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The Marteau Early 18th-Century
Currency Converter

 

Gold Coins
Compared 1670-1730
Metal Based Currency Conversions

 

 

Introduction

Most early 18th century currencies had adopted a silver standard - and tried to fix a rate for their major gold coins within the pattern of silver coinslink they issued. The problems connected were universal: The rating of gold against silver differed from currency to currency. One could ultimately change gold for silver in one country and make profits when changing silver for gold in the next. Some countries lost silver - like Great Britain - and gained gold. The question remained: Did they win an equivalent in gold if their neighbours did not share their appreciation of gold?

In everyday commerce double standards developed. Merchants paid either in gold or in silver and negotiated the price accordingly. Where gold was exchanged one preferably used gold scales to measure the value of the coins given. Standards of fineness developed to allow this commerce.

The following table gives (i) the coin, (ii) its metal weight, (iii) its fineness and (iv) its fine metal content in grams. Columns iv-viii are tentative additions to offer some insight into the coin's evaluation within its currency. A guinea was 21s, 6d in 1700 that's a silver equivalnt of 119.518 g - in England you paid 15.615 g silver for one g gold. Such rates can often only be tentative (if merchants negotiated their own exchange rates and if we only have a rough idea of their rate) and need a temporary definition (the fixing could be changed after a few years.

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