Discussion of standards by which to gauge the value of gold coin (specifically pistoles)

<142r>

To the Rt Honble the Lords Commrss of his Majties Treary.

May it please yor Lordps

In obedience to yor Lordps commands that we should give or opinion whether Pistoles ought to be valued in {illeg} MarksEngland by comparing them with our new coynd monies of due weight & fineness as we do Bullion or by comparing them with the current cash of the nation wch by wearing is grown lighter then standard we have areconsidered the matter & humbly representrepresent or opinion that the Par of Exchange between the monies of two several nations is to be adjusted by consideringconsidering considering the monies o{illeg}f both nations as {illeg}Bullion witheld & comparing them by the A weight & assay without any regard to the stamp of the monies or standard of either nation. bBut in valuing the monies in the Markets of a singleone & the same nation (wch is the prsent case) the mon{illeg}ey of that nation wch haveing there a currency by theirit stamp areis not to be considered as bullion byut valued at what they wereit was coyned for altho by wearing theyit be grown lighter then standard,. because by their stamp they have a currency by their stamp. But And the monies of other nations wch have not there a currency by their stamp are to be considered as bullion & valued only by their weight & fineness. And therefore Pistoles in {illeg}therefore in ye markets of England are to be valued {sic}considered as bullion & valued {illeg}by comparing them with our ownEnglish money of due weight & allay wthout making any allowance or abatement for ye wearing of ye current cashlightness of yeor coin by wearing.

In our last memorial we valued Pistoles one wth another at 17{illeg}. 1d or thereabouts. This value we gathered from their weight & fin assays finding them one wth another to weigh 4dwt 7$\frac{\mathrm{1}}{\mathrm{4}}$gr & to be worse then standard $\frac{\mathrm{1}}{\mathrm{3}}$ of a grain or thereabouts. But [These assays were made in the Mint of old Pistoles made by or Assaymasters some years ago,] but by many assays made ye last week & this we find [that ye Pistoles lately coyned are of coarser allay than the old ones so as {sic} so as to be about $\frac{\mathrm{2}}{\mathrm{3}}$ or $\frac{\mathrm{3}}{\mathrm{4}}$ of a grain worse then standard. And this brings down the value of Pistoles to 17s. {illeg}& $\frac{\mathrm{1}}{\mathrm{3}}$ of a penny or thereabouts one with another.one with another. Certainly they are not worth less than 17s. 1d. & they are worth above& more then 17s16s. 11d$\frac{\mathrm{1}}{\mathrm{2}}$ If the a point heaviest be culled out those may be worth 17s 1d$\frac{\mathrm{1}}{\mathrm{2}}$ but I reccon ym one with another as they go in the market by tale without culling, {illeg} for if the heaviest be culled out those may be worth 17s 1d$\frac{\mathrm{1}}{\mathrm{2}}$ a piece or 17s 2d a piece, & if the lightest be culled out those may not be worth 16s. 1011d.

All wch we offer to yor Lordps consideration wth most humble submission to yor Lordps great wisdome.

<142v>

We have considered the matter & are humbly of represent that the question not beingbeing about ye value of money (not in ye exchange between several nations & nations but only) in ye markets of England, whe the French & Spanish pistoles wch having {illeg}ng currency have by vertue of {sic} their stamp are to be considered only as more bullion & valued by their weight & assay according to or standard without making any allowance or abatement considering the wearing of or own money w For or own moneys hasve here a currency by {illeg}their stamp {illeg}tho not of due weight & finenes but forreign moneys have only a currency ofnly {illeg}their intrinsic value

We find more exactly that Pistoles one wth another are are worth we areat least $\frac{\mathrm{1}}{\mathrm{2}}$ a grain worse then standard & weigh only 4dwt 7gr$\frac{\mathrm{1}}{\mathrm{6}}$ as nearly as we can determin. According to wch recconing they are one wth another worth 17s & $\frac{\mathrm{7}}{\mathrm{15}}$ parts of a penny