Click to edit Master title stylebankinghistory.org/wp-content/uploads/MintingHistory... ·...
Transcript of Click to edit Master title stylebankinghistory.org/wp-content/uploads/MintingHistory... ·...
Click to edit Master title style
1
Back to the Future: Monetary Policy in the Middle Ages – Lessons for the Future
N a t h a n S u s s m a nG r a d u a t e I n s t i t u t e G e n e v a
E A B H M i n t i n g H i s t o r y W o r k s h o pO c t o b e r 2 9 , 2 0 1 9
R o t h s c h i l d A r c h i v e , L o n d o n
Click to edit Master title style
2
Can we learn anything from medieval monetary history?
2
A period of the development of economic and political institutionsThe rise of a national monetary systemThe development of economic (monetary) theory.A period of monetary experimentation.Abundant archival data
Click to edit Master title style
3
A medieval homo economicus?
3
Example from the Salic Law (France 550 A.D)
Click to edit Master title style
6
State versus Private Money?
6
Back to Oresme and Adam Smith:Money in the middle ages was a commodity moneyThe most important function: medium of exchangeThe most important function of a medium of exchange is to minimize transaction costs.Universal acceptance of a medium of exchange is optimal.Universal acceptance is conditional on an intrinsic value that is agreed by all parties to exchange.
Click to edit Master title style
10
Establishing a national universally accepted
medium of exchange in a competitive currency
market: the case of France
Click to edit Master title style
11
Setting and institutional framework to ensure commitment to quality and economic efficiency1. Monetary system managed from Paris.2. Monetary court: ‘cour de la monnaie.’3. Comptroller (in Paris)4. Local mint run by mint master (franchise)5. Royal overseers in local mint:
1. Guards2. Quality control3. Engraver
6. Labor employed by mint master
Click to edit Master title style
12
Principles of monitoring and quality control1. Accounts2. In-house quality control by royal employee3. Quality control in Paris based on random samples of coins
Click to edit Master title style
16
Summary of assaying of random samples in Paris
16
0
200
400
600
800
1000
Den
sity
-.0005 0 .0005 .001 .0015 .002ptw
0
100
200
300
Den
sity
.01 .012 .014 .016 .018ptf
Deviations of finenessDeviations of weight
Click to edit Master title style
1717
First lesson: Ruler’s coins (state) dominated private money:
1. Rulers had a comparative advantage because of economies of scale in creating credibility.
2. Rulers control legal system and can treat preferentially contracts using state currency.
Outcome: universal acceptance of state currency
Click to edit Master title style
18
From coinage to monetary policy (France 1270-1450)
18
To conduct monetary policy the state needs to control the unit of account (nominal value) of the currency. Not only the striking of coins.
Money of account: livre tournois = 20 Solidi = 240 Deniers.
Coins have no engraved face value – it is declared by the state
Click to edit Master title style
19
Mint par – L : The nominal value (in money of account) of a unit of weight of pure metal.
The mint price – Q The nominal value paid by the mint to sellers of a unit of weigh of pure metal
Seignorage: S= L-Q – the price pf money
N Number of coins struck from a unit of pure metalF The fineness (in %) of the coinsV nominal value of the coinExample: N = 100 V= 1 solidi (12 deniers) F = 50%L = 200 solidi = 10 livre tournoiss= 5%Q = 9.5 livres tournois
Definitions and example:
F
NVL
Click to edit Master title style
20
Policy instruments: Setting the exchange rate between precious metals and the money of account (The mint par) and the
seignorage rate
Recall the (Cambridge) quantity equation: M=K(i)PY
For a given stock of coins in the economy changing the mint par is equivalent to changing the nominal money supply
M. Change is the seignrogare rate are equivalent to changes in the interest rate and affect k
Example: when the economy is expanding and the stock of coins is fixed the monetary authorities can increase the mint
par to avoid price deflation. It can also reduce seignorage and attract more bullion to the mints.
How does medieval monetary policy work?
