FOREIGN FOREIGN GOLD COINS GOLD COINS

OF 1776OF 1776

PART I- Coins and Weight Tables PART I- Coins and Weight Tables

By Xavier PiqueBy Xavier Pique

PURPOSE- PART I

• Look at Gold Coins circulating in the early U.S.

• Look at Weight, and Value Tables

Second Continental Congress- Met in 1775-1777

In Philadelphia and Baltimore

John Trumbull’s Painting of the Continental Congress

• 1776- United States becomes a sovereign nation

At War With Great Britain

•U.S. will not have its own coinage until 1792

• Many Different Gold/Silver Coins Circulate

•How will Commerce and Trade be conducted?

What will the Founders of the Nation Use as Money?

Continental Currency- A Continental Currency- A FlopFlop

No one Trusted paper No one Trusted paper moneymoney

•Committee on Coinage Established

•Conducted Inquiry on existing Foreign Coins

September, 1776 Journals of Congress Declared relative value of silver to Gold to be

14.5 to 1 Table giving Value of Foreign Gold & Silver Coins Declared the Spanish Pillar Dollar as the

Standard Based on Isaac Newton’s chart of 1702 for Royal

Mint

Journals of Continental Congress, Sept. 2, 1776, Page 726

Silver CoinsSilver Coins

Spanish Milled DollarSpanish Milled DollarFrench EcuFrench Ecu

60 Sols Tournois60 Sols TournoisFrench CrownFrench Crown

English ShillingEnglish ShillingEnglish SixpenceEnglish Sixpence1732 Spain

Piece of 8English Shilling 1745

Gold CoinsGold CoinsOld Spanish Double DoubloonOld Spanish Double DoubloonOld Spanish PistoleOld Spanish PistoleJohannes of PortugalJohannes of PortugalHalf JohannesHalf JohannesDouble Moeda- PortugalDouble Moeda- Portugal Moeda- PortugalMoeda- PortugalOld Louis D’Or- FranceOld Louis D’Or- FranceNew Louis D’OrNew Louis D’OrEnglish Guinea of William IIIEnglish Guinea of William IIIEnglish Half Guinea of William IIIEnglish Half Guinea of William IIIChequin of VeniceChequin of Venice

Gold Coins Gold Coins (Cont)(Cont)The Hungary DucatThe Hungary Ducat

The Ducat of HollandThe Ducat of HollandDucat of Campen in HollandDucat of Campen in HollandDucat of the Bishop of BambergDucat of the Bishop of BambergDucat of BrandemburgDucat of BrandemburgDucat of SwedenDucat of SwedenDucat of DenmarkDucat of DenmarkDucat of PolandDucat of PolandDucat of TransylvaniaDucat of TransylvaniaDucat of the Duke of HanoverDucat of the Duke of HanoverDouble Ducat of the Duke of Double Ducat of the Duke of HanoverHanover

Spain Eight Escudos (Doubloon) 1758 Ferdinand VIWeight:  26.9 grams Diameter:

1.45 inches

Spain 4 Escudos 1786 Carlos III Weight 13.5 grams

Spain 2 Escudos 1786 Carlos III Weight 6.75 grams

Also Known as Pistole

Spain 1 Escudos 1787 Carlos III Weight 3.37 grams

Spain ½ Escudo Gold 1773 Carlos III Weight:  1.7 grams

Diameter: .60 inches

1688-1732 Portuguese gold 1688-1732 Portuguese gold coins coins

.917-Moidore Series.917-Moidore Series Dobrao-20000 Reis- Dobrao-20000 Reis- Half DobraoHalf Dobrao Moidore or Cruzado- 4000 ReisMoidore or Cruzado- 4000 Reis ½ Moidore½ Moidore ¼ Moidore¼ Moidore 1/10 Moidore1/10 Moidore

Portuguese Gold Coins Portuguese Gold Coins 1722-18351722-1835

Joannes Series (Joes) .917Joannes Series (Joes) .917 Joannes of 12800 Reis--Joannes of 12800 Reis-- 1/2 Joe 6400 Reis1/2 Joe 6400 Reis ¼ Joe 3200 Reis¼ Joe 3200 Reis Escudo -1600 ReisEscudo -1600 Reis Quartinho/ ¼ Moidore-1000 ReisQuartinho/ ¼ Moidore-1000 Reis ½ Escudo 800 Reis½ Escudo 800 Reis Cruzado- 400 ReisCruzado- 400 Reis

