England's government requested that William Lowndes (1652-1724), Secretary of the Treasury, undertake an investigation into the state of England's currency during the financial crisis of 1695. In his study, Lowndes repudiated measures which he believed would debase the currency, carefully examining historical arguments from the mint and elsewhere. This essay presents his solutions to the problem of England's clipped and badly worn coinage. The most famous reply was by John Locke, entitled "Further Considerations Concerning the Raising the Value of Money." The government adopted the views of Locke, resulting in the Great Recoinage of 1696, but the changes were not a success. Silver remained worth more when melted down into bullion.Fun Fact: Lowndes is attributed with the saying, "Take care of the pence and the pounds will look after themselves."
