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This nominal sum, therefore, is necessarily higher when the coin

is much debased by clipping and wearing, than when near to its

standard value.

In the course of the present century, the silver coin has not at

any time been more below its standard weight than it is at

present. But though very much defaced, its value has been kept up

by that of the gold coin, for which it is exchanged. For though,

before the late recoinage, the gold coin was a good deal defaced

too, it was less so than the silver. In 1695, on the contrary,

the value of the silver coin was not kept up by the gold coin; a

guinea then commonly exchanging for thirty shillings of the worn

and clipt silver. Before the late recoinage of the gold, the

price of silver bullion was seldom higher than five shillings and

sevenpence an ounce, which is but fivepence above the mint price.

But in 1695, the common price of silver bullion was six shillings

and fivepence an ounce, {Lowndes's Essay on the Silver Coin, 68.}

which is fifteen pence above the mint price.