Click to edit Master title style
2121
Second Lesson: Monetary policy can work without banks or a positive interest rate. As long as there is a distinction between a medium of exchange (coins) and reserves (bullion).Growing literature on monetary policy in the age of zero and negative interest rates (Kimball, Buiter, Rogoff).Cash-reserve conversion (CRC) rate: a negative interest rate of 4% equivalent to CRC of 100 to 96.Literature on the decline of banks and 100% reserve ratio for banks.
Click to edit Master title style
22
Debasements and inflation tax
22
Monetary policy was used to raise inflation tax revenues.(precedents in the bible, China, ancient Greece and Rome)Debasement (inflation tax): increasing the Mint Par and the seignorage rate at the same time.
Requirement: the government can enforce the use of the official unit of account (no Dollarization) and prices adjust with a lag to changes in the exchange rate (similar to competitive devaluations under fixed exchange rate regime)
Click to edit Master title style
23
Example: France during the 100 years war
23
0
5000
10000
15000
20000
25000
30000 M
arcs
0
10
20
30
40
50
60
70
80
Livr
es to
urno
is
1417 1418 1419 1420 1421 1422
Mint price - livres M arcs minted Net revenues in p ure silver
Debasement MintingDauphine: 1417-1422
Click to edit Master title style
2424
Lesson 3: State monopoly over monetary policy can create moral hazard problems.Oresme: Does the money belong to the people or to the ruler?It belongs to the people and the ruler as to credibly commit to maintain its value
Precursor to the independence of central banks.
Click to edit Master title style
25
Summary
25
The medieval monetary experience suggests that1. ‘Public money’ has a comparative advantage over ‘private money’
because of economies of scale in commitment technology.2. Monetary policy can function without banks (inside money) or
positive interest rates.3. The superiority of public money creates a moral hazard that calls
not only for efficiency in commitment technology but also for credibility and accountability.
Orseme had figured it all out by 1350
InfluenceoftheByzantineEmpireontheNumismaticsofthe
CrusaderStates(1099-c.1150)JackHanson
EmmanuelCollege,UniversityofCambridge
UseofByzantineGreek• ΠΕΤΡΟC(Peter)
• ICXCNIKA(JesusChristConquers)• ☩KEBOIOHTOAVAOCOVTANKPI(OhLord,CometotheAidofthyServant,Tancred)
• BAΛΔ/OVINO/KOMH(Baldwin,Count)• ☩KEBOH/ΘΕΙΤωCω/ΔΟΥΛωΡ/ΟΤSΕΡΙ/ω (Lord,HelpYourServant,Roger)• X(PICTE)B(OHΘEI)B(AΛΔONINO)K(OMH)(Christ,helpCountBaldwin)
• POTZEP/ΠΡΙΓΚ(Ι)Π/ΟCANT/IOX(Roger,PrinceofAntioch)• TA-NK-P-H(Tancred)
• ☩/BAΛΔ/OYINOC/ΔECΠO/THC(Baldwin,Despot)• BΛΔNorBΔHN(Baldwin)
• KE/BOHΘ/PIKAP/Δω (Lord,SaveRichard)
• ΟΜΕΓΑC/ΑΜΗΡΑC/ΑΜΗΡΓΑ/ΖΗC(TheGreatEmir,AmirGhazi)• OME/ΛΗΚΙCΠ/ΑCΗCΡω/ΜΑΝΙΑCandΚΑΙΑN/ΑΤΟΛΗC/ΜΑΧΑΜΑΤΙC
• ΑΜΗΡ (Amir- Leader),ΓΑΖΗC(Ghazi- Warrior),ΜΑΧΑΜΑΤΙC(Muhammad),ANΑΤΟΛΗC(Anatolia),MEΛΗΚ (Malik– King)
MoneyandtheEmpireCoins,monetaryregimesandmonetarypolicies
intheKingdomofNaples(1554-1580)
LiliaCostabile1 FrançoisR.Velde2
1UniversityofNaplesFedericoII2FederalReserveBankofChicago
eabh,TheRothschildArchive2019
