COIN. 
Dish the weight : on the other hand, lot us 
suppose ttie least possible surface, and we 
shall obtain the spherical figure. The pa- 
goda and fanam of India are the only coins, 
which we recollect, that approach to- 
wards this figure. Against this, it appeals 
an objection, that if it be nearly perfect, 
the impressions descriptive of its purity and 
denomination must be indented, and will 
not therefore sufficiently 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 quantity 
of angular prominence ? It is evidently the 
cylinder: and this is the figure most gene- 
rally adopted for money. The edge of the 
cylinder affords the smallest bearing; 
it therefore must be vpry short and flat, in 
order that the weight of the piece may be 
disposed to rest on the base, and not the 
pdge. 
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 de- 
sign. 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 ai-e 
thus rendered prominent, the face of tlie 
coin no longer sustains the pressure and 
wear of the piece ; but the marks them- 
selves are made to support the whole. Thus, 
in our gold money, particularly of the last 
coinage, the edge is a saw, and the numer- 
ous minute prominences of the face con- 
stitute a file ; the operations of both which 
are felt in the rapid destruction 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 8,157,2331. 15s. 6d . ; and 
between 1782 and 1792, both inclusive, 
was 19,675,6661. 14s. 6(1. ; and between 1773 
and 1777, both inclusive, was 19,591, 8331. Is. 
During the middle period, last mentioned, 
the great coinage of gold took place. We 
are aware that other causes may have occa- 
sioned a demand 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 last 
event (distinguishable by its gradual pro- 
gress) does not appear, from the numbers 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 disap- 
peared during the middle term of time, the 
number of nineteen, 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 37001. per ann.^ 
and in the latter period 89431. 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 account of the 
coinage is to be found in the “ Report of 
the Lord’s Committee of Secrecy,” printed 
April 28, 1797. 
Hence we may observe, that neither kind 
of mark alone is suited for a coin intended 
to possess durability, and at the same time 
to be difficult either to imitate or diminish. 
A combination of botli methods is neces- 
sary. If a coin be struck with indentations 
or parts depressed beneath the common 
surface, and in these there be prominent 
objects or designs not more elevated than 
that surface; the general advantage, with 
regard to wear, will approach towards that 
of the plain surface itself ; and the impres- 
sion 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 mcst remarkable, aiid perhaps the only 
one of extensive circulation. The late cop- 
per coinage of pieces ot one and two pen- 
nies are of this kind. 
To sum up the foregoing conclusions in a 
few words, we may remark that, 1. Thp 
state is unable (from the natural impracti- 
cability 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 tlian the 
actual subdivisions of the gold coip, but 
