Hall marks on gold & silver plate

THE STANDARD. 123
lion" for the first time added as a standard mark. The
Majesty's
second change occurred in 1560. Up to that date the escutcheon or
encircling- line had taken the form of the date letter; but in the
second year of the glorious reign of Queen Elizabeth, when the
purity of the coinage was restored to the old standard, for gold of
22 karats, and for silver 11 oz. 2 dwts., a change was made by the
Goldsmiths' Company, and the letters were henceforward enclosed
in a regular heraldic shield, commencing on Old Christmas Day,
viz., January 6, 1561, with the letter D, as shown in our tables.
The system of both gold and silver being standard measures of
value, which they were m virtue of each being a legal tender to any
amount, was the source of much disorder; for, as their market prices
were always subject to variation, one kind of coin had a constant
tendency to drive the other out of circulation. To remedy this great
inconvenience, our present monetary system was established fixing
gold as the standard.
By "The Coinage Act, 1870" (33 Victoria, Chapter 10), it was
enacted that, a tender of payment of money, shall be a legal
tender
In the case of gold coins for a payment of any amount.
In the case of silver coins for a payment not exceeding
forty shillings, but for no greater amount.
In the case of bronze coins for a payment of an amount not
exceeding one shilling, but for no greater amount.
Besides this standard fineness of coins, there is also a legal
weight, fixed according to the Mint regulation, or rate of coinage
of each country. Thus in England twenty pound's weight troy of
standard gold is coined into 934 sovereigns, and one ten shillingpiece,
and a pound of standard silver into 66 shillings, with divisions
and multiples in proportion; and hence the Mint price of
standard gold is ^ 17s. io|d. per ounce, and that of standard silver
66 pence per ounce.
The silver coins in circulation are considered only as tokens
payable by the Government, and pass for more than their metallic
value as compared with gold. Precaution is taken that it shall not
be worth while to melt the silver coin into bullion, and it is so nearly
worth its current value that imitation would not be ventured, on so
small a profit. The Government will always receive back its tokens,
however worn they may be, provided they be not wilfully defaced
or fraudulently reduced. But gold, being the sole standard measure
of value, and legal tender of payment, circulates as a commodity
; and hence the necessity of Government receiving it at value
on its return to the Mint, and making a deduction for loss of weight
when the same exceeds the remedy of the Mint. The wear and tear
of the gold coinage is such, that very nearly three per cent of the
whole circulation goes out annually; and the quantity which will
suffice to throw a sovereign out of circulation is i^^ parts, or
about one-fourth of a grain. (Woolhouse.)