111-16)

Author: Isaac Newton

Source: MINT 19/2/69, National Archives, Kew, Richmond, Surrey, UK

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  - 29 September 2011
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    - Transcribed by Kees-Jan Schilt
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  Response to an order to report on gold and silver coin in Britain [MINT 19/2/111-16]

<69r>

{illeg}|A|{illeg} \old/ Spanish Pistole was is\was/ Coyned for 32 Reaus or p 4 pieces of eight Reaus & is the 16^th part of the weight, & of equal allay. At w^ch

A Doppio Moeda of Portugal was coyned for 4000 Res or ten Crusados & is the 16^th part of the weight & of equal allay

Gold is therefore in Spain & Portugal of 16 times move {sic} value the {sic} silver of equal weight & allay. \At w^ch rate a Guinea is worth 1^£ 2^s 1^d/ [And . this undervalluing of silver cal|r|ries all it from thence into all Europe. & So that the Spaniard make all their payments in Gold & will not make payments in Silver unless for a premium of 5 or 6 per cent.]

In England the fine silver in 21^s 6^d is to the fine gold in a Guinea in weight as 15∟5717 to 1. by {illeg} by the standard.

In France the Silver in four new Lewisses is th|o| the Gold in a new Pistole as 15 to 1 by the french standard. |At w^ch rate a Guinea is worth. 1 0. 8 $\frac{1}{2}$ .|

In Holland A German Ducat of Holland & the Empire is is vallued at 5 Guilders & 5 styvers [that is, at so much fine silver as is conteined in 9^s. 1 $\frac{1}{4}$ ^d English ] that is to At w^ch rate a Guinea is worth 20^s 7 $\frac{1}{2}$ ^d.

In Italy & Germany \& the Northern kingdoms/ a Guinea may be worth 7|2|0^s & 7^d 6^d or 5^d \or 4^d/ or thereabouts. For the value varies in the several Principalities of these countries.

NB 1. The high price of Gold in Spain makes their silver run into other countries as fast as it comes from the Indies. So that the Spaniards make their paym^ts in God|l|d & will not pay in silver unless for a premium of 4 or 5 o\about/ 6 per cent.

2 That the high price of gold in England {illeg} may incline the Merchant to import more Gold then silver & export more bullion of silver then bullion of gold.

3 That the sixpences coyned 1{illeg}|8| years ago being lightned about 4 per cent by wearing, are thereby preserved sufficiently preserved from exportation & from the melting pot.

That the Shillings then coyned being lightned about 2 $\frac{1}{4}$ per cent are a{illeg}|lso| \thereby/ preserved from the melting pot.

5 That the half crowns be then coyned being\are/ lightned about 1 $\frac{1}{4}$ by wearing are preserv per cent & the Crowns about $\frac{1}{2}$ or $\frac{3}{4}$ per cent. And that the Fre\Which tends to the/ preservation of these species

That the new French Lewid'ors are coyned coarser then the French standard by about 2^d \0r 3 $\frac{1}{4}$ / in the Lewidor & that the new Lewises are coyned f finer then their standard by about {1^d a} 1 $\frac{1}{4}$ in the four pieces Lewises. And this also tends to hinder our silver from going into France & their Gold from coming into England