A Discourse of Coin and Coinage: The first Invention, Use,
Matter, Forms, Proportions and Differences, ancient & modern:
with the Advantages and Disadvantages of the Rise and Fall
thereof, in our own or Neighbouring Nations: and the Reasons.

Together with a short Account of our Common Law therein.

by Rice Vaughan, late of Grayes-Inn, Esq;

London, Printed by Th. Dawks, for Th. Basset, at the George, near
Cliffords-Inn, in Fleet-street. 1675.

To the Right Honourable Henry Earl of Clarendon, Viscount
Cornbury, and Baron Hide of Hindon; Lord Chamberlain to the
Queens most excellent Majesty.

Most Noble Lord,
It being become a thing so usual in this most scribling Age,
(nam scripturire quam parturire mallet hoc soeculum) to crave
shelter under the wings of some renowned Person, from the
severity of Censurers; without which, Learning shall scarcely
have Admittance: and this piece though not my own, yet coming to
my hands amongst other manuscripts of a Gentleman of Grayes Inn,
lately deceased; (and very near related to me) whose Genius, I
may safely say, was not a little curious in the search of other
knowledge than the Law, (to which he served five
Apprenticeships). And humbly conceiving nothing could more
seasonably appear in View for the better instructing our worthy
Countrymen in the Knowledge of a thing whose want is so generally
complained of, yet the Invention, Use, and Species with their
Advantages scarce truly understood; I presumed through that true
knowledge of your Lordships Person, and most zealous Honour of
your greatly to be admired Endowments, with your Love to
Learning, which the most plebeian ears and eyes were not ignorant
of, to recommend unto your Lordships hand this Treatise, in a
more ample and different manner than that lately published out of
the Mss. of the never to be forgotten Earl of Sandwich, shewing
the first Invention, Use, Matter, Forms, Proportions, and
Differences, Ancient and Modern of that Coy Lady Pecunia, with
the Advantages and Disadvantages of the Rise or Fall thereof in
our own and neighbouring Nations; and the Reasons Pro and Con,
with other things in the other piece not contained. And here I
cannot, without great unworthiness, be silent in the due praises
of his most Excellent Majesty that now is, who with abundance of
Royal Care and Wisdom, with no small charge, hath set forth a
Coin in Form, shape, Goodness, and Beauty, not second to any used
in the world, in Common Commerce, and so uneasy to be patterned
or imbellished, a thing of no small consequence in Commonwealths.
Herewith you have a short account of our books of Law; as also
Tables of the value of all sorts of Pearls, Diamonds, Gold,
Silver, and other Metalls.[omitted from this edition]. I shall
not undertake to say, but that n the Tables of values, in these
mutable times, some variation may happen, to the common practice
of Artists, in that nature, whose private unmeasurable Ends are,
to some more their Gods than Justice or Honesty their Practise:
but the Grounds being herein plainly stated; a pregnant wit, with
a little Commerce, may soon rectify those diary Deceits, and for
the other part, whose Theory perhaps in some places, may be
thought too much to reflect on the too often practised Abuses of
the Gold-Smiths in that Nature; I hope all but themselves will
readily grant me Pardon for the Publishing, and they being but a
few, and Justice on our side, the Authors Bones I trust will not
disturb, nor I much suffer by the selfish Censures of a People so
obstinately unreasonable. Mr Lord, I shall now only beg pardon
for this presumption, in hopes of success, till time give
opportunity to testify how much I am
My Lord,
truly devoted to your Lordships service,
and your Admirer,
Henry Vaughan.

Chapter 1

Of the First Invention and Use of Money.

