On Tue, 04 Jul 1995 18:14:27 -0400 (EDT) Roderick Hay wrote: 
 
> Could someone please explain the fine points of the old  
British money  
> system? I understand the basic Pounds, Shillings, Pence,  
but do not  
> understand Guineas and Crowns. I thought I did until I  
read John Law  
> talking about changing the number of shillings in a Crown. 
>  
The guinea and (later?) sovereign were gold, the shilling  
silver. Newton, when master of the mint, changed the value  
of the guinea from 21s 6d to 21s to reflect the changed  
relative market values of gold and silver. Cantillon  
commented on the issue (Higgs edition, p. 281). Up to the  
eighteenth century, at least, silver was always regarded as  
the standard, that is, the 'pound' (which was not a coin,  
but a unit of account) was defined in terms of silver  
shillings. 
Tony Brewer, Bristol, [log in to unmask]