"The value of Gold in proportion to silver in several parts of Europe" Isaac Newton c. 1,360 words The Newton Project Oxford 2017 Newton Project, University of Oxford

This text is licensed under a Creative Commons Attribution-NonCommercial-NoDerivs 3.0 Unported License.

 7 Jul 1702, c. 1,360 words.

Signed by the Mint Board.

Draft, dated 1 & 7 July 1702, in Mint 19/2/104-5, MINT00285. Original accompanied by MINT00937, MINT00938 and MINT00940.

 T 1/80.105, National Archives, Kew, Richmond, Surrey, UK UKSurreyKew, RichmondNational Archives T 1/80.105 7 Jul 1702 England English Holograph MintAnalyses of Foreign Coin and Exchange Rates Transcribed by Will Scott Metadata amended & document catalogued by Will Scott XML audited by Michael Hawkins
332

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

The Ecu of France goes there for 3 livres 16 sols & by the weight & assay is worth 4s. 6d English & thence the Livre is worth 1s. 2∟21d. The Lewid'or goes there for 14 livres which amount to 16s. 6∟94d english. At wchwhich rate a Guinea is worth 20s. 8d14. For as 17s 2∟8d (the value of an unworn Lewid'or in England according to the annexed Table) is to 16s. 6∟94d (the value of the same in France) so is 21s 6d (the value of an unworn Guinea in England) to 20s. 814d.

By the French Kings Edict of 17 Sept. 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 which proportion a Guinea of just weight & fineness is worth 20s. 834d in English 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 the Hungary Ducats are more certainly of full value. It is coyned for two old Rixdollers of the Empire or nine shillings English & usualy goes at that rate or within two or three styvers more or less, whereas in England it is worth 9s. 6∟3d. But if the Rixdoller be of a lower value, as are the Rixdollers of Holland, Flanders Danemark & some other places, the Ducat may go for two Rixdollers & 6, 8 or 10 Styvers or above. In Holland the Guilder or Floren is of equal value with 20∟82d english, & the styver is 1∟d041, as may be collected from the said Table. And there the Ducat goes usually for 5 Guilders & about 5 styvers, that is in orour money for 9s. 1∟3d. At which rate a Guinea is worth 20s. 634d. In the Countries of the Electors of Brandenburg Saxony & Hannover & Dukes of Zell, Brunswick, Lunenburg, Wolfenbuttel & some other places are coyned 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, & 46 Marien Groshes are accounted the value of an old Rixdoller or 4s. 6d English. So that a Guilder is worth 2s. 414d, or thereabouts. By the Table it is worth 2s 417d according to the weight & assay. Now a Ducat goes in the countries above mentioned for 334 Guilders or 8s. 937d, & sometimes for two or three Groshes more. If it be valued at at 9s, a Guinea at that rate will be worth 20s. 4d. In the same countries a Lewidor is valued at 7 Guilders or thereabouts, that is at 16s. 5d. At which rate a Guinea is worth 20s. 534d. 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. 4∟91d, goes for 52 sols lubs & therefore the other Doller which goes but for 48 sols lubs is worth only 4s. 0∟84d, or thereabouts. The Marks & sols Lubs are at Hamborough accounted double to the Marks & sols Dans or of Danemark, & the four Mark piece or Crown of Danemark goes at Hamborough for two Marks lubs & by the assays of several pieces is worth 2s. 8∟4d, as in the Table. And at this rate three Marks lubs are worth 4s. 0∟6d English. This is the value of the common Hamborough Doller, & two Dollers & nine sols lubs (the value of the Ducat) are 8s. 10∟4d. At wchwhich rate a Guinea is worth 20s. 014d. At Dantzick Gold is very scare. Their Guilder consists of 30 Grosh, & the Bank Doller wchwhich is worth about 4s 6d goes for three Guilders 23 Grosh. Whence the Guilder is 1423d. The Ducat is there valued at about 7 Guilders 12 Grosh, or two Bank Dollers wanting four Grosh, that is at about 8s. 10∟09d. And at this rate a Guinea is worth 19s. 1112d. 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 which rates a Guinea is worth about 20s. 912d. There also the Lewid'or was lately valued at 334 Ecus of France or 16s. 1012d. At which rate a Guinea is worth 21s. 012d. 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. 1 At Florence & Legorn the silver Ducat goes for 7 lires & by assay is worth 5s 4∟357d & therefore the lire of those places is 9∟224d. And there the Pistole of Italy goes for 20 lires or 15s. 412d, & the Lewid'or & Spanish Pistole for between 20 & 21 lires. + 2 At Genoa the Croistat goes for 712 lires & by assay is worth 6s 634d, & thererfore the Lire of Genoa is 1012d. And there the Pistole is valued at 1712 lires that is 15s. 334d. At Rome Florence Legorn Bullaiogne & Ancona (a city upon the Gulph of Venice) three Iulios make a Teston & the Teston by assay is worth 1s. 6∟21d & 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 Ducat & thence the Iulio is 6∟15d. Now in those cities the Pistole of Italy goes for 30 Iulios or 15s. 412d, & the Spanish Pistole for 31 Iulios or 15s. 10∟65d supposing the Iulio 6∟15d. At Buollogne & Ancona the sequin of Venice goes for 18 Iulios or 9s. 2∟7d & the Hungary Ducat for 17 Iulios or 8s. 8∟55d. If333 If the Ducat of Venice whose value is set down in the Table, be that Ducat, as I am told, wchwhich goes now at Venice for 6 lires 4 sols de Piccoli, the Lire of Venice will be 6∟52d. And there the Hungary Ducat wchwhich goes for 16 lires will be worth 8s. 8∟842d, & the Pistole of Venice wchwhich goes for 28 lires will be worth 15s. 2∟56d. At Millain the Piece of eight went lately for 5 lires 17 sols & 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 812 lires & therefor 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. And there the Pistole as I am informed goes for 45 Carlins or 412 Ducats that is for 15s. 2d. By all wchwhich 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 eight or 18s, wchwhich is 9∟2d more then in England. And in Portugal the Moeda is recconed at ten Crusados or 28s. 7∟1d wchwhich is 14d more then in England. At wchwhich rates a Guinea is worth 22s. 512d in Spain & 22s. 5d in Portugal. 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 cCountries. Mint Office 7 AprIul. 1702 I Stanley Is. Newton In Ellis Proportions of Gold to silver abroad.