What will the Founders of the Nation Use as Money?
Continental Currency- A Flop No one Trusted paper money
Committee on Coinage Established Conducted Inquiry on existing Foreign Coins
September, 1776 Journals of Congress Declared relative value of silver to Gold to be 14.5 to 1 Table giving Value of Foreign Gold & Silver Coins Declared the Spanish Pillar Dollar as the Standard Based on Isaac Newtons chart of 1702 for Royal Mint
Journals of Continental Congress, Sept. 2, 1776, Page 726
Silver Coins Spanish Milled Dollar French Ecu 60 Sols Tournois French Crown English Shilling English Sixpence 1732 Spain Piece of 8 English Shilling 1745
Gold Coins Old Spanish Double Doubloon Old Spanish Pistole Johannes of Portugal Half Johannes Double Moeda- Portugal Moeda- Portugal Moeda- Portugal Old Louis DOr- France New Louis DOr English Guinea of William III English Half Guinea of William III Chequin of Venice
Gold Coins (Cont) The Hungary Ducat The Ducat of Holland Ducat of Campen in Holland Ducat of the Bishop of Bamberg Ducat of Brandemburg Ducat of Sweden Ducat of Denmark Ducat of Poland Ducat of Transylvania Ducat of the Duke of Hanover Double Ducat of the Duke of Hanover
Spain Eight Escudos (Doubloon) 1758 Ferdinand VI Weight: 26.9 grams Diameter: 1.45 inches
Spain 4 Escudos 1786 Carlos III Weight 13.5 grams
Spain 2 Escudos 1786 Carlos III Weight 6.75 grams Also Known as Pistole
Spain 1 Escudos 1787 Carlos III Weight 3.37 grams
Spain ½ Escudo Gold 1773 Carlos III Weight: 1.7 grams Diameter:.60 inches
1688-1732 Portuguese gold coins.917-Moidore Series Dobrao-20000 Reis- Dobrao-20000 Reis- Half Dobrao Half Dobrao Moidore or Cruzado- 4000 Reis Moidore or Cruzado- 4000 Reis ½ Moidore ½ Moidore ¼ Moidore ¼ Moidore 1/10 Moidore 1/10 Moidore
Portuguese Gold Coins 1722-1835 Joannes Series (Joes).917 Joannes of 12800 Reis-- Joannes of 12800 Reis-- 1/2 Joe 6400 Reis 1/2 Joe 6400 Reis ¼ Joe 3200 Reis ¼ Joe 3200 Reis Escudo -1600 Reis Escudo -1600 Reis Quartinho/ ¼ Moidore-1000 Reis Quartinho/ ¼ Moidore-1000 Reis ½ Escudo 800 Reis ½ Escudo 800 Reis Cruzado- 400 Reis Cruzado- 400 Reis
Moeda of Portugal- Moidore (4000 Reis) 1704 Peter II 10.76 grams, 91,66% Gold 29 mm
MONEY TABLE- 1737 GOLD COINS Weight.Value. Dwt. Grs.£s. d. The Guinea12 9 (And all other pieces of the same species in proportion.) The Moydore 62219 3 The half Moydore311014 8 The quarter Moydore117½07 4 The quadruple Pistole of Gold or Doubloon178313 0 The Spanish or French double Pistole of Gold or the Doubloon or Double Louis d'or8161 6 The Spanish or French Pistole of Gold48018 3 The Spanish or French half Pistole of Gold2409 2 The Spanish or French quarter Pistole of Gold1204 7 The French Louis d'or of the new species5512 0 The French half Louis d'or of the new species proportionably214½011 0 The French quarter Louis d'or of the new species proportionably117¼05 6 The piece of new Gold coin of Portugal1810½317 8 The piece of new Gold coin of Portugal95¼118 10 The piece of new Gold coin of Portugal414½019 6 The piece of new Gold coin of Portugal27¼09 10 The piece of new Gold coin of Portugal13½04 11 [Warrants not relating to Money XXV. pp. 462–4.] http://www.british-history.ac.uk/report.aspx?compid=91851
FROM POOR RICHARD'S ALMANAC, 1746 A Table for the more ready casting up of Coins, in Pennsylvania. Spanish English No.No. 90 pence Ps. Eight. 324 Pistoles. 408 Guineas. 522 Moidores. £ £ s.s. d. £ s.d. £ s.d.£s.d. 1 10761701140236 2 201502140380470 3 31264105206106 4 41 058061608140 5 5117661508100 176 6 625082010401310 7 72126990111801546 http://www.franklinpapers.org/franklin/framedVolumes.jsp 12 d per shilling 20 s per £
Excerpt from Continental Army letter Feb 9, 1776
SUMMARY- PART I Tables- Neded to Determine Coins value Gold Coins- Many varieties and weights in circulation PART 2- Coin Scales and Coin Weights
The End of PART I Greshams Law Bad Money Drives Out Good Sir Thomas Gresham (1519- 1579)
REFERENCES http://www.coinarchives.com/ http://memory.loc.gov/ammem/hlawquery.html http://www.cyberussr.com/hcunn/gold-co.html http://www.pierre-marteau.com/editions/1701-25-mint-reports/report-1702- 07-17.html http://www.britishmuseum.org/explore/highlights/highlight_objects/cm/f/fou r_gold_ducats_of_the_sforza.aspx http://www.maltergalleries.com/archives/auction02/112402auctioncat1.htm http://www.onelook.com/?w=MOIDORE&ls=a http://www.british-history.ac.uk/report.aspx?compid=91851 http://www.franklinpapers.org/franklin/framedVolumes.jsp A manual of gold and silver coins of all nations struck within the past... By Jacob Eckfeldt
12 Trolls of Troy- for remembering a Troy ounce is bigger than regular ounce, but a Troy Pound is shorter than the regular pound (only 12 Oz) TR oy O unce L ong TR oy O unce L ong £ ( pound) S hort
GOLD 1 GUINEAS Charles II 1663 - 1684 James II William & Mary William III 1695 - 1701 Anne 1702 - 1714 George I 1714 - 1727 George II 1727 - 1746 George III 1761 - 1813George III Technical Specifications Diameter25 to 26 mm. Weight8.3500 grams Alloy22 carat Fineness0.9166 Actual gold content0.2461 ounces.
