2do. Great part of the current money is worn and light.
3tio. From the second defect proceeds the third, to wit, that there are several currencies in circulation which pass for the same value, without being of the same weight.
4to. From all these defects results the last and greatest inconvenience, to wit, that some innovation must be made, in order to set matters on a right footing.
I shall take no notice of the inaccuracies of fabrication, because these are inseparable from the imperfections of human art, and as long as they are not very considerable, no profit can be made in discovering them, and therefore no bad consequence can result from them.
Of the standard of the English coin and money-unit.
The English, besides the unit of their money which they call the pound sterling, have also the unit of their weight for weighing the precious metals.
This is called the pound troy, and consists of 12 ounces, every ounce of 20 penny weight, and every penny weight of 24 grains. The pound troy, therefore, consists of 240 penny weight, and 5760 grains.
The fineness of the silver is reckoned by the number of ounces and penny weights of the pure metals in the pound troy of the composed mass; or in other words, the pound troy, which contains 5760 grains of standard silver, contains 5328 grains of fine silver, and 432 grains of copper, called alloy.
Thus standard silver is 11 ounces 2 penny weights of fine silver in the pound troy, to 18 penny weights copper, or 111 parts fine silver to 9 parts alloy.
Standard gold is 11 ounces fine to one ounce silver or copper employed for alloy, which together make the pound troy; consequently, the pound troy of standard gold, contains 5280 grains fine, and 480 grains alloy, which alloy is reckoned of no value.