Response to a further proposal by the Irish Chancellor for a Dublin Mint Isaac Newton c. 736 words The Newton Project Oxford 2017 Newton Project, University of Oxford

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 c. 4 June 1701, c. 736 words. Treasury

Printed in NC, 4: 380-82; see also NC, 7: 422, no. 643 and Craig, NATM, 47-8. Calendared in CSPD 1700-1702, 399, from a copy dated 4 June 1701.

Uniformity of coinage between the two countries is strongly recommended, and it might be advisable to set up a temporary Mint in Ireland for eighteen months or two years to effect a recoinage. In the long term, however, it is more economical to mint Ireland's money in London, and a permanent Mint in Ireland might have adverse effects on English trade.

 MINT 19/2/214-15, National Archives, Kew, Richmond, Surrey, UK UKSurreyKew, RichmondNational Archives MINT 19/2/214-15 c. 4 June 1701 England English Holograph Unknown Hand MintOverseas Mints and Coinage 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 Minor amendments made by Will Scott

To the RtRt HonbleHonourable the Lords CommrsCommissioners of his MajtsMajestys TrearyTreasury.

May it please yoryour LordpsLordships

In obedience to yoryour LordpsLordships Order of Reference signified to us by Mr Lowndes we have considered the Memorial of the Chanclellour of Ireland about erecting a Mint in that kingdom [& also the Report of the late Warden & Master & Worker] & yethe other Papers accompanying ithe said Memorial, & finding upon enquiry into the state of the coyn of Ireland that the forreign coyns wchwhich make a great part of their silver monies are generally in great pieces wchwhich are inconvenient for change in marketings & other small expences & that by the want of smaller silver monies the coyning of greater quantities of Copper monies for change hath been so much encouraged as to be complained of: we are humbly of opinion that this inconvenience may deserve to be remedied by recoyning the said forreign monies or some part thereof into smaller monies of the same weight allay species & impression wthwith the monies of England, adding only such a mark of distinction as his MajtyMajesty shall think fit. And we beleivebelieve it cheapest & best for Ireland & safest for England to have this coynage dispatcht at once by erecting a Mint in Ireland for some short time (as eighteen months or two years) under the same laws & rules with this in the Tower but wthwith less salaries & fewer Officers & by lowering the value of the forreign monies to bring them into this Mint And we are ready to promote such a designe & particularly to supply that Mint wthwith standard weights, Tryal pieces, Dyes & Coyning Tools & to try their money.

The reasons by wchwhich the former Officers of the Mint in some of the Papers referred to orour consideration, opposed the coyning by different standards are so much of force against a difference in the Denomination or extrinsick value of the same pieces of money & in the proportion of Gold to silver, that we are of opinion (wthwith most humble submission) that the agreeing of Ireland wthwith England therein may deserve the consideration of the Government as a Preliminary to a Mint whenever they shall provide for the charge of erecting one.

The Directions in the Warrant of 14 Car. II referred to orour consideration being applied & restrained to the present way of coyning by the Mill & Press without a Seigniorage & without fine & ransome upon two penny weight remedy in the single pieces we approve of.

If a standing Mint be desired for coyning from time to time the Bullion of Merchants & others we beleive it may put Ireland to a greater charge then to coyne the such Bullion in London & how it may in time affect Enthe trade or governmtgovernment of Engl.gland we do not know.. Such a Mint may have been often & much desired & if it hath at any time been granted, the Government has afterwards met with reasons to put an end to itbut has either not been granted or not suffered to continue. For to214to use the words of our Predecessors in one of the Papers referred to orour consideration, "It hath been the policy & caution of Kings & Queens of England to stock their Realm of Ireland with moneys (both for quantity & quality) coyned in their Mint in the Tower of London whereof one part yet retains the name of the Irish Mint; and King IJames (of happy memory) by his Indenture of the Mint caused his monies stampt for Ireland to be charged with an Harp crowned for distinctions sake whose Reasons and Examples (as we submissively conceive) may well admit yoryour LordpsLordships first consideration"

If the Government of Ireland shall think fit to discourage the exportation of English money from thence by setting a value something lower upon the forreign so that when Merchants or others have occasion to export Gold or Silver they may chuse rather to export the forreign monies then the English, there will be but little occasion for a Mint in Ireland hereafter. A difference of one or two per cent in the value of the monies may be sufficient for this purpose & will mend their Exchange without hindring the importation of the monies of Spain or Flanders into Ireland by Trade.

All wchwhich &c

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