and as long as that Prohibition was observed； the manners and
Customs of the City were preserved entire from the mixture of
other Nations： but when their ambition and voluptuousness had
entangled them in the Commerce of other Nations； then did Gold
and Silver grow into use in despite of all Laws； by this
universal value given unto Gold and Silver。 I shall convince
hereafter an important and a popular Error； by which many are
perswaded； that Princes can give what value they list to Gold and
Silver； by enhansing and letting fall their Coins； when as in
truth Gold and Silver will retain the same proportion towards
other things； which are valued by them； which the general consent
of other Nations doth give unto them； if there be a Trade and
Commerce with other Nations： By which intercourse it comes to
pass； that if the price of Gold and Silver be raised； the price
of all Commodities is raised according to the raising of Gold and
Silver； so as let any particular Prince or State raise the price
of Gold and Silver as they list； yet they will still hold the
same proportion towards other things valued by them； which the
general consent of other Nations neer about them doth give unto
them： and this universal value of Gold and Silver； the mint； even
in money； do call Intrinsical； and the local value they call
Extrinsical； as depending upon impression of the mark and
ordinance of the State。 Now Money is said to have an Intrinsical
value so much as there is Gold and Silver in it in fineness and
weight； which is computed in France （and was antiently likewise
the Computation in England） first for Gold； it is divided into 24
parts； which are called Carrats； and so when they say； the Gold
is 23 Carrats fine； then it is understood there is a 2th part
base； which is Allay mingled with Gold； or if they say； it is 22
Carrats fine； then there is a 12th part of Allay： or if they say
22 Carrats and one quarter fine； then there is so much Allay as
there wants to make up 24 parts。
Silver is divided into 12 Deniers and every Denier into 25
grains； as if it be said； that Silver is jj Deniers and 12 grains
fine； then there is 12 grains of allay； which is a 24th part； or
if it be said to be jj Deniers and 6 grains fine； there is then
so much allay as it wants in the fineness to make it 12 deniers：
But with us in England； ever since the time of Edward the third；
the Computation hath been dividing the Gold into 24 carrats； and
every carrat into a 4 grains； and every grain into so many parts
as there is occasion offered to divide it； as for Example； The
antient Standard of the sterling Gold was 23 Carrats； 3 grains；
and one half of fine； and half a grain of Allay； which is the 192
part； and the Silver is divided in England into 12 Ounces； every
Ounce into 20 Pence； every Penny into 24 grains； as for Example；
the old sterling standard is jj Ounces fine； and two Penny
weight； then there remains eighteen Penny weight of Allay and； if
there were jj Ounces two Penny weight； and 6 grains fine； then
there would remain 17 Penny weight； and 10 grains of Allay： and
again； when mention is made of a Pound of Silver fine； and Gold
fine； the meaning is so much Gold or Silver pure； is a pound
weight； besides the Allay which is mingled with it；but a pound of
Gold or Silver wrought； is but just a pound weight as it is
wrought either in Money or in Plate。 The Allay being mingled with
it according to the ordinance of the State； for the practise is
now； almost in all States； to set a price upon Silver and Gold；
according to the weight and fineness； above which price
Gold…Smiths or others who trade in those metals wrought in Money；
may not sell them； which price is in certain proportion
underneath the value which is given to the same metals wrought in
Money； the over…value allowed to the Money； being so much
advantage given to the State in recompence of the charge of
Coynage； and in Acknowledgement of the Soveraignty； which hath
with it likewise this necessary use； that it makes the Money so
much the less valuable to him that either would transport it into
forrein parts； or melt it； and consequently retaineth the Money
so much the better within its proper limits and natural form。
Chapter 3
Of the Forms of the Money anciently and now in use
It follows in the next place to be Considered； by what
degrees Gold and Silver came into these forms of Money； which are
now in use。 And for that purpose it is most manifest that the
most proper measure in nature for mettals is weight； and the
notice of Antiquity doth confirm it that it was so in practice；