Theproject• ProjectonthemonetaryhistoryoftheKingdomofNaples,1550’s-1620’s.Themes:
• moneyandpricesincommodity-moneysystems,• monetarypolicy(objectives,channels,techniques)• theinternationalcircuitofsilverintheearlymodernperiod• thepoliticaleconomyofmoney(conflictingclaims,bargainingpower,distributionaleffects)
• papermoney• monetaryandbankingcrises(1622),strategiesforcrisisresolution
Thecontext:NaplespartoftheSpanishempiresince1503-4
• Law- andPolicy- Makers:• chainofcommandfromKing+hisCouncilsinSpain⇒ Viceroy“assisted”(andcontrolled)byseniorofficials(CollateralCouncil)⇒ (foreconomicmatters):Ministryoffinance(Cameradella Sommaria)⇒Mint,Banks
• Stakeholders:• Spanishrulers:Naplesasasourceoffinance(forwars,forpaymentofinternationalcreditors)
• Nationals:urbanandprovincialnobility/bourgeoisie(popolo)/plebsinthecity,poorpeasantsinthecountryside,semi-feudalsystem
• Foreignbusinessmen,mostimportantamongthemtheGenoese(silvermerchants,businessmen,largecreditors,…)
Oursources
• Several,publishedandunpublished,andamongthem:• thebooksoftheRoyalMintofNaplesinvaluablesourcefor:
• Longtimeseriesformintingvolumes,collectedforthefirsttime
• Circumstancesofminting(when,why,forwhatpurposes,relationtocurrenteconomicandpoliticalevents);mintingregimes;provenanceofsilverflows;orderstomintspecificcoins;seignorage ratesandtheirdivisionbetweentheCourtandmintofficials/workers;othermintingcosts;organizationofthemintasafirm,etc.
• Historyofthecountrydiscovered/rediscoveredthroughthehistoryofitsmoney
Mintingvolumesfromthe1540’stothe1620’s
1550 1560 1570 1580 1590 1600 1610 16200
0.5
1
1.5
2
2.5
3
3.5
millio
ns of
ducat
s
TheNeapolitanMonetarySystem
• Gold:• goldscudoofthefivemints(Naples,Venice,Genoa,Florence,Spain)coinedsince1538,3.4grams,22
carats.(91.7fine),wastheinternationalcurrency(onfixedexchangeratewiththeinternationalunit,scudodimarche)
• Silver:• carlino andmultiples(1/4;1/2;2)• largemultiplesmintedfromthemid-1550’s:ducato =10carlini (32.gr.);mezzoducato =5carlini• carlino wasthemonetaryunit
•Copper:•smallsubmultiples(lessthan1/4)ofthecarlino,tornese=1/20ofacarlino,cavallo=1/120ofacarlino
• Coinsundateduntil1572,thendatedoccasionally(lotsofinterestingquestionsfornumismatists)
Carlino:PhilipR.Ang.Fr.Neap.P.H(ispaniae)//Fidei Defensor
celebratingPhilip’saccessiontotheKingdomofNaples,25Nov,1554:KingofEnglandbymarriagewithMaryTudor,25July15542.99grams,92.9fine(justo carlino),2.8gramsfinesilver(IBRGiovan BattistaRavaschieri,mintmaster1548-1567).“Anticocarlino”,“ideal”forPhilipIV
Ducato,1° type.PhilipR.Ang.Fr.Neap.P.H(ispaniae)//Hilaritas Universa,gr. 29.912,92.9fineMIR158 (1554or1556?)
MintinginNaples1566-1582
1568 1570 1572 1574 1576 1578 1580 15820
20
40
60
80
100
120
140
160
180
200
D '0
00/m
onth
Minting in Naples, 1566-83
Themoneysupply,April1571- October1577
• Silver• 132tonsofsilverwherecoinedatthemint,or20tonsperyearonaverage• Thatisroughly10percentoftheNewWorld’sproductionofsilveratthetime!• Inducats,mintingwas4.3million,orD50,000permonthonaverage• minting in1578and1579amounted toD49,349andD33,214respectively;• it was nil in1580and1581
• Copper:• D9.000
• Gold:•lessthanD30,000
Whysomuchminting?
