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

38

1MONSEY.

MARIA DEI GRATIA. On the reverse, the four shields are arranged
crosswise as before, but having the shield of Nassau in the center and
round it the numerals 1691, and in the angles w and mi interlinked,
and the continuation of the inscription, MAG. BR. FB. ET HI. REX
ET REGINA.
On the obverse of the half-crowns was the same as on the crowns.
On the reverse, a square shield, crowned, bearing in the four quarters
the arms of England, Scotland, Ireland, France; Nassau on an
escutcheon of pretence. This is probably the only instance of the
arms of France being placed in the fourth quarter. The inscription
is the same as on the crowns, 1689. The coinage also included
shillings, sixpences, groats, threepenny pieces, half-groats and pennies.
On 14 June, 1690, William landed in Ireland, and having defeated
the army of James, at the Boyne on 1 July, he encamped near Dublin,
and issued a proclamation to stop at once the mischievous effects of
the debased money. This was done by reducing the debased coins to
the value of the metals of which they were composed. In the year
1694, a license was granted to coin 700 tons of copper into halfpence
and farthings, at the rate of 22 pennies for every pound weight
of copper.
On 28 December, 1694, Queen Mary died, and after this event the
king's effigy and style only were placed on the coins. At this time, the
trade of the nation suffered from the excessive debasement of the
money, both by clipping and counterfeiting, and by the exportation
of the good money.'
In the Session of Parliament, 1695, an Act was passed to suspend
for a time the coinage of guineas, and the importation of gold coin
was also prohibited. These measures, in conjunction with the Bank
1 In Evelyn's Diary, 1694-1696, are found the following passages.-" Many
executed at London for clipping money, now done to that intolerable extent, that
there was hardly any money that was worth above half the nominal value."
"Great confusion and distraction by reason of the clipped money."
"Want of current money to carry on the smallest concerns,- even for daily
provisions in the market."
" Add the fraud of the bankers and goldsmiths, who having gotten immense
riches by extortion, keep up their treasure in expectation of enhancing the
value. Duncomb, not long since a mean goldsmith, having made a purchase of
the late Duke of Buckingham's estate at near ~90,000, and reputed to have near
as much in cash."
" So little money in the nation that exchequer tallies, of which I had for
~2006 on the best fund in England, the Post office, nobody would take at 30 per
cent. discount."
In the year 1696, merchants and others petitioned the House of Commons, and
stated that by the artifice of brokers and others, guineas were advanced from 21
to 30 shillings, and that they could get no money for their goods unless they
received the coins at that rate; and that they could not pay them away again at
the Custom House or on foreign bills without loss. On the other hand, several
graziers and others petitioned against lowering the price of guineas, alleging they
had for about twelve months received them at 30 shillings. A third petition from
several merchants stated that the use of guineas, on account of the badness of the
silver coins, had raised gold about 40 per cent. in value above the proportion of
gold to silver in any other part of Europe. A fourth petition represented that
they had of late been imposed upon by bankers and goldsmiths, to whom they
had been compelled to pay the guineas under 29 shillings, although they had
received them at 30 shillings a piece, and prayed the price of guineas might fall
gradually. The House resolved upon a reduction of the value of guineas, and by
a clause in an Act, passed in the same session, the current value was reduced to
22 shillings, on account of the prejudice which trade had sustained from the