Pistole is the French name given to a Spanish gold coin in use in 1537; it was a double escudo, the gold unit. The name was also given to the Louis d'Or of Louis XIII of France, and to other European gold coins of about the value of the Spanish coin. One pistole was worth approximately ten livres.Spanishcoinescudo Louis d'OrLouis XIIIlivres In Dumas' The Three Musketeers, set in the 1620s, we learn that one hundred pistoles were worth a thousand livres tournois when Athos bargains for the horse he takes to the battle of La Rochelle. (GF Flammarion edition, p. 396) Since three livres were worth a French ecu, one hundred pistoles is worth 333.3 ecus. (One livre was also worth one franc when the latter were issued about 1641. The franc was in turn replaced by the louis d'or.)Dumas'The Three Musketeerslivres tournoisFrench ecufranclouis d'or A coin with this name was minted in Scotland in 1701, undeScotland From wikipedia.com: 'The slang term doubloon (from Spanish doblón, meaning double) refers to a seven-gram (0.225 troy ounce) gold coin minted in Spain, Mexico, Peru, or Nueva Granada. The term was first used to describe the golden excelente, either because of its value of two ducats, or because of the double portrait of Ferdinand and Isabella. Later, it referred to a coin worth two escudos (0.1905 troy ounce gold), first minted in 1566, during the reign of Philip II of Spain.
1/2 Escudo 1778 M-PJ Charles III (Madrid, Spain) Obverse: CAROL · III · D · G · HISP · R · 1778 · Reverse: [no legend] Weight: 27.5 g (1.78 grams) Diameter: 14.7 mm an 8 Escudo Spanish gold doubloon (27.19 grams) Diameter: 37.8 mm
THE FRENCH - SPANISH PISTOLE * Estimated from the Proclamation of 1700-1 that the pistole value was 17s UnitCoin Tolerance Weight English value Quadruple Pistole (Doubloon) 4 French louis d'or 8 Spanish escudo 17dwt 8gr £3 8s 0d* Double Pistole 2 French louis d'or 4 Spanish escudo 8dwt 16gr £1 14s 0d* One Pistole 1 French louis d'or 2 Spanish escudo 4dwt 8gr 17s 0d Half Pistole ½ Fr. louis d'or 1 Spanish escudo 2dwt 4gr 8s 6d* THE PORTUGUESE MOIDORE Weights and values from coinweight box label of c1773. * Estimated 5 Moidore 20,000 reis 1oz 14dwt 15¼gr £6 15s 0d* 2½ Moidore 10,000 reis17dwt 7½gr £3 7s 6d* 1 Moidore 4,000 reis6dwt 22¼gr £1 7s 0d ½ Moidore 2,000 reis3dwt 11gr 13s 6d ¼ Moidore 1,000 reis1dwt 17gr 6s 9d THE PORTUGUESE ESCUDO Weights and values from coinweight box label of c1773. (Double Joe) Port Piece 8 escudo18dwt 10gr £3 12s 0d (Joe) Half Port Piece 4 escudo9dwt 5gr £1 16s 0d Quarter Port Piece 2 escudo4dwt 14½gr 18s 0d One eighth Port Piece 1 escudo2dwt 7¼gr 9s 0d One sixteenth Port Piece ½ escudo1dwt 3½gr 4s 6d
FRENCH ROYAL COINS Louis XV (1715-1774), 1/5 écu à la vieille tête
AR dixieme d'ecu (12 sols), 1741, 21.5mm, 2.81gr. Obv: LUD.XV.D.G.FR.ET.NAV, portrait facing left. Rev: SIT NOMEN DOMINI BENEDICTUM 1741, circle with three lis, surmounted by a large crown, shield bracketed by wreath. Mint is Caen - C at bottom of reverse. D1683, C2127. Contemporary English coins: George I, George II, George III.George I,George IIGeorge III.
GREAT BRITAIN, GEORGE I, 1723 --- SIXPENCE- SILVER
and from that of William the Conqueror among the English, the proportion between the pound, the shilling, and the penny, seems to have been uniformly the same as at present, though the value of each has been very different ; for in every country of the world, I believe, the avarice and injustice of princes and sovereign states, abusing the confidence of their subjects, have by degrees diminished the real quantity of metal, which had been originally contained in their coins. The Roman as, in the latter ages of the republic, was reduced to the twenty-fourth part of its original value, and, instead of weighing a pound, came to weigh only half an ounce. The English pound and penny contain at present about a third only ; the Scots pound and penny about a thirty-sixth ; and the French pound and penny about a sixty-sixth part of their original value. By means of those operations, the princes and sovereign states which performed them were enabled, in appearance, to pay their debts and fulfil their engagements with a smaller quantity of silver than would otherwise have been requisite. Value of use; value of exchange Wealth of Nations- Adam Smith