The first invention of Money was for a Pledge and instead of

a surety, for when men did live by Exchange of their Wants and
Superfluities, both parties could not always fit one another at
the present; in which case the Corruptions of Man's Nature did
quickly grow to make it behooful, that the party receiving should
leave somewhat worthy to be esteemed for a Pledge, to supply the
givers want upon the like occasion: Time did easily find out that
this Pledge should be something not too common, not easy to be
consumed with use, or spoiled for want of use, and this was
Money.
The first use of Money was then by it to supply every man's
particular wants. This introduced a second use of Cauponation,
when men did by the Pledge of Money procure not only those things
which they themselves wanted, but which they might sell to others
for more money: and under that kind is all Trades comprehended,
whether it be grose sale, or retale; and this use hath brought in
a third use of Money, for the gain of cauponation did give a
Colour to those that lent Money to such as did encrease it by
Trade, to take usury for it, which is therefore termed the most
unnatural use of Money, because it is most remote from the
natural Institution. Of this there are many kinds of which the
most refined is that of Exchange, which is mix'd with an usury of
place, as that is of time.
Thus did Money grow inseperably necessary to all Exchange, to
make the things exchanged equal in value, for that all exchange
is either by the actual or intellectual valuation of Money; that
is to say, Either the thing is exchanged for Money, or if it be
exchanged for another thing, the measure of that exchange is how
much Money either of the things exchanged is conceived to be
worth; and Practice hath found out that in values, which the
Geometricians have found out in quantities, that two lines which
are equal to a third line, are equal to one another: So is money
a third line, by which all things are made equal in value, and
therefore it is not ill compared to the Meteria Prima, because,
though it serves actually to no use almost, it serves potentially
to all uses. It is not impertinent to examine these things from
their ground in nature, or in use: For intending to treat by what
meanes the course of money may best be governed to the advantage
of the common-wealth, (a matter of so curious and subtil a search
as the most solid understandings are dazled with it) it is
necessary, first to lay down the first and plainest principles of
the Subject, by which the understanding of the Writer and the
Reader may be guided in the Labyrinths ensuing; and this subject
being much obscured, not only by the intricasie of its own
nature, but by the Art and Terms of those who do manage these
affairs, I do intent to lay open all the mysteries to the
comprehension of the attentive Reader. And for that purpose, I
intend first Historically, to set down by what Degrees, and upon
what Reasons the forms of Money and of Coinage, now practised are
given into use, and without any censure or observation upon them:
and I will afterwards treat a part of the inconveniences grown
into this Subject of Money, and of the Remedies that may be
applied thereunto.

