LOoking well into the best grounds, and strongest supports of a Commonweale; in my opinion, hee must exactly vnderstand this point, that will wisely settle an estate, or reforme the abuses: for that there is nothing that doth more trouble and afflict the poore people, than to falsifie the Coines, and to alter the course thereof: for both rich, and poore, euerie one in particular, and all in generall, receiue an infinit losse and preiudice, the which cannot precisely in every point bee described,Daungerous to a state to alter the coine. it breeds so many inconueniences. The Coine may not be corrupted, no not altered, without great preiudice to the Commonweale: for if money (which must rule the price of all things) be mutable and vncertaine, no man can make a true estate of what he hath, contracts and bargaines shall be vncertaine, charges, taxes, wages, pensions, rents, interests, and vacations shall be doubtfull, fines also and amercements limited by the lawes and customes shall be changeable and vncertaine: to conclude, the estate of the treasure and of many affaires both publike and priuate shall be in suspence: whereof the Edict made by Gratidianus the Tribune at Rome is a good argument, who (contrarie to the opinion of his fellow Tribunes) set a certaine price of a kind of coyne called Victoriatus, upon a penaltie, whereby he purchased so great glorie to himselfe and his posteritie, as they did erect his statues in every streete, and offred frankinsence and waxe unto them. And Tully saith, Neminem vnquam multitudint ob id vnum fuisse cariorem, Neuer any man (for that cause only) was deerer to the people. The Prince may not make any false money, no more than he may kill or rob, neither can he alter the weight of his coyne to the preiudice of his subiects, and much lesse of strangers, which treate with him, and traffick with his people, for that he is subiect to the law of nations, vnlesse he will lose the name and maiesti of a king, and be tearmed a counterfetter of money: as Dante the poet called Philip le Bel, for that he did first among our princes corrupt the coyne, and mingle copper with siluer, which was the cause of great troubles among his subiects, and a pernitious president to forraine Princes: whereof he repented himselfe too late, restoring the coyne, and inioyning his sonne Lewis Hutin not to abate the goodnes of his coynes. And for this cause Peter the 4 king of Arragon did confiscate the estate of the king of Maiorque and Minorque, whom he pretended to be his vassall, for that he had abated the coyne: and yet theThe prince cannot alter his coyne. kings of Arragon themselves did erre in that point, so as pope Innocent the 3 did forbid them as his vassals not to vse it: whereupon the kings of Arragon comming to the crowne doth sweare not to change the waight and price of their money, which hath been allowed. But it is not sufficient to make such protestations, vnlesse the value and waight of money be ordred as it ought, to the end that neither prince nor subiect may falsifie it if they would, the which they will alwayes do, hauing the meanes, what punishment soeuer be inflicted. The ground of all these counterfet coyners, washers, clippers, and boylers of money, growes by the mixtures which are made of mettals, for one mettall being pure and simple cannot be supposed for another, differing by nature in colour, waight, substance, and sound. To preuent all these inconueniences, you must ordaine that in every Commonweale the coynes be of one mettall without mixture, and publish the Edict of the Emperour Tacitus, who defended upon losse of life andCovnes should be simple without any mixture. goods, to mingle gold with siluer, nor siluer with copper, nor copper with tinne or lead. But we may except from this law the mixture of copper with tinne, which makes the sounding mettall, whereof bels and ordinance are cast, not so much used in old times as now: for it is not necessarie to mixe the twentieth part of lead with pure tinne to make it more malliable, seeing it may be cast and put in worke without any such mixture, the which hurts the bountie of the tinne, and can neuer be drawne from the lead. This law must not only hold in coynes, but in all plate and works of gold or siluer, in the which falsehood and corruption is more ordinarie than in coynes, for that the triall is not so easie, and oftentimes the workemanship is as deere as the substance it selfe: wherein Archimides is much deceiued, seeking to find out what the goldsmith had stolne out of that great crowne of king Hieron, and not to deface the fashion, (for as then they had no vse of the touchstone) he tooke two lumps or masses one of gold, and another of siluer, putting either of them into a vessell full of water, and by the effusion of the water he iudged the proportion of the gold and siluer, then filling itArchimides error in triall of mettals. againe with water, he put the crowne into it, the which cast forth lesse water then the masse of siluer, and more then that of gold, whereby he coniectured that the goldsmith had stolne a fift part: but his iudgement was vncertaine, for he supposed the mixture or allaie to be of pure siluer, when as the goldsmith to make the gold more firme, and to giue it the better luster, makes it most commonly of copper, being also of lesse charge, the which is much lighter then siluer, which makes the gold looke paler; and so by consequence copper hath a greater bodie then siluer in a masse of an equall waight, and differs as much as thirteene do from eleuen: and if the allaie or mixture were of copper and siluer, it was impossible to make a true iudgement, vnlesse he could distinguish how much there was of either; and although it were knowne, yet shall he erre insensibly in measuring the drops of water, through the difference of the masse and proportion of the mettals: there is no refiner nor goldsmith in the world so cunning that can precisely iudge by the touchstone how much siluer or copper is mixt with gold, if the allaie be not of one pure mettall. And although that goldsmiths and iewellers have falsly complained that they cannot worke in gold under two and twentie Carrats without losse, or in fine gold aboue 23 Carrats and three quarters, according to the decree of king Francis the first published in the yeare 1511: yet notwithstanding all good orders they make worke at twentie, yea oftentimes at nineteene Carrats, so as in twentie foure marks there is five marks of copper or siluer, the which in time is made into base money by those which vse to counterfe. It is therefore necessarie to obserue the same proportion and mixture in gold that is wrought, as in coynes upon the like penalties, to the end that the vse of gold in plate and moueables may be pure. And for that it is impossible (as refiners say) to refine gold to 24 Carats, but there must be a little of some other mettall with it; nor siluer at twelue deniers, but there must be some allaie, and euen the purest refining according to the lawes is of 23 Carrats and three quarters, and hath a fourth part of a Carrat of allaie, and of