Robert Leslie Ellis

“ The value of the denarius is determined by comparing its weight of fine silver with that of the shilling. Now as our coinage since 1816 is at the rate of 66s. to the pound, the result is the same as if the price of silver had been taken to be 66d. per ounce standard, which certainly is not its real price. The rate of coinage was purposely fixed above the variations of the bullion market to prevent melting. Sixty-two pence is the price commonly assumed in calculating the par of exchange, and is rather a large average price. ”