X.: Of TOKENS, or base coins.

39. Although silver, bulk for bulk, is now about 26 times cheaper than gold; yet silver is too dear to be coined into specie of the lowest denominations of our money. A silver penny is too small for common use; and yet pence, and their halfs, and quarters, enter daily into accounts. To supply the want of very small silver coins, a kind of tokens or substitutes have been instituted; these, are now with us, all made of copper, and of two species only, called half-pence, and farthings; and these are a legal tender in all sums below six-pence, which now is our smallest current silver coin.

The use of copper coins should be strictly confined within the above limit; and therein they are very convenient: But these base coins should never be thrust upon the public in too great abundance; or be made to pass for more than the value of the copper, and the necessary expence of workmanship; otherwise, they will be counter-feited, notwithstanding any laws to the contrary. And to lessen the call for copper coins, it were to be wished that we had in common currency, either silver three-pences, or silver groats, and two-pences.