siluer eleuen deniers, two graines and three quarters, such are the royals of Spaine, or else eleuen deniers and eighteene graines, as is the siluer at Paris, the which is of all others the best, for that it hath but a fortie sixt part of copper mixt with it. And in the best Spanish siluer there is a thirtie sixt part of copper, and without any great charge (besides the difficultie and length of time) they may worke gold in plate, or in coyne of 23 Carrats, and siluer of eleuen deniers twelue graines pure, without any allaie: for in so doing, the proportion of gold to siluer shall be equall, for the allaie shall be alike in the one and the other, that is to say, that in 24 pounds of siluer at eleuen deniers and twelue graines; and in 24 pounds of gold at 23 Carrats: there is a pound of other mettall in the gold which is not gold, and so likewise in the siluer which is not siluer, be it copper or any other mettall, and such siluer is called in this realme, the kings siluer, in the which the 24 part is copper, and by this meanes the coynes of gold and siluer shall be stronger, and more durable, whereby they get much in the working in the fier, and in sodring, and they keepe it from wasting and brittlenes.

And to the end the iust proportion of gold to siluer, obserued in al Europe & neighbour nations, (of twelue for one, or thereabouts) may bee also kept in the weight of money: it is needfull to coine money of gold and siluer of the same weight of sixteen, two and thirtie, and threescore and foure peeces to the Marke, without any alteration either in raising or abating; to auoid on the one side the difficultie of stamping it, and on the other side the brittlenesse of fine gold and siluer, if the coine were lighter than one denier. Whereas on the other side also, if they make any come weighing aboue halfe an ounce, it is easily counterfeited, by reason of the thicknesse thereof: as we see in the Portugueses of gold, and the Dollers of siluer, which weigh aboue an ounce: as also that coine of three Markes and a halfe, which the emperour Heliogabulus caused to be made: and that which was coined with the stampe of Constantinople, weighing a marke of gold, whereof the emperour Tiberius presented fistie to our king Childeric. By which meanes neither chaungers, nor marchants, nor goldsmiths, shall euer be able to deceiue the common people, which is ignorant of the bountie and weight: for they shall be alwayes forced to giue twelue peeces of siluer for one of gold; and every one of the peeces of siluer, shall weigh as much as the peece of gold of the same marke: as we see in the single Royals of Spaine, which weigh as much as the French Crowne, which are (according to the weight set downe in the yeare 1540) two deniers sixteene graines; and that twelue single are iust the value of a French Crowne. Why then may not all coynes of gold and siluer be equall in weight? and all of one weight of both mettals have one stampe, or caracture? Why may there not be the same likenesse & proportion of both mettalls? If this might be effected (as I hope it will) all meanes to falsifie money would be taken away. And to the end the simpler sort may not be abused in the chaunge of the said peeces, as well of gold, as of siluer; nor to take the single for the double (as they do oftentimes in Royals of Spayne, and in the new coyne of king Henry the second) it is needfull that the stampes be diuers, and not alike as those of Spaine. And yet as touching siluer, to the end they shall hold the certaine titles of Soulz, pettie Denier, and Liure, as it is specified in the edict of king Henry the second, made in the yeare 1551; and by reason of the payment of rents, amercements, and the lords rights, according to the customes and ordinances; the Soulz shall be of three Deniers weight of the kings siluer (as it is said) and of sixtie three to the Marke: so foure shall be worth a Liure, as it hath gone heretofore, the which is the iustest price that can be giuen: and every peece may be divided into three, so as every one shall weigh a Denier, and shall goe for foure small Deniers or Pence, and shall be called a common Denier, to the end the Soulz may alwayes be worth twelue Deniers: & that the complaints of the lords for their rents and rights, beeing vsually paid in blanch, or copper money, may cease, being now conuerted unto Soulzes, such as they were in the time of Saint Lewis▪ that is, sixtie foure to a Marke of the kings siluer. And as for other growing out of annuities, purchased for money, the rent must be paid according to the value of the Soulz which it held at that time, when as the rent was purchased; the which was but foure Deniers an hundred yeares since, and is now but the third part of the auntient Soulz: the which it will be needfull to put in vse. Such was the Drachma, or Groat of siluer, used throughout all Greece, which was the eight part of the ounce, which wee call a Gros, and of the same weight with the Soulz which Saint Lewis caused to be coined, the which were called Gros Tournois, or of Tours, and Soulz Tournois: By the which Soulz Tournois, or of Tours, all antient contracts are ordered, and many treaties not onely within the realme, but also among straungers: as in the treatie made betwixt the Bernois, and the three small Cantons of the Swissers, where it is said, That the Souldiors pay, should be a Soulz Tournois. The like was in this realme, and for that cause it was called Sold, and it was like unto the pay of the Romans, as Tacitus said, and of the Grecians, as we read in Pollux. For the Drachma, or Groat, is of the same weight with the Soulz Tournois. The Venetians have followed the antients, and have made the ounce of eight Groats, or Drachmaes, and the Drachma of 24 Deniers, and the Denier of two Halfepence, or twentie foure graines: as we vse in France, from which order we may not stray, as being most auntient in all Greece, and the Orientall regions.

True it is, that the auntient Romans hauing their ounce equall with the Greeks, that is to say, of 576 graines, they divided it into seuen Deniers of their money, and their Denier was in value an Atticque Drachma, or groat, & three seuen parts more. WherinDrachma Attica seuen pence starling. Buda was deceiued, saying, That there were eight Deniers in the ounce, and that the Romans Denier, or Peny, was equall with the Attique Drachma, and the Roman pound like unto the Attique Myne; being most certaine that the Roman pound had but twelue ounces, and the Greeke Myne sixteene ounces, according to the marchants pound weight within this realme: the which George Agricola hath well obserued by the calcull of Plinie, Appian, Suetonius, and Celsus. But at this day it is straunge to see the great diuersitie of pounds and ounces in all nations, nay in one and the same kingdom there are in a manner an infinit sort of pounds: whereof I will make mention of some few. An hundred weight at Paris, make 116 pound at Lion, at Rouan 96⅔, at Tholouse 121 pound, at Marseilles 123, at Geneua 89, at Venice 165½, at Genoa 155, at Basil 98, at London 109½. That of Pais and Strausbourg