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Colonial and State Records of North Carolina
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Proposal by Arthur Dobbs to introduce copper coins in North Carolina
Dobbs, Arthur, 1689-1765
January 04, 1755
Volume 05, Pages 324-326

[B. P. R. O. North Carolina. B. T. Vol. 12. C. 81.]
Govr Dobbs' Proposal of a Copper coinage for the Province of North
Carolina.

[Recd with Gov. Dobbs' letter dated 4 Jany 1755.]

In case the Assembly approve of the Bill for erecting a Loan Office to support the credit of a Paper Currency to be lent out at interest upon Land, Mortgages Deposits of plate or valuable commodities Then it will properly come under their consideration whether it would be of benefit to this Colony to apply for a small copper coinage with a proper device on the reverse for the use of this Colony to be coined at the Mint in the Tower of London upon our furnishing the copper & paying for the expense of the coinage in the same manner as His Majesty and the Treasury have granted it to the Kingdom of Ireland viz:—That such a quantity of copper may be coined from time to time as the Govr & Council for the time being shall apply for in the whole not exceeding 50 Tons as may be found reasonable for the use of the Colony and that no less a quantity than 5 Tons be coined at one time that the coinage should be made of the same goodness and value of the English Half pence in proportion as Proclamation money bears to English sterling money That the coinage shall be struck into half pence, pence and two-penny pieces the

-------------------- page 325 --------------------
English coinage being struck at twenty three pence out of the pound of copper the Carolina coin may be proportioned that 32 pence may be struck out of the pound of copper and the small addition of one penny in the pound lighter than the proportion betwixt the English and Carolina copper coin may go towards paying for the commission coinage and freight and the allowance to a person for issuing and receiving the value for the coin delivered in the Province That as soon as the coin is issued as many of the small paper bills of credit under the value of a shilling shall be called in by proclamation and shall be burnt which shall be paid for out of the money raised to sink the paper currency and so from time to time until all the small bills already issued be called in. If this scheme for a copper coinage be found agreeable then the Assembly and Council may address the Governor to write to the Treasury by Memorial to have His Maj. letter for that purpose without loss of time. The charges attending the purchase of a ton of copper cut into proper fillets for coinage delivered into the Mint and for the charges & fees for the coinage as delivered from the copper company and the Warden of the Mint stand thus:

Each pound of copper cut into proper fillets for the Mint about 15 three quarter pence per pound which as only 2000 weight goes to the Ton would amount to in English money
£131.5.0
The charge of coinage one ton of copper as delivered from the Wardens of the Mint amounts to per ton
£47.13.4
Total charge
£178.18.4
The total value in Proclamation money in Carolina of a ton of copper coined of 2000 weight to the ton at 32 pence per pound is £266.13.4 which is in English money
200.-.-
Profit upon the coinage in English money above 10 per cent
21.18.4
But if 112 pounds of copper goes to the 100 weight of copper then the value of 2240 pounds weight of copper at 15 three quarter pence per pound is
147.-.-
And charge of coinage
47.13.4
Total charge
£194.13.4
The total value of a ton of copper of 2240 pound weight coined into pence at 32 pence per pound amounts to in Proclamation money in Carolina £298.13.4 which reduced into English Sterling is
224.-.-
Profit upon the Coinage in English money
29.6.8
-------------------- page 326 --------------------
Which is above 13 per cent profit, the surplus of which after paying commission, freight insurance and expense, in exchanging it here for value to purchase more copper might go towards answering the contingences of Government.
Five tons of copper coined would amount to in Proclamation money here
1331.13.4
The whole fifty tons when coined to
£13,316.13.4

In each coinage two tons to be coined into half pence one and a half ton into pence and one and a half ton into Two pence



Additional Notes for Electronic Version: Enclosed with letter from Arthur Dobbs to The Board of Trade - See Related Documents.