111-16)

Author: Isaac Newton

Source: MINT 19/2/100, National Archives, Kew, Richmond, Surrey, UK

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- This document is a version of:
  Response to an order to report on gold and silver coin in Britain [MINT 19/2/111-16]

<100r>

Observations upon the valuation of Gold & Silver in proportion to one another

A Spanish Pistole was coyned for 32 Reaus or four pieces of eight, & is the sixteenth part of the weight thereof, & of like allay.

A Doppia Mœda or Moyder of Portugal was coyned for 4000 Res, or ten Crusados, & is the sixteenth part of the weight thereof & of the like allay.

Gold is therefore by the standards of Spain & Portugal, of sixteen times more value then silver of equal weight & like allay. And at this rate a Guinea is of equal value with so much fine silver as is conteined in 22^s 1^d of English silver moneys of just weight & allay. Now this high value carries away the silver from Spain as fast as it comes from the West Indies, & the scarcity of Silver in that kingdom (& I think in Portugal) puts them upon making their payments at home in gold, & refusing to pay \in silver/ without a premium of six per cent. At which rate a Guinea is worth 20^s. 9^d in silver.

In France by the Edict of May 1709 a new Lewidor way|s| coyned for 20 livres or four new Lewises of Silver, & is the fifteenth part of the weight thereof & of equal allay. And by the same Edict fine Gold is valued at fifteen times its weight of fine silver. At which rate a Guinea is worth 20^s 8 $\frac{1}{2}$ ^d in silver

In Holland the Ducat of Holland & that of the Empire is current at 5 Guilders & five Stivers, that is, at the value of so much fine Silver as is conteined in 9^s 1^d $\frac{1}{4}$ English. At w^ch rate a Guinea is worth 20^s 7 $\frac{1}{2}$ ^d.

At Hannover the Ducat is valued at two old Rix Dollars or four Guldens, that is, at 9^s 1^d English. And Gold bears much the same proportion to silver in Italy as in Germany.

In England therefore that Gold & Silver may have the same proportion to one another as in the neighbouring{illeg} parts of Europe, a Guinea should be valued at twenty shilling & seven pence or eight pence or thereabouts; or at the most, one pound weight of fine gold should be valued at fifteen pounds weight of fine silver; whereas one pount weight of fine gold is at present valued at in England at 15^{illeg}|£|W^t. 6^oz. 17^dwt 5^gr of fine silver, w^ch is almost four per cent too high.