Of the several methods taken to corrupt & diminish our Coins

|+|^[1]

|Chap. 5.|

The Silver monys of England as well as the Coins of all other Countrys are lyable to abuse by these 3 following Methods

1^st. by alteration of y^e. standard appointed by publick Authority.

2. By melting 'em down and converting the Mettall <33v> to other uses.

3. b|B|y exporting 'em into Foreign Country, to carry on a trade that's profitable to a few privat persons, but prejudicial to the publick and the nation in general.

And by all these Methods was the whole stock of the Cash of the kingdom excessively impaird before the late grand Coynage.

For 1^st. the standard of our silver monys appointed by the Government was notoriously violated. By standard is here meant, that particular weight and fineness in the silver monys which was settled by Queen Elizabeth and continued all her time, and after it, thrô {a}l|t|he reigns all her severall sucessours down to her present Majesty, and was lately confirm'd by Act of Parliam^t.^[2]

Now according to this standard all the silver monys current in England from the 3^d. year of Queen Elizabeth to the 6.^th year of the late King ought to have had y^e. following proportions of weight & finenesse, in the severall species

|The| standard weight
|of the|

<34r>

These are the just weights, and the legall fineness of our silver {Currency}|Mony|s coyn'd with the Hammer, of which sort the farr greater part of the cash of the whole kingdom did consist; \But they/ were very lyable to be clipd & diminish'd in their weight, because very few of these pieces were of a just assize when they came first out of the Mint. So many pieces, I suppose, were by the Monyers cutt out of a barr of standard silver, as did pretty exactly answer the Lib. Troy; and the tale of the pieces requird in that weight, by the Indenture of the Mint: but thô all the pieces together might come neer the pound weight or be within remedy; yet diverse of 'em compar'd one with the other were very disproportionable; as was too too well known to many persons, who pic{d}|k||'|d out the heavy pieces, and threw 'em into the melting pott, to fitt 'em for exportation, or to supply the silver smiths. And 'twas a thing at last so notorious, that it 'scap'd the observation of a very few; for 'twas pretty commonly known that the following pieces of hammer'd mony thô never clip'd \did/ many of 'em in their weight and value want or exceed the legal standard in the underwritten disproportion. viz^t.

<34v>

Now when pieces so very ill siz'd as these came out of the Mint and the lighter pass'd under the same name, and at the same value with the heavyest, this presented the Clippers with too fair an opportunity of rounding the weighty pieces with the sheers and the file, 'til they reduc'd 'em to an equall weight, and size with the rest; for they were pretty modest in the practice of clipping, 'till after the year 1685.

But besides the inequality of the pieces in point of weight, the hammer'd monys had another defect in y^e. coynage which proved a great temptation to the Clippers; and that was their not being of an exact roundness, so that when the corners were fil'd or clipp'd away, the pieces were of a more Circular figure; than when they came new out of the Mint; and the Circle without the inscription by an unsteady or careless hand was often struck with the Hammer at an uneven distance from the edge of the piece, and then the Clippers took care to bring that part that was farthest from the Circle as neer to it, as the rest of the edge.

A 3^d. Defect in the coyning of the hammer'd monys was the uneevenness {sic} of the barrs out of which the barrs were cutt: there were no Mill or flattning Engines us'd to bring the barrs to an equall thickness, so that one part of the <35r> piece was often much thinner than another, which was very remarkable in the Oxford $\frac{1}{2}$ Crowns; and when such pieces were worn smooth, the file was apply'd to most of 'em at last to bring 'em to an exact {illeg}|thickness|. This last method of diminishing the hammer'd mony was chiefly practised \u/{illeg}|po|n the shillings: for abundance of 'em just before the late reform were fild to that degree, that they were as flatt and as smooth as the blancs at the Mint are before they have been in the press; having no stamp, \n/or the least {illeg}|remaine|> of an inscription upon 'em.

