Holograph draft of MINT00599 (Mint 19/2/404-5)

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1 The several Reports of wch have been made upon these Petionstions & Proposals have been to ye following effect settall been to the same effect setting forth that upon calling in all the coinages of half pence & farthings sincebefore the yeare 1672last, vizt those in the Reigns of King Charles ye 2d & King James ye 2d & in the beginning of the reign of their late Majts. King William & Queen Mary were performed by Commissions Commissioners who had money imprested from the Excheqr to buy Swedish Copper & Ton & coined it the copper being Swedish & at most into 20d per pound averdupoise the same being Swedish & the Tin into about 16 or 18d per pound weight & accounted upon oath to ye government for the charges {illeg}& produce thereof by tale.

2 That upon complaints made agastinst the Tinn farthings & half pence, Sr Joseph Hern & others contracted to change the same coin 700 Tunns of copper hallf {sic} pence & farthings in lieu of t{illeg}he{illeg} & to enable them to beare that charge were allowed to beare that charge toPatent to coin 700 Tunns of English Copper into half pence & farthings at 21d per pound weight with a Remedy of onean half penny wthout being accountable to the Government for ye tale. wch English copper wias cheaper then the Swedish by above 2d And That i{illeg} the pound wt 1{illeg}3 That & that The reason of wch this allowance now ceasingbeing now ceased, the Officers of the Mint in their Reports have constantly been of opinion that we have in our reports been ye said Patent shouldought ought not to be drawn into president for coyning the money so much lighter yn the intrinsic value & wthout account, especially since the moneys coyned thereby weras lighter, of badworse copper then by agreement & ill coyned{illeg}. & That the former method by Commission & upon acount is more fair & savfe & advantageours to ye the {sic} government, especially if the same method used for in in coining of go{illeg}ld & silver be used in observed as nearly as can be conveniently in {illeg}ing coining of gold & silver copper as nearly as can be conveniently so that For thereby ye coinage maymay will be well per for thenearer to the intrinsic value & better performed & may of& of better Copper & by a standing commission a greater or less quantity may be at any time coined as occas by a standing Commission as the uses of [ as ye uses of the nation shall require [for avoiding] from complaints of the scarcity or excess of such money.time to time require

And we have further humbly been of opinion reported that we are of opinion that ye coinage of half pence & farthings should be to ye intrinsick value the charbges of coinage & interes incidents deducted. And considering that in the last coin{illeg}age of this m{illeg}oney six hundred Tunns occasioned complaints in Parliaments, we have inclined & the whole coinage of seven h{illeg}undred Tun{illeg}s was found sufficient for ye nation for some years after: we have been of averse from adding too great a {illeg}quantity to ye F copper money already coined. And theo the present copper money be ill coined yet considering that the melting it down would be a loss to ye government of 7000 or 80 thousand pounds we have made {illeg}a verbal report against calling it in.

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That its best to coin the money to ye intrinsick value {illeg}including ye charges of c{illeg}oinage it& incidents {illeg}& recconing the copper at {illeg}what it would sell for if the new money were melted down again, & that if any profit arise by the coynage it may be given to persons not concerned in the coinage if her Maty. pleases.

AndAnd tThat in the time of the Petitions there was no considerable want of a new coinage, worth considering {illeg} & the coinage of {illeg}two {sic} great a quantity would be apt to occasion complaints. For

{illeg}5. And upon the petion of Mr Morgan for coining 1800 Tunns {illeg}there was a verbal report that the calling in all ye copper money n{illeg}ow current & coining 1000 Tunns of better copper money in lieu of them t{illeg} there was a verbal report that would be a loss of 70 or 80 thou{illeg}sand pounds to the g{illeg}overnment {illeg}or above, & that six or seven hundred Tunns were found sufficient to stocl ye nation of England. And to thean argument of the Petitions that a new coinage of better & weightier money would cause the Peti old money to be rejected by the people & lose its currency: it was answered that a great coinage of six or seven hundred Tunns been might have that effect because alone sufficient for ye uses of ye nation, but a small coynage [sufficient only to supply make up ye defect of the old ones would not have that effect] would not hurt the currency of the old money not sufficient for that purpose was best. for ye nation.

This is the substancetenour & substance of the reports wch have been made {illeg} upon Petition Proposals referred to this Office during her Majts. reign. All wch is most humbly submitted &c

4 That it is best to coine the money as neare as can be conveniently to ye intrinsic value including the charges of coinage & incidents & recconing the copper at what it would sell for if the new money were melted down again. And that of anywhat ever profit arises by the coinage, its better to give it to persons not concerned in the coinage, if her Maty. pleases then to persons concerned in it, who for increasing their own {illeg}profit may perform things illimperfectly. And therefore the former method by commission & upon account is the more commendable & advantageous to ye government, especially if the method used in ye coinage of copper in gold & silver be observed (as nearly as can be conveniently) in ye coinage of copper. For thereby the coyange wil may be nearest to ye intrinsic value & will be apt to be {illeg} better performed & of better copper, & by a standing commission a greater any quantity may be coined from time toany time as ye uses of the nation shall from time to time require. For [in ye time of the Petitions above mentioned there was no considerable want of a new coinage &] the coinage of two {sic} great a quantity at once would be apt to occasion complaints .as it did actually in the coinage of the present copper first six hundred Tunns of the present copper money.     And upon the Petition of Mr Morgan &c & in the times of the Petitions above mentioned there was at first no want afterwards no considerable want of of new coynagecopper money , & it was best to coin only what was wanted least the coinage of too great a quantity at once should occasion complaints as it did actually in the coinage of the first six hundred Tunns of the present mo copper money. The greatest want was in Lo In the time of the first petitions there was no want; afterwards the greatest wasnt was in London & would be supplied by a very small quantity & if they were wanted in someany places in the country they abounded as much in others