Proc Soc Antiq Scot, 127 (1997), 921-944 Sir Isaac Newton and the Scottish recoinage, 1707-10 Atho MurraylL * ABSTRACT Although post-Unionthe recoinage best-documentedthe is episodehistory Scottishthe the in of mint, carriedwhich in been was there not full it a way out. has studythe Thisof paper discussesthe administration recoinage ofthe with particular reference involvementthe to Isaac ofSir Newton. PREPARATIONS The post-Union recoinage in Scotland has been seen as a postscript to the history of the Scottish coinage s littla r eo 1 more tha footnota n e histore Englisth th n f i eyo h mint, under whose supervisio carries wa t ndocumentatioi e d th out. t Ye 2 n availabl botn ei h Scottis Englisd han h sources far exceeds that for any of the earlier Scottish coinages. One main source is the papers of Sir Isaac Newton as Master of the Mint in the Tower of London. These reveal not only the keen interest that he took in the practical and technical problems arising from the recoinage but also the friendly relations that developed between him and the officers of the Edinburgh mint. The recoinage was undertaken in fulfilment of Article 16 of the Treaty of Union: 'That from and after the Union, the coin shall be the same standard and value throughout the United Kingdom, as now in England.' This English proposal for a common currency had been accepted Scottisbe yth h commissioners subjecconditions.o tw o t firste 3Th , continuatio Edinburge th f no h mint, was incorporated into Article 16. The second, that consideration be given to any losses suffered by private persons through reducing the coin to the same standard as England, was covered by Article 15 which made such losses a charge upon the Equivalent, the sum payable to Scotland for assuming shared liability for the English national debt. Since 1603 there had been some co-ordination of the work of the Tower and Edinburgh mints. Unde Charled an rI Jame I s bot& produced I hha sV similada r gold coin 'unit'e th , , current for £1 sterling or £12 scots, and the value of silver coins had followed the same ratio of 1:12. Nevertheless the Edinburgh mint was wholly independent, its privileges confirmed by Charles II in 16684 and James VII in 1687.5 Apart from the Frenchman, Nicolas Briot, appointed MasteScottise th f o r h min 1635n i t persoo n , held nha d offic botn i e h mints. Bot thred hha e senior officials appointed by the crown: Master, Warden and Counterwarden (Comptroller in the Tower mint).6 There were some differences in the functions, though in both cases each official was suppose provido dt othe e checa th rn k o two. 7 The General, who had no English counterpart, was titular head of the Scottish mint, guardian of its privileges and ex officio judge of its Court of Wardenry. In 1707 the General was John Maitland Earh f 5t Lauderdale, o l , appointe officn 169n i da o 9et fathes helhi d y dran b * 33 Inverleith Gardens, Edinburgh EH3 5PR 922 | SOCIETY OF ANTIQUARIES OF SCOTLAND, 1997 grandfather between 1660 and 1688. The Master, George Allardyce of that Ilk,8 appointed in 1704 whils membea t lase th t f Scottiso r h parliament responsibls wa , maintaininr efo mine gth t buildings and carrying on the coinage. In addition to his salary he received a statutory allowance proportiona weighe th o monef lt o t defrayo t coined workmen'whicd e f o yth ha t e hh ou , s wages and other necessary expenditure. The Warden, William Drummond, a son of the Laird of Blair Drummond, and Counterwarden, Walter Boswell of Balberton, had held office since 1705 and 1691 respectively Towee th n i rsenioe s minth A . l rtal officials were allowe appoino dt t deputieo st carr t theiyou r functions. Durin recoinage gth e Patrick Scott Writea Signete , th o t r , actes da Allardyce's deputy from 1704; Drummond and Boswell carried out their duties in person. Three officials held posts requiring technical skills. Prior to appointment as Assaymaster in 1697 John Borthwic held same kha dth eIncorporatioe posth n i t Goldsmithf no Edinburghf so . James Clerk, engraver since 1686, shared the office with his nephew Joseph Cave from 1706 until his deat 1718n hi . From 169 alse 8h o hel separate dth e offic Letteref o e Grained edgere an th f sro of the coin, having previously assisted the smith in this work. The smith, William Brown, owed his appointment in 1703 to the refusal of his predecessor to accept a new commission from Queen Anne 'in regaird it