reigns of her severall success.^rs.

I don't find that any project was offerd to y^e. Government for alt'ring the weight, fineness, or nominal value of the silver monys in all the reign of King Iames the 1.^st. The gold indeed current in his time was rais'd 2^d. in the pound sterl. by a proclamation issued in his 9^th. year, upon consultation had with y^e. officers of the Mint in the Star Chamber anno 1610.^[30] R^d. Baker.

But in the 2^d. year of King Charles y^e. 1^st[31] some Proposalls were made to debase the coins or raise them in their nominal value: which the Kings necessitys enclin'd the Government at that time to take into consideration: and the p|P|roject{ion}|{or}|s had severall hearings before the Privy Council; who thought it proper to referr the proposalls to the Officers of the Mint to have their opinion of the Matter. And they by what reasons ind{ee}|uc||'|d, I <21v> cannot positively say, fell in with the p|P|roposers; and endeavour'd, in the Report they made, to justify the reasonableness of raising y^e. current value of the silver monys. Yet the Council did not depend altogether upon the sense of the Officers of the Mint, who, if they did not, ought to have known better, but consulted hereupon that very Learned Gentleman, & excell.^t Antiquary S^r. Robert Cotton, who appeared in Council the 2^d September 1626, and with divers precedents and irrefutable arguments opposed the Projectors, & the Officers of the Mint too; deliv'ring his mind with great zeale for the King and kingdom, and tenderness of the wellfare and reputation of both.

To what S^r. Rob^t. Cotton had said,^[32] the officers of the Mint had liberty to give in their answer, and to their answer he made a very smart reply: which had that success at the Council board, that y^e. proposalls were absolutly rejected. which, by the way, was a very great service don to the Nation in generall by that very worthy Gentleman, and I cannot but have, on this account in particular, a great veneration for his memory.

<22r>

The King's circumstances in the begin̄ing, but especially at the latter end of his reign expos'd him extreamly to the temptation of corrupting or raising the current monys, to subsist his arms and support his declining Interest. and there was, it seems a project on foot for coyning brass mony^[33] in y^e year 1642, but he never yeelded {sic} to that injurious expedient to maintain his Cause. However a Mint was erected that year at Shrewsbury, where was coyn'd all the plate presented to the King by the University of Cambridge, and the well affected Nobility and Gentry. And in 1644 he caus'd another Mint to coyne silver monys at Oxford, but all the monys coynd at both places were of the old standard, and of a just and legal value. And the Oxford $\frac{1}{2}$ Crowns especially were very current in all payments 'til the late reform 1696.

After the death of King Charles y^e. 1^st. they who had then the management of publick affairs, order'd the monys to be coyn'd with a new stamp & inscription, but did not alter the standard|.| o|O|f this sort of mony there was coyn'd about 700000^L.– which upon the restauration of King Charles the 2^d. was forbid in <22v> all payments, and recoynd with 130000^£ in french silver mony, which the King was paid for the sale of Dunkirk.

In the 14.^th year of King Charles y^e. 2^d. both the Gold and Silver monys began to be coynd with the M\+/^[34]ill and press; the way of coyning by the Hammer being layd aside, after it had obtaind in England for many ages. This new method was very much to be prefer'd, on many accounts; for the impression was much finer, the pieces more uniform, and of a juster weight; and the dispatch in coynage considerably more. The French Writers tell us the Mill in coyning ^[35]had been usd at Bearne, Paris, Lyons, Tholouz|s|e and severall other Mints in France, many years before.

All the monys coynd in England, in King Charles the 2^ds. time, and in the short reign of King Iames the 2^d. were of the old standard of 222^d..^wt and the s{illeg}e|mall| quantity of silver monys that were made from his late Majestie|y|: King William's accession to the Throne, to the year 169$\frac{5}{6}$ when the great Recoiy|i|nage began, were all of the same standard. But King Iames his necessitys, immediatly after his landing in Ireland, causd him to sett up a Mint <23r> in Dublin,^[36] and out of a very coarse copper, and the Mettall of several old Guns \mony was coynd/ to subsist his forces, and supply his occasions; which base monys were made current in all payments, under severe penaltys for refusing 'em, by proclamation dated 18^th. Iune 1689|.| a|A|nd in the year 1690, when a considerable number of these copper coins had passd under the denomination of $\frac{1}{2}$ Crowns, they were all call'd in, the impression only alterd, and then issued at a Crown a piece in all payments: so that one pound weight of this base mettall which was really of about 14^d or 16^d value at the most by the Kings Proclamation alone, when coyn'd into mony, made current throughout all Ireland at the value of about 3^£: 10^s: 00^d ster. i.e. about 60 times more than the reall value of the mettall in the piece. Of this base mony there was coynd from the begin̄ing of Iune 1689 'til the 1^st. of Iuly 1692|0| being the day of y^e. victory at the Boyne, nine hundred sixty five thousand seven hundred thirty five pounds. But King William as soon as he came to Dublin, reduc'd by a Proclamation dated the 10^th. of Iuly 1690, that whole summe neer\er/ its intrinsic value f{illeg}|or| the Copper Crown was reducd to a penny, the half Crown to 3.^q, the large shilling to a half penny and the small shilling and six pence to a farthing value, <23v> in all future payments.

