Page:William Blackstone, Commentaries on the Laws of England (3rd ed, 1768, vol I).djvu/293

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Ch. 7.
of Persons.
277

the price may be reduced to what it was. Yet is the horſe in reality neither dearer not cheaper at one time than another: for, if the metal which conſtitutes the coin was formerly twice as ſcarce as at preſent, the commodity was then as dear at half the price, as now it is at the whole.

The coining of money is in all ſtates the act of the ſovereign power; for the reaſon juſt mentioned, that it's value may be known on inſpection. And with reſpect to coinage in general, there are three things to be conſidered therein; the materials, the impreſſion, and the denomination,

With regard to the materials, ſir Edward Coke lays it down[1], that the money of England muſt either be of gold or ſilver; and none other was ever iſſued by the royal authority till 1672, when, copper farthings and half-pence were coined by king Charles the ſecond, and ordered by proclamation to be current in all payments, under the value of ſix-pence, and not otherwiſe. But this copper coin is not upon the ſame footing with the other in many reſpects, particularly with regard to the offence of counterfeiting it.

As to the impreſſion, the ſtamping thereof is the unqueſtionable prerogative of the crown: for, though divers biſhops and monaſteries had formerly the privilege of coining money, yet, as ſir Matthew Hale obſerves[2], this was uſually done by ſpecial grant from the king, or by preſcription which ſuppoſes one; and therefore was derived from, and not in derogation of, the royal prerogative. Beſides that they had only the profit of the coinage, and not the power of inſtituting either the impreſſion or denomination; but had uſually the ſtamp ſent them from the exchequer.

The denomination, or the value for which the coin is to paſs current, is likewiſe in the breaſt of the king; and, if any unu-

  1. 2 Inſt. 577.
  2. 1 Hiſt. P. C. 191.
ſual