agrees, so do they of Basil, Nuremberg, and Francford, and they of Thoulouse, Mompellier, and Auignon, agree in the same pound weight: but they of Tours have a lighter pound, for fifteene ounces at Paris makes sixteene at Tours. The like difference of weight is to be obserued in the East, and in Affrike, for 100 rowls at Thessalonica, make 91 pounds at Paris: 100 rowls at Damasco, make 120 pounds at Paris, 100 rowles in Siria, make at Paris 503 pounds and foureteene ounces: the like may be written of many others. But the lightest pound weight of all, is that of Naples, for there an hundred pound weight, make but seuentie foure at Paris. But all this diuersitie of weight may easily bee reconciled in coynes, if they coine their peeces of gold and siluer of the same weight, the same name, and the same bountie, that is to say, that there be no more abatement in the gold, than in the siluer, whereby they can neither raise nor abate the price; as they do oftner than there are monethes, either at the peoples pleasure, or of those that have authoritie and credit with princes, who borrow all the money they can, and then they raise the price of money: so as one hauing borrowed an hundred thousand crownes, raised it suddenly six pence in the crowne, whereby he gained two thousand and five hundred pounds starling. Another abated the course of money in March, and raised it againe in Aprill, after he had receiued the quarters rent. By this meanes also you shall cut off all falsifying and counterfeiting of coines, and the most ignorant shall know the bountie of the one and the other coine by the sight, the sound, and weight, without either fire or touchstone. For seeing that all nations for these two thousand yeares and more, have alwaies kept, and still do keepe an equall proportion from gold to siluer, it will bee impossible either for the subiect or the prince, to raise, pull downe, or to alter, the prices of coines of gold or siluer, if base money bee banished the Commonweale, and gold set at 23 carats. And yet for that the smallest coines are profitable to the poorer sort, it is needfull to coyne a third kind of money of copper, without any other mixture, as they haue begun, and as it is practised in Spaine and Italie: or else diuide the marke of silue in 15036 peeces, euerie peece weighing nine graines, that the poore may buy the smallest things therewith. For whereas the queene of England hath banished all base and copper money, and reduced all her coines to two kinds onely, the least peece of money, which is a peny, being in value about ten Deniers, shee takes from her subiects the meanes to buy any thing at a lesse price; and which is worst, they cannot giue lesse alms to a poore bodie, than of a peny, which holds many from giuing, as I haue shewed in the Paradox against Malestroit: the which the Chauncelour of England caused to be translated in the yeare 1569, hoping to redresse it. But it were farre more expedient, to have no other coine but of gold and siluer, if it were possible to coyne any money lesse than the penie, and that they would diuide the Marke of siluer (as in Lorraine) into a thousandThe French copy saith 8000. peeces, which they called Andegauenses: for that Rene duke of Aniou and of Lorraine caused them to be coined, two hundred whereof make but sixpence; and fortie, one Soulz of our base money: and yet they are of reasonable fine siluer. But making it but halfe so little, it would be more firme, and of the same hieght that I have spoken, and they may be cut and stamped at one instant. For the price of copper being vncertaine in all places, it is not fit to make money of, the which must alwayes be kept as certaine as may be: besides, there is no mettall so subiect to rust, the which doth consume both the stampe and substance: and contrariwise neither gold nor siluer do euer rust. And as for the price, we read, that during the Punike warres, the pound of siluer was worth eight hundred and fortie pound weight of copper, after twelue ounces to the pound; & then the Denier of pure siluer, which was but the seuenth part of an ounce, was raised from ten pounds of copper to sixteene (as Plinie saith) which was after the rate of eight hundred ninetie six pounds of copper, for one pound weight of siluer, the pound weighing twelue ounces. Afterwards the least coine, which was a pound of copper, was halfe abated by the law Papiria, so as the price of copper was double that which it wasFest. lib. 17. in verb. sestertius. before: and when as siluer came in great aboundance, it was reduced to a fourth, remaining in the same value, which was 224 pound of copper for a pound of siluer: the which is neere the estimation of copper in this realme, whereas one hundred pounds, at sixteene ounces to the pound, are worth but thirtie six shillings starling: and in Germanie it is better cheape, although their mouables are thereof; yea in some places the churches are couered with copper: but in Italy it is deerer, and in Spaine and Affrike much more, for it is very scant there.

Some one may obiect, That the aboundance of siluer may also cause an abatement of the price, as we read in Titus Liuius, that by the treatie made betwixt the Aetolians and Romans, it was said, That the Aetolians should pay for ten pounds of siluer one pound of gold: and yet by a law made by Constantine, the pound of gold is esteemed at 41 pound⅖: for he would have them pay five Soulz of gold for one pound of siluer, making seuentie two Soulz of gold in a pound; so as five Soulz is iust the fourteenth part of a pound, and two fifts more: and now the price is twelue for one, or little lesse. True it is, that heretofore the 18. lib. 10. sh. Marke of pure gold was esteemed one hundred eightie five Liures; and the 31. sh. 6. d. starling. Marke of siluer fifteene Liures fifteene Soulz Tournois: so as for one Marke of pure gold vnwrought, they must have eleuen Markes, five ounces, twentie three Deniers, and five graines, of the kings siluer vnwrought. Towards the North, where there are many mynes of siluer, and few of gold, gold is somewhat deerer. The pope of Rome more greedie of gold than of siluer, did value the Marke of gold at 12 Markes and foure fifts of siluer: the which is at this present the price of gold and siluer, and was almost two thousand five hundred yeares since. For wee read in Herodotus, that the pound of gold was valued at thirteene pounds of siluer: and the Hebrewes in their Pandects, set a Denier of gold for five and twentie of siluer, the coines of gold being double to them of siluer; which were twelue and a halfe for one. Wee read also, that in the time of the Persians, & when as the Commonweals of Greece did flourish, that an ounce of gold was worth a pound of siluer: for Stater Doricus of the weight of an ounce, was valued at a pound of siluer, as Iulius Pellux saith. And in Augustus his time, the king of the Indians, had the same estimation of gold to siluer, the which was then brought to Rome: and therefore hee commended the iustice of the Romans; as wee read in Plini. Whereby we may coniecture, that the price of