8 What will the Founders of the Nation Use as Money?
9 Continental Currency- A Flop No one Trusted paper money
10 Committee on Coinage Established Conducted Inquiry on existing Foreign Coins
11 September, 1776 Journals of Congress Declared relative value of silver to Gold to be 14.5 to 1Table giving Value of Foreign Gold & Silver CoinsDeclared the Spanish Pillar Dollar as the StandardBased on Isaac Newton’s chart of 1702 for Royal Mint
12 Journals of Continental Congress, Sept. 2, 1776, Page 726
13 Silver Coins Spanish Milled Dollar French Ecu 60 Sols Tournois French Crown English Shilling English Sixpence1732 Spain Piece of 8English Shilling 1745
14 Gold Coins Old Spanish Double Doubloon Old Spanish Pistole Johannes of PortugalHalf JohannesDouble Moeda- PortugalMoeda- PortugalOld Louis D’Or- FranceNew Louis D’OrEnglish Guinea of William IIIEnglish Half Guinea of William IIIChequin of Venice
15 Gold Coins (Cont) The Hungary Ducat The Ducat of Holland Ducat of Campen in HollandDucat of the Bishop of BambergDucat of BrandemburgDucat of SwedenDucat of DenmarkDucat of PolandDucat of TransylvaniaDucat of the Duke of HanoverDouble Ducat of the Duke of Hanover
16 Spain Eight Escudos (Doubloon) 1758 Ferdinand VI Weight: 26.9 grams Diameter: 1.45 inches
17 Spain 4 Escudos 1786 Carlos III Weight 13.5 grams
18 Spain 2 Escudos 1786 Carlos III Weight 6.75 grams Also Known as Pistole
19 Spain 1 Escudos 1787 Carlos III Weight 3.37 grams
20 Spain ½ Escudo Gold 1773 Carlos III Weight: 1.7 grams Diameter: .60 inches
21 1688-1732 Portuguese gold coins .917-Moidore Series Dobrao Reis-Half DobraoMoidore or Cruzado Reis½ Moidore¼ Moidore1/10 Moidore
22 Portuguese Gold Coins 1722-1835 Joannes Series (Joes) .917 Joannes of Reis--1/2 Joe Reis¼ Joe 3200 ReisEscudo ReisQuartinho/ ¼ Moidore-1000 Reis½ Escudo 800 ReisCruzado- 400 Reis
23 Moeda of Portugal- Moidore (4000 Reis) 1704 Peter II 10.76 grams, 91,66% Gold 29 mm
52 MONEY TABLE- 1737 GOLD COINS Weight.Value.Dwt. Grs.s.d.The Guinea129(And all other pieces of the same species in proportion.) The Moydore6223The half Moydore11148The quarter Moydore17½74The quadruple Pistole of Gold or Doubloon1713The Spanish or French double Pistole of Gold or the Doubloon or Double Louis d'or16The Spanish or French Pistole of Gold18The Spanish or French half Pistole of GoldThe Spanish or French quarter Pistole of GoldThe French Louis d'or of the new species5The French half Louis d'or of the new species proportionably14½The French quarter Louis d'or of the new species proportionably17¼The piece of new Gold coin of Portugal10½5¼10197¼3½[Warrants not relating to Money XXV. pp. 462–4.]
54 12 d per shilling20 s per £FROM POOR RICHARD'S ALMANAC, 1746A Table for the more ready casting up of Coins, in Pennsylvania.Spanish English No.90 pencePs. Eight.324Pistoles. 408Guineas. 522Moidores.s.d.17614232151438473126451041105861614511761581062581041317212691118154
55 Excerpt from Continental Army letter Feb 9, 1776
56 SUMMARY- PART I Gold Coins- Many varieties and weights in circulation Tables- Neded to Determine Coins valuePART 2- Coin Scales and Coin Weights
57 “Bad Money Drives Out Good” The End of PART IGresham’s Law“Bad Money Drives Out Good”Sir Thomas Gresham ( )
58 REFERENCES http://www.coinarchives.com/ A manual of gold and silver coins of all nations struck within the past ... By Jacob Eckfeldt
59 TRoy Ounce Long £ (pound) Short 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)TRoy Ounce Long £ (pound) Short
61 GOLD 1 GUINEAS Charles II 1663 - 1684 James II William & Mary William IIIAnneGeorge IGeorge IIGeorge IIITechnical SpecificationsDiameter25 to 26 mm.WeightgramsAlloy22 caratFineness0.9166Actual gold contentounces.
62 A coin with this name was minted in Scotland in 1701, unde 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.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 ecus. (One livre was also worth one franc when the latter were issued about The franc was in turn replaced by the louis d'or.)A coin with this name was minted in Scotland in 1701, undeFrom 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 ( troy ounce gold), first minted in 1566, during the reign of Philip II of Spain.
63 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 (27.19 grams) Diameter: 37.8 mman 8 Escudo Spanish gold doubloon
64 THE FRENCH - SPANISH PISTOLE THE FRENCH - SPANISH PISTOLE * Estimated from the Proclamation of that the pistole value was 17sUnitCoinTolerance WeightEnglish valueQuadruple Pistole (Doubloon) 4 French louis d'or 8 Spanish escudo17dwt 8gr £3 8s 0d* Double Pistole 2 French louis d'or 4 Spanish escudo8dwt 16gr £1 14s 0d* One Pistole 1 French louis d'or 2 Spanish escudo4dwt 8gr 17s 0d Half Pistole ½ Fr. louis d'or 1 Spanish escudo2dwt 4gr 8s 6d* THE PORTUGUESE MOIDORE Weights and values from coinweight box label of c1773. * Estimated5 Moidore 20,000 reis1oz 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
66 FRENCH ROYAL COINS Louis XV (1715-1774), 1/5 écu à la vieille tête
67 AR dixieme d'ecu (12 sols), 1741, 21. 5mm, 2. 81gr. Obv: LUD. XV. D. G 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.
72 GREAT BRITAIN, GEORGE I, 1723 ---SIXPENCE- SILVER
73 and from thatof William the Conqueror among the English, the proportion between thepound, the shilling, and the penny, seems to have been uniformly the same asat present, though the value of each has been very different ; for in everycountry of the world, I believe, the avarice and injustice of princes andsovereign states, abusing the confidence of their subjects, have by degreesdiminished the real quantity of metal, which had been originally containedin their coins. The Roman as, in the latter ages of the republic, wasreduced to the twenty-fourth part of its original value, and, instead ofweighing a pound, came to weigh only half an ounce. The English pound andpenny contain at present about a third only ; the Scots pound and pennyabout a thirty-sixth ; and the French pound and penny about a sixty-sixthpart of their original value. By means of those operations, the princes andsovereign states which performed them were enabled, in appearance, to paytheir debts and fulfil their engagements with a smaller quantity of silverthan would otherwise have been requisite.Value of use; value of exchangeWealth of Nations- Adam Smith