'The value of Gold in proportion to silver in several parts of Europe' Isaac Newton c. 1,545 words The Newton Project Oxford 2017 Newton Project, University of Oxford

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 1 & 7 July 1702, c. 1,545 words.

Final version (including the post script, in Newton's hand, dated 7 July 1702 and signed by the Mint Board) in T. 1/80.105, MINT00939 (printed in Horton, Silver Pound, 267-70, and in Shaw, 162-6); this version commented on in NC, 7: 425 (no. 650). Another draft at MINT00330 (Mint 19/2/2-3).

First appendix to MINT00281 (Mint 19/2/78-9). Detailed analysis of the gold/silver ratio in various foreign currencies and the value of the British guinea in each. Post script dated 7 July 1702 lists the values of various foreign coins.

 MINT 19/2/104-5, National Archives, Kew, Richmond, Surrey, UK UKSurreyKew, RichmondNational Archives MINT 19/2/104-5 1 & 7 July 1702 England English Holograph 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, with retrofitting from MINT00939, and alterations made to relatedMaterial note
104233

The value of Gold in proportion to silver in several parts of Europe

The Ecu of France goes there for 3liv. 16sol. and by the weight & assay is worth 4s 6d English & thence the Livre is worth 1s. 2d∟21. The Lewidor goes there for 14 livres wchwhich amount to 16s 6d∟94 english. At wchwhich rate a Guinea is worth 20s. 8d14. For as 17s. 2d∟8 (the value of an new coynd Lewid'or in England according to the Table of Monies) is to 16s. 6d∟94 (the value of the same in France) so is 21s 6d the value of an unworn Guinea in England to 20s. 8d14