Moeda of Portugal- Moidore (4000 Reis) 1704 Peter II 10.76 grams, 91,66% Gold

29 mm

Portugal- Josephus I 1752 14.33 Grams

Portugal Joannes 1727 - 12800 Reis Weight 28.66 Grams

Joannes V (Joe) of Portugal 1717 28.53 Grams

Portugal 20000 Reis Johannes V 1724 Weight 53.8 g

(31.11 dwt)- 1dwt=approx 1.5 grams

France Double Louis D’Or 1747

Weight 16.2 g

French Ecu D’Or (Louis XV) 1726 weight 8.17 g

England- Gold Guineas- William III (Top) 1700 George III Guinea 1777 Weight 8.35 g 25mm .916

William III Half Guinea 1696

William III 5 Guineas 1701

Spain 2 Escudos 1786 Carlos III Weight 6.75 grams

Also Known as Pistole

Friedrich II. German Pistole 1771 6.63 grams

German States Bishop Wilhelm Anton von der Asseburg, 1767. Pistole (5 Taler),

Gold Zeccino from Venice with countermarks 1660-1674

Italy, Venice, Alvise II Mocenigo (1700-09), Zecchino, undated, Doge kneeling before St. Mark, rev

ITALY. Papal States. Zecchino, 1772/Clement XIV (1769-74).

Gold Ducat of the Netherlands which was valued at 9 shillings and sixpence in the proclamation. A small 21.8mm coin minted from about 3.49g of 0.986 fine gold

Ducat of Holland, 1771

Ducat of Germany 1746

Ducat Of Transylvania 1684

Ducat of Poland 1630

Ducat of Bavaria-1687-1697

Austrian Royal Emperor Joseph II 1788 Gold ducat

Grivna (Ukraine) Peter II 1726 - 1729 ducat

1764 Netherlands Utrecht Gold Ducat

Ducat of German States Cassel 1746

Journals of Continental Congress, Sept. 2, 1776, Page 726

COINCOIN NAMENAME FINE FINE WEIGHTWEIGHT

DWT/GRAINSDWT/GRAINS

VALUE-VALUE-PILLAR PILLAR DOLLARSDOLLARS

GOLDGOLD PORTUGAL 20000 PORTUGAL 20000 REISREIS

31.1131.11 33.433.4

GOLDGOLD SP. DOUBLOON 8 SP. DOUBLOON 8 ESCUESCU

15.2015.20 14.314.3

GOLDGOLD SPAIN 4 ESCUDOSSPAIN 4 ESCUDOS 7.227.22 7.157.15

GOLDGOLD PORT. DOUBLE PORT. DOUBLE MOEDAMOEDA

(MOIDORE)(MOIDORE)

6.076.07 5.715.71

GOLDGOLD ENGLISH GUINEAENGLISH GUINEA 4.224.22 4.454.45

GOLDGOLD FRENCH LOUIS FRENCH LOUIS D’ORD’OR

3.233.23 3.583.58

GOLDGOLD SPAIN- PISTOLESPAIN- PISTOLE 3.233.23 3.583.58

GOLDGOLD PORTUGAL- MOEDAPORTUGAL- MOEDA 3.043.04 2.852.85

GOLDGOLD CHEQUIN/ CHEQUIN/ ZECCHINOZECCHINO

2.032.03 1.941.94

GOLDGOLD DUCATS- VARIOUSDUCATS- VARIOUS 2.032.03 1.941.94

SILVESILVERR

SPAIN-PILLAR SPAIN-PILLAR DOLLARDOLLAR

16.116.1 1.001.00

SILVESILVERR

ENGLISH CROWNENGLISH CROWN 17.2117.21 1.111.11

RELATIVE COIN VALUES 1776

Isaac Newton’s Assay for the Royal Mint- 1702

MONEY TABLE- 1737 GOLD MONEY TABLE- 1737 GOLD COINSCOINS

Weight. Value.

Dwt. Grs. £ s. d.

