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Chapter 11 of 41 · Treatises and Essays on Subjects connected with Economic Policy by John Ramsay McCulloch

TABLES RELATIVE TO THE MONEY OF THE UNITED KINGDOM.

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No. I.—English Money.—Account of the English silver and gold coins; showing their value; the seignorage or profit upon the coinage, and the mint price of the pound troy of standard gold and silver, from the Conquest to the year 1816. (This and the next table, No. II., are taken from Part II. of “Essays on Money, Exchanges, and Political Economy,” by Henry James.)

11527, Henry VIII.] The Saxon or Tower-pound was used at the mint up to this time, when the pound troy was substituted in its stead. The Tower-pound was but 11 oz. 5 dwts. troy; so that, from the Conquest to the 28th of Edward I., twenty shillings in tale were exactly a pound in weight.
21666, 18 Charles II.] The seignorage on the coinage was at this time given up, and the gold bullion brought to the mint has ever since been coined free of expense. A seignorage of 6⅓4/1 per cent. was imposed on the coinage of silver by 56th Geo. III.
ad Anno Regni. SILVER. GOLD.
1. 2. 3. 4. 5. 6. 7. 8.
Fineness of the silver in the coins. Pound weight of such silver coined into Profit or seignorage on the coinage. Equal to the mint price for standard silver of 11 ox. 2 dwts. fine troy-weight. Fineness of the gold in the coins. Pound weight of such gold coined into Profit or seignorage on the coinage. Equal to the mint price for standard gold of 22 carats fine troy-weight.
ox. dts. L. a. D. L. a. D. L. a. D. crts. gns. L. a. D. L. a. D. L. a. D.
1066 Conquest 11 2 1 0 0
1280 8 Edward I — 1 0 0 0 1 0 1 0 3⅓
1300 28 — — 1 0 3 0 1 2½
1344 18 Edward III — 1 0 3 0 1 3 1 0 3⅓ 23 3½ 13 3 4 0 8 4 12 10 8
1349 23 — — 1 2 6 0 1 3 1 2 8 — 14 0 0 0 11 8 13 3 9
1356 30 — — 1 5 0 0 0 10 1 5 9½ — 15 0 0 0 6 8 14 8 4
1394 18 Richard II — 1 5 0 0 0 10 1 5 9⅓ — 15 0 0 0 5 0 14 9 11
1401 3 Henry IV — 1 5 0 0 0 10 1 5 9⅓ — 15 0 0 0 5 0 14 9 11
1421 9 Henry V — 1 10 0 0 1 0 1 10 11⅕ — 16 13 4 0 5 0 16 2 9
1425 4 Henry VI — 1 10 0 0 1 0 1 10 11⅕ — 16 13 4 0 5 10 16 1 11
1464 4 Edward IV — 1 17 6 0 4 6 1 15 2⅕ — 20 16 8 2 10 0 18 0 5
1465 5 — — 1 17 6 0 4 6 1 15 2⅓ — 22 10 0 1 0 10 21 1 10
1470 49 Henry VI — 1 17 6 0 2 0 1 17 102/5 — 22 10 0 0 13 0 21 9 7
1482 22 Edward IV — 1 17 6 0 1 6 1 18 4⅘ — 22 10 0 0 7 6 21 15 0
1483 1 Richard III — 1 17 6 0 1 6 1 18 4⅘ — 22 10 0 0 7 6 21 15 0
1485 1 Henry VII — 1 17 6 0 1 6 1 18 4⅘ — 22 10 0 0 7 6 21 15 0
1509 1 Henry VIII — 1 17 6 0 1 0 1 18 11⅕ — 22 10 0 0 2 6 22 0 0
11527 18 — — 2 0 0 0 1 0⅘ 1 18 11⅕ — 24 0 0 0 2 8 22 0 0
— — — — 2 5 0 0 1 0 2 4 0 — { 27 0 0 0 2 9
22 0 { 25 2 6 0 3 0 24 19 6
1543 34 — 10 0 2 8 0 0 8 0 2 4 4⅘ 23 0 28 16 0 1 4 0 26 8 0
1545 36 — 6 0 2 8 0 2 0 0 2 11 9⅗ 22 0 30 0 0 2 10 0 27 10 0
1546 37 — 4 0 2 8 0 4 4 0 2 15 6 20 0 30 0 0 5 0 0 27 10 0
1547 1 Edward VI 4 0 2 8 0 4 4 0 2 15 6 20 0 30 0 0 1 10 0 31 7 0
1549 3 — 6 0 3 12 0 4 0 0 2 19 22/5 22 0 34 0 0 1 0 0 33 0 0
1551 5 — 3 0 3 12 0
— — — 11 0 3 0 0 23 3½ { 36 0 0
— — — 22 0 { 33 0 0
1552 6 — 11 1 3 0 0 0 1 0 2 19 3⅕ 23 3½ { 36 0 0 0 2 9
— — — 22 0 { 33 0 0 0 3 0 32 17 0
1553 1 Mary 11 0 3 0 0 0 1 0 2 19 62/5 23 3½ 36 0 0 0 3 0 33 0 8
1560 2 Elizabeth 11 2 3 0 0 0 1 6 2 18 6 23 3½ { 36 0 0 0 5 0
— — — 22 0 { 33 0 0 0 4 0 32 16 0
1600 43 — — 3 2 0 0 2 0 3 0 0 23 3½ { 36 10 0 0 10 0
— — — 22 0 { 33 10 0 0 10 0 33 0 0
1604 2 James I — 3 2 0 0 2 6 2 19 6 22 0 37 4 0 1 10 0 35 14 0
1626 2 Charles I — 3 2 0 0 2 0 3 0 0 — 41 0 0 1 1 5 39 18 7
21666 18 Charles II — 3 2 0 0 0 0 3 2 0 — 44 10 0 0 0 0 44 10 0
1717 3 George I — 3 2 0 0 0 0 3 2 0 — 46 14 6 0 0 0 46 14 6
1816 56 George III — 3 6 0 0 4 0 — 46 14 6 0 0 0 46 14 6
Edition: current; Page: [77]

