Holograph draft memorandum on the value of the dollars after recoining Isaac Newton c. 1,430 words Newton Project London 2019 Newton Project, University of Oxford

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 Mid-1711, c. 1,430 words.

(Part of manuscript torn off.)

 MINT 19/2/199-200, National Archives, Kew, Richmond, Surrey, UK UKSurreyKew, RichmondNational Archives MINT 19/2/199-200 Mid-1711 England English Holograph 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

The left hand corner of this page has been torn of; hence substantial parts of the first paragraphs are missing. be worth 4s 6d a piece one wthwith another worth so much by one thid per cent.

re recconed one with another 11 ounces one penny weight fine ces of K. Charles are one with another .

nd by A pound weight er weight of Mexico pieces of eight are one per cent better in value then the same weight of two Ryal pieces of K. Charles.

A pound weight Tory of two Ryall pieces areor any other weight of English money is to a in value a pound weight of two Ryall pies as 64 to 63.

A pound weight Troy of two Ryal pieces is wotrth 3£. 1s. 0d1218 English &

A two Ryal piece is a quarter of a piece of eight. ButBut The Spaniards want 25 years raised the value of their coin in the proportion of fou of four to five & therefore a two Ryal piece new plate is a fift p a fift part of a piece of 8 old plate. And after this recconin rate 800000Mexico pieces of 8 should produce five times that number of two Ryal pieces new plate that is 4000000 pie two Ryal pieces of equal fineness. But the two Ryal pieces of K. C. are in fineness one per cent wors the the the Mexico pieces & therefore the 800000 Mexico pieces of eight eight of just weight of just weight should produce 4040000 two Ryal pieces supposing that of just weight supposing the pieces of 8 one wthwith another to be five times heavier then the two Ryal pieces. If the two Ryal pieces of K. C. one with another weigh 3dwt 9gr (as those four dd wchwhich I have examined) & the Mexico pieces of eight weighed 17dwt12 as they ought to do the A thousand mexico pieces OF 8 should weigh new coined & brought fresh from America by the Merchant should weigh 875 ounces Troy but they are usually found by the Merchant to weigh but 872 ounces Troy & this should be the wightweight of 5000 two ryal pieces, & therefore a two Ryal piece should weigh 3dwt 11712100 Gr. / But 4 f 4 two-ryal pieces examined by me weighed only 13dwt 12gr at wchwhich rate 843 34dwt 5000 weill weigh but 3dwt 15 84334 ounces. I say therefore by the Rule of three & 50 of them will weigh 18oz 5dwt 5gr [ And so much as they are too light so much they number of them must be increased. I say therefore by yethe rule of three, As 84334 to 872 so is 4040000 to And 50 50 of them will weight 5dwt gr to a fourth number 4175265 which should therefore be the number of two Ryal pieces coyned out of 800000 Mexico pieces of eight, Supposing that 1000 pMexico pieces weigh 872 ounces., But if assumed that 500& that The two Ryal pieces one with another weigh 3dwt 9gr 3dwt 9gr T Two-ryal pieces are of the same weight [But if 1000the pieces of 8 were heavier or the two lighter in the number of two Ryal pieces must be increased or diminished in the same proportion & if the the two Ryal pieces wereupon examination prove lighter or hevavier their number must be again increased or diminished in the same proportion. I am of opinion therefore that the Gentlemen who are going as CommersCommissioners from her MajtyMajesty into Spain, do carry with them a pound weight Troy which ounces penny weights & grains exactly made, & compare or wchwhich thise wei Spanish pound weight used in their Mint. And if they can meet with the weight of the 800000 pieMexico p& Pillar pieces of 8 entred in any Books in Spain: by the proportion of the Spanish pound Wt to the English pound weight it they will know the weight of othe 800000 Pieces of 8 in English weightounces Troy, & thereby they will know also the weight of a thousand peices of eight in the same ounces. And if this weight be 872 ounces Troy or within an o bet o within an ounce or two over or under, they may conclude that it has been weighed fairly. [And for every ounce that it is over or under that weight they must And if add or subduct 4633 to or from the number 4040000 & they will have the number of two-ryal pueces wchwhich should have been coined out of the 800000 pieces of 8.] The Spanish pound in weight for gold & silver consists of sixteen ounces, & an ounce weighs about 443 grains Troy. 199 The right corner of this page has bene torn of. A spanish pound w The pound weight T& this ounce weighs about 443twelve ounces & this 40 And English ounce Englandounce containes 480 grains Spanish ounce for weighing of & 16 ounce Gold & Silver in Sthat k as cCommissioners from them a pound weighweight Troy sthey seelttle the proportion ours more exactly t then I am. The pound Troy for weighing of gold & silver in England conteins 12 ounces & every ounce 480 grains, & about 4 of these grains make the ounce & 16 ounce the pound sp for weighing gold & silver in Spain. If the Gentlement who are going CommersCommissioners from her MajtyMajesty forinto Spain should cary with them a pound Troy with ounces penny weights & graains exactly made, they may settele the proportion between English & Spanish weights more exactly, [& by this proportion they may know the we examin the weight of spanish m If the weight of the Mexico 800000 Mexico pieces of eight or of any certain be entered in any books in Spain If the Gentlemen &c & by means of this proportion they may examin whether 1000 of the Mexico peices of 8 weigh 7872 ounces English Troy & the the new pieces of 8 one wthwith another weigh 3dwt 9gr. For if the weight of the 800000 Mexico & Peru pieces of 8 be entered in any of or of any other certain number of them be entered in any books in Spain, by the proportion between the Spanish & E the Rule of three of three will give the weight of a 1000 iof them in Spanish ounces, & the proportion between the Spanish & English ounce will give the weighweight of 1000 in English ounces. And if this weight prove to be 872 ounces English or within an ounce or two over or underof that weight over or under, it may be concluded that the pieces of eight have been justly fairly weighed delivered weighted between the Merchant & the Queen & the Merchant. But if the error be above two or three ounces, the matter will deserve to f be enquired into. There has been either an error in the deliveryweighing or in the entring or in the proportion between the Spanish & English weights I have only weighed four piesces of two ryals & they are so unequal in their weight that it will be convenient to weigh a pound weig a greater number. If a single pieces one with another weigh 3dwt 9gr (as the four did wchwhich I weighed) sthen seventy & one of them will weigh a hundred of them will weigh 16oz 17dwt 12gr. Let therefore a hundedhundred of them be weighed by English weights, & if not, then let the excess or defect be noted. And if another hundred be whe weighed & after that a third hundred, to see how the weights agree, & a medium be taken the determination will be exacted. Having found the weight of a thousand Mexico pieces of eight & of a hundred Two-ryal pieces. for every quarter of an ounce by wchwhich the weight of a thousand exceeds Mexico pieces exceeds or falls short of 872 ounces add to the number 404000417526 or or subduct from it the number 1197 & on the contrary for every grain by wchwhich 100 Two ryal pieces exceeds or falls short of 16oz 17dwt 12gr subduct or add or subduct 4 514512 yethe number wchwhich results will be the will be the number of of Two ryall pieces wchwhich ought to be produced out of the 800000 pieces of eight. Out of this summ the seniorage is to be paid for coinage. What yethe seigniorage is in that Mint I do not know.