these two mettals holds in a manner throughout all Europe, after the auntient estimation. But the value of gold was raised under the last emperours, by reason of the spoyle therof which had bene made for the guilding of things: as Nero his great pallace all guilt, the which had galleries of one thousand paces long: and after him Vespasian, who imploiedA wonderfull masse to guild the Capitoll, seuen millions and two hundred thousand crownes, to guild the Capitoll. And Agrippa couered all the temple Pantheon with copper, and then guilt it, to keepe it from rusting. And oftentimes siluer is guilt, although of it selfe it will neuer take rust. Doubtlesse we may well allow the holy ornaments to be of gold, for that the law commaunds it: but to have vessels of gold, beds, bookes, yea and their bridles guilt, argues the madnesse of frantike men: the which if the prince doth not punish very seuerely, the price of gold must of necessitie rise: whereof our nation did vehemently complaine unto the prince, at the estates held at Blois. Moreover siluer hauing no hold, is little imployed to siluer withall: besides, the mynes of the North yeeld great store of siluer, & no gold: yet the alteration of price which is made, in processe of time is insensible, which can be no let but the valuation of coines made of these two mettals shall be equall in all states, banishing away all base money. Moreover a generall traffique dispersed more now over the face of the whole earth than euer, cannot allow of any great alteration of gold and siluer, but by a common consent of all nations. But it is impossible to hold the price of things, retaining this base money, the which is altogether diuers and vnequall: for euen as the price of all things doth fall, as the value of money decreaseth, (as the law saith) so doth it rise in raising the price of mony. And it must rise & fall, for that there is no prince which holds the laws of mynting equall with other Commonweals, nor yet in his owne: for that the Aloy of the Soulz differs from that of the Teston, and of pettie Deniers Doubles, Lyards, & peeces of six, and three blankes, the which continue not long in one estate. The first beginning in this realme to abase the siluer coine, and to mixe the 24 part of copper therewith, was to giue occasion to marchants to bring siluer into this realme, where there is none growing: for eleuen Deniers and a halfe in Fraunce, was as much as twelue Deniers in another countrey. But this deuise was needlesse, considering the great riches of Fraunce, the which they will alwaies fetch bringing gold and siluer from all parts. This mischiefe tooke deeper root in the time of Philip the Faire, who did impaire the blanched money the one halfe, in the yeare 1300, adding as much copper unto it, as there was siluer: a while after it was brought to a third, so as the new Soulz was worth but a third part of the auntient. And in the yeare 1322 the Aloie of Soulzes was so weake, as the Marke of silue was worth 80 8. lib. starling. Liures Tournois, and had 1600 peeces for a Marke of copper. True it is, that in the same yeare that Charles the seuenth recouered his crowne which had beene taken from him, he caused a new coine to be made in the moneth of October, the which was strong and good, so as the Marke of siluer was set at eight 16. . Liures: but in the yeare 1453, e caused Soulzes to be coined of fiue Deniers of Aloie, and since they have still decreased: so as king Francis the first, in the yeare 1540, caused some to bee coyned of three Deniers of sixteene graines: king Henry at three Deniers and twelue graines: so as the auntient Soulz of the kings siluer was worth almost foure: and king Charles the ninth brought it to three Deniers, the estimation still continuing alike: for that the price of the crowne did arise. And in the yeare 1577, under king Henry the third, they decrease almost halfe in weight, and a fourth part in goodnesse, from those of Francis the first. Other princes have done no better; for the Crutzer of Germany, which in old time was siluer at eleuen Deniers & foure graines, is now at foure Deniers and sixteene graines: the Soulz of Wirtzburg, and the Reichs groschem at six Deniers, that is halfe siluer, and halfe copper. The Scheslind, the Rape, the Denier of Strausbourg, at foure Deniers and twelue graines: the Rapephening at foure Deniers three graines, and the Florines of siluer at eleuen Deniers foure graines: as also the peeces bee of five and of ten Crutzers, the Soulz of Flanders or Patars, whereof twentie are worth twentie and foure of ours, are but three Deniers and eighteene graines of Aloie, and more than two third parts is copper: the peece of foure Patars is at seuen deniers ten graines: the Brelingues of Gueldres, are at eight deniers, and the third is copper. In former times the Soulz, or Groat of England, was at ten deniers twentie two graines: and neuer did all this base coine continue aboue twentie or thirtie yeares at one rate or standard, or at the same weight; and from thence growes the difference of the great Liure Tournois, of the lesse, and of the meane, the Liure or pound of Normandie, the Liure of Brittanie,A Liure is two shillings starling and the Liure of Paris, the which are all different, as wee may yet see it in the taxes of the popes chamber. And in Spaine the Liure or pound of Barcellona, Toledo, Molorque; In England the pound starling is worth ten of ours: And in Scotland there are two sorts of Pounds, the one starling, the other ordinarie. There is no prince in Italie, that hath not his Pound different from others: as in like case the Marke hath generally eight ounces: but the ounce of the Low countries is weaker by six graines than ours, and then that of Cologne by nine graines, that of Nuremberg six graines, and contrariwise that of Paris is stronger by an ounce. The Marke of Naples hath nine ounces, that of Salerne hath ten: and there is no towne almost in all Italie, but differs in his Marke, which makes the value of their coines so diuers, being so different in their weight & standard: the which troubles the poore people much, who loose greatly by exchange, and generally they which vnderstand not the poier, as they say, or the difference, as the Banquers speake: that is the value of money of exchange from one place to another. And therefore they say of a man that is well practised in affairs, That he vnderstands the poier, as a matter of hard conceit. For they have made the matter of coines so obscure, by reason of their mixtures, as for the most part they vnderstand nothing therein. For euen as artisans, marchants, and every one in his facultie, disguiseth oftentimes his worke: and as many Physitians speake Latine before women, vsing Greeke caracters, and Arabike words, and Latine words abridged, yea some times they blot their paper that it may not be read, fearing that if their secrets were discouered, they should be little esteemed: so these Mynt-maisters, in stead of speaking plainely, and to say, that the Marke of gold of twelue parts, hath two of copper, or of some other mettall, they say, It is gold