By which reduction the aforesaid summ of 963,375^£ fell in one day to about 16000^£ sterling; so that the people lost thereby about 949,000^£ sterling.

Having given a very brief Account of the severall Alterations in our silver coins, either by publick authority, or by privat hands from the time of Augustus to his present Majesty, it may not be unacceptable to present my Readers with a Table of both Gold and Silver coins, wherein at one view, may be seen the Names, number of pieces in a pound weight, the particular weight of each species, the standard and the present value of all the severall species of gold and silver m{illeg}|ony|\s/{illeg}|th|at have been coynd in England by publick authority from the 18.^th year of Edw.^d y^e. 3^d. when the oldest Indenture now remaining in the Exchequer, is dated, and so proceed through the severall reigns 'til we come down to {illeg}|H|e{illeg}|r|{illeg} present Majestty. And in this Table the Reader has in {illeg} what the Industrious M^r. H Lowndes in his Essay has collected from severall {illeg} of the Mint extant in the Exchequer

Here the Tables of the Hammer'd Coins, are to be inserted.

<24r>

Tables of the Silver Coins from $\frac{0}{28}$ Edw^d. 1^st. to the present Queen

<24v> ^{[Editorial Note 1]} <25v> ^{[Editorial Note 2]} <26v> ^{[Editorial Note 3]} <28r>

Tables of the Crobd Coins for the $\frac{0}{18}$ Edward the Third to the present Queen

<28v> ^{[Editorial Note 4]} <29v> ^{[Editorial Note 5]} <30v> ^{[Editorial Note 6]}

N.B. The proportion between Gold & Silver when Guin^s. are Current at 30^s. was as 1 to 21$\frac{3}{4}$, which is $\frac{1}{3}$ higher yn Gold was ever valued in any of the Reigns mentioned in {t}hese Tables

<32r>

From the foregoing Tables 'tis observable, that the names of the silver coins in former Reigns, were for the most part different, from those wee have for our present monys, and all our Gold coins have new names since the Restauration. Silver gro{illeg}|a|ts and $\frac{1}{2}$ groats are as old as Edw^d. 3^d. and pence as old as the Roman Government in Engl^d. Variety of names however creats difficultys in y^e. tale and perplexity's in Accounts: and it were much better that the pieces had their names from their weight, and did pass by weight in all Receipts and payments as all mony does in Ireland; which would effectually prevent the currency of all pieces clip't, or any ways diminish'd. The pound weight of gold and silver too have have been cutt into more or fewer pieces, at the pleasure of the severall Kings: and the particular weight of the respective species are extreamly fractional, to which the Individual pieces were never adjusted, and hardly could by the nicest sizing; consequently the standard weight of 'em could not be strictly examin'd.

The standard or mixture of pure gold and silver with their respective allays {sic}, established by authority, has been subject to alteration: the silver was much debas'd in the reigns of Henry y^e. 8 & Edward y^e. 6. The Gold for many ages was finer, than the present standard, <32v> but never coarser, the most usuall standard being 238^d.wt 18 grains of fine gold and but 1.^dwt 6 gr of allay {sic}, which is so inconsiderable that the coins, like those of some Eastern Princes, were almost of pure gold, none of which are now extant but in collections. The Silver was never finer than the present standard, which is the same with that in the time of Edward the first.

The silver coins can have been very small in some reigns as appears by their weights and names, which shews that the metall was {co}|Sc|arser and dearer than now it is; for w.^ch reason it was coin'd in such smaller proportions, to make it a more general Medium of Trade. Since y^e. discovery of the Mines in the west-Indies, silver has grown plentyer and cheaper, and our coins have been made weightier, in so much that a Crown piece has six time more silver in it than the heaviest silver coin of Edward 3^d.

The smallest silver coin {there}|hereto|fore weight \but/ 2.^grs $\frac{1}{2}$; and the smallest piece now coyn'd weigh's 7.^grs. $\frac{23}{31}$ which is above 3 times as much.

The species in no reign were as many as now: perhaps fewer sorts on mony would be better: The Crown pieces being lyable to plated, and the coins smaller than <33r> |a| six pence to be lost.

If our silver and gold coins were only the ten penny, the five penny, & the 60 grains piece\x/^[37], no light pieces could pass; the people would be accustom'd to weighing their mony, and great summs would soon be dispatch'd in payments by weight.

The value of gold and silver in former Reigns, what over the names of the Coins might be, was much higher than 'tis now; a greater plenty of both metalls having made 'em cheaper in the two last Centurys.

The Proportional value between Gold and Silver has vary'd somewhat in every reign, in proportion to the plenty or scarcity of either mettall in this kingdom: at present Gold is at a higher proportiona{ble}|te| value to silver in England, and all this part of Europe too, than it has been for neer 2000 years past; and when Guineas pass'd at 30^s. a piece, that value was neer double the proportion gold held to silver, during the Grecian and Roman Monarchys.