'8 REIGN OF ELIZABETH. [CH. 41. appointed to receive it in every market town the impure silver in their hands. For the three better sorts of tester the Crown would pay the full value of fourpence halfpenny, and for the half groats and pence in propor- tion. For the fourth and most debased kind, which was easily distinguishable, it would pay twopence farthing. To stimulate the collection a bounty of threepence was promised on every pound's worth of silver brought in. Refiners were sent for from Germany ; the Mint at the Tower was set to work under Stanley and Sir Thomas Fleetwood ; and -in nine months the impure stream was washed clean, and a silver coinage of the present standard was circulating once more throughout the realm. ,TJ Either a large fraction of the base money was not -brought in, or the estimate of the quantity in circulation had been exaggerated. The entire weight collected was '631,950 Ibs. ; 638,0007. (in money) was paid for it by -the receivers of the Mint, and it yielded when melted down 244,416 Ibs. of silver, worth in the new coinage of eleven ounces fine 733, 248/. , So far therefore there was a balance in favour of the Crown of 95,13.5^. ; but the cost of collection, the premiums, and other collateral losses reduced the margin to 49,7767. 9-9. 3^. Thirty- five thousand six hundred and eighty-six pounds, fifteen - shillings and sixpence (35,686/. 15*. 6d.) was paid for the refining and re-minting ; and when the whole trans-
- action was completed Elizabeth was left with a balance
in her favour of fourteen thousand and seventv-nine
