111-16)

Author: Isaac Newton

Source: MINT 19/2/70, National Archives, Kew, Richmond, Surrey, UK

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  Response to an order to report on gold and silver coin in Britain [MINT 19/2/111-16]

<70v>

Considerations about the valuation of Gold & Silver in proportion to one another.

A Spainisn Pistole was coyned for 33 Reaus or four Pieces of Eight , , & is the 16^th part of the weight thereof & of like allay

A Doppia Mœda or Moyder of Portugal was coyned for 4000 Res or ten Crusados & in the 16^th part of the weight thereof & of like allay.

Gold is therefore by the standars of Spain & Portugal of sixteen times more value then silver of equal weight & allay. . And at this rate a Guinea is of equal value with so much fine silver as is conteined in 22^s. 1^d English money of just weight & allay. Now this high value of Gold carries away the silver from Spain as fast as it comes from the west Indies, & the scarcity of Silver in that kingdom. put them upon making their payments at home in Gold & refusing to pay in silver without a premium of 6 per cent: at which rate a Guinea is worth about 20.^s 10^d.

In France by the Edict of May 1709 a new Lewidor was coyned for 20 livers or 4 new Lewises & is the fifteenth part of the weight thereof of equal allay And by the same Edict fine Gold is valued at 15 times its weight of fine Silver. . At which rate a Guinea is worth 20^s 8^d $\frac{1}{2}$ .

A Ducat of Holland & the Empure is current in Holland at 5 Guilders & 5 stivers, that is, at so much fine silver as is conteined in 9^s 1 $\frac{1}{4}$ ^d English. At which rate a Guinea is worth 20^s 7^d $\frac{1}{2}$ .

According to the rates of Gold to Silver In Italy Germany & the northern Kingdoms, a Guinea may be worth 20^s 4^d/, 5^d 6^d, 7^d or 8 for the proportion varies a little in the several governments within those counties.

In England therefore, that Gold & silver may keep the same proportion to one another as in the neighbouring parts of Europe, a Guinea should be valued at 20^s 7^d or 20^d or 20^s 8^d or thereabouts. And if sixpence

NB. 1 The sixpences coyned 18 years ago are lightned about 4 per cent by wearing. The shillings then coyned are lightned about 2 $\frac{1}{2}$ per cent, the half crowns about 1 $\frac{1}{4}$ , & the Crowns about $\frac{3}{4}$ per cent. And thereby the old six pences & shillings are pretty well secured from the melting pot, & from being exportaled by the Merchants

2 The new French Gold moneys are coyned coarser then they ought to be by the Kings Edict by about 1 $\frac{1}{5}$ per cent. And this is so much loss to the subjects of France who export Gold into England. But the high price of Gold in England makes them a tripple {reia} or pence.

Qu. 2. If this be not done; will not men that have silver, to begin soon to refuse to make payments therein without a premium of 4 or 8 per cent ot an half penny in the shelling?

In Germany & Italy about 14 years ago, Gold was to silver of equal weight & fineness as 14 $\frac{3}{4}$ or 14 $\frac{7}{8}$ to 1 or thereabouts. And at this rate a Guinea was there worth about 20^s 6^d

In Germany & Italy Gold is valued something lower the in France & Holland.

✝And if 6^d were taken from the Guinea, yet Gold would be still higher in England in proportion to silver then in any other part of Europe.