'Observations upon the Estimate of the neat profit of coyning 1500 Tunns of Copper into half pence & farthings' Isaac Newton c. 546 words The Newton Project Oxford 2017 Newton Project, University of Oxford

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 c. 13 April 1714, c. 546 words.

Draft of PRO, CO5/866, no. 17(i) (printed in Calendar of State Papers Colonial: American and West Indies, 1712-14, 330 and NC, 6: 99-100).

On a proposal made to the Commissioners for Trade and Plantations to coin 1,500 tons of copper for the Americas in five years. Newton considers this impracticable as no more than 80-100 tons is needed to meet demand. Detailed calculations of the potential profit from coining 1,500 tons. Remarks on the importance of maintaining the standard of copper used, to which end the coiner should not be allowed to supply the metal himself.

 MINT 19/2/322, National Archives, Kew, Richmond, Surrey, UK UKSurreyKew, RichmondNational Archives MINT 19/2/322 c. 13 April 1714 England English Holograph MintCopper Coinage Catalogue information compiled by Rob Iliffe, Peter Spargo & John Young Catalogue exported to teiHeader by Michael Hawkins Transcribed by Will Scott
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Observations upon the Estimate of the neat profit of coyning 1500 Tunns of Copper into half pence & farthings.

Obs.Observation 1. In the last coynage of copper money an hundred Tunns per anannum in six years made a great complaint in ParliamtParliament whereby the coynage was stopt all the seventh year by reason of too great a quantity of copper money, & after the coynage of another hundred Tunns the nation was fully stockt during the next five or six years. Therefore six or seven hundred Tunns is abundantly sufficient to stock the nation & a coynage of 1500 Tunns in five years time is not practicable by reason of the clamours it would make amongst the people. At present there wants not above 80 or 100 Tonns in all.

Obs.Observation 2. If a pound weight of copper be cut into 20d, a Ton in coyn will amount only unto 186li. 13s. 4d. It must be cut into 22d that a Tonn may make 205li. But its better that it should be coyned nearer to the intrinsic value.

Obs.Observation 3. Casting, drawing, cutting, flatting, scouring, nealing, blanching drying & coyning cannot be done for 35li per Tonn. And 11li per Tonn for changing the copper money is something too much. In the last coynage of copper money 5d per Lwtpound weight was allowed by the Patentees for casting drawing cutting flatting scouring nealing drying & coyning including the work of the Graver & Smith. There was also 40s per Tonn allowed to a Comptroller. And if 7li6s 8d per Tonn be allowed for putting off, the whole charge including the pirce of the copper at 10d per Lwtpound weight will amount unto 16d per Lwtpound weight. Which deducted from 22d per Lwtpound weight leaves a profit of 6d per Lwtpound weight. And this profit in coyning 1500 Tonns amounts unto 85000li, out of wchwhich something may be abated for housrent clerks coyning tools & incidents.

Obs.Observation 4. He that assays coyns sizes & coyns the copper money should have not be impowered to make any profit by coyning it too light or too coarse, & therefore should have nothing to do with buying or providing the copper or distributing it to the people by tale: but should only receive it by weight & assay & deliver it back in money by weight & assay & have it in his power to refuse bad copper.

An Estimate of the Neat Profits of the Coyning 1500 Tonns of Copper into half pence & farthings

If one pound of Copper will make 20d when coyned, a Tonn in coyn will amount to }205.6.8 1℔ of Copper at 10d, per Tonn 93.6.8 The cCasting Drawing Cutting Flatting scouring nealing blanching drying to be ready for coyning with other incident charges }25.0.0 The Impression 10.00128.6.8 There remains per Tonn 77.0.0 Out of wchwhich will be lost in Exchange One 7th receiving but 1s silver for 14d copper }11.0.0 There will then remain 66.0.0 At wchwhich rate 1500 Tonn of Copper will produce 99000.0.0 House Rent Charge of Clerks &c for 5 years at 300li per anannum will amount to } 1500.0.0 Building a workhouse & furnace for melting cutting &c } 500.0.0 2000.0.0 Then there will remain clear Lb£ 97000.97000.0.0