Chapter 2

Of the Matter of Money

Of all things whereof Money could be made, there was nothing

so fit as Metalls, as Copper, Silver, but above all Gold; for
they are first useful, which doth increase it; they may be
divided into as little parts as you will, and then returned into
a greater mass: they are susceptible of any form, mark or
impression to be made and fit to conceive it; they are of an
exceeding long indurance against the Injuries of time or
accident, they are hardly subject to any natural corruption,
especially Gold, of the continuitie and incorruptableness whereof
the Alchimists, who have most vexed that body, do write wonders;
so as one affirmeth, That it is harder to destroy Gold than to
make it; and they have sundry other properties accomodating them
for the matter of Money; as the world hath by a general consent,
and from all times received them for that purpose, especially
Gold and Silver, of which chiefly I mean to treat: It is true
that many particular Countries have antiently, and do as this day
use other things in stead of Money: (as to instance in some of
the modern) in AEthiopia they use certain stones of Salt in stead
of Money; in Guinney, Shells; in New Spain, Cacao, Coco in Peru,
one of which is a fruit, the other an herb: but in all these
Countries you shall find that there is a certain value set upon
Gold and Silver, by which chiefly the value of all other things
is raised, and that these other things do but serve as base Money
doth in sundry Countries of Europe, where it is current in
certain limits, by the Law or Custom of the Place; but yet they
cannot be without Gold and Silver Money, unless they will barr
themselves from all commerce with other Nations: And to that
purpose the Invention of Licurgus was admirable, who desiring to
lock up his Citizens from all commerce with other nations, did
upon great penalties banish all Gold and Silver out of the City;
and as long as that Prohibition was observed, the manners and
Customs of the City were preserved entire from the mixture of
other Nations: but when their ambition and voluptuousness had
entangled them in the Commerce of other Nations, then did Gold
and Silver grow into use in despite of all Laws, by this
universal value given unto Gold and Silver. I shall convince
hereafter an important and a popular Error, by which many are
perswaded, that Princes can give what value they list to Gold and
Silver, by enhansing and letting fall their Coins, when as in
truth Gold and Silver will retain the same proportion towards
other things, which are valued by them, which the general consent
of other Nations doth give unto them, if there be a Trade and
Commerce with other Nations: By which intercourse it comes to
pass, that if the price of Gold and Silver be raised, the price
of all Commodities is raised according to the raising of Gold and
Silver; so as let any particular Prince or State raise the price
of Gold and Silver as they list, yet they will still hold the
same proportion towards other things valued by them, which the
general consent of other Nations neer about them doth give unto
them: and this universal value of Gold and Silver, the mint, even
in money, do call Intrinsical, and the local value they call
Extrinsical, as depending upon impression of the mark and
ordinance of the State. Now Money is said to have an Intrinsical
value so much as there is Gold and Silver in it in fineness and
weight, which is computed in France (and was antiently likewise
the Computation in England) first for Gold, it is divided into 24
parts, which are called Carrats, and so when they say, the Gold
is 23 Carrats fine, then it is understood there is a 2th part
base, which is Allay mingled with Gold; or if they say, it is 22
Carrats fine, then there is a 12th part of Allay: or if they say
22 Carrats and one quarter fine, then there is so much Allay as
there wants to make up 24 parts.
Silver is divided into 12 Deniers and every Denier into 25
grains; as if it be said, that Silver is jj Deniers and 12 grains
fine, then there is 12 grains of allay, which is a 24th part; or
if it be said to be jj Deniers and 6 grains fine, there is then
so much allay as it wants in the fineness to make it 12 deniers:
But with us in England, ever since the time of Edward the third,
the Computation hath been dividing the Gold into 24 carrats, and
every carrat into a 4 grains, and every grain into so many parts
as there is occasion offered to divide it; as for Example, The
antient Standard of the sterling Gold was 23 Carrats, 3 grains,
and one half of fine, and half a grain of Allay, which is the 192
part; and the Silver is divided in England into 12 Ounces; every
Ounce into 20 Pence, every Penny into 24 grains; as for Example,
the old sterling standard is jj Ounces fine, and two Penny
weight, then there remains eighteen Penny weight of Allay and, if
there were jj Ounces two Penny weight, and 6 grains fine, then
there would remain 17 Penny weight, and 10 grains of Allay: and
again, when mention is made of a Pound of Silver fine, and Gold
fine, the meaning is so much Gold or Silver pure, is a pound
weight, besides the Allay which is mingled with it,but a pound of
Gold or Silver wrought, is but just a pound weight as it is
wrought either in Money or in Plate. The Allay being mingled with
it according to the ordinance of the State, for the practise is
now, almost in all States, to set a price upon Silver and Gold,
according to the weight and fineness, above which price
Gold-Smiths or others who trade in those metals wrought in Money,
may not sell them; which price is in certain proportion
underneath the value which is given to the same metals wrought in
Money; the over-value allowed to the Money, being so much
advantage given to the State in recompence of the charge of
Coynage, and in Acknowledgement of the Soveraignty, which hath
with it likewise this necessary use, that it makes the Money so
much the less valuable to him that either would transport it into
forrein parts, or melt it, and consequently retaineth the Money
so much the better within its proper limits and natural form.

