Draft of MINT00314 (Mint 19/2/172)

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In the course of Exchange, nine pounds sterling are recconed at a part with 100 Gilders specie money of Holland, or 1^£ with 11. Gild. 2$\frac{2}{9}$ stiv. But 1^£ sterling lately passed in Holland only for 10 Gild. & 9 or 10 stivers, or at a medium for 10 Gild. 9$\frac{1}{2}$ stiv. The defect is 12$\frac{13}{18}$ stivers, whereof her Maj^ty allowed to the forces in Flanders 5$\frac{1}{2}$ styvers.

The par between English & French money of the new species is not yet setled by the course of exchange: but by weight & assay I find that an unworn French crown piece of the new species, w^ch passes at Dunkirk & in France for five livres, is worth 5^s 1^d sterling. And at this rate 20^s sterling are worth 19 livres 13$\frac{27}{61}$ sous. But 20^s sterling pass at Dunkirk for only 17 livres. The defect is 2 livres 13$\frac{27}{61}$ sous. And as 12$\frac{13}{18}$ stivers to 5$\frac{1}{2}$ stivers, so are 2 livres 13$\frac{27}{61}$ sous to 23 sous her Maj^ts proportional part of the defect.

By this recconing therefore her Maj^ts allowance to y^e forces at Dunkirk for 20^s sterling should be 18 livres 3 sous recconing a French crown new species at five livres. But Her Ma^ty may alter the proportion at pleasure, & make y^e allowance in a rounder number.

When nine pounds sterling are recconed at a par with 100 Gilders as above, the specie money of Holland is overvalued by about 3$\frac{1}{4}$ per cent. For \the/ three-Gilder pieces unworn are worth only 62$\frac{3}{4}$ pence sterling by the weight & assay. And thence nine pounds sterling are intrinsically worth about 103$\frac{1}{4}$ Gilders. And if a recconing was grounded upon this intrinsic value of the Dutch money, her Maj^ts allowance over & above 17 livres would be only 15 sous. But the rules of exchange where they are setled being generally followed, & being the rules (as I conceive) by w^ch her Ma^ty made the late allowance to her forces in Flanders, I have followed them in the recconing above set down for Dunkirk.                               Is. Ne{wton}