It; on the contrary, the legislature should forbid the currency of pieces worn beyond a certain.small or moderate loss, the consequence will be, that all such pieces will return to the mint to be coined ; and the charge of coinage may become so heavy, as to absorb a con siderable part of the value of the whole circulating medium in the course of a few years.
To diminish this last inconvenience as much as possible, it becomes necessary to attend to the nature of the metal, as well as the figure of the piece. Whether the Dutch ducat, of fine gold, or the Eng fish guinea of 22 carats, may, under like circumstances, be most disposed to lose by wear, has not, we believe, been determined ; but it seems to be general ly understood, that our standard gold, in watch cases and other trinkets, is less durable than the coarser and harder gold allowed to be wrought in France and Geneva. If this be true, it should seem that there exists no motive for raising the standard of our gold : and perhaps the same argument may apply still more to our silver ; and the advantage, if any, in lowering the standard, without di minishing the intrinsic value, has not yet been shewn, with sufficient evidence to justify the offence against established use and public prejudice, which such a proceeding might afford. Admitting the observations to be conclusive against al tering the standard, it would follow, that the greater durability of coin must be sought for in its figure.
Let us imagine a coin to possess the figure of an equilateral triangle ; let it be thin, in order that it may present a large surface ; let its edges have the fi gure of a saw, and its faces that of a file. Under these conditions, we should fabri. cate one of the worst or least durable coins that could be chosen : for the an gles would be easily broken and worn, and the edges and faces would mutually operate on each other with a degree of rapidity, which, it may be concluded, would very soon take away all the sharp prominences, and greatly diminish the weight ; on the other hand, let us sup pose the least possible surface, and we shall obtain the spherical figure. The pagoda and fanam of India are the only coins, which we recollect, that approach towards this figure. Against this, it ap pears an objection, that if it be nearly perfect, the impressions descriptive of its purity and denomination must be in dented, and will not therefore sufficient ly limit its apparent magnitude ; and if they be prominent, it will no longer be a sphere, but a figure presenting sharp angular parts, with small bearings, very liable to destruction. What then is the figure that shall partake so much of the plane, as to present surfaces of broad contact or bearing, and afford the quan tity of angular prominence? It is, evident ly the cylinder : and this is the figure most generally adopted for money. The
edge of the cylinder affords the smallest bearing; it therefore must be very short and flat, in order that the weight of the piece may be disposed to rest on the base, and not the edge.
If the whole surface of a piece of metal were covered with figures or impressions, it would immediately be seen whether any part had been abraded by accident or design. If the impressions were concave, they might easily be renewed by the punch or the graver ; but if they were in relief, it would be almost impossible, when once worn or obliterated. Forthis reason the preference, in coinage, has mostly been given to figures in relief.
It is, however, a very serious inconve nience, that, when the distinctive marks are thus rendered prominent, the face of the coin no longer sustains the pressure and wear of the piece ; but the marks themselves are made to support the whole. Thus, in our gold money, particularly of the last coinage, the edge is a saw, and the numerous minute prominences of the face constitute a file ; the operations of both which are felt in the rapid destruc tion of the piece.
To place this in a more striking light, it may be observed, that the amount of gold coined between the years 1762 and 1772, both inclusive, was 13,157.233/. 15s. 6d; and between 1782 and 1792, both inclusive, was 19,675,666/. 14s. 6d ; and between 1773 and 1777, both inclusive, was 19,591,833/. is. During the middle period, last mentioned, the great coinage of gold took place. We are aware that other causes may have occasioned a de mand for coin, besides the mere wear of the old pieces, and that the increase of commerce and manufactures has in fact produced such a demand ; but as this last event (distinguishable by its gradual progress) does not appear, from the num bers in the account, to have influenced the coinage in any great proportion ; We shall disregard it in this present rough statement. With this liberty, we may proceed to remark, 1st.. That as most of the old pieces disappeared during the middle term of time, the number of nine teen, or say twenty millions, must nearly represent the whole of our gold money. 2d. That the national loss by wear in the first period, when the gold was old and smooth, reckoned at one half per cent. on the sum recoined, was 3708/. per ann.; and in the latter period 8943/. per ann. And, 3d. That the whole national stock of gold coin, under the regulations and figure of the last period, wears out, it is reckoned, every eleven years. This ac count of the coinage is to be found in the "Report of the Lord's committee of Se crecy," printed April 28,1797.