The Crown pieces of Queen Elizabeth, King Iames the 1^st, King Charles 1^st, of which but few were coyn'd comparatively, were all hoarded or melted down, being a weighty sort of mony, so that the whole species in all payments did in a manner disappeare, 'til the late reform brought out some few that remaind, to be recoynd.

The six pences were the least diminished of all the other species, and were most of 'em spar'd, 'till the grand recoynage; because they being the smallest and thinnest sort of the silver monys, that had been current for many years, afforded the least proffitt by their clippings; {illeg}|so| that they being many of 'em untouch'd, were allowed by <35v> the last clause of the 1^st. Act for remedying the ill state of the Coin, and a proclamation, to pass at their first value for a time.

All the lesser sorts of mony, such as the silver 3 pences, two pences, and pence, and the silver $\frac{1}{2}$ \pence/ of Queen Elizabeth, King Iames and King Charles 1^st. intirely disappeard, in all considerable payments all the reign of King Charles and King Iames the 2^d, and were rarely to be {illeg}|me|tt with, but in presents, and new-years-gifts to children.

But the hammer'd Groats were current 'til about 1676, when a world of 'em being counterfeited at Birmingham in Warwickshire the whole species sunk in 2 or 3 years after.

All these smaller Coins {missed} escaped the hands of the Clippers and Filers, for the same reason as the six pence had done for som time, because it was not worth their pains to meddle with them; but the shillings and $\frac{1}{2}$ Crowns affording a very good proffitt, were excessively clip'd and diminish'd; in so much that there were many shillings current in the marketts at 12^d. their first value, whi in the years 1694 & 1695, which had not above 7, 8, or 9 penny worth of standard silver remaining in 'em: nay I have seen a few pieces, which did not weigh full two penny <36r> weight, and yet in the marketts passd passd for so many shillings, thô this was not common. The $\frac{1}{2}$ Crowns were in no better Condition, for the greater part of 'em current in 1695 were reduc'd under 20 pence in real value; and many of 'em had but about 16.^d 15 or 14 pence|ny| \worth/ of silver remaining in 'em, and some were diminish'd more remarkably; for I have seen a few that were reduc'd to 9^d. 8^d & 7^d. value; and have been inform'd that there were half Crowns made by cutting one into 4.

Thus, in the compass of a very few years, a great part of the noblest coins in the Universe were prodigiously diminish'd and disfigur'd; for thô clipping and filing have been a perpetuall practice since the being of mony; yet our Coins, except\ing/ a few pieces, were undiminish'd till after the year 1672, and very few such were to be mett with in any paym.^ts till after the year 1680: when it \first/ was observed, that, the clipt and diminished pieces were as current, if the Mettall were standard, as the undiminish'd; and for the same value: for instance, that a half Crown when about 4, 6, or 8 penny worth of the silver was taken off by the sheer's passd in all payments, and in all places at the first value; and thus 10, 9 or 8 penny worth of silver would pass for a shilling, because it had at first the stamp and name of a shilling. The dealers in mony were too wary to neglect <36v> so fair an opportunity; their furnace and their scales taught 'em the way to improve their fortunes.

