DECIMAL COINAGE.—NO. III.

London, 29th April 1854.

SIR—Assuming the principles laid down to be admitted, the number of coins to be coined from a decimal pound of each of the standard metals, and the au- thorized value of each coin expressed in thousandths of the integer, will be respectively as shown in the subjoined Uhl:. The names there adopted are such as have suggested themselves for clearness and convenience, but they are of course open to alteration in any way that may be thought advisable.

The " dollar," or integer of a currency based upon silver as the commer- cial legal tender, is found in the same way as the "guinea" ; by dividing a French or decimal pound of metal of standard fineness by the nearest deci- mal number without a fraction. That number, in the present case, is 20; and at the old Mint price of 62 pence per troy ounce of silver 444-480 pure, the value of the dollar thus found is 49.3899 present pence. For

1 troy ounce of silver, 444-480 pure =4.44 troy grains of pure metal. 1 French pound of silver, 440-480 pure = 7073.9166 troy grains of pure metal.

444 troy grains of pure silver = 62 pence.

Tr. gr. Pence. Tr. Gr. Pence.

444 : 62 : 7073.9166 : 987.7991

Pence. Pence.

987.7991 20 = 49.3899 The effect of this will be, that the Mint price of pure silver, in relation to the Mint price of pure gold, will be as 1 to 15, instead of 1 to 15.2096; a proportion more accurate, as well as more easy of computation.

In the subjoined table are also shown, expressed likewise in terms of the new currency, the rates at which the coins now extant will be best authorized to pass current, till such time as they shall be respectively recalled by royal proclamation ; three of them, the present threepenny, fourpenny, and six- penny pieces, being purposely left somewhat inconvenient, to induce an acceleration of such recall.

For the sake of assimilation to the decimal system, the said rates will in-

volve an increase of exchangeable value in the presentpenny, shilling, florin, half-crown, and crown, until replaced by the new coinage. But as the ex- changeable values of all these coins are already greater than the real, all being in fact mere " tokens" ; and as they will be legal tenders to the ex- tent of two guineas only, this increase cannot be productive of any practical inconvenience. The additional expense of eventually so replacing them will be much more than compensated by additional facility in their inter- mediate use.

If bank-notes be issued, as they undoubtedly will be, for sums of five

guineas and upwards, and if guineas be coined in number sufficient for cur- rent payments under that amount, the recoinage of the remainder of the gold may be effected gradually during any indefinite number of years. Being distributed over those years, the expense will never be felt. The execution of the measure may safely be left to the discretion of Sir John Herschel.

In the calculation of sums becoming payable in the new or decimal cur-

rency, under contracts or acts in force prior to the establishment of that currency, the present monies of account will continue to be held respectively equivalent to the same number of farthings as at present, and the said sums will be liquidated accordingly. The old or present farthing of account will be held equivalent to 1 new or decimal farthing ; the old penny of account to 4 farthings in decimal coin ; the shilling of account to 48 ; and the pound sterling to 960.

It is obvious that to convert any sum expressed in terms of the old cur-

rency into terms of the new, nothing more will be required than to re- duce the same into farthings, and then to cut off the last three figures on the right hand. A pound sterling being equivalent to 960 farthings, 10001. will be equal to 960,000 farthings, or 960 guineas, expressed thus, 960.000. This transaction will be attended with neither loss nor gain, and with such a trifling amount of trouble as to be not worth consideration.

For giving legal effect to the proposed measure, it is believed that every necessary provision may be comprised in an act of Parliament consisting of less than a dozen short clauses. If this be passed now, to come into opera- tion on the let of January 1856, time will be allowed for familiarizing the public with the details, and for making all requisite preparation in the Mint and other departments, and in private establishments. Thanking you for the space afforded to my suggestions, and trusting that they have recommended themselves to your approval and advocacy, I remain, Sir, your most obedient servant, H.

P.S.—In my first letter I omitted to point out, that as the decimal pound contains 7717, and the avoirdupois pound 7000 troy grains, 100 pounds .decimal will be equal to 110.2428 avoirdupois pounds, or only 1.7571 pounds less than the present hundredweight. The ton, of 20 of hundred- weights, or 2000 decimal pounds, will be the French 'Miller or bar,=1000 kilogrammes,=2,204.8571 pounds avoirdupois.

TABLE OF COINS.

Name of each Coin ; Number contained in each Decimal Pound of Standard Metal ; and Authorized Value of each, expressed in Thou- sandths of the Integer or Unit.

NEW Olt DECIMAL COINAGE. Name. Number.

STANDARD COPPER..

Farthing. Dolt Mille, or Thousandth of a Guinea 100

Creutzer, Crosier, Cross, or Two-Farthing (= Cente of a Dollar) 50

Penny, Sterling, Five-Farthing, or Half-Rial Cente ofa .Ducat) 20 STANDARD SILVER.

Dec imal Farthings.

1

2 5

Seignoraged, or Not-full-weight.

Rial, ,fiver, Twopenny, Cente, or Hundredth of a Guinea 420 • • • • 10 Groat, Two-Rial, or Fourpenny, (when of full weight =

Dime of a Dollar) 210 •

• • •

20 Shilling, Five-Rial, Tenpenny, or Half-Florin (when of full weight= Quarter-Dollar) 84 • .. • 50 Florin, Dime, or Tenth of a Guinea (when of full-weight =

Half-Dollar) 42 • lhdd Weight, or Not-Seignoraged.

• • • 100

Rupee, or Half-Dollar 40

100 Dollar, or Two-Florin 20

200

STANDARD GOLD.

Ducat, Five Florin, or Half-Guinea 120 • • • • 500 Guinea, Integer, or 'Unit CO • • • • 1,000 Imperial, Federal, or Two-Guinea (.10 Dollars) 30 • • • • 2,000

St. George, Royal, Regis., Regina, Victoria, or Five-Guinea

Wregaired) 12 • • • • 3,000

OLD OR PRESENT COINAGE.

Farthing

1 Halfpenny (to be named Creutzer, &c.)

2

Penny

5

Threepenny (if not previously recalled)

12

Fourpenny (ijnot previously recalled)

16

Sixpence (if not previously recalled)

24 Shilling

50 Florin

100 Half-Crown

125 Crown

250 Half-Sovereign

480 Sovereign

960