Primary tabs

Report on the Gold and Silver coins current in the Colonies, and the proportions they ought respectively to bear to a Spanish milled dollar


Report of the Gold Committee, (Messrs˙ DUANE, WITHE, J˙ ADAMS, SHERMAN, HEWES, JOHNSON, WHIPPLE, and JEFFERSON.)

The Committee appointed on the 19th April to ascertain the value of the several species of Gold and Silver current in these Colonies, and the proportion they and each of them bear and ought to bear to Spanish milled Dollars, have taken the same into consideration, and thereupon came to the following Resolutions:

Whereas the holders of Bills of Credit emitted by authority of Congress will be entitled, at certain periods appointed for redemption thereof, to receive out of the Treasury of the United Colonies the amount of the said Bills in Spanish milled Dollars, or the value thereof in Gold or Silver; and the value of such Dollars, compared with other Silver and with Gold Coins, is estimated by different standards in different Colonies, whereby injustice may happen in some instances to the publick as well as to individuals, which ought to be remedied: And whereas the credit of the said Bills, as current money, ought to be supported by the inhabitants of these Colonies, for whose benefit they were issued, at the full value therein expressed, and who stand bound to redeem the same, according to the like value; and the pernicious artifices of the enemies of American liberty to impair the credit of the said Bills, by raising the nominal value of Gold and Silver, ought to be guarded against and prevented: Therefore,

Resolved, That the several Gold and Silver Coins passing in the said Colonies shall be received into the publick Treasury of the continent, and paid out in exchange for Bills emitted by authority of Congress, when the same shall become due, at the rates set down in the following table:

  Weight. Value in Dollars.
  dwt. grs.  
English Guinea 5 6 4 2-3
French Guinea 5 5 4 5-9
Jobannes 18 0 16
Half Jobannes 9 0 8
Spanish Pistole 4 8 3 2-3
French Pistole 4 4 3 1-2
Doubloon - -
Moidore 6 18 6
English Crown - 1 1-9
French Crown - 1 1-9
English Shilling - 0 2-9
Spanish Milled Dollar - 1

Resolved, That a deduction, at the rate of one twenty-ninth part of a dollar per grain shall be made on all Gold Coins falling short of the weight specified in the aforesaid table, and an advance at the same rate shall be allowed on such as exceed the aforesaid weight.

Resolved, That all parts of the several Gold Coins before enumerated shall be rated in just proportion, according to the foregoing table; and that Gold in Bullion shall be at the rate of seventeen Dollars per ounce, Troy weight, sterling alloy, and silver at one Dollar and one-ninth of a Dollar per ounce.

Resolved, That all Bills of Credit emitted by authority of Congress ought to pass current in all payments, trade, and dealings in these Colonies, and be deemed equal in value to Gold and Silver, according to the rates set down in the foregoing table; and that whosoever shall offer, demand, or receive, more in the said Bills for any Gold or Silver Coins, or Bullion, than at the rates aforesaid, or more of the said Bills for any lands, houses, goods, wares, or merchandise, than the nominal sum at which the same might be purchased of the same person with Gold or Silver, every such person ought to be deemed an enemy to the liberties of these Colonies, and treated accordingly, being duly convicted thereof before the Committee of Inspection of the City, County, or District, or in case of appeal from their decision, before the Assembly, Convention, Council or Committee of Safety, or before such other persons or Courts as have or shall be authorized by the General Assemblies or Conventions of the Colonies respectively to hear and determine such offences.



* One Dollar of Continental money.