T 1/543/62 - Lord Cadogan Report relative to the Copper Coinage of the Isle of Man - 1778

To the Right Hoble the Lords Commissioners of His Majestys Treasury

My Lords

In obedience to your Lordships Commands of the 5th Instant Signified by Mr Robinson that I should consider two Letters respecting the Copper Coins of the Isle of Man, I beg leave to Represent.

That a Memorial upon the same Subject was Referred to this Office by the Lords of his Majestys Treasury in June 1766 a Copy of which together with a Report of the Mint Officers, thereupon, is herewith enclosed for your Lordships information. The first describes the Origin and Course of the Manks currency, the latter explains the State of their Coin: By which it appears that fourteen Copper pieces, or Manks Pennies- not intriniscally worth more than three pence, in standard Silver - are made the legal equivalent for a British Shilling.

Your Lordships will immediate perceive the bad tendency of such establishment. The circulation of any Coin Materially above its intrinsick Value is undoubtedly an Evil; - not only in itself, but as an invitation to false Coiners, who can never be restrained by Laws, when there are large temptations to Counterfeit, But the various Representations, from the Traders of London &c respecting the over valuation of Copper Coins, have explained this matter, so frequently and fully to your Lordships, that scarcely any thing new can be offered - I shall only there beg leave to remark, that as the Manks pieces are Current at twice the value of British Copper, the Mischiefs attending them must be proportionally greater.

Whether it be "impossible to introduce the English Copper Coin" in the Isle of Man, is not for me to determine; but by the Memorial of Mr Lutwidge, who must have Considered this matter very fully, it should appear to be neither difficult or inequitable except in his proposal for the Royal Revenue which if your Lordships would subject to the same conversion as the other payments, one great objection would probably be removed, and the Inhabitants might be induced to Accept the Change, which (at least) must save them from many ill Consequences inevitably attending their present Currency.

All which is nevertheless most humbly submitted to your Lordships great Wisdom

Cadogan

Mint Office August 22nd 1778

Notes