fittest course to govern this matter of Money and coin； but able
to judge of what should be propounded by others： a point of so
great Importance； that for want of that ability the wisest States
and the greatest Councils of Christendom； for many Ages； have
been abused by misterious names； and perplexed subtities of Mint
men； gold smiths； and Exchangers； who； as they had the whole
knowledge of this subject in themselves； so they had their
several Interests； and I conceive that I have performed all the
points that I have undertaken in this discourse； save on； which
is that speaking of the several means of raising of Money； I said
that the Occasions thereof had been two；
The one for the drawing of Money from the neighbouring
Countries； or preserving of their own。
The other； when the States without any such pretence； but
forced only by the violence of Necessity to raise means of
Subsistence for themselves； have doubled and trebled； nay
sometimes sextupled the values of their Moneys； of which I
promised to speak further： and for this purpose； I intend to set
down；
The history of the most memorable Raisings that have been in
this kind； both in our Age and heretofore； of what nature they
were； and how these States did draw their Benefit and Subsistence
out of them。
Secondly； What other Extremities and Confusions； those
Raisings did draw the said States； and the People thereof。
Thirdly； What Remedies these States have applyed to reduce
and settle those Extremities and Confusions whereinto they were
fallen； in which History I shall come to touch some Examples very
modern； as that which of late years was made by the Emperour
which now reigns； especially in the higher parts of Germany； a
raising so high and excessive as it equals any of the antient
Examples； even of those mentioned by Pliny； to be practised by
the Romans in their great extremities in the Punick Wars； whether
you respect the excess of the Multiplication； or the Strangeness
of the effects which it produced； the most famous Occasions；
which I purpose to examine were；
First； Those Raisings； mentioned by Pliny to be； by the
Romans in the first Punick Wars； which was to make every piece of
Coin current at six times the value of what it was before； since
which time； although there were sundry raisings made by the
Romans； yet none of them was neer this Proportion。
In the Kingdom of France； I cannot find any extraordinary
raisings made of the Money； until the time of Phillip le Bell and
Charles le Bell； and then the Kings of France； did raise an
ordinary tribute by coining Moneys of a base value； and when they
were dispersed in the Peoples hands； suddenly calling them back
again； and making them uncurrent； by which they got extreamly
both by the coinage and recalling them； for that none might
exchange or melt these Moneys so recalled； but the Officers
appointed by the King； which was a Gain of a most unjust and
grievous condition that ever was practised in any Kingdom； and
did accordingly produce great Tumults and Seditions there； yet
his practice did remain until the time of Charles the fifth；
otherwise called the wise； whereof （besides the Records of the
Mint in that Kingdom which do shew the perpetual alterations of
the Moneys in these times） I do remember two memorable Evidences
out of Histories； of which one is；
That at what time the State of France； during the desolation
of that Countrey by the English Wars； did grant unto the King the
Gabel of Salt； and the Impost upon Wine； they did particularly
Covenant； That for such a space the King should not alter the
standards of his Coin。
One other is； that Hollingshead in his Chronicle making
mention of a voyage made by the black Prince from Burdeaux into
Languedock doth cite the Letter of one Sir John Wingfield； a
principal Servant to the Prince； wherein he saith； That the
Countries and good Towns； which were wasted at this Journey；
found to the King of France every year more to the maintenance of
his War than half his Realm besides； except the Exchanges of his
Money which he maketh every year； and his Customes of Poitou。 But
the standard of his Moneys was stabely kept from Charles the
Fifths time till the first year of Charles the Seventh； at which
time the English being in possession of the greatest part of
France； Charles the Seventh having no other means to maintain the
Wars； did from the year one thousand four hundred seventeen； to
the year one thousand hundred twenty three； raise the silver by
several degrees from eight livres nine sols the mark to 360
livres the mark； so as the Money was raised in six years above
forty times the value of what it was before； of all which neither
our Chronicles nor those of France do make but ？？？nder mention；
in respect of what they speak of the Pucelle d'Orleans： And yet
the Truth of it is evident by the Records of the Mint： and all
