2-3)

Author: Isaac Newton

Source: MINT 19/3/114-15, National Archives, Kew, Richmond, Surrey, UK

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  'An Account of the Scotch money' [MINT 19/3/2-3]

<114r>

The Scots in the reign of the three or four last Kings \ever since a treaty between them & y^e English \made |in order to| an union/ in y^e reign of K. Iames I/ have \{illeg} |made| in order to an union between y^e two nations, have/ |have| coyned their silver moneys of y^e same allay\standard/ w^th the English viz^t 11 ounces 2 penny weight fine & eighteen penny weight allay. For w^ch end they have indented trial pieces made here of the same plate with those made for y^e English Mint. The standard \Troy/ weights by w^ch they coyn are also made at o^r mint at y^e same time w^th o^rs by common consent of both Mints, & o^r p|P|ound Troy is greater then theirs by four penny weight & nine grains. And as we divide our ounce Troy into 62 pence so they divide their ounce Troy into sixty two shillings (for their shillings answer to o^r pence) excepting that they now make \in consideration of y^e charge of coynage & to prevent the melting down of their moneys/ |make it| their money\they formerly/\they formerly made their money lighter by 4 or 5 per cent & now make it//they make their money\ lighter by four shillings in sixty \(as I am informed)/: so that sixty shillings of their money |a|is|re| to their ounce Troy as 56 to 62 or 28 to 31 & by consequence ought to weigh 425^gr or 17^{dw^t} 17^gr of our pound Troy {illeg}|(|as I find by experience they do) & |to| be worth 54 english pence & $\frac{9}{10}$ ^th parts of a penny. /The experiments we have made of y^e weight & fineness of their money are as follows\

Date	Pieces coyned	Kings reign	weight	Fineness	Value
1673	A two Mark piece	Cha. II	175	worse vij	1^s. 9 $\frac{7}{8}$
✱	A mark piece	Cha II	86	worse vij	0. 10 $\frac{3}{4}$
1675	Another\|. Roette\|i\|ers.\|	Cha II	102	worse ij	1. 1
1665	A haf {sic} mark piece	Cha II	42	worse iiij. {illeg}\|o\|b	0. 5 $\frac{1}{4}$
1681	A three pound piece	Cha II	416	worse iiij	4. 4 $\frac{3}{4}$
1682	Another	Cha II	425	worse iij	4. 6 $\frac{1}{6}$
1691	Another	W & M	425	stand.	4. 6 $\frac{9}{10}$
1687	A forty shillings piece	Iam. II	284	not assayd	✱. ✱
1688	Another	Iac. II	283	sta	3. 0 $\frac{1}{2}$
168{8}\|9\|	Another	W & M	284	sta	3. 0 $\frac{2}{3}$
\|1694\|	\|Another\|	\|W. et M\|	\|284\|	\|sta\|	\|3. 0 $\frac{2}{3}$ \|
1695	Another	W\|.\| & M	284	sta \|sant {sic}\|	3. 0 $\frac{2}{3}$
1695	Another	Gul.	283	worse iij	3. 0
1696	Another	Wil.	284	sta	3. 0 $\frac{2}{3}$
1696	Another	Wil.	283	worse ij	3. 0 $\frac{1}{6}$
1695	A twenty shillings piece	Gul	142	sta	1. 6 $\frac{1}{3}$
1695	Another	Gul	142	sta	1. 6 $\frac{1}{3}$
1696	Another	Wil.	142	sta \|scant\|	1. 6{ $\frac{2}{3}$ }

<114v>

Coyns	Kings reign	Year\Date/	Weight	Finenes	Value
A ten shillings piece	Cha\|Iam\| II	1687	71^gr	sta	0^s. 9^d $\frac{1}{6}$
Another	Iam. II	✱	71	sta	0. 9 $\frac{1}{6}$
Another	Gul	1695	71	not assayd	✱. ✱
Another	Gul.	1695	71	sta	0. 9 $\frac{1}{6}$
Another	Gul.	1695	71\|68\|	sta	0. 8 $\frac{3}{4}$
A five shillings piece	Gul.	✱	35	wors 1^dwt	0. 4 $\frac{1}{2}$

The two Mark \the/ Mark & \the/ half Mark pieces \coyned before y^e year 1675/ are bad work till the year 1675, & considerably coarser & lighter then Standard: for w^ch reason they were called in neare the end of that reign & are no longer current.

