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Cover of The Regulating Silver Coin, Made Practicable and Easie, to the Government and Subject

The Regulating Silver Coin, Made Practicable and Easie, to the Government and Subject

Written by Samuel Pratt

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CoinageGreat Britain. Parliament

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About this book

"The Regulating Silver Coin, Made Practicable and Easie, to the Government and Subject" by a Lover of his Country is a historical economic treatise written in the late 17th century. The book addresses the issues of currency debasement, scarcity of silver coin in England, and methods for reforming the monetary system. It presents a detailed analysis of the intrinsic and extrinsic values of money, focusing on the historical context of England's financial troubles during a time of war. In this work, the author argues that the quality of silver coin has deteriorated, leading to significant economic issues including hoarding and exportation of good currency. The text lays out several chapters discussing the badness of current coin, scarcity, strategies for the importation of silver, and potential reforms to stabilize the monetary system. The proposed solutions include calling in clipt and diminished money, compensating owners fairly, re-issuing new coin with adequate intrinsic value, and ensuring a robust and reliable currency that reflects real economic conditions. The work aims to provide practical solutions to improve the economy, support trade, and restore confidence in England's currency during uncertain times.

Reading guide

Themes, characters and key ideas in The Regulating Silver Coin, Made Practicable and Easie, to the Government and Subject, written by Chaptra AI.

  • about 10 hours
  • advanced
  • analytical
  • didactic
  • urgent

Samuel Pratt's "The Regulating Silver Coin, Made Practicable and Easie, to the Government and Subject" is a pivotal late 17th-century economic treatise that meticulously dissects the monetary crisis plaguing England, primarily the debasement and scarcity of silver coinage. Writing as 'a Lover of his Country,' Pratt offers a comprehensive analysis of the intrinsic and extrinsic values of money, arguing that poor-quality currency stifles trade, encourages hoarding, and leads to the exportation of good coin. The work systematically identifies the causes of the nation's financial woes, particularly during a period of war, and proposes a series of practical, actionable reforms. These solutions include the systematic recall of clipt and diminished coinage, equitable compensation for its holders, and the re-issuance of new, intrinsically valuable currency to restore economic stability and public confidence.

“For when the Coin is bad, the Nation is like a Body whose Vitals are impaired; all its Members suffer, and its Strength decays.”

Key themes

Currency Debasement and Reform
This is the central theme of the treatise, exploring the catastrophic effects of a debased and inconsistent currency on a nation's economy. Pratt details how practices like clipping reduce the intrinsic value of coins, leading to their scarcity, hoarding, and exportation. The theme then shifts to advocating for comprehensive reform, including calling in old coinage and re-minting new, full-weight currency to restore stability.
Economic Stability and National Prosperity
Pratt consistently links a sound monetary system to the overall economic health and prosperity of the nation. He argues that a stable, reliable currency is essential for facilitating trade, encouraging investment, and ultimately enhancing England's power and influence on the international stage. The treatise frames monetary reform not just as an economic necessity but as a matter of national security and prestige.
Intrinsic vs. Extrinsic Value of Money
A core economic concept explored in the book is the distinction between the inherent worth of a coin (its metallic content) and its face value as legal tender. Pratt demonstrates how a discrepancy between these two values—when extrinsic value is maintained despite reduced intrinsic value—leads to economic distortions, as people are incentivized to melt down or export coins whose metal content exceeds their legal value, or hoard those with higher intrinsic worth.

Worth discussing

How does Pratt's analysis of intrinsic vs. extrinsic value of money resonate with modern debates about fiat currency and cryptocurrency?

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