did not contain the priviledge of lettering and edgeing of the money'. The establishmen completes Collectoe wa tclerk o th d tw y san Bullionf d b ro pose King'f Th .o t r s(o 9 Queen's) Clerk had been created by the Coinage Act of 1686, under which he kept records of the bullion delivered int min e alss coinedd oth oan wa t Coure Clere th H . f Wardenryf ko o t e Th . BullioClere th f ko n pre-date 168e d th dutie s 6 hi Act t s ,bu wer keepins a e t re-defineAc ge th y db record 'bullioe th f so n money dutr o 'import n yo s collecte t Scottisda h port supporo st mine th t t coinaged an 169n I .offic e 9 th Collectof o e Bullionf ro , previousl yWardene helth y db beed ha , n conferre outsidern a n do , Daniel Stewart, brothe Williar Si f ro m Stewar Castlemilkf to . Unlike the salaried officials, there was 'no allowance for maintainance of melters or labourers in this Mint otherways than when they are supplied with work', A list of 1707 0 enumerates 37 'persons belonging to the Mint at Edinburgh': James Shields, founde1 r and melter, and seven others in the melting house, Walter Broun millman, three cutters, eight adjusters, Alexander Hodge 'neeler and blender', seven in the 'printing office', six smiths and file cutters and five wrights.11 The costs of recoinage were to be defrayed from the bullion duty but, as already noted, ther separats ewa e provisio compensato nt e private individuals. Scottis foreigd han n coins were meltee b o t d recoinagee dowth r nfo t thosbu , e handing the mwouln i compensatee db e th r dfo difference between their nomina bulliod an l n value. English milled silver coins issued since eth English recoinage would remain in circulation but at the same value as in England. Since 1686 the exchange rate between Scottish and English coins had fluctuated, partly in response to economic condition d partlan s y becaus f speculationo e , especially durin e Englisth g h recoinageA . proclamation of 1697 made the English crown current for 65s scots with other silver coins in proportion.12 This gave a ratio between Scots and English money of 13:1 instead of 12:1 which would apply after the Union. A proclamation of 28 March 1707, implementing proposals of a parliamentary committee13 provided that those who produced English coins before commis- sioners in Edinburgh, Glasgow and Aberdeen on 17 April would receive certificates entitling them to claim compensation from the commissioners of the Equivalent at the rate of 5s scots per crown. The Bank of Scotland was prohibited from receiving English money between 7 and 17 April and was compensated in respect of the coin that it held.14 Newto colleagues hi d nan s could experience drath n wEnglise o th f eo h recoinage whicr ,fo h five subordinate 'country mints' had been set up in provincial cities. There was, however, a 5 difference between such temporary, subordinate mints and Edinburgh 1 with its long independent MURRAY: NEWTON AND THE SCOTTISH RECOINAGE | 923 existence. Preparations for the recoinage began on 18 March 1707, when the English Lord High Treasurer, Lord Godolphin, requeste e officerTowee dth th f o rs min reporo t t whan s o t wa t required. Reporting on 24 March they recommended the following: 1 A new set of Troy weights should be made for each mint. triaw l Ne plate2 gol f silvesd o dan r shoul madee db . 3 The money coined in both mints should be the same, with some letter or other mark set on coins struc Edinburgn ki h latels 'aswa y practise countre th n di y mints'. 4 A copy of the rules for coinage in the indenture between the Queen and Newton, as Master of the Mint should be sent to the Scottish mint. 5 The Scottish officers might send 'any of the mint' to learn the practice of the Tower mint and if they wished an officer of the English mint might be sent to Scotland to see the rules put into execution. 6 Any 'engines or other things necessary' could be supplied by the Tower mint.16 sense firssecone d on eth n an tI d recommendations were nothin gTowee newth s a ,r mint had supplied weights and trial plates to Edinburgh since the Restoration.17 The difference was that henceforward Edinburgh was to use Troy weights, instead of Scots weights. The trial 8 plates e Scottis, th hel y d Englisb dan h h treasuries, official f eaco se Londo hth mind nan t 1 Goldsmiths Company, represente standare dth finenesf do s against whic coinw hne s were tested before delivery and at the trial of the pyx.