356)

Author: Isaac Newton

Source: MINT 19/2/362, National Archives, Kew, Richmond, Surrey, UK

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  - 29 September 2011
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Related Texts
- 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]

<362r>

To the Right Honorable the Lords Commissioners of his Majesties Treasury.

May it please yo^er Lordships

1 In obedience to yo^er Lordships Order that I should lay before yo^er Lordships a scheme for coyning copper money, I humbly represent that the Copper be of such a fineness as to endure hammering without cracking when red hot, this assay being easy & certain & the Swedish money & Copper vessels being of about this degree of fineness. And because if Copper be made into barrs by casting, it will not be fine enough to endure this assay, & if it be made into barrs at the battering mills the workmanship will cost too much: I propose rather the following method of coynage.

2 That fine copper of such a goodness as two or three years ago was worth about 95 or 96^£ per Tun in the market, & a year ago was worth about 100 £ per Tun , be bought by a Melter of Copper or by any Factor or Factors at a price not exceeding a certain price to be appointed by your Lordships from time to time, & that the Factor deliver it to the Melter by such an Assay or Rule as they can agree upon, & the Melter melt refine & cast it into cakes & roll the cakes red hot to a due size & blanch them & deliver them to the Master & Worker by weight & Assay, & that the Moneyers cut blancks out of them & coyn the blancks & the Master deliver back the scissel to the Melter by weight, & pay for what remains in his hands after a certain rate by the pound weight.

3 That every parcel of new moneys thus made, be well mixed together on a floor & four or five pounds weight be taken from four or five several places of the heap & examined by weight tale & assay & the tale of the Assays at a medium be taken for the tale of the whole heap & of every parcel thereof by the pound weight, & that for every Tun a piece or two out of every pound weight assayed be put into a pix; & that the whole heap be then distributed into parcels of five or ten pounds in value & put into barrells to be delivered at that price to those who shall come for them; & that all the Receipts, Assays, Deliveries & payments be entred in Books by two Clerks, one for the King & the other for the Master & Worker, & a Controllment Roll be made by the Kings Clerk or other Officer at the end of the year, & the Pix be then tried before such person or persons as shall be appointed to report the trial to the Lords Commissioners of the Treasury. And because it's impossible to size the money without erring in excess or defect, the error may be limited not to exceed an halfpenny in the pound weight.

5. If the Melter be allowed 4^d by the pound weight for melting refininf & casting the copper & rolling & blanching the barrs, & the Moneyers be allowed 1 $\frac{3}{4}$ ^d for cutting out & stamping the blanks & keeping the coyning tools in repair & the Master be allowed 1^d per £w^t for his own trouble & hazzards & for paying the Graver & Smith for the Dyes & Puncheons & a farthing for the per £w^t for defraying <362v> the charges of weighing, assaying, entring in books, barrelling, & putting off the moneys; ; & if a farthing or rather an half penny more be allowed for repairs of buildings, putting the instruments into rapir before the coynage begins, purchasing what instruments are wanting making a Controlment Rol, passing Accounts & obviating unforeseen accidents: the whole charge of a pound weight of copper money will be about 19^d or 19 $\frac{1}{4}$ ^d, supposing that the copper costs not more then eleven pence half penny or eleven pence three farthings. And if, for obviating any difficulties which may happen by the price of the copper, still rising a pound weight be cut into nineteen pence half penny the profit above the change may be accounted for & applied to the publick.

4 Six or seven hundred Tunns of copper money has been found sufficient to stocl the nation of England, & in the last coynage created a clamour; & there is scarce above 150 or 200 Tunns now wanting of that quantity. I would therefore propose a slow coynage not exceeding 30 or 40 Tunns per an̄ so that the price of copper may not be raised thereby, & the new money may have time to spread & be dispersed without making a clamour

7. Before the method & charges of coynage be fully established in writing, it may be convenient to coyne a Tunn or two by way of experiment to make sure that there be no unforeseen difficulties, & that the method be perfectly right.

6 There may be opportunities of buying fine copper from some of the Mines at 11 $\frac{1}{2}$ ^d, 11 $\frac{1}{4}$ or 11^d per lw^t & it a sufficient quantity can be procured at 10 $\frac{3}{4}$ a pound weight of copper may be cut into 18^d.