'On the Quantity of Coyn in the Nation'

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2 On the Quantity of Coyn in the Nation

Out of ye 16 Millions of Silver money recconed by Mr P. to to {sic} have been in the Nation about ye year 1676 I made severall abatements, as 1st of a Million or a million & a halfe of counterfeit money. Mr P. thinks this abatement too much by far and that the Counterfiet {sic} Money scarce Exceeded 100000li I reccon it this the five millions melted down in the Exchequer proved about 7dwt worse then standard. This worsness arose from false silver money of base allay and if in the p{illeg}ieces of base allay taken one wth another one half of the metal was fine silver the base money must have been about the 15 part of the five Millions, that is about ye third part of a Million. There was another sort of narrow Counterfeit money made of clippings and broad money wthout allay and this being of standard silver, past as Currently as if it had been Coyned in ye Kings Mint & for that reason abounded most in the Coyn. I reccon it therefore at above $\frac{\mathrm{1}}{\mathrm{2}}$ a million. The Brass money being most discernable was least in quantity. If it be recconed 1$\frac{\mathrm{1}}{\mathrm{2}}$ ꝑ Cent of ye whole, it will amount to 75000li so that all the Counterfiet {sic} money in these five Millions amounted to about 900000li And if all the Counterfiet {sic} money in the other five Millions recoyned was but one third part as much, the whole will amount to above 1200000li.

2dly I abated 500000li for the wearing of the money & 3dly 3 or 400000li for the clipping thereof and the abatements were proportionable to what I had observed in some parcells of broad hammered money wch had been long hoarded in the Country most of it unclipt and the rest not so much clipt but that above thirty years ago it might be very possible in payments the clipping scarce appearing to the Eyes without weighing the peices {sic}. The abatements in my Computation for the wearing culling washing and filing of the Milled Money scarce amount to 1 ꝑ Cent & so are not worth mentioning.

4thly out of the milled money wch in 1676 he reccons at 3 Millions I abated above a Million. For Guineas began to be Coyned at 44$\frac{\mathrm{1}}{\mathrm{2}}$ to ye pound weight in Apr 1 1663 and from yt time to the end of December 16676 there was coyned in Silver by the Mint Accompts 1779277li. 19s. 6d whereof about 220000li was out of cross & Harp money out of yt three Millions I should have abated therefore above 1200000li.

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5thly out of the 3 Millions recconed to be Melted down out of the hammered Money after the years 1676 I make another great abatement.† For the hammered Shillings had one with another lost about 5 grains apeice {sic} by wearing as I found by weighing some parcells of unclipt shillings. These were therefore grown too light to be so fit for the Cullers trade as the milled money Generally was and the sixpences were more worne in proportion to their weight & the smaller money still more. All the money of Q. Eliz and almost all that of K. Iames I and half yt of K. Cha. I was in Shillings + sixpences & smaller money & so not fit for culling to yt melting pot. {sic}. The half Crowns were scarce a third part of al the hammered Money and therefore in the year 1676 scarce Exceeded 4 Millions oOf these 4 Millions part were hoarded in the Country and since the year 1676 came not to the Cullers hands, since 1676, {sic} part were clipt Either before 1676 or afterwards and if a third part of the rest were culled for clipping and melting it would scarce amount to a fall short of a Million, and yt third part being lightned above 2 ꝑ Cent by wearing and in some measure culled before 1676 would not aford {sic} not much above half a million so fit for melting as as {sic} the Milled money was. And it in my former paper I recconed it at a million & part were culled for melting before the year 1676 & the rest w the rest {sic} had bestore{illeg} one with another lost 76 or 8 grains a piece by wearing so that {illeg}scrace one in ten was so weight as the milled half crowns. But if we should allow one in five to {illeg}have been so weighty {illeg} yet {illeg} do not see how they wcould scarce amount to half a million.

<text in Isaac Newton’s hand begins>The I do not see therefore but that ye abatements wch I made out of Mr Ps recconing of 16 millions were reasonable, so that instead of recconingsupposing that about ye year 1676 we had 16 millions of silver mionies I had rather reccon that we had not then above 10$\frac{\mathrm{1}}{\mathrm{2}}$ or 11 millions., And ye year 1689 when we reBut wereas I reecon that in ye& that in the year 1689 when we were richest we ha{illeg}d but about 12$\frac{\mathrm{3}}{\mathrm{4}}$ millions. Mr P objects that of of those monies not in tale but in weight & fineness.