Chapter 3

Of the Forms of the Money anciently and now in use

It follows in the next place to be Considered, by what

degrees Gold and Silver came into these forms of Money, which are
now in use. And for that purpose it is most manifest that the
most proper measure in nature for mettals is weight; and the
notice of Antiquity doth confirm it that it was so in practice;
for when the use of money hath excited the industry of men to
search for these rich metals and by study and practice to
discover their natures, it was easily found out that there was no
measure so fit to them as weight: But it was speedily found out
and discovered that weight alone was not a sufficient measure for
them, by reason that they are subject to mixture, and therefore
there was an examination made of the pureness of them, and a mark
impressed upon them to shew that they were approved; which was of
no other nature, but as the Assaymaster in the West Indies doth
mark the wedges of Silver to shew that they were approved of such
a fineness, and as the Corporation of Gold smiths in London, and
other Cities, do mark the Bullion which is melted as a Testimony
of fineness, but not to make it Current at any Price, because the
mark hath no relation to the weight but onely the fineness. The
most ancient and most undoubted Testimonies whereof are in
Scripture: as that of Abraham, when he had bought the field of
Ephron for the burial of Sarah, for which it is not said that he
paid, but weighed four hundred shekels of silver, approved among
Merchants; which denoteth the fineness. And it is said that the
sons of Jacob brought back their silver in the same weight that
they carried into Egypt; and Tobit lent unto Gabael the weight of
ten Talents: By which it is manifest they did not count their
Moneys in pieces,as they did in succeeding ages, or by imaginary,
or abstracted sums, as we do make their valuation, but by weight,
the fineness only is approved of by the mark. It were tedious to
search the proofs of Antiquity in this kind, but it is manifest
that almost all the Names of Moneys, both among the Hebrews and
Greeks, were not properly the names of any species of Money, but
of several sorts of weight. As of Sicle, Mina, Talent and
Drachma; so likewise the Original Moneys, both of the Romans, the
Francks, and of the Monarchy of England, were the As, the Livre,
the Pound and the Mark; and amongst the Romans, the ancient
Receivers were not called numeratores, but libripendes; the names
of Moneys being originally only the proportions of weight, and
the mark serving only for a proof of the pureness of the Metal:
There did succeed a form of Money, wherein the impression did not
only signify the fineness, but the weight also. This among the
Romans was moneta, from when our name of Money is derived a
Monedo: it is attributed to Servius Tullius, to have bin the
first in Rome, to have stamped with an Impression a certain piece
of Money which was called As (as being of Copper, and weighing a
pound weight) and that he coyned lesser parts, distinguished by
ounces: it was long after in the Consulat of Quintus Fabius, that
the first Silver coin was made, called Denarius, because it was
valued at ten As, and at the same time were made half and
quarters of the Denarii, called Sestertii, marked LLs, to signifi
duas libras cum semisse. The first Denarii were made of Sextula
or six in the ounce: it was above threescore years after 'ere any
Gold was coined, the first pieces were of such a weight as 40
made a pound: which Example of the Roman Coins, I do not alledge
as the first, for it is manifest, that both the Median, Persian
and Grecian states did use Coins, which by their Impression did
signify both the weight and fineness; but because they were the
first, whereof I have any certain relation, and upon whose ground
all these parts of the World have formed their Coins and made
their divisions of weight. It doth now appear what Allay was
mingled or what Tribute was charged in the first Roman moneys of
Gold and Silver; by which word of Tribute, I do understand
whatever was substracted out of the Intrinsical value of the
Money, and allowed to it as an over-value towards the charge of
Coinage, or right of Soveraignty, rated by the State, or what
remedies were allowed for their weight and fineness; only it
appeareth by their medals that they were cast in a mold. But
after ages did grow to stamp their Coins finding how useful it
was to have lesser coins than could well be cast in a mould, and
also to avoid counterfeiting, which is with more difficulty in
Coins stamped: and because it was hard to observe an exact
proportion of weight, there was a certain remedy of grains,
beyond which, if the pieces of Coin did not fall of their just
weight, they were to be received of Officers appointed, otherwise
they were rejected to be new coyned. There was a remedy of
fineness, for when Allay grew to be mingled in the Coins, the
workmen could not constantly and precisely hit upon the mixture,
and therefore had allowed them a certain proportion for Remedy,
which if they did not exceed, their work was not subject to
censure. This allowance of Remedy hath been of two sorts, for
when States would coin their Money strong and rich in value, they
did not give any allowance to any pieces of Coin under the just
weight and fineness: but if they were of a just weight and
fineness, not exceeding the grains of Remedy, then they were
allowed; so as in this case, the Coins were upon accompt to be
recompence for so much as the over-put in the Money, being within
the remedy permitted, and this they call in French Battre le
fort. But all States rather inclining to make their Moneys weak
than strong, there is in these latter Ages another way practiced,
which is more general; that is, that Coins are not made one jot
above the just proportion of weight and fineness, but
(notwithstanding) the fail of either, so as it be no more than
the grains of remedy, they are allowed as compleat: and by this
means, upon Accompt, the Coiners are to make recompence to the
State of so much as is short in their Coins, of the just weight
and fineness, being within the permission of their remedy, which
in French they call Battre Sur le foible. This is as much as I
hold fit to be spoken of the Antient and Modern forms; Except I
should discourse of the Inscriptions or Characters, or of the
Figures of Money, which in some times and places, have been long,
oval, or square,and are now almost everywhere round, which to the
searchers of Antiquity might prove grateful, but to my purpose
would be of no use.

