Partial draft of <ref target="/catalogue/record/MINT00322">MINT00322</ref> (Mint 19/2/111-16) Isaac Newton c. 412 words Newton Project London 2019 Newton Project, University of Oxford

This metadata is licensed under a Creative Commons Attribution-NonCommercial-NoDerivs 3.0 Unported License.

 September 1717, c. 412 words.

Holograph calculations on reverse

 Response to an order to report on gold and silver coin in Britain [MINT 19/2/111-16] MINT 19/2/65, National Archives, Kew, Richmond, Surrey, UK UKSurreyKew, RichmondNational Archives MINT 19/2/65 September 1717 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
Observations upon the valuation of Gold & Silver in proportion to one another

A Spanish Pistole was coyned for 32 Reaus or four pieces of Eight, & is the sixteenth part of the weight thereof, & of like allay.

A Doppia Moeda or Myoyder of Portugal was coyned for 4000 Res or ten Crusados, & is the sixteenth part of the weight thereof & of like allay.

Gold is therefore by the standards of Spain & Portugal, of sixteen times more value then silver of like alley & equal weight. And at this rate a Guinea is of equal value with so much fine silver as is conteined in 22s 1d of English money of just weight & allay. And at this rate a Guinea is of Now this high value carrues away the silver from from Spain as fast as it comes from the West Indies, & the scarcity of silver in that kingdom (& I think also in Portugal) puts them upon making their payments at home in Gold & refusing to pay in Silver without a premium of six per cent. At wchwhich rate a Guinea is worth about 20s. 9d.

In France by the Edict of May 1709 a new Lewidor was coyned for 20 livres or four new Lewises of Silver & is the fifteenth part of the weight thereof & of equal allay. And by the same Edict fine Gold is valued at fifteen times its weight of fine silver. At wchwhich rate a Guinea is worth 20s 8d12 in silver.

In Holland, the Ducat of Holland & that of the Empire is current at five Gilders & five Stivers, that is, at so much fine silver as is conteined in 9s 1d14 English. At wchwhich rate a Guinea is worth 20s7d12. At Hannover the Ducat is valued at two old Rix Dollars or four Guldens, that is, at 9s 1d English. And Gold bears much the same proportion to silver in Italy as in Germany. In England therefore, that Gold & Silver may have the same proportion to one another as in the neighbouring parts of Europe a Guinea should be valued at 20s & 7d or 25s 8d or thereabouts; or at the most one pound weight of fine silver & not above at the most: whereas one pound weight of fine Gold is at present valued in England at 15£Wt. 6oz. 17dwt of fine silver, whisch is almost 4 per cent too high.