[1581/10/29]¹

Concerning the coin

²The king's majesty and his three estates, considering how hurtful and prejudicial the latest silver coin (having course upon so high price) is and has been to the commonwealth of this realm, the same being occasion of great dearth and of many other inconveniences, and now willing to have the same reduced to a lower price without loss of his highness's subjects, or yet to the partners and tacksmen underwritten, which they find cannot be done if the contract made concerning the same coin be suffered to have further effect and execution, therefore his majesty, with advice of the said estates and of the said tacksmen and partners, they are to say: Alexander Clerk of Balbirnie, provost of Edinburgh, William Napier of Wrightshouses, Nicol Uddard, Harry Nisbet, Richard Abercrombie, Robert Abercrombie and Thomas Aitchison, upon consideration had by the order following that they shall be no losers, decree and declare by act of this present parliament the said contract to be null and of no value, force nor effect in all time coming, and ordain the said tacksmen, partners, coiners and other officers to desist and cease from all striking and coining of any further of the said coin in any time hereafter; and declare by the said act that the said tacksmen and partners, and all others at their command, have done nothing in the said matter of the late coin preceding the date hereof except according to the will and mind of his majesty and his said estates, which they ratify and approve, in so far as they have according to the said contract, always standing in effect until now, exonerating them thereof for now and ever, they being always accountable and answerable for anything done by them in the said coin in contradiction to the effect and meaning of the same contract, according to the tenor thereof. Moreover, his majesty by the same act, with advice of the said estates, revokes, abrogates and annuls for ever all assignations for payment of sums of money made by his highness upon the said tacksmen and partners to any person or persons, and discharges the lords of secret council and session to direct any letters or charges upon or against them, or any of them, and if they do, declares the same by this act to be of no value, force nor effect, notwithstanding any decreets given or to be given, which his majesty, with advice of the said estates, discharges simply, ordaining them to have no further force nor effect nor execution in time coming. And further, with advice of the said estates and consent also of the said tacksmen and partners, statutes and ordains that the said late coin, extending to 211 stone and 10 pound weight of silver, shall be reduced and brought in again by them, to be coined of new by his highness's master coiner between now and 11 March 1582 in ten shilling pieces of 11d fine, containing four in the ounce, in this form, that is to say, having on the one side the portrait of his majesty's body, armed, with a crown upon his head and a sword in his hand, with this circumscription: 'Jacobus VI Dei Gratia Rex Scotorum', and on the other side his highness's arms in a shield, with a crown above the same shield, with the date of the year upon one of the sides, with this circumscription: 'Honor regis judicium diligit'; for bringing in and reduction of which money, the said tacksmen and partners have presently nominated and appointed William Napier and Thomas Aitchison, who shall remain at Edinburgh to receive all the said coin, to number and quantity aforesaid, from his highness's subjects and deliver them other money for that upon the same prices that they were given out for, between now and the said 11 March, to the which day they shall have course only; and being received, shall bring and deliver them to his highness's master coiner, who shall coin them of new in form and manner above-mentioned, and thereafter deliver both stock and profit again in full recompense of their expense, charges and travails also sustained by the said coin to such as shall be appointed in their names to receive the same; and the master coiner present and to come shall find the said tacksmen and partners sufficient caution and surety acted in the books of council for rendering to them the stock and profit of such sums and which as they shall deliver to him to the effect aforesaid, to the which time the said tacksmen and partners shall not be restricted to deliver any silver to the said master coiner, deducting always the fees and duties of the workmen and other ordinary officers of the coin-house used and wont for their pains and labours. And because the said reduction cannot well take effect without some stock to make the exchange, the said tacksmen and partners therefore shall have liberty, likewise his majesty, with advice of the said estates, by this act grants them licence and liberty to strike and cause be struck and coined 20 stone weight of silver more than is also coined in the money new devised, which shall be delivered to them again after the same be passed in irons in manner aforesaid, without deduction of any profit or other duty thereof, except the fees and duties of the said workmen and officers used and wont. Moreover, our sovereign lord, with advice of his said three estates, gives and grants full freedom, licence and liberty to his highness's master coiner to break down the present current money within this realm of 11d fine, making his highness due account and reckoning of the profit thereof as appertains; for the which, the said master coiner nor other officers of his highness's coin-house shall incur no hurt nor danger in their persons, lands or goods, notwithstanding any acts, laws or constitutions made in the contrary, concerning the which his highness, with advice of his said estates, dispenses.