those who have written of the affairs of the Mint； in that
Kingdom； do unanimously agree that this was the Principal mean by
which is as strange as all the rest； is； that at one instant the
Money was reduced again to seven livres； ten sols the mark； and
from that time there have not been any raising of Money in France
of this nature； although the Moneys there have been continually
raised ever since； either to follow the People； who did first
raise their Moneys by their estimation； or to follow the raisings
of other Nations； or to raise above other Nations； to draw their
Money into that Kingdom。
In England there is but one Example of raising in this kind；
which was begun in the eighteenth year of Henry the Eighth； and
continued in divers Princes Reigns after； and was not absolutely
reduced； until the fourteenth year of Queen Elizabeth； and this
raising； although it were far short in Proportion to those
formerly recited； it was much more inexcusable than they were；
for that this Action though it be never justifiable； yet in a
case of extream and unresistable Necessitie； it may be excused；
which was not the case of Henry the Eight； for although he wanted
Money； yet there were much more justifiable wayes to supply it；
and it was not imployed to avoid his own ruin； but in ambitious
Enterprises。
The next in time was that raising Money by the overmixture of
ally made in Ireland； in the three and fortieth year of Queen
Elizabeth's Reign； which although it were not excessive in
Proportion； and lasted but a small time； yet had very many
memorable Circumstances to be observed in it。
The last which I will mention is that which was made by the
Emperor （which now lives） in the year … who being reduced
within the Walls of Vienna； and having almost nothing else left
him； but the Soverain title of the Empire； did by coining of the
lesser and baser kind of Money five times baser than formerly it
was； extend five times further in use； for the present； than
otherwise he could have done； all those Moneys which he drew by
way of assistance from the King of Spain； or from the Pope； or
from other Princes of Italy； and besides； having a part of the
profit of the Mint in divers other parts of Germany； he did
exceedingly support his Affairs at the present by that means； and
it was a principal occasion by which he prevailed against the
King of Bohemia； who although for his part also； he raised his
Moneys three times in value to what they were before （yet as he
was always a strict observer of the contributions of the Empire）
he coined no other small Moneys； but those of his own stamp； and
they were only current within his own Countries。
Now all these several Raisings which I have mentioned； were
not all by one way； but indeed they were by all ways differing
from one another； and as the Ways of making profit by the Raising
did differ； so the Inconveniences which follow did differ
likewise； and as the Inconveniences did differ； so the ways of
Reduction did differ also； all which will require a long and
curious Disquisition but I do leave it to a second breathing。
Lord Coke's Account of Coin and Coining
Coin in 6 E。 1 was but 20d the ounce； but now it is above thrice
so much： Stat。 de Glocestr。 c。 S。
Ch 2。 Instit。 f。 311
The pound of Gold and Silver containeth 12 ounces： 12 graines
of fine Gold make a Carrat。 24 Carrats of fine Gold make an
ounce； 12 ounces make a Pound of fine Gold of the touch of Paris：
but by the Statute of 18 Eliz。 cap。 15。 22 Carrats fine make an
ounce。
Ch。 2。 Instit。 575。
Polidore Virgil f。 304 etc。 saith； That Sterling Money comes
ab effigie Sturni （Anglice Sterling） aviculae in altera parte
nummi impressa； etc。 vol quod nummum haberet notum stellae； quod
Angli Star voccant： Of this Opinion is Linwood the Civilian； tit。
De Testamentis； cap。 Item quia verbo centum solid。
Ch。 2。 Instit。 575
But the Esterling or Sterling penny took its name from the
workmen； who were Esterlings； that both coined it； and gave it
the Allay。 Hoveden parte poster。 Annalium fol。 377 b。 vet。 Mag。
Charta 167。 The Esterlings penny was first coined in Hen。 the II
time： and 20d of Silver made the ounce。 Dyer 7 Eliz。 f。 82； 83
and 12 ounces made a pound of fine Silver； and 11 ounces fine
Silver； and an ounce of Allay maketh a pound weight of sterling
Silver； intended within the Act。
Ch。 2。 Instit。 575
By 18 Eliz。 cap。 15。 plate of Silver ought to be of the
fineness of xi ounces 2d weight。
Ch。 2。 Instit。 575
Allay is the mixture of Baser Mettal than Silver or Gold；
called in our Books； Fulse Mettal； 9 H。 5 Stat。 2 cap。 4 & 6。 3
H。 7； 10； a； b。
Ch。 2。 Instit。 575
No more Allay must be put into Money than is limited in the
Indentures between the King and the Moniers； upon Pain of
Treason； Britton。 f。 10 b。 Fleta lib。 i。 cap。 22
Ch。 2。 Instit。 575
Finis