On the value of Mexican, Peruvian and Seville coins
To the Rt Honble the Earl of Oxford and Earl Mortimer, Lord High Treasurer of great Britain.
May it please yor Lordp
By the weight & assay of forreighn coins formerly taken in the Mint, Mexico pieces of eight unworn one wth another are worth {illeg}4s 6d sterling in intrinsic value, & Sevil pieces of eight (old plate) are of the same intrinsic value with those of Mexico. And according to this value eight hundred eighty eight thousand eight hundred & eighty nine pieces of eight {illeg}of e{illeg}ither Mexico or PSeruvill are worth two hundred thound pounds & six pence.
In this recconing I have made no allowance for the wearing of the money. Exchangers reccon pieces of eight at a par wth 4s 3d without distinguishing between the several sorts of them. For the pieces of Peru are coarse & Refiners reccon them scarce worth 4s 3d a piece one wth another. If pieces of eight be taken promiscuously at a par with 4s 23d, nine hundre{illeg}d thirty one thousand three hundred s {sic}fifty & threeseventy & two pieces of eight will be worth two hundred thousand pounds.
All wch &c
Is. Newton
Source
MINT 19/2/205, National Archives, Kew, Richmond, Surrey, UK10 June 1711, c. 200 words.