2257. DOLLAR, Grains of Silver in.—
If
we determine that a Dollar shall be our Unit,
we must then say with precision what a Dollar
is. This coin, struck at different times,
of different weights and fineness, is of different
values. Sir Isaac Newton's assay and
representation to the Lords of the Treasury,
in 1717, of those which he examined, make
their values as follows:
|
dwt. grs. |
|
The Seville piece
of eight |
17—12 |
containing 387 grains
of pure silver |
The Mexico piece
of eight |
17—10 |
5-9 containing 385 1-2
grains of pure silver. |
| The Pillar piece of eight. |
17—9 |
containing 385 3-4
grains of pure silver. |
The new Seville piece
of eight |
14— |
containing 308 7-10
grains of pure silver. |
The Financier states the old Dollar as containing
376 grains of fine silver, and the new
365 grains. If the Dollars circulating among
us be of every date equally, we should examine
the quantity of pure metal in each and
from them form an average for our Unit.
This is a work proper to be committed to
mathematicians as well as merchants, and
which should be decided on actual and accurate
experiment.—
Notes on a Money Unit. Washington ed. i, 167.
Ford ed., iii, 451.
(1784)
See Gold and Silver.
