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The gold coin which was paid out, either by the Bank of England

or by the Scotch banks, in exchange for that part of their paper

which was over and above what could be employed in the

circulation of the country, being likewise over and above what

could be employed in that circulation, was sometimes sent abroad

in the shape of coin, sometimes melted down and sent abroad in

the shape of bullion, and sometimes melted down and sold to the

Bank of England at the high price of four pounds an ounce. It was

the newest, the heaviest, and the best pieces only, which were

carefully picked out of the whole coin, and either sent abroad or

melted down. At home, and while they remained in the shape of

coin, those heavy pieces were of no more value than the light;

but they were of more value abroad, or when melted down into

bullion at home.