No. II.—English Money.—Account of the quantity of fine silver coined into 20s. or the pound sterling, and of the quantity of standard silver, of 11 oz. 2 dwts. fine, and 18 dwts. alloy, contained in 20s. or the pound sterling. A similar account with respect to gold. And an account of the proportionate value of fine gold to fine silver, according to the number of grains contained in the coins: and the proportionate value of fine gold to fine silver, according to the price paid by the mint to the public. Calculated in grains and 1000 parts troy-weight.

11551, 5 Edward VI.] The coinage of debased silver money in the 5th year of Edward VI. of 3 oz. fine, ought more properly to be considered as tokens. The sum of £120,000 only was so coined. (See James’s “Essays,” chap. iv.)
21816, 56 George III.] The government having taken the coinage of silver into its own hands, there is at present no fixed price paid to the public, by the mint, for standard silver. And supposing the government to continue the present mint regulations, and to keep gold at 77s. 10½d. an ounce, as the price of silver varies, the relative value of gold to silver will vary in like proportion.
ad Anno Regni. SILVER. GOLD. GOLD AND SILVER.
1. 2. 3. 4. 5. 6.
Number of grains of fine silver in 20s. or the pound sterling, as coined by the mint indentures. Number of grains of standard silver, 14 oz. 2 dwts. fine in 20s. or the pound sterling, as coined by the mint indentures Number of grains of fine gold in 20s: or the pound sterling, as coined by the mint indentures. Number of grains of standard gold, 22 carats fine in 20s. or the pound sterling, as coined by the mint indentures. Proportionate value of fine gold to fine silver, according to the quantity of each metal contained in the coins. Proportionate value of fine gold to fine silver, according to the mint price, or the presumed market-value of gold and silver.
Grains. Grains. Grains. Grains. Grains. Grains.
1066 Conquest 4995·000 5400·000
1280 8 Edward I 4995·000 5400·000
1344 18 Edward III 4933·333 5333·333 407·990 445·080 1 to 12·091 1 to 12·479
1349 23 — 4440·000 4800·000 383·705 418·588 1 to 11·571 1 to 11·741
1336 30 — 3996·000 4320·000 358·125 390·682 1 to 11·558 1 to 11·286
1401 3 Henry IV 3996·000 4320·000 358·125 390·682 1 to 11·158 1 to 11·350
1421 9 Henry V 3330·000 3600·000 322·312 351·613 1 to 10·331 1 to 10·527
1464 4 Edward IV 2664·000 2880·000 257·850 281·291 1 to 10·331 1 to 10·331
1465 5 — 2664·000 2880·000 238·750 260·454 1 to 11·158 1 to 11·983
