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Front Page arrow Titles (by Subject) arrow NOTE ON SCOTCH MONEY, WITH TABLES Showing the Successive Changes in the Standard IN THE WEIGHT OF THE COINS, AND IN THE Relative Values of Gold and Silver, From 1107 to 1707, WHEN SCOTLAND CEASED TO HAVE A PECULIAR COINAGE. - A Select Collection of Scarce and Valuable Tracts on Money

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Subject Area: Economics
Topic: Money and Banking

NOTE ON SCOTCH MONEY, WITH TABLES Showing the Successive Changes in the Standard IN THE WEIGHT OF THE COINS, AND IN THE Relative Values of Gold and Silver, From 1107 to 1707, WHEN SCOTLAND CEASED TO HAVE A PECULIAR COINAGE. - John Ramsay McCulloch, A Select Collection of Scarce and Valuable Tracts on Money [1856]

Edition used:

A Select Collection of Scarce and Valuable Tracts on Money from the Originals of Vaughan, Cotton, Petty, Lowndes, Newton, Prior, Harris, and Others, with a Preface, Notes, and Index (London: Printed for the Political Economy Club, 1856).

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NOTE ON SCOTCH MONEY, WITH TABLES Showing the Successive Changes in the Standard IN THE WEIGHT OF THE COINS, AND IN THE Relative Values of Gold and Silver, From 1107 to 1707, WHEN SCOTLAND CEASED TO HAVE A PECULIAR COINAGE.

The English derived their system of coinage from the French, and the Scotch theirs from the English. From 1107 to 1355, the coins of both divisions of the island were of the same size and purity. But, at the last mentioned period, it was attempted to fill up the void occasioned by the remittance of the ransom of David II. to England, by degrading the coins. Till then the money of Scotland had been current in England, upon the same footing as the money of the latter; and the preservation of this equality is assigned by Edward III. as a reason for his degrading the English coins. But this equilibrium was soon afterwards destroyed. In the first year of Robert III. (1390), Scotch coin passed only for half its nominal value in England; and, in 1393, Richard II. of England ordered that its currency as money should entirely cease, and that its value should thenceforth depend on the weight of the genuine metal contained in it. “To close this point at once,” says Pinkerton, “the Scottish money, equal in value to the English till 1355, sunk by degrees, reign after reign, owing to succeeding public calamities, and the consequent impoverishment of the kingdom, till, in 1600, it was only a twelfth part of the value of English money of the same denomination, and remained at that point till the union of the kingdoms cancelled the Scottish coinage.”*

The annexed tables exhibit the successive degradations of the Scotch Silver and gold coins.

At the Union, in 1707, it was ordered that all the silver coins current in Scotland, foreign as well as domestic, except English coins of full weight, should be brought to the Bank of Scotland, to be taken to the mint to be recoined. In compliance with this order, there were brought in,

Of foreign silver money (sterling),£132,080179
Milled Scottish coins,96,856130
Coins struck by hammer,142,18000
English milled coin,40,00000
Total£411,117109

Ruddiman conjectures,* apparently with considerable probability, that the value of the gold and silver coins not brought in, amounted to about as much more. Much suspicion was entertained of the recoinage. And that large portion of the people who were hostile to the Union, and did not believe in its permanence, brought very little money to the Bank. A few only of the hoarded coins have been preserved, the far greater part having either been melted by the goldsmiths, or exported to other countries.

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 Ruddiman’s Introduction to Anderson’s “Diplomata.”)

adAnno Regni.Purity.Alloy.Value of money coined out of a lb. of silver.
Oz.Pw.Oz.Pw.L.s.d.
From
1107Alexander I }112018100
David I }
William }
toAlexander II }
Alexander III }
1296John Baliol }
From }Robert I112018110
1306 }
to }
1329 }
1366David II38112018150
137739112018194
From }Robert II112018194
1371 }
to }
1390 }
1393Robert III41120181120
1424James I191120181176
1451James II15112018340
1456201120184160
1475James III16112018740
148424112018700
1488James IV1 }112018700
14892 }
1529James V16110109120
1544Mary3110109120
155614110101300
156523110101800
1567James VI1110101800
15715903016140
157610804016140
157913110102200
158115110102400
159731110103000
160135110103600

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 Ruddiman’s Introduction to Anderson’s “Diplomata.”)

adAnno 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. . . .111818016171201111722
1390, etc.Robert III. . .11181801619401111722
1424James I. . . 19111818016221001111722
1451James II. . . 15111818016336098414
145620111818016500098414
1475James III. . 1611181801678150102020
1484241118180167815010579
1488James IV. . . 11118180167815010579
1529James V. . . 161118180161080010579
1556Mary . . . . . 1411001001440010586
1577James VI. . 1011001002400010586
15791310100110024000115220
15973111001003600012000
16013511001004320012000
1633Charles I. . . 9110010049200132711

OBSERVATIONS

ON

COIN

IN

GENERAL.

WITH SOME

PROPOSALS

For regulating the

Value of Coin

IN

IRELAND.

By the Author of the List of theAbsentees of

IRELAND.

DUBLIN:

Printed by A. Rhames, for R. Gunne, in Caplestreet. M DCCXXIX.

[* ]Essay on Medals, vol. ii. p. 124.

[* ]Introduction to Anderson’s “Diplomata,” p. 176.