• DebasementsriseMEandMP,therebyencouragingminting(importsofthepreciousmetals)anddiscouragingmelting
• Noneedtodebaseanycoininthe1570’s,differentlythaninthe1550’s
Mintingactivityanddebasements
1540 1545 1550 1555 1560 1565 1570 1575 1580 1585 15909
9.5
10
10.5
11
11.5
12
12.5
13du
cati c
orren
te / lb
fine
silve
r
0
50
100
150
200
250
minti
ng ('0
00 D
/mon
th)
ME (< 1 carlino)ME ( 1 carlino)MPsilvergoldmissing silver
Compositionpercoin-denomination
• Halfducats:71%
• Ducats:5%
• Tarì 18%
• Carlini,lessthan5%
• Grani 1%
• Smallcoins6%or24%accordingtowhereinthespectrumwelocatethetarì
1.Granvela andtheproblemofsmallchange
• Viceroy ofNaples between 19April1571and18July 1575
• Aware oftheimbalance inthemonetary system
• Never tired ofrepeating that theshortage ofsmallcoins was:• obstructing commerce,as people found it difficult tomake smalltransactions• hurting thepoor,as people found it difficult togive alms
Granvela’s objectivesandsolutions
Objectives:• Avoid theshortage ofsmallcoins• Minimize thecosts forthegovernment• Avoid government-induced inflation fromexcessive direct coinage
Solutions:• Quota(37%)infavour ofrelatively smallcoins (carlini,tarì)imposed on
privateminting (rather than relying onincentives)• Directcoinage ofamodest amount ofvery smallcoins (copper andlow grade
silver),subsidized bythegovernment (negativenetseignorage)
Rebalancingonlypartial
• TheViceroy faced strongdemand forducats andhalf ducats bybigmerchants bringing silvertothemint
• Sentoralorders,oftencontradictinghisownofficial(written)orders
• Heletthemerchantshaveittheirwayonseveraloccasions,alsospeedingupmintingoperationsintheirfavourthroughpenaltiesandprizes,sticksandcarrotsforthemintworkers
2.Lepanto
• TheSommariain1591madetheconnectionquite clear as it recalledthegood old times when themint was "fertile"and"gold andsilverwere coined at themint,especially when themost serenedonJohnofAustriacame tothis Kingdom."(9August1571- June 1577)
• Holy Leagueestablished byatreatise signed on25May 1571,wasdissoved in1573,but warcontinued until 1577,then died away asSpain turned its attention toFlanders,andtheTurkstotheir domesticproblems andtheir border withPersia
• Perfectoverlapping withthebigspurt at theNeapolitan Mint (April1571- October 1577)
Privateandofficialflows
• JuanMoralesdeTorres,administrator oftheArmy’s Treasury andgeneralpaymaster oftheRoyal fleet.Official money fromSpainproduced adensenetworkofpayments linking thearmy andthepublicadministration,both inNaples andSicily,tobigandsmallfinancial capitalists,merchants,suppliers ofvarious goods.
• AgostinoRiberola,Genoese merchant,lender andsupplier toDonJohn.
