senting fractions of the smallest gold coin; and that the creditor or seller should have the option to refuse all pay. ments in these last metals, of any sum exceeding the smallest unity of the gold coin.

By this distribution, though the coins of silver and copper would, in strictness, be subject to some fluctuations, arising from the state of the market with regard to those metals, yet the difference would be disregarded in the discharge of accounts, because it would never amount to a sum of any importance. The only inconvenience which offers itself under such an arrangement is, that these subordinate coins would also be melted and sold when the metal was dear, and they would be fabricated, if the metal ever happened to be so cheap as to afford an adequate motive of profit to the illegal coiner. The state, in its deliberations on this subject, might determine that the coins of silver and copper should pass either for more or for less than the medium market price of the metal, or for that value precisely. It is evident that the first of these dispositions would afford coin, which would continually vanish into the melting-pot, and is there fore altogether unadvisable. The medium rate of intrinsic value would produce a similar effect, whenever the market price was low. Whence it follows, that the metal contained in such auxiliary money ought to be of less value than the gold it represents; and, to prevent the introduction of a similar coinage from private manufacturers, it would be necessary that the difference between the value of the metal and that represented by the coin should be somewhat less than the cost of workmanship. Under these circumstances, the public would be supplied with an useful implement or ticket of exchange, which would operate as a pledge of value, very nearly to the amount of its denomination, and would be afforded cheaper from the extensive manufactories of government, than it could possibly be made by private work

men.

Coin, like every other utensil or tool, is subject to wear, and will, in process of time, be more or less deprived of its distinctive figure, and rendered less valuable by the loss of weight. When new, it is the real pledge of measure it pretends to be; but, if it be suffered to circulate after its weight is considerably diminished, it may become a desirable object to the coiner to fabricate new

pieces apparently in the worn state, or otherwise he may exercise his industry in speedily reducing the new coin to that state, for the sake of the precious metal he may thus acquire.

If, on the contrary, the legislature should forbid the currency of pieces worn beyond a certain small or moderate loss, the consequence will be, that all such pieces will return to the mint to be coined; and the charge of coinage may become so heavy, as to absorb a considerable part of the value of the whole circulating medium in the course of a few years.

To diminish this last inconvenience as much as possible, it becomes necessary to attend to the nature of the metal, as well as the figure of the piece. Whether the Dutch ducat, of fine gold, or the English guinea of 22 carats, may, under like circumstances, be most disposed to lose by wear, has not, we believe, been determined; but it seems to be generally understood, that our standard gold, in watch cases and other trinkets, is less durable than the coarser and harder gold allowed to be wrought in France and Geneva. If this be true, it should seem that there exists no motive for raising the standard of our gold: and perhaps the same argument may apply still more to our silver; and the advantage, if any, in lowering the standard, without diminishing the intrinsic value, has not yet been shewn, with sufficient evidence to justify the offence against established use and public prejudice, which such a proceeding might afford. Admitting the observations to be conclusive against altering the standard, it would follow, that the greater durability of coin must be sought for in its figure.

Let us imagine a coin to possess the figure of an equilateral triangle; let it be thin, in order that it may present a large surface; let its edges have the figure of a saw, and its faces that of a file. Under these conditions, we should fabricate one of the worst or least durable coins that could be chosen for the angles would be easily broken and worn, and the edges and faces would mutually operate on each other with a degree of rapidity, which, it may be concluded, would very soon take away all the sharp prominences, and greatly diminish the weight; on the other hand, let us suppose the least possible surface, and we shall obtain the spherical figure. The pagoda and fanam of India are the only coins, which we recollect, that approach

towards this figure. Against this, it appears an objection, that if it be nearly perfect, the impressions descriptive of its purity and denomination must be indented, and will not therefore sufficient ly limit its apparent magnitude; and if they be prominent, it will no longer be a sphere, but a figure presenting sharp angular parts, with small bearings, very liable to destruction. What then is the figure that shall partake so much of the plane, as to present surfaces of broad contact or bearing, and afford the quan. tity of angular prominence? It is evidently the cylinder: and this is the figure most generally adopted for money. The edge of the cylinder affords the smallest bearing; it therefore must be very short and flat, in order that the weight of the piece may be disposed to rest on the base, and not the edge.

If the whole surface of a piece of metal were covered with figures or impressions, it would immediately be seen whether any part had been abraded by accident or design. If the impressions were concave, they might easily be renewed by the punch or the graver; but if they were in relief, it would be almost impossible, when once worn or obliterated. For this reason the preference, in coinage, has mostly been given to figures in relief.

It is, however, a very serious inconvenience, that, when the distinctive marks are thus rendered prominent, the face of the coin no longer sustains the pressure and wear of the piece; but the marks themselves are made to support the whole. Thus, in our gold money, particularly of the last coinage, the edge is a saw, and the numerous minute prominences of the face constitute a file; the operations of both which are felt in the rapid destruction of the piece.

