COIN. 



towards this figure. Against this, it ap- 

 pears an objection, that if it be nearly 

 perfect, the impressions descriptive of 

 Its purity and denomination must be in- 

 dented, 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 evident- 

 ly 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 inconve- 

 nience, that, when the distinctive marks 

 ar thus rendered prominent, the face of 

 the coin no longer sustains the pressure 

 and wear of the piece ; but the marks 

 themselvesare 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 destruc- 

 tion 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 8,157.233^. 15s. 

 6d; and between 1782 and 1792, both 

 inclusive, was 19,675,666/. 14s. 6d ; and 

 between 1773 and 1777, both inclusive, 

 was 19,591,833/. Is. During the middle 

 period, last mentioned, the great coinage 

 of gold took place. We are aware that 

 other causes may have occasioned a de- 

 mand 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 

 las 1 " event (distinguishable by its gradual 

 progress) does not appear, from the num- 

 bers 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 nine- 

 teen, 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 3708/. per ann. ; 

 and in^the latter period 8943Z. 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 ac- 

 count 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 fora 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 per- 

 haps 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 optiorial 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 stand- 

 ard of gold coin should be changed, to 



