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France, and England, bore the same names, and weighed precisely a talent, a pondo, a livre, and a pound. The standard has not, however, been preserved inviolate, either in modern or ancient times. It has been less degraded in England than any where else; but even here the quantity of silver in a pound sterling is less than the third part of a pound weight, the quantity it contained in 1300. In France, the livre current in 1789 contained less than one sixty-sixth part of the silver implied in its name, and which it had actually contained previously to 1103. In Spain, and some other countries, the degradation has been carried still further.*

From 1296 to 1955, the coins of England and Scotland were of the same weight and purity; but at the last mentioned epoch the standard of Scotch money was, for the first time, sunk below that of England; and by successive degradations, the value of Scotch money, at the union of the crowns in 1600, was only a twelfth part of the value of the English money of the same denomination. It remained at this point till the union of the kingdoms cancelled the separate coinage of Scotland.

The gold and silver coins of Ireland have been for a considerable period the same as those of Great Britain; but, until 1825, they were nominally rated 8 per cent. higher. This difference of valuation, which was attended with considerable inconveniences, was put an end to by the act 6 Geo. 4. c. 79., which assimilated the currency throughout the empire.

The Tables annexed to this article contain all the information that can be desired by mercantile men with respect to the weight, fineness, &c. of English and Scotch gold and silver coins, from the earliest periods to the present moment.

5. Mint, or Government Valuation of Gold and Silver Coins. If both gold and silver coins be made legal tenders, it is obviously indispensable that their value with respect to each other should be fixed by authority; or that it should be declared, that individuals shall be entitled to discharge the claims upon them by payments, either of gold or silver coins, according to some regulated proportion. The practice of making both metals legal tenders was long adopted in England. From 1257 till 1664, the value of gold coins was regulated by proclamation; or, which is the same thing, it was ordered that the gold coins, then current, should be taken as equivalent to certain specified sums of silver. — (Liverpool on Coins, p. 128.) From 1664, down to 1717, the relation of gold to silver was not fixed by authority; and silver being then the only legal tender, the value of gold coins fluctuated, according to the fluctations in the relative worth of the metals in the market. But, in 1717, the ancient practice was again reverted to; and it was fixed that the guinea should be taken as the equivalent of 21 shillings, and conversely.

And

But the value of each of the precious metals is liable to perpetual changes. hence, how accurately soever their proportional value, as fixed by the mint regulations, may correspond with the proportion which they actually bear to each other in the market when the regulation is made, the chances are 10 to 1 that it will speedily cease to express their relation to each other. But the moment that such a change takes place, it becomes the obvious interest of every one who has a payment to make, to make it in the overvalued metal; which, consequently, becomes the sole, or nearly the sole, currency of the country. Hence the reason why the coins of some countries are almost wholly of silver, and others almost wholly of gold. It is estimated, for example, that when it was fixed, in 1717, that the guinea should exchange for 21 shillings, gold was overvalued as compared with silver to the extent of 14 per cent.-(Liverpool on Coins, p. 85.); and as the real value of silver with respect to gold continued to increase during the greater part of last century, the advantage of paying in gold in preference to silver became more decided, and ultimately led to the universal use of gold in all large payments, and to the fusion or exportation of all silver coins of full weig it. — ( Liverpool, loco cit.)

Previously

In France, a different valuation of the metals has had a different effect. to the recoinage in 1785, the Louis d'or was rated in the mint proportion at only 24 livres, when it was really worth 25 livres 10 sols. Those, therefore, who should have discharged the obligations they had contracted by payments of gold coin instead of silver, would plainly have lost 1 livre 10 sols on every sum of 24 livres. In consequence, very few such payments were made; gold was almost entirely banished from circulation, and silver became almost the only species of metallic money used in France. - (Say Traité d'Economie Politique, tom. i. p. 399.)

In 1816, however, a new system was adopted in this country; it being then enacted (56 Geo. 3. c. 68.), that gold coins only should be legal tender in all payments of more than 40 shillings. The pound of silver bullion, that had previously been coined into 62 shillings, was then also coined into 66 shillings, the additional four shillings being retained by government as a seignorage or duty (amounting to 6 per cent.) upon the

For an account of the degradation of the coins of the ancient and modern Continental nations, see the article Money, in the Supplement to the old, or in the new edition of the Encyclopædia Britannica.

coinage. To prevent the silver coins from becoming redundant, government has retained the power to issue them in its own hands. Under these regulations, silver has ceased to be a standard of value, and forms merely a subordinate or subsidiary species of currency, or change, occupying the same place in relation to gold that copper occupies in relation to itself. This system has been found to answer exceedingly well.

