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Updated: May 5, 2025
The king ordered mints to be erected in York, Bristol, Exeter, and Chester, for the purpose of the re-coinage, which was executed with unexpected success, so that in less than a year the currency of England, which had been the worst, became the best coin in Europe. At this period the attention of the commons was diverted to an object of a more private nature.
Louis XIV. having left behind him, as the price of his glory, a debt of about a thousand millions of dollars, the French ministry, with a view to reduce it, ordered a re-coinage of the louis-d'or.
The quantity of fine silver which shall constitute the Unit, being-settled, and the proportion of the value of gold, to that of silver; a table should be formed from the assay before suggested, classing the several foreign coins according to their fineness, declaring the worth of a pennyweight or grain in each class, and that they shall be lawful tenders at those rates, if not clipped or otherwise diminished; and where diminished, offering their value for them at the mint, deducting the expense of re-coinage.
The knowledge of physics which Newton had acquired by his experiments was of much use in connection with his duties at the Mint. He carried out the re-coinage with great skill in the course of two years, and as a reward for his exertions, he was appointed, in 1697, to the Mastership of the Mint, with a salary between 1,200 Pounds and 1,500 Pounds per annum.
The latter declared that the obstacles which arrested him at every step through the ill will of the Council and of the magistrates, were ruining all the fruits of his system. The representations addressed by the Parliament to the king, on the 20th of January, touching a re-coinage of all moneys, which had been suggested by Law, dealt the last blow at the chancellor's already tottering favor.
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