have found them to be at least one fourth part below the real value (not
including the raps or counterfeits that he or his accomplices have
already made of his own coin, and scattered about). Now the coinage of
three hundred and sixty ton of copper coined by the weight of the fourth
or lightest sort of his halfpence will amount to one hundred twenty-two
thousand four hundred eighty-eight pounds, sixteen shillings, and if we
subtract a fourth part of the real value by the base mixture in the
metal, we must add to the public loss one fourth part to be subtracted
from the intrinsic value of the copper, which in three hundred and sixty
tons amounts to ten thousand and eighty pounds, and this added to the
former sum of eighty-two thousand one hundred sixty-eight pounds,
sixteen shillings, will make in all, ninety-two thousand two hundred
forty-eight pounds loss to the public; besides the raps or counterfeits
that he may at any time hereafter think fit to coin. Nor do I know
whether he reckons the dross exclusive or inclusive with his three
hundred and sixty ton of copper; which however will make a considerable
difference in the account.

You will here please to observe, that the profit allowed to Wood by the
patent is twelvepence out of every pound of copper valued at _1s. 6d_.
whereas _5d_. only is allowed for coinage of a pound weight for the
English halfpence, and this difference is almost 25 _per cent_. which is
double to the highest exchange of money, even under all the additional
pressures, and obstructions to trade, that this unhappy kingdom lies at
present. This one circumstance in the coinage of three hundred and sixty
ton of copper makes a difference of twenty-seven thousand seven hundred
and twenty pounds between English and Irish halfpence, even allowing
those of Wood to be all of the heaviest sort.

It is likewise to be considered, that for every halfpenny in a pound