The Guinea 1 2 9

(And all other pieces of the same species in proportion.)The Moydore

6 22 1 9 3

The half Moydore 3 11 0 14 8

The quarter Moydore 1 17½ 0 7 4

The quadruple Pistole of Gold or Doubloon 17 8 3 13 0

The Spanish or French double Pistole of Gold or the Doubloon or Double Louis d'or 8 16 1 16 6

The Spanish or French Pistole of Gold 4 8 0 18 3

The Spanish or French half Pistole of Gold 2 4 0 9 2

The Spanish or French quarter Pistole of Gold 1 2 0 4 7

The French Louis d'or of the new species 5 5 1 2 0

The French half Louis d'or of the new species proportionably 2 14½ 0 11 0

The French quarter Louis d'or of the new species proportionably 1 17¼ 0 5 6

The piece of new Gold coin of Portugal 18 10½ 3 17 8

The piece of new Gold coin of Portugal 9 5¼ 1 18 10

The piece of new Gold coin of Portugal 4 14½ 0 19 6

The piece of new Gold coin of Portugal 2 7¼ 0 9 10

The piece of new Gold coin of Portugal 1 3½ 0 4 11

[Warrants not relating to Money XXV. pp. 462–4.]

Poor Richard’s Almanack, 1746

Contained Money Table

FROM POOR RICHARD'S ALMANAC, 1746A Table for the more ready casting up of Coins, in Pennsylvania.

Spanish  English 

No.

90 pencePs. Eight.

324Pistoles. 

408Guineas. 

522Moidores.

£

£s.

d. £ s. d. £ s. d. £ s. d.

11 1 0 7 6 1 7 0 1 14 0 2 3 6

22 2 0 15 0 2 14 0 3 8 0 4 7 0

33 3 1 2 6 4 1 0 5 2 0 6 10 6

44 4 1 10 0 5 8 0 6 16 0 8 14 0

55 5 1 17 6 6 15 0 8 10 0 10 17 6

66 6 2 5 0 8 2 0 10 4 0 13 1 0

77 7 2 12 6 9 9 0 11 18 0 15 4 6

http://www.franklinpapers.org/franklin/framedVolumes.jsp

12 d per shilling

20 s per £

Excerpt from Continental Army letter Feb 9, 1776

SUMMARY- PART ISUMMARY- PART I

Tables- Neded to Determine Coins value

Gold Coins- Many varieties and weights in circulation

PART 2- Coin Scales and Coin Weights

The End of PART I

Gresham’s Law

“Bad Money Drives Out Good”

Sir Thomas Gresham (1519- 1579)

REFERENCEShttp://www.coinarchives.com/

http://memory.loc.gov/ammem/hlawquery.html

http://www.cyberussr.com/hcunn/gold-co.html

http://www.pierre-marteau.com/editions/1701-25-mint-reports/report-1702-07-17.html

http://www.britishmuseum.org/explore/highlights/highlight_objects/cm/f/four_gold_ducats_of_the_sforza.aspx

http://www.maltergalleries.com/archives/auction02/112402auctioncat1.htm

http://www.onelook.com/?w=MOIDORE&ls=a

http://www.british-history.ac.uk/report.aspx?compid=91851

http://www.franklinpapers.org/franklin/framedVolumes.jspA manual of gold and silver coins of all nations struck within the past ... By Jacob Eckfeldt

12 Trolls of Troy-12 Trolls of Troy-for remembering a Troy ounce is bigger than for remembering a Troy ounce is bigger than

regular ounce,regular ounce,but a Troy Pound is shorter than the regular but a Troy Pound is shorter than the regular

pound (only 12 Oz)pound (only 12 Oz)

TRTRoy oy OOunce unce LLongong £ (pound)

Short

TROY WEIGHTS TO TROY WEIGHTS TO GRAMSGRAMS

Unit Grains Grams

Troy pound (12 troy ounces) 5,760 373.241 721 6

Troy ounce (20 pennyweights) 480 31.103 476 8

Pennyweight 24 1.555 173 84

Grain 1 0.064 798 91

GOLD 1 GUINEAS•Charles II1663 - 1684 •James II

•William & Mary•William III1695 - 1701 •Anne1702 - 1714 •George I1714 - 1727 •George II1727 - 1746 •George III1761 - 1813 Technical Specifications

Diameter 25 to 26 mm.

Weight 8.3500 grams

Alloy 22 carat

Fineness 0.9166

Actual gold content

0.2461 ounces.

