An Inquiry into the Principles of Political Oeconomy (Vol. 2 of 2) / Being an essay on the science of domestic policy in free nations. In which are particularly considered population, agriculture, trade, industry, money, coin, interest, circulation, banks, exchange, public credit, and taxes

by Sir James Steuart

Regulations as to the fineness, denomination, and weight of riders.

A marc of fine gold struck into riders circulates for 374 florins. This is the regulation as to the weight.

The standard is exactly ¹¹⁄₁₂ fine, or 22 carats, without any remedy.

The denomination is 14 florins for every rider, the half rider in proportion. To discover therefore the quantity of fine gold in a rider, we must first divide 374 by 14, which will give the number of riders in the marc fine, viz. 26.714 riders; then we must say, if 26.714 riders contain a marc of fine gold, or 5120 aces, how much will one rider contain? The answer is ⁵¹²⁰⁄_26.714 = 191.65.

Quantity of fine gold in a florin of riders.

Divide this by 14, and you have the number of aces of fine gold contained in a florin of this currency, ^191.65⁄₁₄ = 13.69.

Here then is the exact weight of the fine gold contained in one florin of the currency in riders.

To put the ducat upon a par with riders it should circulate for 5 florins 4⅛ stivers.

Let us now examine how much a ducat ought to pass for, in order to be upon a par with the currency of the riders.

We have seen that a marc of fine gold is coined into 71.687 ducats. That number of ducats, therefore, to be upon a par with the riders, should be worth 374 florins. Divide, therefore, this last number by the first, you have ³⁷⁴⁄_71.687 = 5.217 florins, which is a little more than 5 florins 4⅛ stivers.