By the French King's Edict of Sept 17th 1701 the Mark of fine gold is valued at 494 livres 6 sols 4 deniers & the Mark of fine silver at 32 livres 16 sols 7 deniers. According to wchwhich proportion a Guinea of just weight & fineness is worth 20s. 8d34 in eEnglish silver money of just weight & fineness. The Ducat is coyned every where in Germany & some northern countries adjoyning of the same weight & fineness excepting that yethe Hungary Ducats are more certainly of full value. It is coyned for two old Rix dollers of the Empire or nine shillings English, & usually goes at that rate or within two or three styvers more or less, whereas in England it is worth 9s. 6d∟3. But if the Rixdoller be of a lower value, as are the Rixdollers of Holland Flanders Danemark & several parts of Germany, the Ducat may go for two Rixdollers & 6, 8 or 10 Styvers or above. In Holland the Guilder or Floren is worth 20d∟82 English & the Styver is 1d∟041, as may be collected from the precedingsaid Table of forreign monies. And there the Ducat goes usually for 5 Guilders & about 5 styvers, that is in orour money for 9s. 1d∟3. At wchwhich rate a Guinea is worth 20s. 6d34. In the Countries of the Electors of Brandenburg Saxony & Hannover & Dukes of Zell Brunswick Lunenburg Wolfenbuttel & some others places are coyned Guildens or Guilders of one & the same value by consent of the Princes, tho of various allays. This Guilder consists of 16 Gute Groshes or 24 Marien Groshes; and 46 Marien Groshes are accounted the value of an old Rixdoller or 4s 6d English. So that a Guilder is worth 2s. 4d14 or thereabouts By the Table it is worth 2s 4d17 according to the weight & assay. Now a Ducat goes in the Countries abovementioned for 334 Guilders, that is is for 8s. 9d37 English & sometimes for two or three Groshes more. If it be valued at 9s, a Guinea at that rate will be worth 20s. 4d. In the same Countries a Lewid'or is valued at 7 Guilders or thereabouts, that is at 16s. 5d. At wchwhich rate a Guinea is worth 20s. 5d34. At Hamborough the Ducat goes for two Dollars & about 8 or 9 sols lubs or sols of Lubec. This Doller is three Marks lubs that is 48 sols lubs, recconing 16 sols to a mark. But the Cross Doller (wchwhich is worth 4s. 4d∟91) goes for 52 sols lubs & therefore the other Doller wchwhich goes but for 48 sols lubs is worth 4s. 0d∟84, or thereabouts. The Marks & sols Lubs are there accounted double to the Marks & sols Dans or of Danemakrk, & the four Mark piece or crown of Danemark goes at Hamborough for two Marks lubs, & by the assay of several pieces is worth 2s. 8d∟4. And at this rate three Marks Lubs are worth 4s. 0d∟6. This is the value of the common Hamborough Doller; & two Dollers & nine sols lubs (the value of the Ducat) are 8s. 10d∟4. At which rate a Guinea is worth 20s. 0d14. At Dantzick Gold is very scare. Their Guilder consists of 30 Gros, & the Bank Doller wchwhich is worth about 4s 6d goes for three Guilders 23 Gros. Whence the Guilder is 14d23. The Ducat is there valued at about 7 Guilders 12 Gros, or two Bank Dollers wanting four Gros, that is at about 8s. 10d∟09. And at this rate a Guinea is worth 19s. 11d12. At Geneva the Hungary Ducat was lately valued at two Ecus & 2 or 3 sols of France, that is at 9s. 2d or 9s. 3d At wchwhich rates a Guinea is worth about 20s. 9d12. There also the Lewid'or was lately valued at 334 Ecus of France or 16s. 10d12. At wchwhich rate a Guinea is worth 21s. 0d12. But Gold was lately higher in France then at present wchwhich might raise the price of Lewid'ors at Geneva. For there the Spanish Pistole was valued only at 323 Ecus or 16s. 6d At Genoa the Croisat goes for 712 lires & is worth 6s 6d34, & therefore the Lire of Genoa is 10d12. And there the Pistole is valued at 1712 lires that is 15s. 3d34. At Florence & Legorn, the silver Ducat goes for seven lires & is worth 5s. 4d∟63 & therefore the Lire of Florencethose places is 9d∟233. And there & at Leghorn the Pistole goes for 20 lires or 15s. 4d23 & the Lewid'or & Spanish Pistole for between 20 or& 21 lires. + At Naples the Ducat of Silver is worth 3s. 4d∟34. And there the Pistole as I am informed goes for 412 Ducats or 15s. 2d & th At Rome three Iulios make a Teston & the Teston is worth 1s. 6d∟21. And there the Pistole of Italy goes for ten Testons or 15s 15s. 2d, & the Spanish Pistole for ten Testons & a Iulioo or 15s 8d16 At Ancona in the Gulph of Venice the Hungary Ducat goes for 17 Iulios or 8s. 9d∟4, the Pistole of Italy for 30 Iulios or 15s 2d & the Spanish Pistole for 31 Iulios or 15s. 8d. If the Ducat of Venice whose value is set down in the preceding Table, be that Ducat, as I am told, which goes now at Venice for 6 lires 4 sols de Piccoli; the Lire of Venice will be 6d∟52. And there the Hungary Ducat wchwhich goes for 16 lires will be worth 8s 8d∟32, & the Sequin of Venice which goes for 17 lires will be worth 9s. 2d∟84, & the Pistole of Venice wchwhich goes for 28 lires will be worth 15s. 2d∟56. By all wchwhich Gold seems to be lower in Italy then in France. In Spain the Pistole (wchwhich before wearing is here worth 17s. 2d∟8) is recconed at gour pieces of eight of 18s. And in Portugal the Moeda, wchwhich is here worth 27s. 6d, is recconed at 10 Crusados or 28s. 7d∟1. At wchwhich rates the Guinea is worth 22s. 5d12 in Spain & & 22s. 4d14 in Portugal. Iuly 1st 1702 Errors excepted Is. Newton. + At Rome Florence Legorn Bullaiogn & Ancona (a city upon the Gulph of Venice) three Iulio make a Teston & the Teston by assay is worth 1s. 6∟d21 & thence the Iulio is 6∟07d. Ten Iulios make the Escudi or Ecu of Rome but I cannot yet procure that piece of money for an assay. At Florence three Iulios are two lires & 1012 Iulios make the Ecu Ducat & thence the Iulio is 6∟15d. Now in those cities the Pistole of Italy goes for 30 Iulios or 15s 4d12 & the Spanish Pistole for 31 Iulios or 15s. 10d∟65 supposing the Iulio 6∟d15. At Bulloign & Ancona the Sequin of Venice goes for 18 Iulios or 9s. 2∟7d & the Hungary Ducat for 17 Iulios or 8s. 8∟55d. If the Ducat of Venice whose value is set down in the Table &c At Millain the Piece of Eight went lately for 5 lires 17sols & the Philip or silver Dducat for 6 lires. So that the Philip is to the Piece of eight (or 4s. 6d) as 40 to 39 & therefore is worth about 4s. 7513d. This piece as I am informed goes at Venice for 17 lires 812 lires & therefore the Sequin wchwhich goes at Venice for 17 lires is there worth 9s. 21013d, as before. At Naples the Ducat of Silver is worth 3s. 4∟43d, as before. By all which gold seems to be lower in Italy then in France the Spanish Pistole being every where worth less then 16s. At wchwhich rate the Guinea is worth less then 20s In Spain the Pistole is recconed at four pieces of 8eight or 18s wchwhich is 9∟2d more then in England. And in Portugal the Moeda is recconed at ten Crusados or 28s. 7d∟1 wchhich is 14d more then in England. At wchwhich rates a Guinea is worth 22s. 512d in Spain & 22s. 5d in Portugal. In In these recconings standard Gold is valued in England at 4li ꝑper ounce as Goldsmiths value it for the melting Pot. The standard value is 3li. 19s 834d. At wchwhich rate about 78ths of a penny are to be added to the value of the Guinea in forreign Countries. Mint Office 7th Iuly 1702 I. Stanley Is. Newton I. Ellis