of twentie carats: and in stead of saying, that a peece of three blankes is halfe copper, they say it is siluer of six deniers fine, two deniers of weight, and fifteene deniers of course, giuing to deniers and carats, the essence, qualitie, and quantity, of gold and siluer against, nature. And in stead of saying, the Marke hath threescore peeces, they say, it is of fiue Soulz currant. Againe they make some coines certaine or stable, some vncertaine and variable, and the third imaginarie, when as nothing can bee called firme in matters of coine, hauing so diminished the weight, and impaired the bountie of the gold and siluer. For the Ducat which goes currant at Venice, Rome, Naples, Palermo, and Messna, is an imaginarie coyne; it was in old time the same peece of gold weighing an Angell, or else a Medin of Barbarie, or an Imperiall of Flanders, almost of the same weight and touch with the auntient Ducat, worth ten Carlius of siluer, and the Carlin ten Soulz of the countrey, at 46 peeces to the Marke of gold, and six to the ounce, the which they diuide into thirtie Tarijs, and the Tarij into twentie graines, the which is one grosse upon the ounce, more than the common ounce, which hath but eight grosse. The law calleth this coine of gold Solidus, the which (as the Angell) hath fortie eight peeces for the marke, and seuentie two for the Roman pound at twelue ounces, the which hath long time bene currant; as it appeareth by the lawes among the Grecians, Germans, English, French, and Burguignons, and it is nothing els but our French Crowne of the Sunne. But our Mynt-maisters hauing not well vnderstood the word Solidus, have within these fiftie yeares set the Sunne uppon it, tearming it erroneously Aureum Solarem: but the common people retaining their old speech, call it yet the Crowne Sold, of Solidus; the which in old time weighted four deniers, as the Angell. But since princes by little and little, and by graine and graine, have brought it to three deniers, the which is the old Crowne. And in the time of king Iohn the old Crowne being diminished by little and little, as by the auntient Crowne Sold of three graines, they did coyne Crownes of two deniers and twentie graines weight, of the same standard with the auntient, the which they called Francs, on foot, and on horsebacke (for then they called all French men Francs, as yet in all the East all the nations of the West are called Franques) at which time the Crowne of Burgongne, which they call Ride, was also coyned of the same weight and goodnesse: the which have continued vntill the time of Charles the eight, that the Franc Crowne was diminished six graines in weight, and three quarters of a Carat in finenesse: for the old Crownes were of twentie three and three quarters of a Carat, and the Crownes with the Crowne at twentie three Carats. Afterwards king Francis the first correcting somewhat the Crowne with a Crowne, caused the Crowne Sold to be coined at two deniers and sixteene graines, and of the same goodnesse with the other, hauing an eight part of Aloie put to it: the which continued unto king Henrie, who added foure grains of weight unto it: and by Charles the ninth it was diminished five graines, in the yeare 1561. But the old Crownes, or Ducats of Venice, Genes, Florence, Sienna, Castile, Portugall, and Hongarie, have kept twentie three Carats three quarters, and two deniers, and eighteene graines of weight, vntill the yeare 1540, that the emperour Charles the fift impaired the fioenesse of the Crownes of Spaine, of one Carat and three quarters, and three graines in weight, causing them to be coined at twentie two Carats, and two deniers fifteene graines of weight. The Crownes of Castile, Valencia, and Arragon, the which they call Pistolets, giuing an ill example to other princes to do the like: as the princes of Italie did, who have caused some to be made at twentie two Carats & vnder, weighing two deniers and sixteene grains, as be the Crownes of Rome, Luques, Bologne, Salusses, Genes, Sienna, Sicile, Milan, Ancona, Mantoue, Ferrara, Florence, and the new Crownes of Venice. True it is, that Pope Paul the third, began to make Crownes to be coined in his name at twentie one Carats and a halfe, and two deniers, and foureteene graines of weight; and those of Auignon, which were made at the same time under the name of Alexander Farneze legat and the Popes nephew, are baser, and five deniers lighter in weight; the which brings an infinit losse to the subiect, and benefit to counterfeit coyners, myntmen, and marchants, which draw the good money out of the countrey, and coine baser in another place. The which is more ordinarie in siluer coine of high value, and aboue eleuen deniers pure, as the Royals of Castile, which hold all eleuen deniers three graines of pure siluer: out of the which other princes heretofore haue gained verie much: for being conuerted into French Testons out of ten thousand pounds starling, they did gaine six hundred and fiftie pounds, nothing impairing the goodnesse of the Teston of Fraunce, which holds ten deniers 17 grains of fine. And by the same meanes the Swissers which conuerted the testons of France into testons of Soleure, Lucerne, and Vnderuall, gained upon every marke one and fortie4. sh. 2. d. ob. soulz and eleuen deniers tournois: and for those of Lucerne, Soleure, and Vnderuall, were but of nine deniers and eighteene graines, which is in the whole marke 23 graines of pure siluer lesse then those of France, the which were worth 25 soulz tournois. And as for the waight, those of France are at the least of 25 testons, and five eight parts of a teston to the marke, so as the testons of Soleure, are lighter in waight three eight parts of a teston in the marke, the which was worth foure soulz three deniers tournois. And for that the testons of Soleure & Lucerne cannot be valued but for siluer of base aloye, the which they call Billon, being under ten deniers of fie siluer, after the estimation ofBillon. fourteene liures seuenteene soulz foure deniers tournois, the marke of pure siluer, and the testons of France for that they were aboue ten deniers of fine siluer were valued for siluer of high aloye, the which are worth after the same proportion fifteene liures thirteene soulz tournois, the marke of fine siluer; and by reason of the difference of the bountie of the siluer the said testons were lesse then those of France 41 soulz eleuen deniers tournois in the marke, abating for every peece of the said testons one soulz eleuen deniers. Those of Berne for that they were of nine deniers twentie graines of fine siluer for the marke were worth one denier tournois in every peece more then those of Soleure, in gayning therefore but twelue pence upon a marke it is a great gaine. The Flemings do the like, conuerting the testons of France in royalls of Flanders. every Prince hath prouided well by his lawes that neither gold nor siluer should be transported unto strangers upon grieuous punishments, but it is not possible to have them well executed, but that much will be transported both by sea and land. And although none should