Draft of <ref target="/catalogue/record/MINT00314">MINT00314</ref> (Mint 19/2/172) Isaac Newton c. 346 words Newton Project London 2019 Newton Project, University of Oxford

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 Early October 1712, c. 346 words. On differences between the customary par and the current rate of exchange between English and French money at Dunkirk, and what proportion of the loss should be born by the Crown [MINT 19/2/172] MINT 19/2/171, National Archives, Kew, Richmond, Surrey, UK UKSurreyKew, RichmondNational Archives MINT 19/2/171 Early October 1712 England English Holograph Unknown Hand MintEconomic Theory and Legislation Catalogue information compiled by Rob Iliffe, Peter Spargo & John Young Catalogue exported to teiHeader by Michael Hawkins Transcribed by Kees-Jan Schilt

In the course of Exchange, nine pounds sterling are recconed at a part with 100 Gilders specie money of Holland, or 1£ with 11. Gild. 229 stiv. But 1£ sterling lately passed in Holland only for 10 Gild. & 9 or 10 stivers, or at a medium for 10 Gild. 912 stiv. The defect is 121318 stivers, whereof her MajtyMajesty allowed to the forces in Flanders 512 styvers.

The par between English & French money of the new species is not yet setled by the course of exchange: but by weight & assay I find that an unworn French crown piece of the new species, wchwhich passes at Dunkirk & in France for five livres, is worth 5s 1d sterling. And at this rate 20s sterling are worth 19 livres 132761 sous. But 20s sterling pass at Dunkirk for only 17 livres. The defect is 2 livres 132761 sous. And as 121318 stivers to 512 stivers, so are 2 livres 132761 sous to 23 sous her MajtsMajesties proportional part of the defect. By this recconing therefore her MajtsMajesties allowance to yethe forces at Dunkirk for 20s sterling should be 18 livres 3 sous recconing a French crown new species at five livres. But Her MatyMajesty may alter the proportion at pleasure, & make yethe allowance in a rounder number. When nine pounds sterling are recconed at a par with 100 Gilders as above, the specie money of Holland is overvalued by about 314 per cent. For the three-Gilder pieces unworn are worth only 6234 pence sterling by the weight & assay. And thence nine pounds sterling are intrinsically worth about 10314 Gilders. And if a recconing was grounded upon this intrinsic value of the Dutch money, her MajtsMajesties allowance over & above 17 livres would be only 15 sous. But the rules of exchange where they are setled being generally followed, & being the rules (as I conceive) by wchwhich her MatyMajesty made the late allowance to her forces in Flanders, I have followed them in the recconing above set down for Dunkirk. Is. Newton 171