his universal medium or common
sign will sink in value, and grow less precious. Above a thousand
millions of bullion are calculated to have been imported into Europe
from America within less than three centuries; and the quantity is
daily increasing. The consequence is, that more money must be given
now for the same commodity than was given an hundred years ago. And,
if any accident was to diminish the quantity of gold and silver, their
value would proportionably rise. A horse, that was formerly worth ten
pounds, is now perhaps worth twenty; and, by any failure of current
specie, the price may be reduced to what it was. Yet is the horse in
reality neither dearer nor cheaper at one time than another: for, if
the metal which constitutes the coin was formerly twice as scarce as
at present, the commodity was then as dear at half the price, as now
it is at the whole.

THE coining of money is in all states the act of the sovereign power;
for the reason just mentioned, that it's value may be known on
inspection. And with respect to coinage in general, there are three
things to be considered therein; the materials, the impression, and
the denomination.

WITH regard to the materials, sir Edward Coke lays it down[a], that
the money of England must either be of gold or silver; and none other
was ever issued by the royal authority till 1672, when copper
farthings and half-pence were coined by king Charles the second, and
ordered by proclamation to be current in all payments, under the value
of six-pence, and not otherwise. But this copper coin is not upon the
same footing with the other in many respects, particularly with regard
to the offence of counterfeiting it.

[Footnote a: 2 Inst. 577.]

AS to the impression, the stamping thereof is the unquestionable
prerogative of the crown: for, though divers bishops and monasteries
had formerly the privilege of coining money, yet, as sir Matthew Hale
observes[b], this was usually done by special grant from the king, or
by prescription which supposes one; and therefore was derived from,
and not in derogation of, the royal prerogative. Besides that they had
only the profit of the coinage, and not the power of instituting
either the impression or denomination; but had usually the stamp sent
them from the exchequer.

[Footnote b: 1 Hist. P.C. 191.]

THE denomination, or the value for which the coin is to pass current,
is likewise in the breast of the king; and, if any unusual pieces a