And Copper money ad valorem in workmanship and matter both together; (such as on which the Effigies and Scutcheon are so curiously graven and impressed, as the moneys seem rather Medalls) is not embasing, unless the numbers of such pieces be excessive, (the measures whereof I shall not set down, until I shall hereafter propound the fittest Sections of the abstracted pound into which I would have money coyned, and determine how many pieces of each Section should be in an hundred pound) for in case of such excess, the workmanship being of no other use but to look upon, becomes base by its being too common.
4. Nor are such Tokens base as are coyned for Exchange in retailing by particular men, (if such men be responsible and able to take them back, and give Silver for them.)
5. But that Gold I count to be embased, which hath more allay either of Copper or Silver in it, then serves to correct its too great natural softness and flexibility, whereby it wears too fast in Money: And that Silver I reckon also embased, wherein is commixed more Copper then will sufficiently toughen it, and save it from cracking under the Hammer, Press, or Mill that must coin it, or the like.
6. Base Money is therefore such as Dutch Shillings, Stivers, French Soulz, Irish Bon-galls, &c. and for the most part consisting of great pieces, though of small value. To answer the first reason or pretence of making them, which is, that the said Pieces might be more bulky, handleable, and the silver in them less apt to be lost or worn away.
7. The other reason (besides that of allay which we must allow in the Measures abovementioned) is to save it from being melted down by Goldsmiths and Bullioners, or exported by strangers; neither of which can happen but to their loss: for suppose a Stiver of two pence, had a penny of pure silver, if the Bullioner melts it for the sake of the silver onely, in the separation he shall lose the Copper and charge of refining the Silver; nor will strangers export it into places where the local value of the Piece perisheth, the intrinsick leaving him to loss.
7. Now the reasons against this kinde of Money are, first the greater danger of falsification, because the colour, sound, and weight by which men (without the test) guess at the goodness of the material of Money is too much confounded, for the vulgar (whom it concerns) to make use of them for their marks and guides in the business.
8. Secondly, In case small pieces of this Money, viz. pieces of two pence should happen to be raised or depressed twelve, fifteen, or sixteen per cent. then there will be a certain loss by reason of the fractions, which the vulgar cannot reckon: As for example, if such Money were depressed but ten, eleven, or twelve per cent. then the two pence piece would be worth but three half pence, which is twenty five per cent. and so of other proportions.
9. Thirdly, In case the Inconvenience of this Money should be so great as to necessitate a new Coinage of it, then will happen all the losses we mentioned before in melting it down by Bullioners.