Chapter 4

Of the Proportion held between Gold and Silver, Antient and
Modern.

Use and Delight, or the opinion of them, are the true causes

why all things have a Value and Price set upon them, but the
Proportion of that value and price is wholly governed by Rarity
and Abundance: And therefore the Proportion of value between Gold
and Silver must needs differ in several Times and Places,
according to the scarcity or abundance of those Mettals. There is
much Variety amongst Authors what Proportions Gold and Silver
held to one another amongst the Hebrews, not out of the
Difference of Times, but out of the Difference of
Interpretations; for Bodine doth alledge the same places to prove
the Proportion was twenty five for one, which other Authors do
alledge to prove it to have been 45 for one; and others 10 for
one. There is a Passage in Thalia, of Herodotus (sect. 95) by
which it appears, that Thirteen Talents of Silver were valued at
one of Gold in the Revenues of Darius. And there is an Opinion
received, That in the time of the flourishing of the Grecian
Common-wealths, those Mettals were in the Proportion of twelve to
one. It is also reported in Pliny, (without mentioning any
certain time) That antiently the Romans did value a scruple of
Gold at twenty Sestertii of Silver, which, if it were when the
Sestertii were at the greatest weight, made the Proportion of
twenty for one: and if it were when they were at their least
weight, it made the Proportion of fifteen for one. But there is a
clear Passage, in the 8th Book (sect. 11) of the 4th Decade of
Livy, of an Accord between the Romans and AEtolians, that the
AEtolians might pay, instead of every Talent of Gold, ten Talents
of Silver; and (in Suetonius) it is said, that Caesar, at his
coming out of Gallia brought such a quantity of Gold, that the
Proportion betwixt Gold and silver abated to seven and one half
of Silver to one of Gold: the abatement had not been credible, if
the Proportion of Pliny had been twenty for one, or fifteen for
one. But to come to later times, and to our Neighbours, which
have therefore a more near Relation to us, both in time and
place.
The proportion in France, in the time of King John, who was
contemporant with Edward the Third, was 11 for one: and in the
time of Charles the Fifth, who succeeded next to him, it was 11
and almost 12 for one. And ever since the Proportion has been
held between 11 and 12 for one. But by the edict of this French
Kind now reigning, December 1614, the mark of Gold fine is valued
at 27 l. 16 s. 7 d. the mark of Silver called Argent le Roy, is
valued at 14 s. 6 d. and almost one half penny. But adding a 24th
part to the two, to make it fine, which the Silver called Argent
le Roy doth want of fineness, the proportion will arise into 13,
wanting about a seventh part to one of Gold. In Germany about the
year 1610, the Proportion held 13 for one, sometimes a little
more, sometimes a little less; though antiently the Proportion
was eleven for one. The Proportion in Spain hath a long time
remained near about twelve for one. The Proportion in the United
Provinces, by the Placcard 1622 (which is yet in force) is about
12 and two thirds fine silver, to one of Gold. But before I come
to set the Proportions that have been held in this Kingdom of
England I shall first set down, How I do inquire and resolve of
the said Proportions, to the end I may satisfy such whose
Curiosity may carry them to examine the truth of the said
Proportions.