Partial draft of MINT00322 (Mint 19/2/111-16)

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Observations upon the valuation of Gold & Silver in proportion to one another

A Spanish Pistole was coyned for 32 Reaus or four pieces of Eight, & is the sixteenth part of the weight thereof, & of like allay.

A Doppia Moeda or Moyder of Portugal was coyned for 4000 Res or ten Crusados, & is the sixteenth part of the weight thereof & of like allay.

Gold is therefore by the standards of Spain & Portugal, of sixteen times more value then silver of like alley & equal weight. And at this rate a Guinea is of equal value with so much fine silver as is conteined in 22s 1d of English money of just weight & allay. Now this high value carrues away the silver from Spain as fast as it comes from the West Indies, & the scarcity of silver in that kingdom (& I think also in Portugal) puts them upon making their payments at home in Gold & refusing to pay in Silver without a premium of six per cent. At which rate a Guinea is worth 20s. 9d.

In France by the Edict of May 1709 a new Lewidor was coyned for 20 livres or four new Lewises of Silver & is the fifteenth part of the weight thereof & of equal allay. And by the same Edict fine Gold is valued at fifteen times its weight of fine silver. At which rate a Guinea is worth 20s 8d$\frac{\mathrm{1}}{\mathrm{2}}$ in silver.

In Holland, the Ducat of Holland & that of the Empire is current at five Gilders & five Stivers, that is, at so much fine silver as is conteined in 9s 1d$\frac{\mathrm{1}}{\mathrm{4}}$ English. At which rate a Guinea is worth 20s7d$\frac{\mathrm{1}}{\mathrm{2}}$.

At Hannover the Ducat is valued at two old Rix Dollars or four Guldens, that is, at 9s 1d English. And Gold bears much the same proportion to silver in Italy as in Germany.

In England therefore, that Gold & Silver may have the same proportion to one another as in the neighbouring parts of Europe a Guinea should be valued at 8d or thereabouts; or at the most one pound weight of fine silver : whereas one pound weight of fine Gold is at present valued in England at 15£Wt. 6oz. 17dwt of fine silver, which is almost 4 per cent too high.