Letter from Newton to the Lord High Treasurer concerning the proposal of Charles Hore to be given a 30-year copper coining monopoly

Author: Isaac Newton

Source: MS Add. 3984.15, f. 1v, Cambridge University Library, Cambridge, UK

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<15:1v>

To the most Honourable the Earl of Oxford & Earl Mortimer, Lord High Treasurer of great Britain.

May it please your Lordship

In obedience to your Lordship Order of Reference of the 12^th of Feb last upon the Petition & of Charles Hore for the sole making & vending, in 30 years, the quantity of 700 Tunns of half pence & farthings of such fine copper as when wrought into vessels would be worth 2^s 6^d p^r pound weight, & to cut a pound weight of such copper into no more then 28 pence, & that an affidavit shall be made by his workman of the fineness of the Copper suitable to a Sample given in: We have considered the same, & are humbly of opinion that it may be dangerous to have any Sort of coynage or coining tools out of the Mint; that the cheaper the copper is the less temptation there will be to counterfeit the copper money, & that very good copper for this purpose may be had for about 11 pence halfpenny per pound weight; That an affidavit of the goodness of the copper made by the servant of the Petitioner be not relied upon, but the copper be assayed in the Mint whenever there shall be a coinage That a Patentee who coins the money without account may make great profit by coining it light & of bad metal, & therefore it should be coined upon account; That whatever a Patentee gets by the coinage increases the temptation to counterfeit the money when coined. & Therefore it should be coined to the just value of the copper workmanship & incident charges as nearly as may be; And that the coinage of 700 Tunns in 30 years, which is after the rate of 23 $\frac{1}{3}$ Tunns per annum, would in a few years create clamours, the people having twice complained in Parliament against too much copper money, & not yet begun to move for a greater quantity.

All which is most humbly submitted