be transported, yet the subiects should alwayes have good means to melt, alter and falsifie both gold and siluer coyne, if there be diuersitie of standards; which growes either by licenses graunted to some goldsmiths, or done against the lawes; for they purse up that which wants in the fines of the siluer which they worke, as well for the abatement which is allowed them, as for the enamell and solder which they vse, mocking the lawes which are made upon the price of the marke of gold and siluer, setting what price they please upon their works, so as it is alwaies sold at a higher rate by the goldsmith then the lawes do allow, siluer by fortie and five soulz, and gold at twelue or thirteene liures upon the marke, so as gold and siluer is bought dearer from the goldsmith and marchant, then from the mint master, who cannot exceed the kings lawes, neither in buying of stuffes nor in coyning. And as soone as the gold or siluer is coyned into money of better waight and goodnes then that of neighbor princes, presently it is molt by the refiners and goldsmiths to put into plate, or to have it coyned by strangers after their standard, wherein the changers serue as instruments, and under colour of furnishing the people with money, trafficke with the goldsmiths and marchant strangers: for it is certaine and hath been found true, that within these 25 yeares that the pettie soulz was decried, there hath been coyned in this realme aboue two millions five hundred thousand pounds starling, besides the peeces of three & sixe blanks,25. Millions of Liures. which are no more to be found, for that the refiners and goldsmiths found profit in them, so as they which have great store of gold and siluer plate, can make more vse of it▪ for hauing bought it deere from the goldsmiths, they are loth to sell it with so great losse: and euen king Charles the 9 lost much, hauing exchanged his plate into coyne, whereas before the standard of money coyned was equall with that of the goldsmiths, so as they could lose nothing in plate but the fashion, the which continues yet as a prouerbe, It is siluer plate, there is nothing lost but the fashion. Therefore to preuent all these inconueniences, the standard of coyned money, and of works of gold and siluer, must be all one, that is of three and twentie Carats without any alaie or mixture, in gold; and eleuen deniers, and eleuen graines in siluer. They had found some meanes to reforme these abuses, letting out to farme the reuenues of the mint, and the confiscations and amercements that should grow by forfeitures, the which was let out in the yeare 1564 for five thousand pound starling a yeare: yet it was abolished at Moulins in the yeare 1566, and the mints were farmed out to such as offred to coyne the greatest quantitie of marks of gold and siluer: by this meanes some branches were cut off, but the rootes of these abuses remained still, so as the fraud will neuer cease. The root of abuses is the confusion of three mettals, gold, siluer, and copper; which ceasing, neither shall the subiect nor the stranger be able to commit any fraud, but it shall bee soone discouered. But euen as copper and brasse money was not allowed in this realme, for that there was none coyned, so billon or mixture being forbidden, the strangers base moneyBillon. shall be also banished the realme: but so long as the Prince or Commonweale shall coyne base money, there is no hope that strangers subiects will euer cease to counterfet in priuat, or to receiue all strange coynes. There is also another benefit both to the generall and particular, which growes (as I have said) by the defence of the mixture of mettals, whereby they shall auoide hereafter the losse of siluer, the which is accounted for nothing in gold of 14 Carats and upward, and is lost for the charges of the refining, the which is done by strong water: for they must have sixe shillings starling at the least, yea eight to deuide a marke, yet the losse is very great in a great somme, as all the florins of Germanie are but sixteene Carats, or sixteene and a halfe at the most, so as in a hundred thousand marks there are thirtie three thousand marks losse, and of foureteene Carats fortie thousand marks and more. And besides that which I haue said, the abuses of officers of the mint shall cease in regard of the abatements, cut of the whichEscarcetes, & blages. the officers were payed their wages; for the abolishing whereof, Henry the 2 king of France ordained, that they should be payed by the receiuers of the same places: which decree although it were holie and good, yet was it afterwards disanulled by king Charles the 9, for that the chamber of accompts at Paris gaue the king to vnderstand that hee lost yearely aboue a thousand pounds starling, whereas hee should reape profit by his mints; for now the officers were paied, and did in a manner nothing. But the true meanes to preuent all, is to suppresse all the officers of mints, but only in one towne, where they should coyne all sorts of moneys, and to cause them to be payed by the receiuer of the place, the lords right remaining: the which notwithstanding the auntients did not know, and there was nothing deducted out of the money, no not the right of Brassage, as it were verie necessarie, or rather that a taxe were laied upon the subiect for the coyning of money, thereby to take away the lords right, or any other duties, as they did in old time in Normandie, and at this day in Polonia, to preuent the notable losse which the subiects do suffer. By this meanes also the diuersitie of the price of the marke (which breedes a million of abuses) shall cease, and forraine coynes shall not be receiued but only to melt, without reckning of any thing for the lords rights, notwithstanding letters of permission obtained by neighbour Princes, to deliver forth their money in his realme at the same rates as in their owne territories. And for the taking away of all occasions for the falsifying, altering, or changing the standard receiued for coynes of gold & siluer, it shall be needfull to have all the money coyned in one citie only, whereas the iudges of the mint shall remaine, and to suppresse all others (if the monarchie or Commonweale have not so large limits, as of necessitie they must have more) in which place all the refiners shall worke▪ with a prohibition upon paine of death not to refine in any other place, for from them come the great abuses, and to giue notice unto the ordinarie iudges by preuention to punish all abuses that shall be committed; for it is well knowne what abuses there have been in this realme in the coyning of money. It is therefore necessarie to imitate the Romans, who for all the subiects of Italie had the temple of Iuno only where they did coyne three sorts of money pure and simple, gold, siluer, and copper, and there had three maisters of the mint, who caused it to be resined and stampt publickly in view of all the world. And to the end that no man should be abused in the price of the coynes, there was also a place appointed where to take the essay or triall of money, at the request of Marius