3a 
“nce. But whether they will not, in 
"he end, increafe the trouble, may weil 
admit of a doubt. 
The ufe of the more precious and dur- 
able metals, as the general medium cf 
exchange, has almoft univerfally taken 
place in the world ; and indeed their in- 
trodudtion has been among the firft ad- 
vances of moft nations to a ftate of ci- 
vilization. At firil, it is probable, that 
they were ufed in the form of bars or 
plates, according as every man could 
provide himfelf with them; but as it 
would foon be found, that they were 
particularly lable to adulteration, both 
as to purity and weight, it feems to have 
been a very natural and neceflary ftep, 
to give that which was intended to be 
the medium of public confidence, the 
fanction of the public authority; and, 
by the eftablifhment of mznis, to afcer- 
tain, as far as it was poffible, the quan- 
tity and finenefs of each piece of metal 
in circulation, by the nature of the 
“marks with which it was impreffed.: 
_ In moft of the modern nations, there 
were, originally, a great number of 
thefe authorifed mints. The author of 
the Hiftory cf Newcaftle has given us 
a large account of the coins which were 
ftruck in this town in particular (fee vol. 
JI. p. 385): and this fyftem, I believe, 
ftill continues upon the continent; and 
is one great caufe of the perplexities in 
exchange. In Hnegland, however, fora 
eonfiderable period, there has. with great 
propriety, been only one public autho- 
rifed mint, under the immediate infpec- 
tion of the executive powers which, 
while it gives the befi fecurity for the ab- 
folute uniformity of the medium of ex- 
change, provides, by the liberality of 
its eftablifhment, againft any, objeétion 
that could be formed to the exclufivene(s 
er its privileges: delivering out, with- 
out deduction for feignorage, duty, 
worxmanthip, or even wafte, the full 
value of all bullion brought in to be 
coined. 
It may well excite farprife, under fuch 
circumstances, that there. thould é€ver 
| have been the leaft temptation to priwate 
coinage in England. And yet we find 
that there have not been lefs than three 
different forts of this unauthorifed mo- 
ney ; tor each of which, it will not, per- 
haps, be difficult to account :—the tradcf- 
men’s ickens, of the laft century; ¢} 
SER“ picces, and other pledges for money , 
uiiused during the civil wars; and the 
‘ aa fio ys SB ra Bae % * re 
eupper promiffory netes for halt ociice, at pre 
CY 
pitas 
tlie 
Origin, &e. of the private Copper Coinage. 
sy 
[May, 
fent current in our large manufaéto- 
ries. 
Perhaps it may not be generally 
known, that gold and filver money was, 
for many centuries, the only current coin 
of this kingdom; and that copper was 
not iffued by public autherity, till fome 
time after the reftoration. In confe- 
quence of the general extenfion of trade, 
and efpecially of the retail trade, as the 
bulk of the people increafed in wealth 
and confequence, much incenvenience 
was found to arife from the want of 
fome pieces of fmaller valye, to ferve as 
change for the filver money. For though 
filver pence, and even halfpence, were 
then coined, yetfince, as Pinkerton ob- 
ferves, a man might have a dozen or twe 
of them in his purfe, and fearcely be 
able to difcover them with a microfcope, 
it was mot to be expeéted, that they 
fhould ever come into extenfive circula- 
tion. In this dilemma, the device of’ 
tokens Was bit upon, and eagerly adopt- 
ed, till every petty tradefman had his 
pledges for a halfpenny, payable, in filver, 
1o bearer, upon demand, at his fhop ; upor 
the credit of which it therefore depend- 
ed, whether they fhould circulate through 
one or two ftreets, a whole town, or to’ 
fome fmall diftance in the country round. 
The varicus inconveniences arifing 
from thefe tokens, particularly the obvi-’ 
ous want of fecurity to the acceptor, 
from the frequent infufficiency of the if- 
fuer, might eafily have been obviated 
by a copper coinage, under the authority 
or government; but to this, Elizabeth 
could never be perfuaded; for no better 
reafon, as itis alleged, than that cop- 
per had been employed in the adultera- 
tion of the filver currency. Her fuccef- 
fors, James and Charles, iffued their re- 
{pedtive fartbig tokens; which, though 
not declared, by proclamation, an autho- 
ritative tender in payment; yet, from thé 
fuperiority of the fecurity, in great mea-’ 
fure, fuperfeded the private tokens, tilt 
the unhappy end of the latter monarch 
deitroyed the credit of his coins: after 
which, during the commonwealth, and 
under Cromwell’s ufurpation, private 
mints were ugain fet to work, with great- 
er activity than ever; and continued to 
fupply an abundance of halfpence for 
circulation, till the year 1672, when they 
were fuppreffed by proclamation, and a 
regular coinage of halfpence and far- 
things, fuch as we have at prefent, was 
ifued, under the authority of govern- 
ment, 
Engravings 
