be counterfeits. Be that as it will, it is allowed on all hands, that good copper was never known to be cheaper than it is at present. I am ignorant of the price, farther than by his informing me that it is only fourteen pence a pound; by which, I observe, he charges the coinage at 30 per cent; and therefore I cannot but think his demands are exorbitant. But, to say the truth, the dearness or cheapness of the metal does not properly enter into the question. What we desire is, that it should be of the best kind, and as weighty as can be afforded; that the profit of the contriver should be reduced from 16 to 8 per cent, and the charge of coinage, if possible, from 30 to 10, or 15 at most.
Mr. McCulla must also give good security that he will coin only a determinate sum, not exceeding twenty thousand pounds; by which, although he should deal with all uprightness imaginable, and make his coin as good as that I weighed of king Charles II, he will, at 16 per cent, gain three thousand two hundred pounds: a very good additional job to a private tradesman's fortune!
I must advise him also to employ better workmen, and make his impressions deeper and plainer; by which a rising rim may be left about the edge of his coin, to preserve the letter from wearing out too soon. He has no wardens, or masters, or other officers of the mint, to suck up his profit; and, therefore, can afford to coin cheaper than the crown, if he will but find good materials, proper implements, and skilful workmen.
Whether this project will succeed in Mr. McCulla's hands (which, if it be honestly executed, I should be glad to see) one thing I am confident of, that it
