111-16)

Author: Isaac Newton

Source: MINT 19/2/65, National Archives, Kew, Richmond, Surrey, UK

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- This document is a version of:
  Response to an order to report on gold and silver coin in Britain [MINT 19/2/111-16]

<65r>

Observations upon the valuation of Gold & Silver in proportion to one another

A Spanish Pistole was coyned for 32 Reaus or four pieces of Eight, & is the sixteenth part of the weight thereof, & of like allay.

A Doppia Moeda or Moyder of Portugal was coyned for 4000 Res or ten Crusados, & is the sixteenth part of the weight thereof & of like allay.

Gold is therefore by the standards of Spain & Portugal, of sixteen times more value then silver of like alley & equal weight. And at this rate a Guinea is of equal value with so much fine silver as is conteined in 22^s 1^d of English money of just weight & allay. Now this high value carrues away the silver from Spain as fast as it comes from the West Indies, & the scarcity of silver in that kingdom (& I think also in Portugal) puts them upon making their payments at home in Gold & refusing to pay in Silver without a premium of six per cent. At which rate a Guinea is worth 20^s. 9^d.

In France by the Edict of May 1709 a new Lewidor was coyned for 20 livres or four new Lewises of Silver & is the fifteenth part of the weight thereof & of equal allay. And by the same Edict fine Gold is valued at fifteen times its weight of fine silver. At which rate a Guinea is worth 20^s 8^d $\frac{1}{2}$ in silver.

In Holland, the Ducat of Holland & that of the Empire is current at five Gilders & five Stivers, that is, at so much fine silver as is conteined in 9^s 1^d $\frac{1}{4}$ English. At which rate a Guinea is worth 20^s7^d $\frac{1}{2}$ .

At Hannover the Ducat is valued at two old Rix Dollars or four Guldens, that is, at 9^s 1^d English. And Gold bears much the same proportion to silver in Italy as in Germany.

In England therefore, that Gold & Silver may have the same proportion to one another as in the neighbouring parts of Europe a Guinea should be valued at 8^d or thereabouts; or at the most one pound weight of fine silver : whereas one pound weight of fine Gold is at present valued in England at 15£W^t. 6^oz. 17^dwt of fine silver, which is almost 4 per cent too high.