1470 49 Henry VI 2664·000 2880·000 238·750 260·454 1 to 11·158 1 to 11·446
1482 22 Edward IV 2664·000 2880·000 238·750 260·454 1 to 11·158 1 to 11·429
1509 1 Henry VIII 2664·000 2880·000 238·750 260·454 1 to 11·158 1 to 11·400
1527 18 — 2368·000 2560·000 210·149 229·253 1 to 11·268 1 to 11·455
1543 34 — 2000·000 2162·162 191·666 209·090 1 to 10·434 1 to 12·000
1545 36 — 1200·000 1297·297 176·000 192·000 1 to 6·818 1 to 10·714
1546 37 — 800·000 864·864 160·000 174·545 1 to 5·000 1 to 10·000
1547 1 Edward VI 800·000 864·864 160·000 174·545 1 to 5·000 1 to 11·400
1549 3 — 800·000 864·864 155·294 169·412 1 to 5·151 1 to 11·250
11551 5 — 400·000
- — 1760·000 1902·702 160·000 174·545 1 to 11·000
1552 6 — 1768·000 1911·351 160·000 174·545 1 to 11·050 1 to 11·186
1553 1 Mary 1760·000 1902·702 159·166 173·636 1 to 11·057 1 to 11·198
1560 2 Elizabeth 1776·000 1920·000 160·000 174·545 1 to 11·100 1 to 11·315
1600 43 — 1718·709 1858·064 157·612 171·940 1 to 10·904 1 to 11·100
1604 2 James I 1718·709 1858·064 141·935 154·838 1 to 12·109 1 to 12·109
1626 2 Charles I 1718·709 1858·064 128·780 140·487 1 to 13·346 1 to 13·431
1666 18 Charles II 1718·709 1858·064 118·651 129·438 1 to 14·485 1 to 14·485
1717 3 George I 1718·709 1858·064 113·001 123·274 1 to 15·209 1 to 15·209
21816 56 George III 1614·545 1745·454 113·001 123·274 1 to 14·287
Edition: current; Page: [78]

No. III.—Scotch Money.—Account of the number of pounds, shillings, and pennies Scotch, which have been coined out of one pound weight of silver at different times; with the degree of purity of such silver, or its fineness, from the year 1107 to the year 1601. (From Cardonnell’s “Numismata Scotiæ,” p. 24.)

ad Anno Regni. Purity. Alloy. Value of money coined out of a lb. of silver.
Oz. Pw. Oz. Pw. L. s. p.
From 1107 to 1296 Alexander I } 11 2 0 18 1 0 0
David I }
William }
Alexander II }
Alexander III }
John Baliol }
From 1306 to 1329 } Robert I 11 2 0 18 1 1 0
1366 David II 38 11 2 0 18 1 5 0
1377 39 11 2 0 18 1 9 4
From 1371 to 1390 } Robert II 11 2 0 18 1 9 4
1393 Robert III 4 11 2 0 18 1 12 0
1424 James I 19 11 2 0 18 1 17 6
1451 James II 15 11 2 0 18 3 4 0
1456 20 11 2 0 18 4 16 0
1475 James III 16 11 2 0 18 7 4 0
1484 24 11 2 0 18 7 0 0
1488 James IV 1 } 11 2 0 18 7 0 0
1489 2 }
1529 James V 16 11 0 1 0 9 12 0
1544 Mary 3 11 0 1 0 9 12 0
1556 14 11 0 1 0 13 0 0
1565 23 11 0 1 0 18 0 0
1567 James VI 1 11 0 1 0 18 0 0
1571 5 9 0 3 0 16 14 0
1576 10 8 0 4 0 16 14 0
1579 13 11 0 1 0 22 0 0
1581 15 11 0 1 0 24 0 0
1597 31 11 0 1 0 30 0 0
1601 35 11 0 1 0 36 0 0
Edition: current; Page: [79]