In my recconing how much silver money we have remaining in ye nation at present I I presumesaid that we have about a million of old milled money or not much less. Mr P. thinks that we have not half theat quantity of old milled money, wch I reccon presume we have.so much? His reasons are the great consumption there was of that coyn after 76 & ye s{illeg}mall appearance of it in ye time of ye recoynage or since. This is a general way of arguing without coming to a recconing & so is of less force then ye recconing wch I grounded upon went upon For I gathered that we have a million or not much less, I gathered from by ye proportion of ye old milled money to ye new in a parcell or otwo. For I found the old about an eight or eig ninth part of the whole. And within this a since the writing of my former paper I examined the proportion again & {illeg}& in a parcel of 25℔ of silver monies brought to me from ye Bank of England & I found in it 3℔. 1s. 6d of old milled money. If there has been receoined 6900000li & the old milled money mixd therewith be now about $\frac{\mathrm{1}}{\mathrm{8}}$th an eight part of ye whole then that old milled money at theirits first mixing with ye new must have been about 98{illeg}5000li. Mr P. says that if we have so much old milled money it ought to be added to ye computation of ye 16 millions. I answedr that in ye computation of ye 16 millions Mr P. recconed 3 millions of old milled money wch was too much by above a million, & therefore ought not now to be <619r> ‡ encreased

So then I see no reason to alter my recconing of 7$\frac{\mathrm{1}}{\mathrm{4}}$ millions of silver moneys (milled & hammered) still in the nation unless it shall appear by some argument {illeg}way of recconing not yet discovered that above 1500000li has been not has been wasted melted down or exported since ye recoynage.

What he is said by Mr P. to diminish my account of all the half Guineas in {illeg}the nation {illeg} has been considered above. In my former paper I made an allowanceabatement of $\frac{\mathrm{1}}{\mathrm{8}}$th part of {illeg} ye whole for ye weighty guineas brought back {illeg}to ye {illeg}Mint & if that allowancebatement should be doubled it would not sp{illeg} much muchvery much diminish my recconing above a million 860000li a million especially if the Guineas coyned the last 14 months & the forreign gold monies wch of late haveby the overballance of trade do{illeg} very have plentifully flowed into England & still continued to do so, be added to it. If If This abatementmerchants I takeAnd after the recoin culling & recoyning of ye weighty Guineas has been allowed for I it ought to be {illeg}objected no more unless it cane be proved that ye allowance is {illeg}too little.

If in the dead months of exportation Merchants have sometimes coyn{illeg}ed their Bullion, 'twas surely not with intention to export the newsame in money contrary to law but with the money to buy new bullion when the time came for exportation approached.

If any gold hath been &c bought with ye clippings of &c

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So then I see no reason to alter my recconing of 7$\frac{\mathrm{1}}{\mathrm{4}}$ millions of silver monies (milled & hammered) still in the nation. unless it shall appear by some way of recconing not yet discovered that the moneies melted down or exported since the recoynage amount to above 1500000li. {sic} For I do not yet see any reason to believe that ye monies melted down or exported since the recoynage amount to above 1500000li.

What is said by Mr P. to diminish my accompt of the Guineas has been considered above where I shewed that there has been not only a large coynage but also a large increase of or stock. In my former paper I made an abatement of an eighth part of the whole for the weighty Guineas culled out & brought back to the Mint & if that abatement should be doubled it would not very much diminish my recconing, especially if the Guineas coyned the last 14 months & the forreign gold monies which of late by the overbalance of trade have plentifully flowed into England & still continue to do so, be added to it. And after culling & recoyning of the weighty Guineas has thus been allowed for it ought to be objected no more unless it can be proved that the allow{illeg}ance is too little.

p. 5 If in the dead months of exportation Merchants have sometimes coyned ther Bullion 'twas surely not with intention to export the same in money contrary to law but with the money to buy new bullion when the time for exportation should approach & therefore such s{illeg} coynage made addition to or stock.

p. 5, {sic} 6. {sic} If any gold hath been bought with the clippings of silver monies melted down into Ingots & exported: the gold is an addition to or stock of gold & the silver exported is allowed for in my former paper in the 5$\frac{\mathrm{1}}{\mathrm{2}}$ millions wast of the silver monies.

p. 5, 6. And the like is to be said of gold brought in by Forreigners to get by loans upon publick funds &c For since the year 1694 we have paid or forreign debts in any things but gold. And those debts wch now remain unpaid are not to be considered in recconing ye quantity of gold monies now in the nation but must be accounted for in ye course of Exchange & ballance of trade wch at prsent is on our side.

All wch being considered I do not see but that ye recconings set down in my former paper come near the truth, vizt that in ye year 168{illeg}9 when we were richest we had about 12$\frac{\mathrm{3}}{\mathrm{4}}$ millions in silver monies (not in tale but standard value) & about 5$\frac{\mathrm{1}}{\mathrm{4}}$ millions in Pistoles Guineas & Pistoles, in all about 18 millions besides broad gold. And in the year 1700 we have abo at prsent we have about 7$\frac{\mathrm{1}}{\mathrm{4}}$ millions in silver monies milled & hammered & about 8$\frac{\mathrm{1}}{\mathrm{2}}$ millions in Guineas & Pistoles besides broad G{illeg}old. In all we have about 15$\frac{\mathrm{3}}{\mathrm{4}}$ wch is about 2$\frac{\mathrm{1}}{\mathrm{4}}$ millions less then in ye year 1689. In making this estimate I do not pretend to be exact. Where I could metet with exact recconings I followed them & in <620v> the rest I used the best of my judgment.