DOI Page / Citation link:
https://doi.org/10.11588/diglit.22140#0341
MOVEMENTS OF CURRENCY.
325
coinage of the seventeenth and eighteenth centuries. Taking its
value as given in the records of the Mint, Elizabeth coined six
times as much silver as she did gold ; James more than twice as
much gold as he did silver. Charles, however, coined nearly
three times as much silver as he did gold, and the Commonwealth,
whose issues were not large, more than six times. Charles II.
coined silver and gold in approximately equal quantities, his brother
four times as much gold as he did silver. In William's reign the
coinage of silver was nearly three times as much as that of gold.
Now during this period there were two recoinages on a large
scale. That of Elizabeth, in order to extinguish the base money
of her father and brother ; that of William, in 1696, to restore
the worn and clipped money. In the former case, the new issues
are known to have been derived from the base money ; in the
latter, the metal must have been purchased to at least half the
extent of the new issue. Besides during the reign of Charles,
there was a considerable coinage of plate, mainly, I presume, by
the king's party. Hence, in three of these reigns, there were dis-
tinctly disturbing causes which should be held to explain the great
excess of silver money which was issued by the three sovereigns.
Now, to credit these sovereigns with an intelligent appreciation
of the wants of commerce and a wish to relieve the currency
from all but the most obvious strains, is to infer that which reason
and experience could not warrant, but would be an absurd ana-
chronism. The Mint was looked on as a department of the
exchequer, and as subordinated to the Royal Revenue. It received
money in payment of taxes and dues ; it coined what it needed
for the expenses of government ; and it coined, we cannot doubt,
that metal which it could procure at the cheapest rate, in prefer-
ence to that which cost more. Thus, between 1701 and 1724,
according to Erasmus Philips, value for value, fourteen times as
much gold was coined as there was of silver. The writers of the
time explained this fact by the over-valuation of gold in England,
and its consequent importation in exchange for silver. The same
excess of gold coinage marks the first seven years of George II.'s
reign. It cannot be doubted that the Mint coined the cheapest
metal and strove to give it circulation. It is true that early in
the eighteenth century it reduced the guinea from 21s. 6d. to 21s.
325
coinage of the seventeenth and eighteenth centuries. Taking its
value as given in the records of the Mint, Elizabeth coined six
times as much silver as she did gold ; James more than twice as
much gold as he did silver. Charles, however, coined nearly
three times as much silver as he did gold, and the Commonwealth,
whose issues were not large, more than six times. Charles II.
coined silver and gold in approximately equal quantities, his brother
four times as much gold as he did silver. In William's reign the
coinage of silver was nearly three times as much as that of gold.
Now during this period there were two recoinages on a large
scale. That of Elizabeth, in order to extinguish the base money
of her father and brother ; that of William, in 1696, to restore
the worn and clipped money. In the former case, the new issues
are known to have been derived from the base money ; in the
latter, the metal must have been purchased to at least half the
extent of the new issue. Besides during the reign of Charles,
there was a considerable coinage of plate, mainly, I presume, by
the king's party. Hence, in three of these reigns, there were dis-
tinctly disturbing causes which should be held to explain the great
excess of silver money which was issued by the three sovereigns.
Now, to credit these sovereigns with an intelligent appreciation
of the wants of commerce and a wish to relieve the currency
from all but the most obvious strains, is to infer that which reason
and experience could not warrant, but would be an absurd ana-
chronism. The Mint was looked on as a department of the
exchequer, and as subordinated to the Royal Revenue. It received
money in payment of taxes and dues ; it coined what it needed
for the expenses of government ; and it coined, we cannot doubt,
that metal which it could procure at the cheapest rate, in prefer-
ence to that which cost more. Thus, between 1701 and 1724,
according to Erasmus Philips, value for value, fourteen times as
much gold was coined as there was of silver. The writers of the
time explained this fact by the over-valuation of gold in England,
and its consequent importation in exchange for silver. The same
excess of gold coinage marks the first seven years of George II.'s
reign. It cannot be doubted that the Mint coined the cheapest
metal and strove to give it circulation. It is true that early in
the eighteenth century it reduced the guinea from 21s. 6d. to 21s.