T'was reported, not without some grounds too, that some if not many {illeg}|Gold|smiths, Bankers, mony-scriveners, Refiners and Iews turn'd procurers for the Clippers, & sold 'em the weighty pieces for very great proffitt; so that the business of clipping advanc'd every year considerably, being little regarded by y^e. Government. A few persons indeed were now and then made examples of Iustice; yet some, who were imploy'd to bring such Criminals to the bar, lay under violent suspicion of being very scandalously mercenary. The State indeed neglected to take the ready course to putt a stop to this ill practice, when it was first observ'd: The jealousies of the people, and publick animositys, after the discovery of the popish plott, were chiefly y^e. concern of the Court 'till the death of King Charles y^e. 2^d. Then the succession \of K. I^s. 2^d/, the Duke of Monmouth's rebellion, and the conduct of the Government in that reign 'till |1688.| it gave that general distaste to the whole kingdom, that nothing was regarded but the security|ing| Liberty and Religion. After this the Revolution introduc'd a new scene of things, and ingag'd us in a necessary defensive war against the power of France. Thus <37r> all these turns of state successively entertain'd the publick and diverted them from considering the declining state of our silver monys. In the mean time the work of slipping and diminishing was carried on with wonderfull diligence, and boldnesse, by a great many hands both at home and abraoad; and within $\frac{1}{2}$ a dozen years after the revolution, there was scarce a single hammer'd shilling or $\frac{1}{2}$ Crown to be mett with in any summ of mony, but what was extreamly clip'd and diminish'd. Yet stil such pieces were received and pai|ss||'|d as current, as when they were of full weight and value; this incourag'd the clippers who increas'd their numbers and their diligence, and vended the mony they had clip'd in all places without any cheque or fear from the Laws: the pieces were every where received fresh from the sheers, and when they had circulated a few week return'd again into the hands of the Clippers; who by clipping and filing 'em a fresh, put a new face upon 'em, and then sent 'em abroad under the old title and character of a shilling or $\frac{1}{2}$ Crown &c.^a

Wee had diverse good Laws in our Statute Booke against these Crimes,^[3] but like other good Laws seldom put in Execution, 'till at last the Government being allarm'd at the terrible progress it made in the 6^th. year of his late <37v> Majesty an Act was past against clipping and counterfeiting the silver mony, and exchanging broad and weighty pieces for light ones, under a penalty of 10^£. for every 20^s. so exchang'd.

But this Act came too late to prevent y^e mischief y^t. was already don by clipping and diminishing; for y^e. clippers had dispers'd both themselves and their mony all over the Kingdom, and very few of the hammer'd half crowns and shillings had scap'd 'em, which were any where curr.^t 'till at last they had clip'd the whole species to the inmost circle and fil'd-off all the stamp with the inscription: whereby they made an incredible abatement in the intrinsic value of the silver cash of this kingdom: and thô the precise and certain amount of the publick loss by cliping {sic} the late hammerd coins, cannot be exactly determin'd; yet if wee take a Medium of what was lost upon the shillings & $\frac{1}{2}$ Crowns (which chiefly fell under the hands of y^e. c|C|li{illeg}|pp|ers) thô a great part of the six pences may be added to y^e. account and allow $\frac{1}{3}$ part to have been diminish'd from the weight of those 3 species, one with the other, which were current in the nation from 1672 when cliping {sic} was first taken notice of, to the year 1696, when the mony was reform'd: and admitting the silver cash of the kingdom to have been above 10 millions, which we are certain it was, thô it may be not above 4 millions <38r> and $\frac{1}{2}$ or about 5 millions be the constant running silver cash of England; and of that whole stock of 10 millions which for the most part circulated again and again within the compass of 24 years, if $\frac{3}{5}$ of six millions be admitted to consist of six pences, shillings and $\frac{1}{2}$ Crowns: I say if this be allow'd as a pretty probable conjecture, then the damage we sustain'd, purely by clipping and diminishing, will amount according to this computation to about two millions sterling, which was about a $\frac{1}{5}$ part of the whole silver cash of England and two millions is really a prodigious summ to be lost by meer cli|p|ping. But I have more than bare conjecture and probability to guide me in this estimat; and upon surer grounds I compute this loss \would have/ did considerably exceed\ed/ that summ.|,| |if the Clippings had not been employd to multiply the Species, which sav'd a good quantity of silver to the publick.|

