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•Four Greatest Licences to Print Money 31

Newton became heavily involved in the dramatic increase in production occa-
sioned by the great silver recoinage of 1696–98. He was actively involved in the
setting up of five mints elsewhere in the country.

But mainly his Warden’s duties were concerned with the protection of the coin-
age from clippers and counterfeiters. This drew him into the underworld, where his
usual zeal turned him into a doughty and persistent opponent of such as the infa-
mous William Chaloner, who paid for his forgery on the gallows.

As the Master he was more responsible for the production of coins, where his
desire for accuracy kept variations in the weight of new coins within very small
tolerances. It must have been a brave Company of Goldsmiths who challenged the
composition of the sample coins in 1710. It was particularly brave since it turned
out not to be true.

His name lent huge prestige to the Royal Mint and his advice was sought by
many. It was even sought by the Scots during the recoinage of the old Scots money
in 1707 caused by the Union of the Crowns.

Newton’s contribution to the Mint was not so much in innovation or change,
but much more in the integrity and scientific accuracy of production. This legacy is
maintained to this day, and the reputation of the Royal Mint is still held very high.

‘And these I do not sell for gold,
Or coin of silvery shine,
But for a copper halfpenny,
And that will purchase nine.’

Lewis Carroll (1832–1898)

Ask yourself
• Who holds the licence to print money in your industry? Are they vulnerable?