To place this in a more striking light, it may be observed, that the amount of gold coined between the years 1762 and 1772, both inclusive, was 8,157,2331. 158. 6d; and between 1782 and 1792, both inclusive, was 19,675,666/. 14s. 6d; and between 1773 and 1777, both inclusive, was 19,591,8337. 18. During the middle period, last mentioned, the great coinage of gold took place. We are aware that other causes may have occasioned a demand for coin, besides the mere wear of the old pieces, and that the increase of commerce and manufactures has in fact produced such a demand; but as this last event (distinguishable by its gradual progress) does not appear, from the numbers in the account, to have influenced

the coinage in any great proportion; we shall disregard it in this present rough statement. With this liberty, we may proceed to remark, 1st. That as most of the old pieces disappeared during the middle term of time, the number of nineteen, or say twenty millions, must nearly represent the whole of our gold money, 2d. That the national loss by wear in the first period, when the gold was old and smooth, reckoned at one half per cent. on the sum recoined, was 37081. per ann.; and in the latter period 89431. per ann. And, 3d. That the whole national stock of gold coin, under the regulations and figure of the last period, wears out, it is reckoned, every eleven years. This account of the coinage is to be found in the "Report of the Lord's committee of Se. crecy," printed April 28, 1797.

Hence we may observe, that neither kind of mark alone is suited for a coin in. tended to possess durability, and at the same time to be difficult either to imitate or diminish. A combination of both me. thods is necessary. If a coin be struck with indentations, or parts depressed be. neath the common surface, and in these there be prominent objects or designs not more elevated than that surface, the ge neral advantage, with regard to wear, will approach towards that of the plain surface itself; and the impression will be at least as difficult to imitate, if not more so, than that of a design raised to. tally above the common surface. Few coins have been made of this figure. The Chinese coin, of mixed copper, called the cash, is the most remarkable, and perhaps the only one of extensive circulation. The late copper coinage of pieces of one and two pennies are of this kind.

To sum up the foregoing conclusions in a few words, we may remark, that, 1. The state is unable (from the natural impracticability of things) to appoint two distinct articles of commerce as the circulating mediums of exchange. 2. The measure of value, or legal tender, ought to consist in the metal which bears the highest price, namely, gold. 3. Coins of silver and copper are required for smaller fractions than the actual subdivisions of the gold coin, but should be optional in the receipt of any larger sums. 4. These last mentioned coins ought to represent a value in gold equal to their own quantity of metal, at the highest (or perhaps me dium) market price, added to the charge of fabrication. 5. No sufficient reason had yet been given to shew that the standard of gold coin should be changed, to

COIN, laws relating to. Counterfeiting the king's money, or bringing false money into the realm counterfeit to the money of England, clipping, washing, rounding, filing, impairing, diminishing, falsifying, scaling, lightening, edging, colouring, gilding, making, mending, or having in one's possession, any puncheon, counter puncheon, matrix, stamp, dye, pattern, mould, edger, or cutting engine all these incur the penalty of high treason. And if any person shall counterfeit any such kind of gold or silver, as are not the proper coin of the realm, but current therein by the king's consent, he shall be guilty of high trea

son.

If any person shall tender in payment any counterfeit coin, he shall, for the first offence, be imprisoned six months; for the second offence, two years; and for the third offence shall be guilty of felony without benefit of clergy.

Blanching copper or other base metal, or buying or selling the same; and receiving or paying money at a lower rate than its denomination doth import; and also the offence of counterfeiting copper half-pence and farthings; incur the penalty of felony, but within clergy. Counterfeiting coin not the proper coin of this realm, not permitted to be current therein, is misprision of treason. A person buying or selling, or having in his possession, clippings or filings, shall for feit 5001. and be branded in the cheek with the letter R. And any person hav ing in his possession a coining-press, or casting bars or ingots of silver, in imitation of Spanish bars or ingots, shall for feit 5001.

VOL. III.

A reward of 401. is given for convicting a counterfeiter of the gold or silver coin; and 101. for a counterfeiter of the copper coin.

COINING, the art of making money, which has hitherto been performed by the hammer or the mill. The first operations are the mixing and melting of the metal, because there is no species of coin of pure gold or silver but requires a quantity of alloy. See ALLOY. For gold coin the alloy is a mixture of silver and copper, as silver alone would make the coin too pale, and the copper alone would give it too high a colour. The alloy is used for the purpose of rendering the coins harder, and less liable to wear, or to be diminished by art. When the gold and silver are completely melted and mixed, they are cast into long, at bars, nearly of the thickness of the coin to be cast. In coining by the mill, which has been the only method in use for the last 250 years, the bars are taken out of the moulds, and scraped, brushed, flattened in a mill, and brought to the proper thickness of the species to be coined. The plates, thus reduced as nearly as possible to the proper thickness, are cut into round pieces, called blanks, or planchets, with an instrument fastened to the lower end of an arbor, whose upper end is formed into a screw, which, being turned by an iron handle, turns the arbor, and lets the steel, well sharpened in form of a punch-cutter, fall on the plates; and thus a piece is punched out. The pieces are now to be brought to the standard weight by filing or rasping, and what remains of the plate between the circles is melted again. The pieces are next weighed in Hh