April — sept. 1859.] Ancient and Modern times. 



75 



The English gold coin has deteriorated both in weight and ma- 

 terial. The latter has undergone two important changes ; the in- 

 crease of the copper alloy, and the extraction of the silver from the 

 gold. In the reign of Henry III. the gold standard contained 23 

 carats 3J grs. of pure gold to ^ gr. alloy. The present standard 

 was fixed in James I. It contains ^ alloy ; in technical language 

 it is " 22 carats fine." 



The other change in material was introduced in 1826. Before 

 that year the British standard gold contained an appreciable 

 amount of silver. The coins struck previously are, consequently, 

 perceptibly paler than those now current. This silver being part 

 of the alloy — being rated as copper in estimating the mint value 

 of the coin — it was of course profitable to melt down the gold 

 pieces in order to extract the silver. On this account the present 

 system was adopted of extracting all the silver from the gold be- 

 fore coining the latter. This had the desired effect : but the end 

 might have been gained in a better way, namely, by retaining the 

 silver in the alloy and making it part of the value of the coin. 

 The addition of copper to the gold renders the material harder and 

 more fusible than either constituent ; but the best alloy for gold 

 for mint purposes is composed of equal parts of silver and copper. 



One pound Troy of English standard gold is coined into 46f^ 

 sovereigns — (formerly into 44 J guineas) ; or 20 lbs. into 934J sover- 

 eigns. Therefore one sovereign weighs 123-274 grs. Troy, gold 

 22 carats fine, and contains 113-001 grs. pure gold. 



An ounce Troy of pure gold is worth £4-4-1 1| | nearly— of 

 British standard gold (one-twelfth less), £3-17-10§. This is the 

 64 mint price" of standard gold. 



I subjoin a Table of British gold coin, abridged from Brande's 

 Chemistry. 



