Elementary arithmetic, with brief notices of its history... by Robert Potts.

30

MONEY.

into ~36 by tale, which is nearly of the same value as the gold coinage of 37 Henry VIII., when the pound weight of gold, 20 carats fine
and 4 alloy, was coined into ~30 by tale. It is clear, that here was
no improvement in the value of the gold money; but the silver
coinage was restored by coining the pound weight of standard silver
into ~3 sterling, which bears to ~36 the value of one pound weight
of standard gold, the same relative value as ~1. 178. 6d. bore to
~22. lOs. in the reign of Henry VII.
The opportunity for restoring the silver coinage of England was
becoming more favourable, in consequence of silver in Europe becoming of less value than gold in commerce, from the increased
supplies which were derived from the new world. The plan for
restoring the standard of the coinage, begun by Edward VI., was
carried out by Elizabeth, but not so completely as her professions
and proclamations indicated. She permitted the Master of the Mint,
by several commissions, to vary from the terms of his indentures, for
the express purpose of coining money of less weight and fineness.
The title upon her coins was the same as that of AMary before her
marriage, ELIZABETIH DEI G RATIA ANGoLLE, FRANOILE ET HIBER->LM
REGINA. The motto upon her silver coins is Posui DEUIM ADJUTOREa-:,MEUJM: upon her gold coins are found JEsuS AUJTEM TRANSIEN1S PE't
MEDIUM ILLOIRUM IBAT': or A DoINo FAOTUM EST ISTUD ET ES3'
MIRABILE IN OCULIS NOSTRIS; Or SOCUTUM FIDEI PROTEGET EAM.
There was a large amount of the current money either clipped or
counterfeit, and this caused both the relative value of gold and silve:,
and the rates of exchange between England and foreign countries, to
be deranged. For the shilling of silver and the pound of gold, thol.o
somewhat less than their true weight, could be current in England at
their leg-al value. But their relative value, and their value in fo'reig
countries, varied less or more according to the diminution of thnei
legal weight, and merchants could buy gold money of full weight
with the current silver money of diminished weight, and the silver
money of full weight with gold money of diminished weight. And.
during her reign, the money coined for Ireland amounted to
112,649 pounds weight, and its total value in English money was
~94,577. 19s. 6d., which at the rate of 16 pence Irish for every
English shilling, comes to ~118,222. 9s. 62d. So that out of 112,649
pounds, only 2,977 pounds were sterling, and the remainder, being
more than 40 parts to one of the whole amount, base alloy.
On a charter of incorporation being granted by Queen Elizabeth
to the East India Company, the merchants were informed by the
Privy Council, that her {Majesty would not permit them to send'the
coins of the King of Spain or of any other foreign power to India, and
that no coins should be imported but such as should bear her effigy
on one side and the portcullis on the other. By virtue of a commission
in 1600, a coinage was struck for the use of the Company in Indit.
The weight of the pieces was to be regulated according to the just
weight and fineness of the Spanish piastre or piece of eight reas, and
the hal-f, the quarter, and half-quarter of the same unit.
James I., 1603-1625. In the second year of his reign, James
assumed the title of "IKing of Great Britain, France, and Ireland,'
and an indenture was executed 11 Nov. 1604, for a new coinage.
The weight, fineness, and type were nearly the same as the old,
except on the smaller money the legends on the reverses were altered