for the whole kingdom, although we had not one of our old halfpence
left. Again I ask, who is to be judge when the exigences of trade
require it? Without doubt he means himself, for as to us of this poor
kingdom, who must be utterly ruined if his project should succeed, we
were never once consulted till the matter was over, and he will judge of
our exigences by his own; neither will these be ever at an end till he
and his accomplices will think they have enough: And it now appears that
he will not be content with all our gold and silver, but intends to buy
up our goods and manufactures with the same coin.

I shall not enter into examination of the prices for which he now
proposes to sell his halfpence, or what he calls his copper, by the
pound; I have said enough of it in my former letter, and it hath
likewise been considered by others. It is certain that by his own first
computation, we were to pay three shillings for what was intrinsically
worth but one,[9] although it had been of the true weight and standard
for which he pretended to have contracted; but there is so great a
difference both in weight and badness in several of his coins that some
of them have been nine in ten below the intrinsic value, and most of
them six or seven.[10]

[Footnote 9: The report of the Committee of the Privy Council which sat
on Wood's coinage, stated that copper ready for minting cost eighteen
pence per pound before it was brought into the Mint at the Tower of
London. See the Report prefixed to Letter III. and Appendix II., in
which it is also stated that Wood's copper was worth thirteen pence per
pound. [T.S.]]

[Footnote 10: Newton's assay report says that Wood's pieces were of
unequal weight. [T.S.]]