Gratidianus. We reade also that in this realme by a law made by Charlemaigne, it was forbidden to coine any money but in his Pallace, although his Empire stretched over all Germanie, Italie, and the greatest part of Spaine: but since that king Philip the faire, Charles his sonne, and king Iohn had established many mints in this realme, and many masters, prouost and other officers in every mint, abuses have also multiplied. But here some one may obiect, that the Persians, Greeks and Romans did coyne money of pure gold, siluer and copper at the highest value that could be, and yet did they falsifie it, as we reade in Demosthenes oration against Timocrates. I answere, that it is impossible to purge the Commonweale cleane of these people, but for a thousand that are now you shall not then find ten, the value of gold and siluer being knowne to every man as I have declared. And if there be any prince so ill aduised as to alter the bountie of his money to gaine thereby, as Marc Anthonie did, who coined siluer that was very base, it will be sooner reiected, besides the blame he shall receiue of all men, and the hazard of the rebellion of his subiects, the which was great at such time as Philip the faire imbased the money. Whatsoeuer the reasons be, it is most certaine there were neuer fewer coyners of counterfet money than in the Romans time, when as they had no money either of gold or siluer but of a high standard; and therefore Liuius Drusus the Tribune was blamed, for that he had presented a request unto the people to have an eight part of copper mingled with the siluer money, or as the mintmen say, they should coine money of ten deniers and twelue graines fine: which shewes that euen in those daies they would not admit any confusion or mixture of gold or siluer, and that their siluer was of the highest rate, as also their gold, as we may see in their medalles of gold, the which are of 23 carats and three quarters; and we find some marked with the Emperour Vespasian, where there wants but the 32 part of a Carat but it had been 24 Carats; the which is the purest and finest gold that can be seene. But it sufficeth for the reasons that I have alledged, that the gold be of 23 Carats, and the siluer at eleuen Deniers and twelue graines pure. And let them not excuse themselves that they cannot command the fire, and therefore they demaund a fourth or an eight part of alaie: the which is the cause of many abuses. Yet some may say that it is more expedient to coine dobles and deniers of baser siluer, to auoide the heauines of copper money. I say, that if it be allowed to coyne base money how small soeuer, that it will proue very preiudiciall, and will be practised in liards and soulzes. And although they did coyne nothing but Dobles and Deniers, yet should they alwaies open a gap for coyners to deceiue the common people for whom this money is made, in the which he hath no knowledge, neither doth he care to have any, for the small value, without inquiring of the bountie thereof. I have a letter of Iames Pinatel written to king Henry the 2, in the which are these words: Sir, I thought good to aduertise you that within these sixe moneths they have coyned in one of your mints, soulzes that are too base by foure shillings in waight upon every marke, and foure soulz in the goodnes of the mettall: when i shall please your Maiestie I will shew you the worke, and I will acquaint you with the losse which you and your subiects do receiue, the which will grow greater if you preuent it not with all rigour. It was at that time that he coyned the peeces of sixe blanks, or three pence by the kings commandement, of foure deniers of siluer, and two deniers of copper, and foure deniers and foureteene graines of waight; the which was the best mixture of base money that was then in France, so in like sort they were soone molten, and few of them are now to be seene. every man knowes that the losse which the king and the subiect receiued of two shillings five pence upon the marke, came to aboue five and twentie in the hundred, and yet the same Pinatel (hauing gotten vnder hand a commission from the generals of the mint, in the yeare 1552) caused Dobles and Deniers to be coined at Villeneufue of Auignon, and at Villefranche of Rouergue, which were valued but at twelue soulz the marke; and that it was verified that by this meanes he had stollen little lesse than fortie thousand pounds starling, and had purchased his pardon for five thousand pounds, the which he gaue unto a Ladie, a fauorite of the kings, who did only defer this wicked mans punishment, but not quite free him. I conclude therefore that we must not by any meanes allow of any mixtures, no not in the smallest coynes, if we will purge the Commonweale of all counterfet money. By this meanes also the domage shall cease which the poore receiue by the decrying of money, or deminution of the price thereof, after they have made them baser; neither shall they have any credit with princes which suggest vnto them the profit that they may receiue by their mints, as a certaine officer of the mint did, who gaue the councell of the treasor to vnderstand, and did also write unto king Charles the 9, That he might make a great proffit of his mints for the ease of his people: and in truth by his computation it was found that every marke of pure gold wrought would yeeld unto the king sixteene shillings starling, whereas he receiued but two shillings sixe pence, and foure deniers: and for the marke of siluer wrought the king should get foure shillings, whereas now he gained but sixteene deniers being wrought in testons. He aduised to coine money of the kings siluer of twelue soulz tournois currant, and of thirtie peeces to the marke, of the waight of sixe deniers nine grains, the halfe and the quarters after the rate; and of gold coines of 24 Carat, and one Carat of alaie, of thirtie peeces to the marke, & of the same waight with the siluer of six liures tournois. He would also have them coine small base money of three deniers of goodnes, and 320 to the marke, and of three deniers currant, and all other kind of billon or base money under ten deniersBillon. fine, rating the marke at foureteene 28. sh. starling. liures tournois. This was his aduice, but it was reiected as it deserued, for it is a very ridiculous thing to thinke that the king can draw so great a profit from his mints, and yet ease his people, if that be true which Plato saith, That no man gaines but another looseth: and the losse by an ineuitable necessitie fell upon the subiect, seeing the stranger felt not of it. It is very necessarie that some great prince should mediate that by his ambassadors with other princes, to the end that all by a generall consent should forbid the coining of base money, setting the value of gold and siluer as it hath been formerlie said, and vsing the marke at eight gros or drachmas, and of 570 graines to the ounce, the which is the most common; and therefore should not be of any great difficultie, for that the Catholike King and Queene of England have alreadie banished all base money, and all the coines