356) with detailed costings, advice on quantities to be coined, and a proposal for preliminary trial coinage of one or two tons

Author: Isaac Newton

Source: MINT 19/2/347, National Archives, Kew, Richmond, Surrey, UK

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  In response to a verbal order, a detailed account of Newton's proposed method of coining copper from rolled bars, the requisite staff and their respective duties [MINT 19/2/356]

<347r>

In obedience to yo^er Lord^ps Order that I should lay before yo^er Lord^ps a scheme of coyning copper money I humbly represent that copper /the Copper should be of such a fineness as to endure hammering without cracking when made red hot.\worth about 10 $\frac{1}{2}$ ^d or 11^d per lw^t may be cast into barrs for about 2 $\frac{1}{4}$ per £w^t above the price of the Copper: but such cop barrs will not be sufficiently fin

In obedience to your Lord^ps Order that I should lay before yo^ps Lord^ps\propose/ a scheme ofor coyning copper money, I humbly represent that the Copper should be of such fineness as to endure hammering without cracking when red hot.|,| \this assay being easy & certain &/ The Swedish money & Copper vessles being of about this degree of fine{illeg}|n|ess,|.| & that copper\And because if copper be/ made into barrs by casting \it/ will not be fine enough to endu{illeg}|r|e this assay, that \& if it be/ made into barrs at y^e battering mills \the workmanship/ will cost too much: I propose rather following method of coynage.

Let\That fine/ copper wor of such a goodness as about two year ago was worth about 95 or 96^£ per Ton in y^e market & about a year ago was worth about 100^£ per or 102 £ per Ton & at present is worth 110 about 110^£ per Ton or 12^s|d| per lw^t be delivered to the Melter or purchased\provided bought/ by them Melter or by other other factor \at a price not exceeding the price appointed at|by| the standard price according to y^e Market Market Treasury/ , {illeg}|&| delivered to them \Melter/ by such an Assay or Rule as they\he & the factor/ can agree upon, & t{illeg}|ha|t the{illeg}|| \Melter/ melt refine & cast it into cakes in iron pans & roll the cakes red hot to a due size & blanch them & deliver them to the M^r & W^r by b weight & by the Assay above mentioned. And Let\that/ the Moneyers cut out & coyn the blanks & the Master the deliver back the scissel \to the Melter/ by weight & pay for the remainder made into moneys after a certain rate. /i{illeg}\ I supposes of 4^d per £w^t for the workmanship above \besides/ the price of the copper ) & let the price of the Copper be ascertained \certified/ to y^e M^r stinted & certified to the M^r from time to time. And that a Tunn of new moneys or any quantity not exceeding a Tunn {illeg}|be| {illeg}|w|ell mixed together on a floor & four or fi{illeg}|v|e pound weight be taken from so many\four or five/ several places of the heap & examined by weight tale & assay & the tale of the assays at a medium be taken for the tale of the whole heap & of every parcel thereof by the pound weight, \& that a piece out of every pound weight \{illeg}reren assayed/ be put into a Pix/ & that the whole heap be distributed into parcells by the po of 5 or 10 pounds in value in each parcel & put into Barrels to be delivered at that price to inspe those who shall come for them & that all the receipts payments\assays/ & deliveries be entered in books by two clerks one for the king & the other for y^e Master & W^r & a controlment r|R|oll be made by the kings Clerk at the end of the year & the Pix be \then/ examined by weight & assay before such person or persons as shall be appointed to report the same to the L^d Trerer or Commers of y^e Treasury.

|2| If the M^r & W^r be allowed 1^d per lw^t for himself the graver & the Smith & 1^d $\frac{3}{4}$ for the Moneyers & $\frac{1}{2}$ ^d for \the charges of/ weighing, assaying, distributing entring in books, barrelling, putting off, & paying for\making/ a Controlling Roll, & {Auditing} the whole charge will amount unto 3^d $\frac{1}{4}$ in the Mint & 4^d out of the Mint \for workmanship & incidents/ besides the price of the Copper & w^ch at y^e at 11 $\frac{3}{4}$ ^d per £w^d|t| will \make the whole ch/ amount unto 19^d per £w^t. And if $\frac{1}{4}$ ^d or rather\perhaps/ $\frac{1}{2}$ ^d more \oer £w^t may/ be allowed for repairs of buildings & for putting the coining tools in repairs in the beginning \of the coynage/ & purchasing such \new ones/ as are wanting & obviating all other accidents the whole \charge/ will amount unto 19^d $\frac{1}{4}$ or 19 $\frac{1}{2}$ ^d per lw^t/

|1| And because it is impossible to size the money without erring in excess or defect, the error may be limited not to exceed a half penny in the pound weight.

<347v>

By this recconing, a pound weight of Copper may be cut into \19^d if the copper cost no more then {illeg} 11 $\frac{1}{2}$ per into lw^t ^{illeg} or into/ 19 $\frac{1}{4}$ with a \if it cost 11 $\frac{3}{4}$ or 1{illeg}/ {illeg}|&| if |it| should be cut into 19 {illeg} or\19 $\frac{1}{2}$ or/ 20^d per lw^t\for obviating all incidents/ so as to make a small profit, for obviating all incidents, the profit will appear upon the Acc^t & may be applied to the publick.

All w^ch is most humbly submi{illeg}|tt|ed &c

If the Melter be allowed 4^d per lw^t for refining melting & rolling {illeg}ing & blanching the copper & the Master be allowed 1^d per lw^t for him|s|self \own trouble & hazzards & for paying./ the Graver & {the} Smith \for y^e P. & o./ & 1 $\frac{3}{4}$ ^d \per lw^t/ for the Moneyers & $\frac{1}{2}$ ^d per lw^t for \defraying/ the charges of weighing, assaying, entring in books, barreling putting off & making a Controllment Roll; & $\frac{1}{4}$ ^d or perhaps $\frac{1}{2}$ more be allowed for repairs of buildings, putting the instruments into repair in the beginning of the coynage, & purchasing I|s|uch new ones\instruments/ as may be wanting & obviating all other \unforeseen/ accidents the whole charge of a pound weight of copper money would\will/ not be less then 19^d supposing that the copper costs 11 $\frac{1}{2}$ ^d, [nor more then 19 $\frac{3}{4}$ | $\frac{1}{2}$ |^d supposing that the copper costs 12|1|^d $\frac{3}{4}$ .] And if \2/ a pound w^t shou|all|ld be cut into 19 $\frac{1}{2}$ ^d or perhaps 20^d, 30 a5^{illeg} \1/ for obviating all accidnets to make a small profit, the profit will appear upon the Account, & might be|{t}he difficulty w^ch may happen by the {illeg}|greater| of the price of the copperd, the profit above the charge w{illeg}\i/l{illeg}|l| be but small & may be accounted for &| applied to \the/ publick|.| uses.

Aall w^ch &c

Six hund or seven hundred Tunns has been found sufficient to sta|o|ck the nation of England, & there is scarce above 150 or 200 t|T|unns wanting \of that quantity/. I would propose a slow coynage suppose of about\not exceeding/ 30, \or/ 40 or 50 Tunns per an̄ so that \the price of copper may not be raised thereby &c./ the new money have time to spread & be dispersed {illeg} without making a clamour.

All w^ch &c.

{illeg} And before the method of coynage be fully settled\established/ in writing I desire it may be convenient to make an Essay in coyni|e|ng a Tunn or two for an Experiment, least to make syre that there be no unforeseen difficulties