According to the best Observation of Goldsmiths and others the clip|p|ing of our Coins began to be discoverable, in great receipts a little after the Dutch warr in 1672, but it made no great progress at first for some years: and the silver monys \of Qn Eliz^a./ were very little diminished otherwise than by their wearing in a currency of above 100 years,|.| for a good part of y^e. Coins of Queen Elizabeth which wearing an Ingenious person estimats at the proportion of 1 gr. on a current Crown piece in 7 years. Now if that computation be admitted as a reasonable Medium, for <38v> the wearing of all the species one with the other in that term, then 100^£ looses by wearing in 7 years 16^d.wt 16^grs, and in 100 years; 10^oz. 18^d.wt 02^gr. $\frac{2}{7}$ or neer a pound weight Troy. And the current Crown piece by this proportion looses in 100 years 14^gr. $\frac{2}{7}$ of its weight, which is above 7 farthings of its first value. In the french Gold and Silver coins \there/ is an allowance for wearing, at the coynage which they call Trebuchant, et droit de poids. for instance, the french pound weight of gold of 4608^grs. is cutt into 72^{$\frac{1}{2}$} pieces called half louis d'ors at 63 grains each, |y^t| being their precise weight, above which there is allowd 40^grs.$\frac{1}{2}$ equally divided amongst the said 72$\frac{1}{2}$ half Louis d'or'^s, as a reasonable provision against their growing too light by a constant currency. And a like allowance is made is upon the other gold and silver coins in that kingdom. But there being no such allowance for wearing on the Coins here in England; and the due weight of 100^L Ster. according to the standard of Queen Elizabeth being 32^L. 3^oz. 1^d.^wt 22^gr.|$\frac{14.}{31}$|{illeg} the loss by wearing on all her coins remaining at the begining of the late coynage, which I suppose to be 3600000^L. amounted, according to the foregoing computation to about 108000^L Sterl^g. and by the like computation the national loss upon 5 millions constantly current will not amount to much more than 1500^L. a year which is not considerable.

<39r>

But the yearly loss by clipping made terrible advances every year from 1686 as will appear by the following Table of the yearly decrease in the weight of 100 Sterl.^g. the particular weights being taken out of the Tellers books in the Receipt of her Majesty's Excise office, and a compare being made of every foregoing with the following year by a Medium of the 5 Baggs in every year.

Note that the just weight of 100^L Sterling is 82\£/. 3^oz. 1^d.wt 22^grs. $\frac{14}{31}$^{parts of a grain}

From the foregoing Tables 'tis observable that above 10 ꝑ Cent in value was abated from the just weight of the hammerd monys an^o. 1686. <39v> thô, it is certain, the exact deficiency cannot be assign'd because all the hammer'd mony was not clip'd all over the kingdom in a like degree, and the mill'd mony continued till 1695 to be current with the hammer'd mony in summs that were considerable, which being allow'd, the deficiency must be greater on the Hammer'd mony.

Now 10 ꝑ Cent lost by Clipping i|o|n 5 millions of the Hammerd monys actually Current in England amounts to 500 thousand pounds lost in 1696. of which vast sum̄, the Clippers & Counterfeiters who vended their light pieces had robb'd the Nation at that time, besides what they gaind by debasing the monys.

In the last year of King Iames 2². the loss was 5^£, per Cent more, or above 15 per Cent sterl. in the whole w^ch. amounts to 750,000^L. sterling.

But from the year 1689 being the 1^st. of King William the clipping was mightily advanc'd every year 'till y^e. recoynage, in so much that the Nation lost yearly between 2 & 3 hundr^d. thousand pounds by clipd mony and the light counterfeit pieces.

Whereas had the Coin been reform'd in the 1 year of King William wee had saved by that alone above 2 Millions, besides the preventing a prodigious after loss by the rise of Guinea's and the confusion and disadvantages in Trade.

In the later end of 1695 the publick loss upon all the clip'd <40r> mony then actually current & if one may judge of the whole by y^e. foregoing table was at least 45 ꝑ Cent by meer clipping and light counterfeit pieces, which upon the whole running silver cash of the kingdom amounts to 2250000^L. sterling, but this is still but an estimate and I shall give a more exact account of this prodigious loss here after.