18 & 19 Cha. 2, c. 5 16 Anne, c. 57† 13 Geo. 3, c. 57 .. Title. An Act for encouraging of coinage. An Act for ascertaining the rates of foreign coins in Her An Act to explain and amend an Act made in the fourth 14 Geo. 3, c. 70.. An Act for applying a certain sum of money for calling in 14 Geo. 3, c. 92 15 Geo. 3, c. 30 39 Geo. 3, c. 94 An Act for regulating and ascertaining the weight to be An Act for allowing the officer appointed to mark or stamp An Act to ascertain the salary of the master and worker Repealed as to the whole of Her Majesty's dominions upon the passing of the Act. A.D. 1870. A.D. 1870. Year and Chapter. Title, 52 Geo. 3, c. 138.. An Act for the further prevention of the counterfeiting of silver tokens issued by the Governor and Company of the Bank of England called dollars, and of silver pieces issued and circulated by the said Governor and Company called tokens, and for the further prevention of frauds practised by the imitation of the notes or bills of the said Governor and Company. 52 Geo. 3, c. 157 54 Geo. 3, c. 4 56 Geo. 3, c. 68 57 Geo. 3, c. 46 57 Geo. 3, c. 113 6 Geo. 4, c. 79 6 Geo. 4, c. 98 1 & 2 Will. 4, c. 10 7 Will. 4, & 1 Vict. c. 9 12 & 13 Vict. c. 41.. 22 & 23 Vict. c. 30.. 26 & 27 Vict. c. 74.. An Act to prevent the issuing and circulating of pieces of gold and silver or other metal, usually called tokens, except such as are issued by the Banks of England and Ireland respectively. An Act to continue until six weeks after the commencement of the next session of Parliament an Act passed in the last session of Parliament, intituled "An Act to continue and amend an Act of the present Session, to prevent the issuing and circulating of pieces of gold and silver or other metal, usually called tokens, except such as are issued by the Banks of England and Ireland respectively." An Act to provide for a new silver coinage, and to regulate the currency of the gold and silver coin of this realm. An Act to prevent the issuing and circulating of pieces of copper or other metal usually called tokens. An Act to regulate certain offices, and abolish others, An Act to prevent the further circulation of dollars and An Act to prevent the further circulation of tokens issued An Act to reduce the salary of the master and worker of his Majesty's Mint. An Act to amend several Acts relating to the Royal Mint. An Act to extend an Act of the fifty-sixth year of King George the Third, for providing for a new silver coinage, and for regulating the currency of the gold and silver coin of this realm. An Act to extend the enactments relating to the copper coin to coin of mixed metal. An Act to enable Her Majesty to declare gold coins to be issued from Her Majesty's Branch Mint at Sydney, New South Wales, a legal tender for payments; and for other purposes relating thereto. 29 & 30 Vict. c. 65.. An Act to enable Her Majesty to declare gold coins to be issued from Her Majesty's Colonial Branch Mints a legal tender for payments; and for other purposes relating thereto. Our Gold Coinage. APPENDIX II. No. IX. VERDICT of the JURY of the Goldsmiths' Company at the Trial of the Pyx held on the 14th of July 1880.. WE, whose names are hereunder written, having been sworn this 14th day of July 1880, before the Queen's Remembrancer, at Goldsmiths' Hall, in the City of London, have made the assays and trials of Her Majesty's gold and silver coins in the Pyx of the Mint, and which, according to accounts produced by the Officers of the Mint, were coined in the said Mint from the 1st day of July 1879 to the 30th day of June 1880, both days inclusive. We ascertained that the number of coins both of gold and silver, in each packet produced to us, corresponded with the number which the Officers of the Mint represented it to contain, and we took a coin or coins from each of such packets of gold coins, making altogether 28 sovereigns or 20-shilling pieces, and 7 half-sovereigns or 10-shilling pieces, and we weighed each of the said coins separately, so as to ascertain whether they were within the remedy prescribed in the First Schedule of the Coinage Act, 1870. We found that the amount of variation from the standard of weight specified in the said First Schedule of the said Act was plus two thousandths of an ounce (or 002) on the whole of such coins, and that, therefore, they were within the prescribed remedy as to weight. We then melted the said gold coins, so taken out and weighed, into an ingot, and assayed such ingot, comparing it with the standard Gold Trial Plate produced by the Board of Trade, so as to ascertain whether the metal was within the remedy as to fineness prescribed in the said First Schedule to the said Act, and we found that there was no variation thereof from the standard of fineness specified in the said First Schedule to the said Act. We weighed the residue of the said gold coins in bulk, and we ascertained that they were within the remedy as to weight. We then took from such residue four sovereigns and two half-sovereigns, and weighed and assayed them separately, and we found that such sovereigns weighed respectively:-The first 123-314 grains, the second 123.224 grains, the third 123·104 grains, and the fourth 123-274 grains, the last being standard, and that such half-sovereigns weighed respectively:-The first 61.667 grains and the second 61.667. We then assayed the said four sovereigns and two half-sovereigns separately, and we found the millesimal fineness of such sovereigns to be 916-8, 916-6, 916-8, and 916-7 respectively, and the millesimal fineness of such half-sovereigns to be 916-6 and 916.5 respectively. We also took a coin or coins from each of such packets of silver coins, making altogether 10 half-crowns, 13 florins, 16 shillings, 15 sixpences, 1 fourpenny-piece, 22 threepences, one