Draft of MINT00314 (Mint 19/2/172)

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In the course of Exchange, nine pounds sterling are recconed at a part with 100 Gilders specie money of Holland, or 1£ with 11. Gild. 2$\frac{\mathrm{2}}{\mathrm{9}}$ stiv. But 1£ sterling lately passed in Holland only for 10 Gild. & 9 or 10 stivers, or at a medium for 10 Gild. 9$\frac{\mathrm{1}}{\mathrm{2}}$ stiv. The defect is 12$\frac{\mathrm{13}}{\mathrm{18}}$ stivers, 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 at Dunkirk & in France for five livres, is worth 5s 1d sterling. And at this rate 20s sterling are worth 19 livres 13$\frac{\mathrm{27}}{\mathrm{61}}$ sous. But 20s sterling pass at Dunkirk for only 17 livres. The defect is 2 livres 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 20s sterling should be 18 livres 3 sous recconing a French crown new species at five livres. But Her Majesty may alter the proportion at pleasure, & make the allowance in a rounder number.

When nine pounds 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 the three-Gilder pieces unworn are worth only 62$\frac{\mathrm{3}}{\mathrm{4}}$ pence sterling by the weight & assay. And thence nine pounds sterling are intrinsically 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, & 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 recconing above set down for Dunkirk.                               Is. Newton