On differences between the customary par and the current rate of exchange between English and French money at Dunkirk, and what proportion of the loss should be born by the Crown Isaac Newton c. 423 words The Newton Project Oxford 2017 Newton Project, University of Oxford

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 Early October 1712, c. 423 words.

Draft of T. 1/152.44b, MINT00973 (printed in Shaw, 184-5 and NC, 5: 343-4).

 MINT 19/2/172, National Archives, Kew, Richmond, Surrey, UK UKSurreyKew, RichmondNational Archives MINT 19/2/172 Early October 1712 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 normalized MINT00973
172247

In the course of Exchange, nine pounds sterling are recconed at a par with 100 Gilders specie money of Holland, or 1li with 11 Gildrsers 229 Styvers. But 1li sterling lately passed in Holland only for 10 Gilders & 9 or 10 styvers, or at a medium for 10 Gildrsers 912 Styvers. The defect is 121318 Styvers, whereof her MajtyMajesty allowed to the forces in Flanders 512 Styvers, wchwhich is almost one half of the defect or loss by the exchange.

The par between English & French money isof notthe new species is not yet setled by the course of the Exchange: but by weight & assay I find that an unworn French crown piece of the new species wchwhich passes at Dunkirk & in France for five Livres is worth 5s 1d sterling. And at this rate 20s sterling are worth 19 livres 132761 sous. But 20s sterling pass at Dunkirk for only 17 livres. The defect or loss is 2 livres 132761 sous to be divided between her MatyMajesty & the forces. And as 121318 styvers to 512 styvers, so are 2 livres 132761 sous to 23 sous, her MajtsMajestys proportional part of the defect: wchwhich added to 17 livres the current value of 20s sterling at Dunkirk, makes her MajtsMajestys allowance 18 livres 3 sous for 20s sterling, recconing a French crown new species at 5 livres. But her MajtyMajesty may alter the proportion at pleasure & make the allowance in a rounder number. When nine pounds sterling are recconed at a par wthwith 100 Gilders as above the specie money of Holland is overvalued by about 314 per cent:. For the thre–e Gilder piece unworn is worth only 61234 pence sterling by the weight & assay. And thence nine Gilders pounds sterling are worth intrinsecally worth about 10314 Gilders. And one pound sterling which lately passed at about 10 GGilders 912 ststyvers is worth 11 Gilders 949 styvers. And then the loss by the exchange is about a Gilder, whereof her MatyMajesty bare only 512 styvers, wchwhich is about a quarter of the whole loss. And according to this proportion her MatyMajesty should beare but about a quarter of the loss by the exchange at Dunkirk., wchwhich is about 14 or 15 sous. But the rules of the Exchange where they are setled beingare being generally followed, I presume it might be her MatsMajestys intention to beare about one half of the loss by the exeangeexchange in Holland, as in the recconing first set down in this paper.