twopenny piece, and one penny piece, and weighed each of the said silver coins separately, so as to ascertain whether they were within the remedy of the said First Schedule of the said Coinage Act, 1870. We found that the amount of variation from 31 the standard of weight specified in the said First Schedule of the said Act was minus 26 thousandths of an ounce (or 026) on the whole of such coins, and that, therefore, they were within the prescribed remedy as to weight. We then melted the said silver coins, so taken out and weighed, into an ingot, and assayed such ingot, comparing it with the standard Silver Trial Plate produced by the Board of Trade, so as to ascortain whether the metal was within the remedy as to fineness prescribed in the said First Schedule to the said Act, and we found that the amount of variation from the standard of fineness specified in the said First Schedule to the said Act was minus 6 ten-thousandths (or 0006), and, therefore, that the said metal was within the prescribed remedy as to fineness. We weighed the residue of the said silver coins in bulk, and we ascertained that they were within the remedy as to weight. We then took from such residue one half-crown, one florin, one shilling, one sixpence, and one threepenny-piece, and weighed and assayed them separately, and we found that such half-crown weighed 217-901 grains, that such florin weighed 174-605 grains, that such shilling weighed 87 162 grains, that such sixpence weighed 43-636 grains, being standard, and that such threepenny-piece weighed 21-738 grains. We then assayed the said half-crown, the said florin, the said shilling, the said sixpence, and the said threepenny-piece, separately, and we found the millesimal fineness of such half-crown to be 925-2, of such florin to be 924, of such shilling to be 925, of such sixpence to be 924-9, and of such threepenny-piece to be 924-9. Mr. GRENFELL (the Governor of the Bank of England): I was certainly not prepared on this occasion, as I am only an invited guest, to say anything on the subject; but I think everyone of us must have been most interested in the paper which has just been read. I will turn my attention more particularly to the remedies which have been suggested to meet the present state of our coinage; and I think it is impossible that this subject could have been brought before the Institute at a better time than the present, when so much discussion is going on, not only in regard to our coinage, but upon the general circulation in this and in other countries. With reference to what has been said in regard to the £1 note circulation, I have every reason to believe that this may perhaps be made a subject of discussion in the House of Commons very shortly; and I think, therefore, that if it is not cut short, as many discussions are that have got no particular political excitement in them, it will be one of deep interest, and that anything which is said in this assembly this evening will be considered to be of importance. Mr. Martin has stated very clearly some of the objections which there are to the £1 note issue, and he has also stated clearly the questions which would arise if the subject came seriously under discussion. I do not like to put my own opinion forward under such circumstances; but I cannot help thinking that all banking institutions in this great metropolis would be of one opinion-that we should not go back from those great principles which were laid down in Lord Liverpool's letter, and give a license to all the banking institutions of the country to issue £1 notes in the mode in which they used to issue them before the great reforms of 1844 took place. I believe that if there were any such project, the preponderating weight of evidence would be against the old system, which had grown up, and was not the result of any system devised by persons who had studied the matter theoretically;-I believe there would be a concurrence of opinion that at all events that system should not be permitted to be the remedy for the present state of our currency. There was a plan which was proposed by Ricardo, that we should have an issue of £1 notes, and that all our paper circulation should have a bullion reserve to meet it. If that were brought about, I cannot help thinking that throughout the length and breadth of this country the £1 sterling would vanish from our sight, and that everyone would get accustomed to the £1 note circulation, and, provided there was a sufficient reserve of bullion, whether at the Bank of England or some State issuing institution, so great a security would be felt in those notes that in point of fact the sovereign would disappear from circulation altogether, very much as it has in Scotland at the present time. If that were the case, I need not state that the question of the Mint would solve itself, and there would be in fact no Mint at all. A reserve against these notes would be kept in bars of duly certified weight and fineness, and there would be no occasion for those small milled discs which are now issued from the Mint. That is what might occur supposing the £1 note issue was to have the same popularity in this country as in Scotland. I offer no opinion upon this subject, but merely throw it out as a suggestion as to what may occur if it was resolved to issue £1 notes. There is one objection to them, which is naturally not felt by statisticians and those who have studied the subject only from an arithmetical point of view, and that is one for politicians to consider. I have always had a doubt whether it is not better to have the reserve of gold, which it is desirable for the State to possess, in the pockets of the lieges, and not in any central depôt. The State has always the power of suspending cash payments, as in 1797. The change |