Recommendations regarding currency control Isaac Newton c. 359 words The Newton Project Oxford 2016 Newton Project, University of Oxford

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 c. 20 January 1701, c. 359 words. Treasury

Draft of PRO, Mint 1/8, p. 25 (dated 20 January 1700/1 and printed in Horton, Silver Pound, 261-2). This version printed in NC, 4: 352-3.

Recommend devaluation of the English pistole to discourage the import of French ones, citing the devaluation of Scottish coinage four years previously as a precedent. Warn that silver coin is of less intrinsic value than silver bullion, a situation which should be reversed.

 MINT 19/2/139, National Archives, Kew, Richmond, Surrey, UK UKSurreyKew, RichmondNational Archives MINT 19/2/139 c. 20 January 1701 England English Clerical Hand Unknown Hand Unknown Hand (1) MintEconomic Theory and Legislation MintCorrespondence Catalogue information compiled by Rob Iliffe, Peter Spargo & John Young Catalogue exported to teiHeader by Michael Hawkins Transcribed by Will Scott Will Scott finished transcription

To the RtRight HonbleHonourable the Lords CommrsCommissioners of his MajtsMajestys Treasury

May it please yoryour LordpsLordships

The great value put upon French & Spanish Pistoles in England has made them of late flow plentifully hither above all other sorts of Gold, especially the French Pistoles wchwhich are better sized and coyned and less liable to be counterfeited & by consequence of more credit then the Spanish. For Pistoles pass amongst us for 17s 6d a piece whereas one with another they are worth but about 17s. 012d or 17s. 1d at the rate that Guineas of due weight and allay are worth 21s. 6d. And tho allowance be made for the lightness of our Silver monies by wearing yet Pistoles will be worth but between 17s. 2d and 17s. 3d.

About four years ago by the English putting too great a value upon Scotch money the Northern borders of England were filled with that money Scotland with ours the Scots makeing about 8 or 9 pr.per cent profit by the Exchange untill your LordpsLordships were pleased to put a stop to the mischief. The case being now the same (but of much greater consequence) in the reputed par of the Exchange between the English money and Pistoles, wchwhich runs 3d or 4d in a Pistole too high to the Nations loss in the course of Exchange, we thought it our duty humbly to represent it to yoryour LordpsLordships in order to such a remedy as yor.your LordpsLordships shall think fit. We presume also to lay before your LordpsLordships that by reason of the great demand of silver for Exportation in Trade, the price of Bullion Exceeds that of silver monies 3d or 4d and sometimes 6d or 7d prper ounce whereas monies ought to be of great or greater value then Bullion by reason of the workmanship and certainty of the Standard. And this high price of Bullion has not onely put an end to the coynage of Silver, but is a great occasion of melting down and Exporting what has been already coyned. All wchwhich is most humbly submitted to yoryour LordpsLordships consideration and great wisdom 139 242