of gold in Spaine (except the Pistolets, and the money of Portugall) are at the highest value, and their coines of siluer at eleuen deniers and three graines, the which is the highest that is. And it should be good to have the money cast in forme of a medall, as the auntient Greeks, Latins, Hebrews, Persians and Aegiptians did, for the charge should be much lesse, the facilitie greater, and the roundnesse more perfect, to preuent all clippers, it should not be subiect to bow and breake, and the marke would continue for euer, we should not be troubled with hammering, neither should there be any need of a cutter, of the cisers, or of any helpe at the waight, which falls not out so in that which is stampt; moreouer, they shall make more in one day than they can do now in a yeare. They should also take away all meanes from false coyners to mingle mettals so easily as they do with the presse and the stamp, whereas the peece stretcheth out in breadth which couers the thicknes, whereas the mould would make all medalls of the same mettall equall in bignes, waight, breadth and forme: whereas if a counterfetter would mixe copper with gold more than the allowance of 23 carats, the volume of copper which is in an equall waight twise as big and an eight part more, than that of gold, or twise and an eight part lighter than gold in an equall masse, would make the medall much greater, and discover the falsehood. For it is most certaine, that if a masse of gold equall to a masse of copper doth waigh 1550 ferlins, that of copper shall waigh but 729 ferlins, the which is as seauenteene to eight in a grosse waight; as I have learned of Francis de Foix that great Archimedes of our age, who first discouered the true proportion of metalls in waight and quantitie. We will hold the same opinion of siluer, which hath a greater masse than gold in an equall waight, and that gold is heauier than siluer in an equall masse, once more and foure five parts, which is 1551 in comparison of 998, or of nine to fiue: and of copper to siluer, as of eleuen to thirteene, or precisely, as 729 to 998, which approch neerer in waight and substance than the rest, except lead, the which is heauier than siluer, and differs as fifteene to foureteene, or more precisely, as 998 to 929; but they can make no vse of it to counterfet, for that it flies from all other mettalls but from tinne: and much lesse can they vse tinne, being a poison to all other mettalls, and cannot be cast for siluer, for that it is lighter as much as nine is to thirteene, or precisely as 600 is to 929: and much lesse being disguised for gold, the which is heauier than tinne in an equall masse, or of a lesse volume in an equall waight, as much as is betwixt eighteene and seauen, or ustly betwixt 1551 and 600, the which is twise and two seauen parts heauier. As for ron, those that do counterfet can make no vse of it by melting, for that it will not be mixt neither with gold nor siluer; and the brasing of plates upon iron is not hard to discouer. Plinie calles it Feoruminatio, and we, brazing or soldring, the which the counterfetters of his time did vse. The Seigneur of Villemor, Commissarie of the warres, did shew me an auntient medall of iron couered with siluer, yet the waight and the bignes doth easily discover the falsehood, if they looke narrowly into it, for that siluer is heauier than iron in an equall masse, or lesse in quantitie being of equall waight, as much as is from foure to three, or precisely from 998, to 634. And as for gold, it is impossible that this ferrumination and soldring can any thing auaile coyners, seeing that gold is lesse of bodie than iron in an equall waight, or more heauie in an equall masse, as much as is from sixe to nine, or of 1556 to 634. It is not to be feared that quicksiluer can falsifie these two mettals, although it approcheth as neere to gold in waight as three to foure, or 1558 to 1551, for that they have not so great knowledge to fixe it, but it euaporates into smoke. And thus much as touching the forme of coynes, and the profit that shall come by casting, as it was in old time, and vntill their mines of gold and siluer were worne and spent, and these two mettals worne, lost, hidden, and dispersed, then were they forced to make their money so thin, as they could not marke them but with the hammer, the which hath since been the occasion of many abuses; but euen as the first man hauing little gold and siluer, stampt it with the hammer, and afterwards hauing greater store began to cast it, in like sort must we now returne to casting. They began to come with a mill, but by proofe it appeared that it did not marke well, and that there was alwaies thirtie marks of clippings upon a hundred marks of substance, whereas there is but one or two at the hammer, and the sound also did differ from that which was stampt: and which is more, the peeces were found not to be alwaies of one waight, for that the plates were sometimes drawne thinner of one side then of another. As for that which I have said, that the marke of gold and siluer should be divided into peeces equall of waight, without fraction of peeces upon the marke, nor of deniers upon the peece, nor of graines upon the denier, the profit is very apparant, as well for the changes of marks of peeces, as for the value, waight, and vndoubted course: so did the auntients for the peece of gold or siluer waighing foure drachmas, the which is halfe an ounce, shall be equall to the sicle of the Hebrews, and the peece of two drachmas or of 32 to the marke shall be equall to the stater Atticus, to the old Philip, to the rose noble, and to the medalls of gold of the auntient Romans, which the law called Aureus: and the peece of one groat, sold tournois or drachma of 64 to the marke, shall be equall to the Attique drachma, and to the Zuza of the Hebrews, the which in Greece, and throughout all the East was a hirelings daies worke. True it is that the siluer pennie of the Romans was more in waight than three seuen parts, then a souldiers daies pay in Augustus time, the which is a little more then a single roiall of Spaine. And if the alterations and changes which are made sodenly be hurtfull and pernitious, they may proceed by little and little, causing money to be coined as I have said. upon these difficulties (being deputed for the Prouince of Vermandois, at a Parliament held at Blois) I was called with the first President and three Generals of the mint, and Marcel Superintendent of the Treasure, to repaire the abuses of money, and in the end all that I haue heere said was held to be very necessary, and yet the difficultie and diseases of the Commonweale which were incurable, would not at that time allow of it: which was as much to say, that it were better the sick should perish in languishing, than to cause himBillon. to drinke a troublesome potion to cure him. I confesse that siluer mixt will come but to a moitie, being purified to eleuen deniers, twelue graines; but it will continue for euer if the standard be once setled as I have said, if it be not done the Commonweale must needs come to ruine.