Pistole is the French name given to a Spanish gold coin in use in 1537; it was a double escudo, the gold unit. The name was also given to the Louis d'Or of

Louis XIII of France, and to other European gold coins of about the value of the Spanish coin. One pistole

was worth approximately ten livres.In Dumas' The Three Musketeers, set in the 1620s, we

learn that one hundred pistoles were worth a thousand livres tournois when Athos bargains for the

horse he takes to the battle of La Rochelle. (GF Flammarion edition, p. 396) Since three livres were worth a French ecu, one hundred pistoles is worth

333.3 ecus. (One livre was also worth one franc when the latter were issued about 1641. The franc was in

turn replaced by the louis d'or.)A coin with this name was minted in Scotland in 1701,

undeFrom wikipedia.com: 'The slang term doubloon (from Spanish doblón, meaning double) refers to a seven-gram (0.225 troy ounce) gold coin minted in Spain, Mexico, Peru, or Nueva Granada. The term was first used to describe the golden excelente, either because of its value of two ducats, or because of the double portrait of Ferdinand and Isabella. Later, it referred to a coin worth two escudos (0.1905 troy ounce gold), first minted in 1566, during the reign of Philip II of Spain.

1/2 Escudo  1778   M-PJ             Charles III   (Madrid, Spain)Obverse:  CAROL · III ·     D · G · HISP · R · 1778 ·

Reverse: [no legend]Weight:  27.5 g   (1.78 grams)                  Diameter:  14.7 mm

an 8 Escudo Spanish gold doubloon

 (27.19 grams)                  Diameter:  37.8 mm

Unit Coin Tolerance Weight

English value

Quadruple Pistole  (Doubloon)  

  4 French louis d'or  8 Spanish escudo

17dwt   8gr 

£3   8s 0d*  

Double Pistole     2 French louis d'or  4 Spanish escudo

8dwt 16gr  £1 14s 0d*  

One Pistole     1 French louis d'or  2 Spanish escudo

4dwt   8gr  17s 0d    

Half Pistole     ½ Fr. louis d'or  1 Spanish escudo

2dwt   4gr  8s 6d*  

THE PORTUGUESE MOIDOREWeights and values from coinweight box label of c1773. * Estimated

5 Moidore     20,000 reis 1oz 14dwt

15¼gr  £6 15s  0d*  

2½ Moidore     10,000 reis 17dwt   7½gr  £3   7s  6d*  

1 Moidore       4,000 reis 6dwt 22¼gr  £1   7s  0d    

½ Moidore       2,000 reis 3dwt    11gr  13s  6d    

¼ Moidore       1,000 reis 1dwt    17gr  6s  9d    

THE PORTUGUESE ESCUDOWeights and values from coinweight box label of c1773.

FRENCH ROYAL COINS Louis XV (1715-1774), 1/5 écu à la vieille tête

AR dixieme d'ecu (12 sols), 1741, 21.5mm, 2.81gr. Obv: LUD.XV.D.G.FR.ET.NAV, portrait facing left. Rev: SIT NOMEN DOMINI BENEDICTUM 1741, circle with three lis, surmounted by a large crown, shield bracketed by wreath. Mint is Caen - C at bottom of reverse.  D1683, C2127. Contemporary English coins: George I,  George II, George III.

George II Shilling 175

George III Shilling 1760- 1820

Old French Ecu 1781 Silver

JAMES II CROWN 1688

William III Crown 1700

GREAT BRITAIN, GEORGE I, 1723 ---SIXPENCE- SILVER

and from that of William the Conqueror among the English, the proportion between the pound, the shilling, and the penny, seems to have been uniformly the same as at present, though the value of each has been very different ; for in every country of the world, I believe, the avarice and injustice of princes and sovereign states, abusing the confidence of their subjects, have by degrees diminished the real quantity of metal, which had been originally contained in their coins. The Roman as, in the latter ages of the republic, was reduced to the twenty-fourth part of its original value, and, instead of weighing a pound, came to weigh only half an ounce. The English pound and penny contain at present about a third only ; the Scots pound and penny about a thirty-sixth ; and the French pound and penny about a sixty-sixth part of their original value. By means of those operations, the princes and sovereign states which performed them were enabled, in appearance, to pay their debts and fulfil their engagements with a smaller quantity of silver than would otherwise have been requisite.

Value of use; value of exchange

Wealth of Nations- Adam Smith