The \The bulk of y^e Scotch money w^ch now comes into England are/ sixty, forty, twenty, ten & five shilling-pieces coyned since are better money, &|e|specially \& make up y^e bulk of the {illeg}|m|oney w^ch now comes out of Scotland./ t|T|hose coyned in the reigns of K. Iames & K. William, w^ch are very well sized. Most of their money \here examined/ is standard, none too fine some too coarse |so that one piece w^th another it may| /be recconed {illeg}\abo{illeg}|v|e/ an half penny weight wors then standard.\

The Scots pay their shillings for english\our/ pence in y^e borders of England & putt off o^r crown pieces for 66|5| shill \& sometimes 66/ of their shillings in Scotland \(as I am told)/ which being an advantage of \8 or/ 10 per cent has made o^r money flow into Scotland & theirs into \filled/ y^e borders of England with their money & Scotland with ours|.|, & might be continued by \And y^e carrying on of this trade prompt|ed| them to {proportionably} \might have in time have prompted them to// melting down o^r money & carrying it to their mint|.| for carrying on this trade.

The passing of our crowns for 66 shillings scotch is after y^e rate of {illeg} 11 shillings for 10^d \{illeg}|or| 10^s for 9 $\frac{1}{11}$ /, w^ch considering that several\some/ pieces of their money are j^{dw^t} ij^dwt iij^dwt & iiij^{dw^t} worse then standard so that {our} & some are light\& all go{illeg}/, is about y^e just value, as you may perceive \by/ the {illeg}|f|oregoing Table. But because all nations to keep out for discourage the importation of forreign money & secure themselves from loss by y^e receipt of it \base or|&| {illeg}|worse|\light/ money amongst it/, receive it not but at an undervalue it may be \more/ reasonable rather to diminish then increase the|i||s| value of |y^e| Scotch money {illeg}|in| England. Which may be conveniently done by {recconning} receiving their ten shillings pieces \in England/ for {illeg}|n|ine pences their five shillings pieces for four pence-half pennys & their Mark & half Mark pieces \(when ever they shall coyn any more of them)/ for shillings & sixpences. And {illeg} so proportionally of their other \standard/ money. For these are round \& ready/ recconings &\fit for use/ & approach y^e true value of their moneys, very nearly without any considerable abatement. w^th y^e abatement of only 1 per cent, w^ch is {would} {&} not be sufficie for y^e weare of y^e moneys{.} w^ch is scarce sufficient\for securing o^r selves from loss by y^e cous|r|seness/ for o^r security, from {illeg} w^ch is a very small \one/, considering that their money may be more easily counterfeited then ours & is|g|rows lighter dayly by wearing.

<115r>

If the scotch money were \all coyned/ of a just allay & weight {illeg} 11^s. 9^d. of such money would be worth 10^d $\frac{3}{4}$ of ours {illeg}. But being \found/ one piece w^th another \at least/ ob^wt or perhaps 1^dwt wors then standard, 11^s 6^d of scotch is \scarce/ worth \{illeg}|on|ly/ 10^d $\frac{1}{2}$ english or perhaps 11^s 3^d scotch is worth 10^d $\frac{1}{4}$ English But because all nations receive not to discourage y^e importation of forreign money & secure themselves from loss by the importation receipt of light & base money amongst it receive it not but at an undervalue therefore\& accordingly/ y^e Scots receive o^r {illeg}|C|rown pieces only for twelve pence \in Scotland/ only for 13 shilling of their money|.| ,|A||nd| 'tis reasonable that we should undervalue their money as much & {receive} in England as they do ours in Scotland & accordingly {illeg} w^ch may \be conveniently/ done by receiving their 10^s pieces for 9 pences, {illeg} their 5^s pieces for 4 four pence halfpenn{illeg}|ies| & their Mark & half mark pieces (whenever they shall coyn any more of them) for shillings & sixpences, & so proportionally of their other pieces of money. For these are \round &/ ready recconnings fit for use & approach the true value of t{illeg}|h|eir {illeg}|m|oney w^th y^e abatement of on{e}|l|y 1 or 1 $\frac{1}{5}$ | $\frac{1}{3}$ | per cent for o^r security, w^ch is a very very small one considering that their money may be more easily counterfeited then ours.