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

Gold is therefore by the standards of Spain & Portugal, of sixteen times more value then silver of equal weight & like allay. And at this rate a Guinea is of equal value with so much fine silver as is conteined in 22s 1d of English silver moneys of just weight & allay. Now this high value carries away the silver from Spain as fast as it comes from the West Indies, & the scarcity of Silver in that kingdom (& I think 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 silver.

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 8$\frac{\mathrm{1}}{\mathrm{2}}$d in silver

In Holland the Ducat of Holland & that of the Empire is current at 5 Guilders & five Stivers, that is, at the value of so much fine Silver as is conteined in 9s 1d$\frac{\mathrm{1}}{\mathrm{4}}$ English. At which rate a Guinea is worth 20s 7$\frac{\mathrm{1}}{\mathrm{2}}$d.

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 twenty shilling & seven pence or eight pence or thereabouts; or at the most, one pound weight of fine gold should be valued at fifteen pounds weight of fine silver; whereas one pount weight of fine gold is at present valued in England at 15£Wt. 6oz. 17dwt 5gr of fine silver, which is almost four per cent too high.