Section XI.: Of the preferable Form of Coined Money.

The wear of the coin by friction is proportionate to the extent of its surface. Of two pieces of coin of equal weight and quality, that will suffer least from continual use, which offers the least surface to the friction.

The spherical or globular form is, consequently, preferable in this respect, as least liable to wear; but it has been rejected on account of its inconvenience.

Next to this form, the cylinder, of equal depth and breadth, is that, which exposes the smallest surface; but this is fully as inconvenient as the other; the form of a very flat cylinder has, consequently, been very generally adopted. However, from what has been already said, it will appear, that the less it is flattened the better; and that the coin should rather be made thick than broad.

With regard to the impression, the chief requisites are, 1. That it specify the weight and quality of the piece; 2. That it be very distinct, and intelligible to the meanest capacity; 3. That the die oppose all possible difficulties to the defacing or reducing of the coin; that is to say, that it be so contrived, that neither the ordinary wear nor fraudulent practices should be able to reduce the weight without destroying the impression. The last coined English half-pence have a cord, not projecting, but indented in the thickness of the circumference, and occupying the central part of the circumference only, so as to make it liable neither to clipping nor wear. This mode might be adopted in the silver and gold coinage with certainty and success; and it is of much more consequence to prevent their deterioration.

When the impression is in basso relievo, it should project but little, for the convenience of piling the pieces one upon another, as well as to reduce the friction. On the same account a projecting impression should not be too sharp on the surface, or it would wear away too rapidly. With a view to prevent this, experiments have been made of dies executed in alto relievo; but it was found that the coin was thereby too much weakened, and liable to be bent or broken. This plan, however, might possibly be practised with advantage, if the pieces were secured by greater thickness.

The same motive of giving to the coin the least possible surface, should induce the government to issue as large pieces as convenience will admit; for the more pieces there are, the greater is the surface exposed to friction. No more small pieces of coin should be issued, than just enough to transact exchanges of small amount, and to pay fractional sums. All large sums should be paid in large pieces of coin.