for when the use of money hath excited the industry of men to
search for these rich metals and by study and practice to
discover their natures； it was easily found out that there was no
measure so fit to them as weight： But it was speedily found out
and discovered that weight alone was not a sufficient measure for
them； by reason that they are subject to mixture； and therefore
there was an examination made of the pureness of them； and a mark
impressed upon them to shew that they were approved； which was of
no other nature； but as the Assaymaster in the West Indies doth
mark the wedges of Silver to shew that they were approved of such
a fineness； and as the Corporation of Gold smiths in London； and
other Cities； do mark the Bullion which is melted as a Testimony
of fineness； but not to make it Current at any Price； because the
mark hath no relation to the weight but onely the fineness。 The
most ancient and most undoubted Testimonies whereof are in
Scripture： as that of Abraham； when he had bought the field of
Ephron for the burial of Sarah； for which it is not said that he
paid； but weighed four hundred shekels of silver； approved among
Merchants； which denoteth the fineness。 And it is said that the
sons of Jacob brought back their silver in the same weight that
they carried into Egypt； and Tobit lent unto Gabael the weight of
ten Talents： By which it is manifest they did not count their
Moneys in pieces；as they did in succeeding ages； or by imaginary；
or abstracted sums； as we do make their valuation； but by weight；
the fineness only is approved of by the mark。 It were tedious to
search the proofs of Antiquity in this kind； but it is manifest
that almost all the Names of Moneys； both among the Hebrews and
Greeks； were not properly the names of any species of Money； but
of several sorts of weight。 As of Sicle； Mina； Talent and
Drachma； so likewise the Original Moneys； both of the Romans； the
Francks； and of the Monarchy of England； were the As； the Livre；
the Pound and the Mark； and amongst the Romans； the ancient
Receivers were not called numeratores； but libripendes； the names
of Moneys being originally only the proportions of weight； and
the mark serving only for a proof of the pureness of the Metal：
There did succeed a form of Money； wherein the impression did not
only signify the fineness； but the weight also。 This among the
Romans was moneta； from when our name of Money is derived a
Monedo： it is attributed to Servius Tullius； to have bin the
first in Rome； to have stamped with an Impression a certain piece
of Money which was called As （as being of Copper； and weighing a
pound weight） and that he coyned lesser parts； distinguished by
ounces： it was long after in the Consulat of Quintus Fabius； that
the first Silver coin was made； called Denarius； because it was
valued at ten As； and at the same time were made half and
quarters of the Denarii； called Sestertii； marked LLs； to signifi
duas libras cum semisse。 The first Denarii were made of Sextula
or six in the ounce： it was above threescore years after 'ere any
Gold was coined； the first pieces were of such a weight as 40
made a pound： which Example of the Roman Coins； I do not alledge
as the first； for it is manifest； that both the Median； Persian
and Grecian states did use Coins； which by their Impression did
signify both the weight and fineness； but because they were the
first； whereof I have any certain relation； and upon whose ground
all these parts of the World have formed their Coins and made
their divisions of weight。 It doth now appear what Allay was
mingled or what Tribute was charged in the first Roman moneys of
Gold and Silver； by which word of Tribute； I do understand
whatever was substracted out of the Intrinsical value of the
Money； and allowed to it as an over…value towards the charge of
Coinage； or right of Soveraignty； rated by the State； or what
remedies were allowed for their weight and fineness； only it
appeareth by their medals that they were cast in a mold。 But
after ages did grow to stamp their Coins finding how useful it
was to have lesser coins than could well be cast in a mould； and
also to avoid counterfeiting； which is with more difficulty in
Coins stamped： and because it was hard to observe an exact
proportion of weight； there was a certain remedy of grains；
beyond which； if the pieces of Coin did not fall of their just
weight； they were to be received of Officers appointed； otherwise
they were rejected to be new coyned。 There was a remedy of
fineness； for when Allay grew to be mingled in the Coins； the
workmen co