1Editorial Note: Jefferson’s Notes on Coinage (Jefferson Papers)
Since Jefferson’s proposals concerning coinage in 1784 were in part inspired by a desire to defeat the plan set forth in 1782–1783 by Robert Morris and his assistant, Gouverneur Morris, as well as by a desire Jefferson had entertained at least as early as 1776 to base the money system on decimal reckoning, these proposals need to be presented with those of the Morrises to which they were...
2I. Robert Morris to the President of Congress, 15 January 1782 (Jefferson Papers)
Finding by the Act of the United States in Congress of the seventh Instant that I am Instructed to prepare and report a Table of Rates at which the different Species of foreign Coins most likely to circulate within the United States shall be received at the Treasury I have been induced again to turn my Attention to an Object which has employed my Thoughts very frequently and which would have...
3II. Gouverneur Morris to William Helmsley, 30 April 1783 (Jefferson Papers)
In compliance with your request I will now throw together a few ideas on the subject of a new coinage. For the greater clearness they shall be classed under five heads. 1. Reasons why a coin should be struck. 2. The denomination of such coin. 3. The quantity of fine silver in such denomination. 4. The expence of a coinage. 5. The different peices of coin proposed. First then I take the liberty...
4III. Some Thoughts on a Coinage, [ca. March 1784] (Jefferson Papers)
Some Thoughts on a Coinage, and the Money Unit for the U.S. Transition from money to weights. Transition from weights to measures. Transition from measures to time. I find new dollars of 1774,80,81 (qu. Mexico Pillar) weigh 18 dwt. 9 grs.=441 grs. If of this there be but 365 grs. pure silver, the alloy would be of 2.1 oz. in the ℔. instead of 19 dwt. the common Spanish alloy, which is 1 dwt....
5IV. Notes on Coinage, [March–May 1784] (Jefferson Papers)
Notes on the establishment of a Money Unit, and of a Coinage for the United States. In fixing the Unit of money, these circumstances are of principal importance. I. That it be of convenient size to be applied as a measure to the common money transactions of life. II. That it’s parts and multiples be in an easy proportion to each other, so as to facilitate the money arithmetic. III. That the...
6V. Robert Morris to Jefferson, 1 May 1784 (Jefferson Papers)
I have received your favor of the twenty sixth Instant for which I pray you to accept my Thanks. Enclosed you have the Copy of my Letter of the fifteenth of January 1782. to Congress and also Mr. Governeur Morris’s Letter to Mr. Helmly of the thirtieth of April 1783. I will add to these such Observations as have occurred on your Notes which agreably to your Desire are herewith returned. I...
7VI. Notes for Reply to Robert Morris, [7–9 May 1784] (Jefferson Papers)
Whether the parts of the Unit had better be a measure of the [curre]nt money of account or of the dollar. Obj. Easy to make any coin circulate at it’s value. Ans. Still it is a duty to make it’s introduction easy as we can to the people. Obj. The dollar is no money of account. No merchant keeps his books in dollars. Therefore the adoption of the dollar as the Unit will not save him the trouble...
8VII. Propositions Respecting the Coinage of Gold, Silver, and Copper, [13 May 1785] (Jefferson Papers)
First. The value of silver compared with gold. Second. The weight or size of the several pieces of money that are to be made. Third. The money arithmetic, or the mode in which it is to be counted; and fourth, The charges of coinage are to be considered. 1. In France, 1 grain of pure gold is counted worth 15 grains of silver. In Spain, 16 grains of silver are exchanged for 1 of gold, and in...