Memorandum. 'Proposals touching the Amendment of the English Coins' Isaac Newton c. 1,074 words The Newton Project Oxford 2017 Newton Project, University of Oxford

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 c. 1700, c. 1,074 words.

Legislation is needed to fix the value of bullion relative to coin and ensure coin is not worth less than bullion (which leads to its being melted down or exported). The crown piece should be on a par with an ounce of bullion, and their common value reduced by annual increments until it reaches 5s. Hammered half-crowns should be reminted with milled edges and a new stamp to distinguish them from originally milled half-crowns, and have a separate value set on them. Lists various practical issues to be considered before implementing these proposals.

 MINT 19/2/605-6, National Archives, Kew, Richmond, Surrey, UK UKSurreyKew, RichmondNational Archives MINT 19/2/605-6 c. 1700 England English Unknown Hand Isaac Newton MintEconomic Theory and Legislation Catalogue information compiled by Rob Iliffe, Peter Spargo & John Young Catalogue exported to teiHeader by Michael Hawkins Transcribed by Will Scott
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Proposals touching the Amendment of the English coins.

Proposal. I.

That Bullion & Milled money be enacted of an equal value under a severe penalty to any one who shall give or take more then the value of a crown piece for an ounce of bullion

For the raising yethe price of bullion has for some years put a stop to the mMint & caused milled money to be either melted down into bullion & base money or transported & sold for bullion abroad. And these mischiefs are not otherwise to be remedied then by this Proposal.

Pr.Proposal II.

That a crown piece & an ounce of Bullion be enacted (at present) of a middle value betwenbetween them both; suppose at 5s 6d, or 5s 8d or at most 6s; & that every year, or every half year, a penny be deducted from their common value untill they be both brought down to 5s.

For this temper of the value will make the least alteration in yethe present state of affairs, & so is safest; & the grevances which may arise to some persons from equalling the value of milled money & bullion will this become moderate & of short continuance. For should bullion on a sudden be brought down to yethe value of milled money, it might be too detrimentall to all that trade in bullion & Plate, & should milled money be raised to yethe present value of bullion suppose a crown piece to 6s 3d or 6s. 6d it might cause too great profit to those who have milled money hoarded & continue to raise the price of all merchandices too much to the injury of Land, standing rents & Annuities & of all estates wchwhich cannot rise in the same proportion. But if it be set at 5s 6d or 5s 8d or perhaps 6s the injury already done to standing estates by the rise of bullion, will be abated by the present Fall of bullionthereof & in four or fivea few years by the reduction of its value to 5s per ounce, it will cease

Prop.Proposal III.

That all yethe unmilled half crowns be speedily milled into half ounce pieces of sterling allay, & of a particular new stamp whereby they may be easily distinguished in tale from the other milled half crowns; & that a common value (at present) be set upon them (at present) almost equal to the value of the money out of wchwhich they are coyned, suppose of 3s or 3s 6d or 4s or at most 4s 6d the piece, & that this value be lessened a penny or 2d in the piece every year, or every half year, untill it be brought down to 2s 6d, wchwhich is is yethe just intrinsick value of the pieces.

I propose this as reasonable to be now done because 'tis better in all respects then to let the unmilled money continue as it is. For it will make the least alteration in yethe affairs of the nation & so is safest for the Government. The quantity of money will not be thereby too much diminished on a sudden. It will put an end to yethe clipping of half crowns & therefore I propose it to be done speedily for putting an end to clipping half crowns. And tho this new money will for a time went of intrinsick value yet this is no new greievance but a step to the remedy of the old one. For it will be of more intrinsick value then the current money is at present, & every year grow better and better till it have its Full intrinsick value: which gradual amendment will be safer to the government then too sudden a change. And Tthe losse by milling willmay not be so great but that every subject may beare it without putting the nation to charge, or calling in plate before its be necessary, wchwhich would make an ill sound abroad,. And tho its want of intrinsick value will for a time make it liable to be counterfeited, yet it will be much lesse liable thereto then yethe unmilled money is at present

Prop.Proposal IV

That no bullion or plate be milled with this new stamp upon pain of treason, nor brought to yethe Mint during the milling of this money; & that so soon as the time is expired for milling this money,it the sStamps be defaced, & it be treason to mill any more money in this Stamp, or to have instruments for that end; and all the unmilled half crownes thence forward to be decried and cease to be current or valuable any otherwise then as Bullion. For this will hasten all people to bring in their light money to yethe mint before the time for milling it be expired

It would be easiest to mill all the money in yethe Tower as it comes into yethe Kings hands: but this will be long in doing & all the loss in milling would be the Kings. Tis better that a speedier end be put to clipping or& that every man bears his own loss in coynage, then that yethe King beare the losse of the whole nation.

I pass by other particulars of less moment as

1 whether every man shall carry his money to yethe Tower, or one or more new mints (for saving this carriage) be erected in others parts of the nation, & remain fixed there or be removed from city to city till the money be milled

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2 Whether yethe half crowns wchwhich weigh more then 2s 2d or perhaps then 2s should be exempted from this coynage of light money & valued as Bullion & accordingly milled with that stamp wchwhich is now in use.

33 Whether yethe Shillings & sixpences shall be new milled at the same time with the half crowns & after the same method or let alone till another year, & if they be let alone whether for putting a limit to clipping them, those, shillings & sixpences wchwhich are clipt wthinwithin yethe ring shall all be new milled & decryed t together wthwith the half crowns

44. Whether an Office should not be annexed to yethe Mint for refining base money (the platted brass by Quicksilver, & the silver of course allay by other due means) & what rules shall be observed in such an office.