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.
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 | |||||
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 | |
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 | |
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. | ||
Treatises and Essays on Subjects connected with Economic Policy
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