best quality, which, before it is coined, is seldom worth seven-pence in silver. But as, by the
regulation, twelve such pence are ordered to exchange for a shilling, they are in the market
considered as worth a shilling, and a shilling can at any time be had for them. Even before the
late reformation of the gold coin of Great Britain, the gold, that part of it at least which
circulated in London and its neighbourhood, was in general less degraded below its standard
weight than the greater part of the silver. One-and-twenty worn and defaced shillings,
however, were considered as equivalent to a guinea, which, perhaps, indeed, was worn and
defaced too, but seldom so much so. The late regulations have brought the gold coin as near,
perhaps, to its standard weight as it is possible to bring the current coin of any nation; and the
order to receive no gold at the public offices but by weight, is likely to preserve it so, as long
as that order is enforced. The silver coin still continues in the same worn and degraded state as
before the reformation of the cold coin. In the market, however, one-and-twenty shillings of
this degraded silver coin are still considered as worth a guinea of this excellent gold coin.

The reformation of the gold coin has evidently raised the value of the silver coin which can be
exchanged for it.

In the English mint, a pound weight of gold is coined into forty-four guineas and a half, which
at one-and-twenty shillings the guinea, is equal to forty-six pounds fourteen shillings and
sixpence. An ounce of such gold coin, therefore, is worth £ 3:17:10½ in silver. In England, no
duty or seignorage is paid upon the coinage, and he who carries a pound weight or an ounce
weight of standard gold bullion to the mint, gets back a pound weight or an ounce weight of
gold in coin, without any deduction. Three pounds seventeen shillings and tenpence halfpenny
an ounce, therefore, is said to be the mint price of gold in England, or the quantity of gold
coin which the mint gives in return for standard gold bullion.

Before the reformation of the gold coin, the price of standard gold bullion in the market had,
for many years, been upwards of £3:18s. sometimes £ 3:19s. and very frequently £4 an ounce;
that sum, it is probable, in the worn and degraded gold coin, seldom containing more than an
ounce of standard gold. Since the reformation of the gold coin, the market price of standard