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 19/2/346, National Archives, Kew, Richmond, Surrey, UK

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  - 1 January 2001
    - Catalogue information compiled by Rob Iliffe, Peter Spargo & John Young
  - 29 September 2011
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- This document is a version of:
  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]

<346r>

To the Right Honorable the Lords Commissioners of his Majestys Treasury

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Let Copper of such a goodness as two years ago was worth at least about 95 or 96^£ per Ton & a year ago was worth about 100 or 102^£ per Ton & now os worth 110^£ per Ton or 1^s per lw^t be purchased by a factor for his Majesty where it can be had cheapest, & delivered to the Melter & let the Melter refine it so much as is necessary & cast it into cakes in iron panns & roll the cakes red hot to a due size & blanch them & send them to the Mint & let the Moneyers cut out & stamp the blanks. All which may be done for 4^d per lw^t to the Melter & 1^d $\frac{3}{4}$ per lw^t to the Moneyers

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May it please yo^er Lordships,

In obedience to yo^er Lordships Order that I should lay before yo^er Lordships a Scheme of coyning copper money, I humbly represent that the Copper may be imported into the Mint in barrs drawn to a due breath & thickness of such fine copper as will hammer without cracking when made red hot, & That out of these barrs blanks may be cut & coyned by the Moneyers, & That every Tunn (or parcel not exceeding a Tunn) of new moneys may be well mixed upon a floor & four or five pounds weight taken out of several places of the heap may be assayed in take & the tale at a Medium be recconed the Tale of the whole heap, & That a piece taken out of every pound weight aforesaid may be assayed in fineness & another piece put into a Pix to be tried at the end of the yeare before such person or persons as may be appointed to report the trial to the Lord Treasurer, And that the money thus assayed may be parcelled into five or tenn pounds worth & put into baggs or barrells to be delivered to the people who come for them, And that all the Receipts Assays & deliveries may be entred in books by two Clerks one for the King the other for the people with the weight of the money in every Barrel or Bag, & a Controllment Roll be made annually by the Kings Clerk.

The copper may be cast into Barrs for about 2 $\frac{1}{4}$ per lw^t but such copper will be coarse & not endure the assay by the hammer when red hot. It may be hammered into plates & the plates cut into barrs at the battering mills for about 5 $\frac{1}{2}$ per lw^t & such copper will be sufficiently fine, but the charge is too great. In both these cases the barrs must be rolled to a due thickness, & the Moneyers demand a penny per pound weight for the rolling & a half a f more for blanching. I take the best way to be that which follows. Let the copper be melted & refined so much as is necessary & cast into cakes in iron pannes, & the cakes rolled red hott in a water Mill, to a due size for cutting, & the barrs blanched & carried to the Mint: all which may be done for 4^d per lw^t, The cutting out the blanks & coyning them in the Mint will cost seven farthings per lw^t And if 1^d per lw^t be allowed to my self the Graver & the Smith & about an half penny per lw^t for Assaying, Weighing, entring in books, barrelling & putting off, & making a Controllment Roll the whole charge will amount unto 3^d $\frac{1}{4}$ per lw^t in the Mint & 4^d put of the Mint in all 7 $\frac{1}{4}$ per lw^t besides the price of the Copper [The Copper should be of such a goodness at least as about 2 years ago was worth about 95 or 96^£ per Ton & about a year ago was worth 100 or 102^£ per Ton & at p^resent is worth 110^£ per Ton, or 1^s per lw^t] This price added to the 7 $\frac{1}{4}$ ^d will make the charge of a pound weight of copper money 19^d $\frac{1}{4}$ at present. And something more is to be allowed for repairs of buildings & for putting the coining Tools into repair in the beginning of the coinage & purchasing such new ones as are wanting. Which may be done for about $\frac{1}{4}$ per lw^t, so that the whole charge will be about 19 $\frac{1}{2}$ per lw^t. p^r lw^t.

And because the money cannot be sized so exactly but that there will be errors in excesse or defect, the errors may be limited to a half penny in the pound weight.