A good deal of difference of opinion has existed as to whether gold or silver coins are best fitted for being made legal tender. It does not seem that the one possesses any very striking advantage over the other; none, certainly, that would justify a change, after a selection has been made, and acted upon for any considerable period.

Down to 1626, a seignorage or duty upon the coinage was usually charged upon the gold and silver coins issued by the mint; and it may be easily shown that the imposition of such a duty, when it is not carried to an undue height, is advantageous. A coin is more useful than a piece of uncoined bullion of the same weight and purity; the coinage fitting it for being used as money, while it does not unfit it for being used for any other purpose. When, therefore, a duty or seignorage is laid upon coin equal to the expense of coinage, it circulates at its real value; but when this charge is defrayed by the public, it circulates at less than its real value, and is consequently either melted down or exported whenever there is any demand for bullion in the arts, or any fall in the exchange. It is, indeed, true, that were a seignorage to be laid on gold coins, it would be necessary, to prevent an enhancement of the value of the currency, that their weight should be proportionally reduced; and it is on this account better, perhaps, to let them remain on the present footing. But when a seignorage was laid on the silver coins, in 1816, it was not necessary to take the circumstance now alluded to into consideration; for as they were made subordinate to gold, and were intended to serve as change merely, its imposition had no tendency to raise the value of the currency, at the same time that it was calculated effectually to prevent the fusion of the coins, and to yield a small revenue to government.

6. Coinage since 1790. Amount of Coin in Circulation.—No. V. of the subjoined Tables shows the amount of the gold and silver coinage at the British mint, each year, from 1790 downwards.

It will be seen from this account, that gold coin to the amount of 60,126,0471. has been coined at the mint between 1817 and 1841, both inclusive. It is not, however, possible to form any very precise estimate of the portion of this immense sum now in circulation. In consequence of the exemption of gold coin from any seignorage, large quantities of the coins carried abroad during an unfavourable exchange find their way to the foreign mints, where they are melted and recoined. Large quantities are also conveyed away by emigrants, of which no account is or can be taken; and it is neither possible to estimate the sums in the coffers of the different banks or of individuals. On the whole, however, we shall not perhaps be far wrong if we estimate the stock of coin at present (1843) in possession of the public and of the different private and joint stock banks (ex. Bank of England) at 30,000,0007.

7. The Exportation and Importation of Gold and Silver Coins was formerly prohibited: but in 1819 it was enacted (59 Geo. 3. c. 49.), that they might be freely exported and imported, without being liable to any charge or duty whatever; and they may be imported without being either reported or entered at the Custom-house. This regulation has rendered it next to impossible to ascertain the value of the bullion imported.

8. Forgery of Coin. Issue of forged or spurious Coins. — The forgery of coin is an offence that is practised more or less at all periods. The most effectual means of preventing it is to improve the fabric of the genuine coins, to cut the dies with great delicacy, and occasionally to vary the form of the coins. During the lengthened period from 1770 down to 1816, the genuine silver coins in circulation were so much worn and defaced, that it was very difficult to distinguish between them and counterfeits, which, in despite of the severest penalties, were thrown into circulation in immense quantities. But since the issue of the new coins, in 1816, forgery has been comparatively rare. Sufficient time has not yet been afforded for determining the influence of the law exempting the offence of counterfeiting from the punishment of death.

9. Law as to the counterfeiting, &c. of Coin. — The acts as to this were consolidated and amended by the 2 & 3 Will. 4. c. 34., of which the following is a brief abstract :

Counterfeiting the gold or silver coin of the realm, transportation for life, or for not less than 7 years, or imprisonment for not exceeding 4 years; and every such offence shall be deemed to be complete, although the counterfeiting be not finished. — § 3.

