vii.] INSTITUTE OF BANKERS. 219 



issued. In the middle ages the coinage was constantly- 

 deteriorated by having the edges clipped, now prevented 

 by the milling of the edge — a process first used in 1560. 

 The unsatisfactory state of the coin led to the use of 

 " tradesmen's tokens." 



But in addition to the deterioration of the coinage by 

 wear and by clipping, the standard was gradually re- 

 duced by successive sovereigns. The denomination, 

 weight and fineness of silver coins have, however, re- 

 mained unchanged since the time of Elizabeth ; but the 

 pound sterling, and its relation to the silver coinage, was 

 not finally fixed until 1717. Gold was not adopted as 

 our legal standard of value until 1816. Silver and 

 copper, as every one knows, are now " token " coins, and 

 only legal tender to a limited amount, i.e., the copper 

 coins up to a shilling, and silver coins to forty shillings. 

 The so-called " mint price " of silver is 5s. 6d. an ounce 

 troy, i.e., the ounce of silver is coined into 5s. 6d. The 

 " standard " of silver is 37 parts of silver and 3 of copper. 

 The quantity of copper and silver coin issued is regulated 

 by Government according to the supposed requirements 

 of the country, but any one can take gold to the mint 

 and have it coined into sovereigns free of expense. 

 Practically, however, this is never done, because the 

 Bank of England is always ready to give coin for 

 bullion, charging Id. an ounce, which is rather less 

 than the loss of interest which would result from the 

 time required for coinage. The sovereign is composed 

 of 22 parts gold and 2 copper ; most of those now 

 in circulation are much worn, but when new they 

 contain 11 3 '001 grains of gold, and weigh 123 '274 

 grains. An ounce of gold is therefore coined into 



