( 224 ) [April, 
Ve “THE GOLD + COINAGE: 
ee right of coining in England, as in other countries, 
has always been the privilege of the Crown, and a 
national gold coinage begun with Henry III., but 
before that time gold pieces of money known as “‘ byzants,” 
of the value of about ten shillings, were coined at Constanti- 
nople and circulated freely in England. At a subsequent 
period ‘‘ florences” were circulated in the same way, their 
name being derived from the fact that they had been struck at 
Florence. English gold coins have borne various names at 
different times. The ‘‘ noble” of the reign of Edward III. 
was followed by the ‘‘ angel” and “‘ rose noble,” or “‘rial,” of 
Edward IV.; then came the ‘‘ double rial,” or ‘‘ sovereign,” 
of Henry VII., and the ‘‘ laurel” of James I.; the latter coin 
was adopted by Charles II. at the Restoration, and afterwards 
became known as the “‘ guinea.” The present “‘ sovereign ” 
was issued by a proclamation, dated July 1st, 1817, under the 
authority of the latter part of section ii. of the Act of 56 of 
George III., cap. 68, passed in 1816. Its standard of fine- 
ness is 22 parts fine gold and 2 parts alloy; as it is impos- 
sible to obtain an exact admixture of metals in coining, a 
“‘margin” has at all times been allowed to Mint masters ; 
this margin of departure from the standard for gold coins is 
at present fixed by law at 2 parts per 1000. There is also a 
“‘margin ” permitted by law of departure from the standard 
weight, but modern improvements in machinery have per- 
mitted this departure to be confined within very narrow 
limits, although in former days it seems to have been used 
to some extent in defraying the expenses of coining. The 
present standard weight of a sovereign is 123°27447 grains, 
and the variation from the standard weight permitted by law 
is 1°6 in each 1000 parts. 
Any person may take gold of not less than standard fine- 
ness to the Mint, and the Mint is bound to return for it the 
same weight in coin. The gold so ‘‘imported,” as it is 
technically termed, must be accompanied by a “‘ trade assay 
report,” stating its degree of purity, and the importer or his 
agent must be present to verify, with the Mint officers, the 
weight of the importation. The bullion is then assayed at 
the Mint, and if the importer does not object to the degree 
of fineness thereby determined, it is melted with the proper 
proportion of alloy, and coined. The ‘‘alloy” is copper. 
Practically, however, the Bank of England is the only im- 
porter of gold bullion, because the owners of ingots can 
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