Theendofanera,rootsoftheproblem
• Everythingchangesafterthe1570’s:• Fromshortagesofsmallcoinsuntilthe1570’s,toaglutafterwards;• Frommonetaryexuberance(1571- 1577)toa“suddenstop”in1577andlanguishingmintingactivityinthe1580’s;
• Froman“unlimitedminting”regimeto“directminting”,outofnecessityratherthanchoice
• Fromapurelymetalliccirculationtoamixedone:thepublicbanksandthecirculationoftheirpapermoneyinthe1580’s;
The one pound sterling coin –past, present and future
Kevin Clancy – Director, Royal Mint MuseumMario Pisani – Deputy Director, HM Treasury29 October 2019
This presentation does not reflect the official view of HM Treasury or the UK Government
Timeline – launch of the new £1 coin
12
Budget Mar 2014
Sep 2014
Budget Mar 2015
Oct 2015
Mar 2016
Sep 2016
Oct 2016
Jan 2017
28 Mar 2017
Sep 2017
15 Oct 2017
Late 2018
Sample coins made
available to industry
Announcement of new coin
Business communications materials made
available
Design competition and public
consultation launched
Introduction of new £1
coin
Announcement of March 2017 launch month and six-month co-circulation
periodAnnouncement of design and
specification of new coin
Introduction of polymer £10
note
Introduction of polymer £5
note
End of co-circulation
period
Public communications
campaign launched
Metal disposal programme
closed
Phase 1 – pre-launch: the counterfeiting problem
0,92
0,92 0,98
1,26
1,46
1,69
1,96 2,
06 2,22
2,58
2,52 2,
64 2,81
3,07
2,94 3,
09
2,86
2,74
2,72
3,04
3,03
0,00
0,50
1,00
1,50
2,00
2,50
3,00
3,50
Cou
nter
feit
(%)
Date
UK£1CounterfeitCoinSurveys2002- 2014
Phase 1: programme governance
Coin handling equipment Manufacturers
Communications
Repatriation
Production
Supply ChainIndustry Readiness
Wholesale Cash
Project Management Office
Programme Board
Project Assurance Board
Phase 1: production
ü 1.4 billion new coins produced
ü Half of this produced ahead of launch
ü 1.2 billion coins issued in first 6 months
ThearchivesoftheParisMintandtheircontributiontofinancialhistoryDominiqueANTERION,ParisMinthistoricalcollectionscurator
L’HôteldelaMonnaie,HuilesurtoiledePierre-AntoineDemachy (1783)
MonnaiedeParis,Collectionshistoriques
“Inadditiontoitsscientificinterestitisworthconsideringthevariousstagesofaslownationalandinternationalmonetaryconstitution,inwhichtheresearcherisabletoapprehendtheentiretyofthemetalcurrencyinitsmodeofmanufacture,the
marketcircuitofhighfinance.Thesedocumentsrepresentonlyasmallpartofthephenomenonbutprovidelogisticalsupport,in
particular,tothesub-seriesZ1B(CourtofCurrencies)andthesub-seriesAF4(Finance)oftheArchivesofFrance,tothefundsofthecurrencieskeptattheNationalLibraryofFranceortheBankof
FranceorfundsofcoinsandtoolsoftheMintofParis,oreventothosemorerecentkeptintheArchivesMinistryofFinance“
AlainErlande-Brandenburg,DirectoroftheFrenchNationalArchives(1996)
OLDFUND(seriesAtoP)from1418to1944:
- administrativeorganizationofthedirectionofcoinsandmedals(seriesAtoD,M andN)- managementandresponsibilityofpersonnel(I andL)- workofartistsdraughtsmen,painters,sculptorsandengravers(G andP),experiments(E),themanufactureofcurrenciesandmedals(F toH,J andN)-presentationofmonetary"treasures"andvisitstotheMint(M)- monetarypolicy(K)anddisputesinthisarea(O).
MODERNANDCONTEMPORARYFUND(RDseriestoRT)1944to1996:
Itisareplicaofthethemesreportedinthefirstfund(RDtoRP),withtwoadditionalseriesdevotedtonationalandinternationalexhibitions(RS)andtheBulletinoftheFrenchMedalClub(RT).- so-calledprivatefunds(seriesS):acquisitionsordonations,fundssoldbyagentsofthisadministration,collectorsorartists.- manuscriptsandregistersofcorrespondences,minutesofcommissions,memoirs,treaties,etc.- folioformatsaredescribedintheX-series,the8-degreeand4-degreeformatsintheY-series.
