impression of a man in armes _with one leg _and a shield ... covering the
other leg ... which does usually pass at the rate of 58s. Scots money, and
seeing that upon tryall of the intrinsick worth and value thereof they are
found to fall short of the foresaid rate, and that in the United Provinces
where the forsaid dollars are coyned, the passe only at the rate of crosse
dollars, Therupon the King's Mtie with advice of his P.Cs. doth declare
that (the rex or bank dollars now passing at 58s. Scotts) the true and just
value at which the forsaids legs dollars ought to passe and be current in
this kingdome is 56s. Scotts money....'

Thus we get the authorised value of these dollars at the period of Lauder's
accounts. The accounts themselves show that the current value varied
indefinitely, and is sometimes different in two consecutive items.[38]

[38] With regard to the etymology of 'leg,' Mr. Hallen in his
introduction to the _Account Book of Sir John Foulis of Ravelston_
(S.H.S.), p. xxxiii, gives some strong and perhaps convincing
reasons in favour of Liége. But the descriptions in the
Proclamation above quoted, and the fact that Lauder sometimes
calls them 'legged,' seem to show that the popular etymology in
Scotland was the man's leg on the coin.

Charles II. struck four merk-pieces at the issue value of 53s. 4d. Scots in
two issues, the first in 1664, the second in 1675-1682. The second, and
only the second issue, came at some later but unknown period to be known to
numismatists as dollars. But I do not think there is any reason to suppose
that Lauder called those pieces dollars. The accounts are in the period of
the first issue, and Lander's dollar was of higher value. Probably his
dollars were all foreign coins, generally rex dollars, as he often calls
them. When they are leg dollars, he appears always so to distinguish them.