VI.: Standard of monies.

31. Coins being so very convenient, they only, are commonly considered and used, as money; whilst bullion, or gold and silver unwrought and unstamped, are reckoned mere commodities. And in all countries, there is established a certain standard, both as to fineness and weight, of the several species of their coins. In England, the silver monies are to contain 111 parts of fine silver, and 9 parts alloy; and 62 of those coins called shillings, are to weigh a pound Troy: That is, the pound Troy with us, contains 11 ounces 2 penny-weights of fine silver, and 18 penny-weights of alloy; and of a pound Troy of this standard silver, our money pound called the pound sterling, contains 20/62 parts; or the pound sterling is = 20/62 of 11/12·1 of a pound Troy of fine silver. And this standard hath continued with us invariably, ever since the 43d year of the reign of Queen Elizabeth.

The standard of our present gold coins, is 11 parts of fine gold, and 1 part of alloy; and 44½ guineas are cut out of a pound Troy; so that a guinea is = 1/44½ of 11 ounces of fine gold. The fineness of gold is not with us, reckoned by the common weights, but by imaginary ones, called carats: The highest degree of fineness, or pure gold, is called 24 carats; so that our standard is 22 carats of fine gold, and 2 carats of alloy. The carats are subdivided into 4 parts called grains, and these again into quarters; so that a carat grain, with respect to the common divisions of a pound Troy, is equivalent to 2½ penny-weights.