very scarce,[12] and many counterfeits passed about under the name of
_raps_, several applications were made to England, that we might have
liberty to coin new ones, as in former times we did; but they did not
succeed. At last one Mr. Wood,[13] a mean ordinary man, a hardware
dealer, procured a patent[14]under his Majesty's broad seal to coin
fourscore and ten thousand pounds[15] in copper for this kingdom, which
patent however did not oblige any one here to take them, unless they
pleased. Now you must know, that the halfpence and farthings in England
pass for very little more than they are worth. And if you should beat
them to pieces, and sell them to the brazier you would not lose above a
penny in a shilling. But Mr. Wood made his halfpence of such base metal,
and so much smaller than the English ones, that the brazier would not
give you above a penny of good money for a shilling of his; so that this
sum of fourscore and ten thousand pounds in good gold and silver, must
be given for trash that will not be worth above eight or nine thousand
pounds real value. But this is not the worst, for Mr. Wood when he
pleases may by stealth send over another and another fourscore and ten
thousand pounds, and buy all our goods for eleven parts in twelve, under
the value. For example, if a hatter sells a dozen of hats for five
shillings a-piece, which amounts to three pounds, and receives the
payment in Mr. Wood's coin, he really receives only the value of five
shillings.

[Footnote 12: They had become scarce because they had been undervalued,
and therefore sent out of the country in payment of goods bought. See
Prior's "Observations on Coin," issued in 1729, where it is stated that
this scarcity had occurred only within the last twenty years. [T.S.]]

[Footnote 13: William Wood (1671-1730) was an ironmaster of
Wolverhampton. In addition to the patent for coining copper halfpence