Draft of MINT00314 (Mint 19/2/172)

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In the course of Exchange 9£ nine pounds sterling are recconed at a par with 100 Gilders specie money of Holland or 1£ with 11G 2$\frac{\mathrm{2}}{\mathrm{9}}$ stivers. But 1£ lately passed in Holland only for 10G & 9 or 10 stivers or at a medium for 10G 9$\frac{\mathrm{1}}{\mathrm{2}}$ stivers. The defect is 12 $\frac{\mathrm{13}}{\mathrm{18}}$ styvers, whereof her Majesty allowed to the forces in Flanders 5$\frac{\mathrm{1}}{\mathrm{2}}$ styvers.

The par between English & French money of the new species is not yet setled by the course of Exchange, but by weight & assay I find that an unworn French Crown piece of the new species which passes in France & at Dunkir for 5 livres is worth 5s 1d sterling & at this rate 20s English are worth 19livrs 13$\frac{\mathrm{27}}{\mathrm{61}}$ sous. But 20s English pass at Dunkirk for only 17 livres. The defect is 2livres 13$\frac{\mathrm{27}}{\mathrm{61}}$ sous . And as 12$\frac{\mathrm{13}}{\mathrm{18}}$ stivers to 5$\frac{\mathrm{1}}{\mathrm{2}}$ stivers so are 2 livres 13$\frac{\mathrm{27}}{\mathrm{61}}$ sous to 23 sous her Majesties proportional part of the defect.

By this recconing therefore her Majesties Allowance to the forces at Dunkirk for 20 shillings sterling should be 18 livres 3 sous recconing a French crown new species at 5 livres. But her Majesty may alter the proportion at pleasure.

When 9£ sterling are recconed at a par with 100 Gilders as above, the specie money of Holland is overvalued by about 3$\frac{\mathrm{1}}{\mathrm{4}}$ per cent For three Gilder pieces unworn are worth only 62$\frac{\mathrm{3}}{\mathrm{4}}$ pence by the weight & assay. And thence 9£ sterling are intrinsecally worth about 103$\frac{\mathrm{1}}{\mathrm{4}}$ Gilders And if a recconing was grounded upon this intrinsic value of the Dutch money her Majesties allowance over & above 17 livres would be only 15 sous. But the rules of Exchange where they are setled being generally followed by all nations & being the rules (as I conceive) by which her Majesty made the late allowance to her forces in Flanders I have followed them in the recconning above set down for Dunkirk.                                         I. Newton