No. IV.—Scotch Money.—Account of the number of pounds, shillings, and pennies Scotch, which have been coined out of one pound weight of gold, with the degree of their purity, and the proportion that the gold bore to the silver. (From Cardonnell’s “Numismata Scotiæ,” p. 25.)

ad Anno Regni. Fineness. Alloy. Value of the coin coined out of one pound of gold. Pound of pure gold weighed of pure silver.
oz. pw. gr. oz. pw. gr. L. s. D. lb. oz. pw. gr.
1371, etc. Robert II 11 18 18 0 1 6 17 12 0 11 1 17 22
1390, etc. Robert III 11 18 18 0 1 6 19 4 0 11 1 17 22
1424 James I 19 11 18 18 0 1 6 22 10 0 11 1 17 22
1451 James II 15 11 18 18 0 1 6 33 6 0 9 8 4 14
1456 20 11 18 18 0 1 6 50 0 0 9 8 4 14
1475 James III 16 11 18 18 0 1 6 78 15 0 10 2 0 20
1484 24 11 18 18 0 1 6 78 15 0 10 5 7 9
1488 James IV 1 11 18 18 0 1 6 78 15 0 10 5 7 9
1529 James V 16 11 18 18 0 1 6 108 0 0 10 5 7 9
1556 Mary 14 11 0 0 1 0 0 144 0 0 10 5 8 6
1577 James VI 10 11 0 0 1 0 0 240 0 0 10 5 8 6
1579 13 10 10 0 1 10 0 240 0 0 11 5 2 20
1597 31 11 0 0 1 0 0 360 0 0 12 0 0 0
1601 35 11 0 0 1 0 0 432 0 0 12 0 0 0
1633 Charles I 9 11 0 0 1 0 0 492 0 0 13 2 7 11

No. V.—English Paper Money.—Account of the average market price of bullion in every year, from 1800 to 1821 (taken from Papers laid before the House of Commons), of the average value per cent. of the paper currency, estimated from the market price of gold for the same period, and of the average depreciation of the paper currency.

Years. Average price of Gold per ounce. Average per cent. of the value of the currency. Average depreciation per cent.
L. S. D. L. S. D. L. S. D.
1800 3 17 10½ 100 0 0 Nil.
1801 4 5 0 91 12 4 8 7 8
1802 4 4 0 92 14 2 7 5 10
1803 4 0 0 97 6 10 2 13 2
1804 4 0 0 97 6 10 2 13 2
1805 4 0 0 97 6 10 2 13 2
1806 4 0 0 97 6 10 2 13 2
1807 4 0 0 97 6 10 2 13 2
1808 4 0 0 97 6 10 2 13 2
1809 4 0 0 97 6 10 2 13 2
1810 4 10 0 86 10 6 13 9 6
1811 4 4 6 92 3 2 7 16 10
1812 4 15 6 79 5 3 20 14 9
1813 5 1 0 77 2 0 22 18 0
1814 5 4 0 74 17 6 25 2 6
1815 4 13 6 83 5 9 16 14 3
1816 4 13 6 83 5 9 16 14 3
1817 4 0 0 97 6 10 2 13 2
1818 4 0 0 97 6 10 2 13 2
1819 4 1 6 95 11 0 4 9 0
1820 3 19 11 97 8 0 2 12 0
1821 3 17 10½ 100 0 0 Nil.
Edition: current; Page: [80]Edition: current; Page: [81]

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