Manufacturingandcurrentmoney:
- MonetaryContests(1903-1943):G-1toG-3- Monetaryfabrications,Frenchcolonies(1779-1926):H-1toH-2;foreignordersandauctions(1846-1954):H-3toH-26,(1945-1973):RH-1toRH-14;supplies,manufactures,domesticissuesofthePariscurrency(1882-1980):H-26toH-38;(1920-1992):RH-15toRH-41- Orders,strikesandemissionsforforeigncountries(1945-1973).- MonetaryConventionsandCirculationLegislation(1806-1922):K-1toK5; (1845-1980):RK1;- TheCommitteeonTheControlofMoneyCirculation:SurveysandStatistics,Debates,MeetingsandProjects(1880-1945):K-6toK-9;(1898-1972):RK-2toRK-6;- Nationalandinternationallawoncounterfeitcurrency(1762-1954):O-1toO-13;(1929-1970),aswellasspecificcasesofcounterfeitingandcrimes(1944-1992).
https://www.monnaiedeparis.fr/fr/expositions/exposition_temporaire/current
NEXTPARISMINTMUSEUMEXHIBITIONDec 2019>Feb 2020
NEXTPARISMINTMUSEUMEXHIBITIONApr 2020>Nov 2020
Hunting for Treasures, the Archives of the Mint of Mexico, the Provincial
Houses and the Mint of Guanajuato.
Alma Parra CamposDirección de Estudios Históricos, INAH
Minting History Workshop, Rothschild Archives29th October, 2019
CONDITIONS OF THE RECORDS AND CHARACTERISTICS
96 linear meters of
documents.
324 bundleswith 1500
pages eachas minimum.
7746 files
821 books/ledgers
and miscellaneous
loosedocuments.
Very littewas known about these
mints
Date, originand issuingdepartment
Only few of the bundles had some kind of identification
There weredocuments from the
Federal AssayOffices ,Custom
houses and documents of the
mint of Mexico City
Facsimile Memoria Casas de Moneda, from 1849 edition. Francisco Pradeau’s Numismatic History of Mexico
ORIGIN OF PROVINCIAL MINTS1. Transport of both specie and precious metals, back and forth to the
Mexico City Mint were harsh and expensive.
2. Interruption of routes due to climate conditions, banditry and
3. Rise in prices of coin production.
4. From the end of XVIII century wars in Europe took resources and
privileges away from mining, making transport and supplies dearer.
5. The 1810 War of Independence multiplies the crises and encourages the
establishment of local Mints in mining regions.
6. From 1821 legislation promotes foreign investment in mining and grants
concessions for operation of Mints in mining regions.
Dates comprising the documents found of each of the provincial houses
Mexico City and Federal AssayOffices
1731 -1961
Zacatecas 1810 -1905
Guanajuato 1825 -1900
Guadalajara 1792 -1895
Oaxaca 1859 -1905
Alamos 1876 -1895
Culiacán 1875 -1905
VALUE OF THE RECORDS OF PROVINCIAL MINTS
1. Indicate the degree of regional growth surrounding mining activities and the
federalization, that came along with the Independence from Spain.
2. Indicate the importance of those regions as a source of fiscal income, which they
wanted to retain as federal states. This modified the balance of power vs. central
authorities.
3. The presence of private capital in activities previously controlled by the
government. Very importantly Foreign Capital.
4. The development of a new type of enterprise, both industrially and in terms of
business organisation. Due to adoption of new technologies and the creation of
public enterprises vs. private enterprises as it happended in Zacatecas.
5. Opening of new lines of research and the search for additional sources.
Most important mining sites with British Investmentand new Mints
GuanajuatoZacatecasReal del MonteReal de Catorce
Zacatecas MintProduction, 1822-1890
0
2.000.000
4.000.000
6.000.000
8.000.000
10.000.000
12.000.000
14.000.000
16.000.000
Guanajuato MintProduction, 1824-1894
0
1.000.000
2.000.000
3.000.000
4.000.000
5.000.000
6.000.000
7.000.000
8.000.000
9.000.000
Source: Memoria sobre la Administración Pública del Estado de Guanajuato, 1895. Imprenta y Litografía de la Escuela Porfirio Díaz, Morelia, s/f. basada en cifras de acuñación.