Colouring counterfeit coin, or any pieces of metal, with intent to make them pass for gold or silver coin; colouring or altering genuine coin, with intent to make it pass for higher coin; transportation for life, or for any term not less than 7 years, or imprisonment for any term not exceeding 4 years. — § 4. Impairing the gold or silver coin, with intent to make the coin so impaired pass for gold or silver coin of full weight, transportation for not exceeding 14, nor less than 7 years, or imprisonment for not exceeding 3 years. § 5.

Buying or selling, &c. counterfeit gold or silver coin for lower value than its denomination, importing counterfeit coin from beyond seas, transportation for life, or for not less than 7 years, or imprisonment for not exceeding 4 years. § 6.

Uttering counterfeit gold or silver coin, imprisonment for not exceeding 1 year; and uttering, accompanied by possession of other counterfeit coin, or followed by a second uttering within 10 days, imprisonment for not exceeding 2 years; every second offence of uttering after a previous conviction, shall

be felony: transportation for life, or for not less than 7 years, or imprisonment for not exceeding 4 years. 7. Having 3 or more pieces of counterfeit gold or silver coin in possession, with intent to utter the same, imprisonment for not exceeding 3 years; second offence, transportation for life, or for not less than 7 years, or imprisonment for not exceeding 4 years. - § 8.

Making, mending, having possession of, or selling any mould, &c., or coining tools, or any press or engine, conveying tools or monies out of the mint without authority, felony transportation for life, or for not less than 7 years, or imprisonment for not exceeding 4 years. -§ 10, 11.

Counterfeiting any current copper coin, or making, mending, or having in his possession any cofning tool, or buying, selling, &c. any counterfeit copper coin for lower value than its denomination, transportation for not exceeding 7 years, or imprisonment for not exceeding 2 years; and uttering any counterfeit copper coin, or having in his possession 3 or more pieces of counterfeit copper coin, imprisonment for not exceeding 1 year. § 12.

Gold or silver coin tendered to any person suspecting any piece to be counterfeit, may be broken by such person; and if it shall appear to be counterfeit, the person tendering shall bear the loss; but if it shall be of due weight, and appear to be of lawful coin, the person breaking it is to receive it at the rate it was coined for, and any dispute shall be finally determined by any justice; and the tellers of the Exchequer and the receivers-general of the revenue are to break or deface every piece of counterfeit coin tendered for payment.-§ 13.

Any person discovering any counterfeit coin, gold, silver, or copper, or any coining tool, is to carry the same forthwith before some justice, and on reasonable cause to suspect any person of counterfeiting, or having such coin, or any tool, &c., such justice may cause any place under the control of such suspected person to be searched, either in the day or night, and if any such coin or tool shall be found, to cause the same to be seized forthwith, and carried before a justice, who is to secure the same for the purpose of being produced in evidence, and afterwards of being delivered up to the mint. -§ 14.

The necessity of the evidence of any officer of the mint to prove counterfeit coin dispensed with. —§ 17. The court may order hard labour or solitary confinement. -$19.

The words "king's coin" include all coin lawfully current in the United Kingdom; and wilfully having, in any dwelling-house or other building, lodging, apartment, field, or other place, open or inclosed, whether belonging to or occupied by himself or not, and whether for his own use or benefit, or for that of another, shall be deemed having in his possession within this act. - § 21.

Persons acting in the execution of this act, protected in the usual manner, by requiring notice of action, &c., and allowing tender of amends, &c.—§ 22.

10. Convictions for Coining and Uttering. In the 7 years ending with 1818, 63 persons were convicted in England and Wales of the offence of counterfeiting the coin of the realm, of whom 1 was executed. In the next 7 years the convictions for coining were reduced to 14, but of these 5 were executed. In the last septennial period, ending with 1832, the convictions were 34, and the executions 7. The convictions for issuing forged coins in the first of the above periods were 21, in the second, 9, and in the third, 32.

TABLES RELATIVE TO THE COINS OF GREAT BRITAIN AND OTHER COUNTRIES.

No. I. ENGLISH COINS.- Account of the Quantity of Fine Silver coined into 20s. or the Pound Sterling; the Quantity of Standard Silver, of 11 oz. 2 dwts. Fine and 11 dwts. Alloy, contained in 20s, or the Found Sterling, in the different Reigns, from the Time of Edward I. to the Reign of William IV. --- A similar Account with respect to Gold. And an Account of the proportional Value of Fine Geld to Fine Silver, according to the Number of Grains contained in the Coins. - Calculated in Grains and 1000tk Parts Troy Weight.

