Draft of MINT00499 (Mint 19/2/236v)

<230r>

To the Right Honorable the Earl of Oxford & Earl Mortimer Lord High Treasurer of great Britain.

May it please yoer Lordship

According to yoer Lordships Order signified to me by Mr Secretary Harley's his Letter of Feb. 26 instant, I have considered the Letter of his Grace the Duke of Ormond her Majesties Leiutenant General & General Governour of Ireland sent to yoer Lordship, together with the Representation sent to his Grace from the Lords of her Majesties most honorable privy Council of that Kingdom, proposing the making current there by Proclamation several pieces of forreign Gold therein named in order to prevent the counterfeiting thereof by making the crime high Treason. And I humbly represent that the Moyders of Portugal one with another weigh 165$\frac{\mathrm{1}}{\mathrm{2}}$ grains as they are brought hither by the Merchant & are a quarter of a grain better then standard, but the Spanish & French gold coins are half a grain worse then standard & the double Pistoles & Lewises weigh one with another a grain or two above 204 grains. And at the rate that a Guinea is valued here at 1£ 1s 6d, the value of the forreign coins is as followeth:

The quadruple Pistole of Spain weighing 410 Grains is worth 3£. 8s. -

The double Pistole of Spain weighing 205 grains is worth 1£ 14s -

The double Lewid'or weighing 205 grains is worth 1£ 14s -

The quarter Spanish Pistole weighing 25 $\frac{\mathrm{5}}{\mathrm{8}}$ grains is worth 4s 3d.

The quarter Louid'or weiging 25$\frac{\mathrm{5}}{\mathrm{8}}$ grains is worth 4s 3d.

The Moyder of Portugal weighing 165$\frac{\mathrm{1}}{\mathrm{2}}$ grains is worth 28s 8d.

The half Moyder weighing 82$\frac{\mathrm{3}}{\mathrm{4}}$ grains is worth 14s 4d.

The quarter Moyder weighing 41$\frac{\mathrm{3}}{\mathrm{8}}$ grains is worth 7s 2d.

But if the value of the forreign gold coins be raised in Ireland in such a proportion that a double Spanish Pistole & a double French Louis may pass there for 1£ 17s & other pieces in proportion, then the value of the pieces may stand as in the Representation excepting that the Moydel weighing 165 grains must be valued only at 20s the half Moyder weighing 82$\frac{\mathrm{1}}{\mathrm{2}}$ grains must be valued at 15s, & the quarter Moyder weighing 41$\frac{\mathrm{1}}{\mathrm{4}}$ grains must be valued at 7s 6d. And at this rate a Guinea ought to pass in Ireland at 23s 4d. For if a higher value be there put upon the gold coins of forreign Princes then upon her Majesties gold coins it encourages the recoining of her Majesties gold moneys in forreign Mints for the use of Ireland. And counterfeiters of the coin in Ireland may make a good profit by recoining Guineas into Pistoles & Lewid'ors of good gold.

In the reign of King William the Scots put their Crown pieces in the northern borders of England at 5s sterling & their other silver coins in proportion, tho a Scots crown was worth but 4s 6d. By this means the northern borders of England began to abound with Scots money & Scotland with English money; which afforded a profit of about ten per cent by recoining the English money in Scotland, till the Officers of the Mint gave notice thereof to the Lords Commissioners of the Treasury, who thereupon put a stop to the currency of the Scots money in England.

At that time Lewidors & Pistoles passed here at 17s 6d a piece, which over value brought in so great a number of those forreign gold coins that when the Officers of the Mint gave notice thereof to the Lords Commissioners of the Treasury & the late King issued out a Proclamation that those pieces should go but at 17s a piece, there were coined in the last year of his reign & the first year of her Majesties reign, above twelve hundred thousand guineas out of those forreign coins. And all this gold came in by the encouragement given to the Merchant to turn English silver into forreign gold. And if forreign gold be raised <230v> thrice as much in Ireland, it must increase this effect.

I do not fully know the present state of the coins in Ireland, but I am humbly of opinion that this matter deserves to be well examined before any thing be done in it, & for that end may be referred to the Commissioners of Trade it yoer Lordship thinks fit.

All which is most humbly submitted to yoer Lordships great wisdome
                                        Is. Newton

But if some allowance be made for culling & wearing & on that account a Pistole & Lewid'or be recconed (at a medium to weigh 102gr & a Moyder 165gr,

After the rate that a Guinea is valued in Ireland at 23s, a Spanish pistole weighing 102grains is there worth 18s 2d$\frac{\mathrm{1}}{\mathrm{4}}$, A French Louidor weighing 102g is worth 18s 2d$\frac{\mathrm{1}}{\mathrm{4}}$. & a Moyder of Portugal weighing 165gr is worth 29s6d, & the quadruple, double, halfs & quarters of these pieces in proportion. But if a Pistole & Lewidor pass already by Proclamation at 18s 6d & cannot conveniently be brought down to 18s 2d, (for its improper for forreign coins to pass in Ireland at a higher rate then her Majesties money in proportion to their intrinsic values) the rates of the Spanish & French coins may stand in a new Procl. as in the Representation, & the Portugal coins be set down therein as follows.

- The Moyder weighing 165gr at 29s 6d

- The half Moyder weighing 82K. gr at 14s 9d.

- The quarter Moyder weighing 41$\frac{\mathrm{1}}{\mathrm{4}}$grains at 7.s 4d$\frac{\mathrm{1}}{\mathrm{2}}$

All which &c