CHAP. XXIII.
WEAR OF COIN.
181
the beginning of the eighteenth century has beencalculated in this inquiry.
We come now to the other metal, silver, whichis of larger amount, and has been so at all periodsof the world, and which is subject to much moreloss than gold suffers. In examining this part of thesubject it becomes necessary to refer again to theMint experiment in Appendix , No. 1, A. It will beremarked by that account that the same differencein loss in proportion to the weight of the piecesoccurs in silver as in gold. In this case, it will onlybe necessary to consider the case of the shillingpieces, which nearly equal in amount the crowns,half-crowns, and sixpences l , and may be taken asshowing the average loss on the whole 2 ; thegreater loss on the sixpences balancing the lessloss on the larger description of pieces. Thoughthe pieces were coined in 1816 and 1817, thegreat issue of them did not take place till 1818,and then not more than one-third of them wereissued. It appears, then, that the loss in eightyears on the shilling pieces had been at the rateof two pounds five shillings and eleven-pence oftheir value, which would show a loss at the rateof one part in three hundred in each year. Thisis, however, on the supposition that the whole hadbeen issued at the time, and that the whole hadcontinued in constant circulation; but it is well
4 Appendix, No. 3, A.