A. D.

Anno Regni.

Silver.

Gold.

1.

Number of Grains)
of Fine Silver in
20 Shillings, or
the Pound Ster-

2.

Number of Grains
of Standard Sil-
ver, 11 oz. 2 dwts.
Fine in 20 Shil.
lings, or the

3.

Number of Grains
20 Shillings, or
of Fine Gold in
the Pound Ster-
ling, as coined by

5. Proportionate Value of Fine

Gold to Fine

of Standard Gold
Number of Grains
22 Carats fine, in
20 Shillings, or Silver, according
the Pound Ster- to the Quantity of

ling, as coined by Pound Sterling, the Mint Inden ling, as coined by each Metal con.

the Mint Inden

tures.

tures.

the Mint Inden
tures.

tained in the

as coined by the Mint Indentures.

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* 1551 - 5 Edward VI.] The coinage of debased silver money in the 5th year of Edward VI. of 3 oz. fine, ought more properly to be considered as Tokens. The sum of 120,0001. only was so coined. — (See James's Essays, chap. iv.)

† 1816-56 George III.] The government having taken the coinage of silver into its own hands, there is at present no fixed price paid to the public, by the mint, for standard silver. And supposing the government to continue the present mint regulations, and to keep gold at 77s. 104d. an ounce, as the price of silver varies, the relative value of gold to silver will vary in like proportion.

No. II. ENGLISH COINS. Account of the English Silver and Gold Coins; showing their Value, the Seignorage or Profit upon the Coinage, and the Price of the Pound Troy of Standard Gold and Silver, from the Conquest to the present Time.

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(The preceding Tables, Nos. I, and II., are taken from Part II. of Essays on Money, Exchanges, and Political Economy, by Henry James.)

No. III. SCOTCH COINS.- Account of the Number of Pounds, Shillings, and Pennies Scotch which have been coined out of One Pound Weight of Silver, at different Times; with the Degree of Purity of such Silver, or its Fineness, from the Year 1107 to the Year 1601.- (From Cardonnel's Numismata Scotia, p. 24.)

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* 1527-Henry VIII] The Saxon or Tower pound was used at the mint up to this time, when the pound Troy was substituted in its stead. The Tower pound was but 11 oz. 5 dwts. Troy; so that, from the Conquest to the 28th of Edward 1., 20 shillings in tale were exactly a pound in weight.

+1666-18 Charles II.] The seignorage on the coinage was at this time given up, and the gold bullion brought to the mint has ever since been coined free of expeuse. A seignorage of 6 per cent, was imposed on the coinage of silver by 56 Geo 3,

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No. IV. SCOTCH COINS.- Account of the Number of Pounds, Shillings, and Pennies Scotch which have been coined out of One Pound Weight of Gold; with the Degree of their Purity, and the Proportion that the Gold bore to the Silver. (Cardonnel, p. 25.)

A. D.

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No. V.-Account of the Value of the Gold and Silver Coins, specifying each, coined at the Mint, each

00

360

00

0 0

1

00

432

00

0 0

1

00

492

0 0

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No. VI. GOLD COINS OF DIFFERENT COUNTRIES.-A Table containing the Assays, Weights, and Values of the principal Gold Coins of all Countries, computed according to the Mint Price of Gold in England, and from Assays made both at London and Paris, which have been found to verify each other. **The publishers of this work purchased the right to publish this Table from Dr. Kelly, in the second edition of whose Cambist it originally appeared.

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The London Assays in this Table were made by Robert Bingley, Esq. F.R.S., the King's Assay Master of the Mint, and those at Paris by Pierre Frédéric Bonneville, Essayer du Commerce, as published in his elaborate work on the coins of all nations.

Specimens of all the foreign coins brought to London for commercial purposes have been supplied for this Table from the Bullion-office, Bank of Eugland, by order of the Bank Directors, and have been selected by John Humble, Esq., the chief clerk of that office, who also examined the Tables in their progress. It may likewise be added, that the Mint Reports of these commercial coins are chiefly from average assays; and that all the computations have been carefully verified by different calculators.(Note by Dr. Kelly, to second edition of the Cambist, published in 1821.)

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