After an examination of foreign coins, it appears that gold is over-valued in England. Propose a reduction of the guinea by between 6d. and a shilling. Advise against trying to prevent the exportation of coin by legislation: 'such a standing law cramps trade & thereby may be more effectual to prevent the importation of silver then to keep in the money'. Economic measures are to be preferred. Various other suggestions for modification of the coinage, including the use of coarser material in small coins to make them more durable, and comments on trade and finance.||Final version, dated 7 July 1702, in T. 1/80.105, MINT00937 (printed in Horton, Silver Pound, 264-6, in Shaw, 153-7 (where it is misdated 17 July), and in NC, 4: 388-91).