Guadalajara MintProduction 1822-
1880 0
500000
1000000
1500000
2000000
2500000
1 3 5 7 9 11131517192123252729313335373941434547495153555759
Datenreihe1
Datenreihe2
Durango MintProduction, 1827-1880
0
500000
1000000
1500000
2000000
2500000
3000000
3500000
4000000
Datenreihe1
San Luis Potosí MintProduction 1827-1880
0
500000
1000000
1500000
2000000
2500000
3000000
3500000
4000000
Datenreihe1
Percentages ofproduction byregion 1824-1835
21%
42%
16%
6%
7%8%
México
Zacatecas
Guanajuato
Guadalajara
Percentages ofproduction byregión 1846- 1850 11%
27%
39%
4%
5%
8%
4% 3%
México ZacatecasGuanajuatoGuadalajaraDurangoSan Luis PotosíChihuahuaSonora & Sinaloa
Percentages ofproduction byregion 1861-1865
22%
26%
26%
2%
4%
12%
3% 6%Mexico
Zacatecas
Guanajuato
Guadalajara
Durango
San Luis Potosí
Chihuahua
Sonora & Sinaloa
Part 2. The Guanajuato Mint
• Based on an ongoing study about the biggest family enterprise from the late 18th
Century to the late 19th.
• Need to explain its role as the main producer of silver in the late 18th Century and again in the mid- 19th
Guanajuato Mint central to this research.
The Anglo Mexican Company obtained a concession from the Government of Guanajuato to erect, furbish and produce coins. This Company had already contracts to exploit the most important mines in Guanajuato.
Main obstacle… the most incomplete records found at the Mexico Mint were those of the Guanajuato Mint with only 13 boxes copies of the contracts with Anglo Mexican Mining Company and a few files with correspondence with Mexican authorities.Search for new sources.
1. Company Reports
2. Travellers and Consular Reports
3. Cornwall Record Office, Harvey’s Collection
4. National Archives Kew
5.Boulton & Watt Archives
6.Notary Archives, Mexico
7. National Archives, Mexico
8. Notary Archives, Guanajuato
9. Millington Collection, University of Virginia
First contact.
Barclay, Herring y Richardson bankers for theAnglo Mexican, gave the first loans to theMexican government after independence.
Although they also embarked in the “MéxicanMint” they withdrew from that Project.
Administrative structure Anglo MexicanMining Association
LondonuBoard of DirectorsuPresidentuDeputy Presidentu10 CommisionersuAuditorsuBankersuLawyers
Mexicou An agent in Veracruzu An agent in Mexico Cityu Two commissioners in
Guanajuato (originally) tocoordinate productive activitiesin:
Mines Refining activities Minting
London
Veracruz
Mine Captains
Mexico City
Refining Haciendas Managers
Minting administration
Guanajuato
Mexico agentsRobert Staples & Co.
Comissioners 1824-1831
uWilliam Dollar
uWilliam Williamson
uEdward Hurry
u William Jones
uJohn Millington
Guanajuato
Veracruz agentJoseph Welsh
Contracts with Anglo Mexican
u First. 1825 William Williamson signed the first contract with Carlos Montes de Oca Governor of the State of Guanajuato including 21 articles for its operation.
u Started operations until 1828 due to problems between Government requirements and actual Mushet Plan for the Mint factory.
u Renewed contracts in 1842 and 1846
ANGLO MEXICAN FROM MINING TO MINTING
1
1827/29 started relinquishing contracts with the previous mine owners and focused on Minting, a more profitable venue.
2
They received the bulk of Guanajuato mines production.
3
Set the pace of a profitable business which would benefit from one of the most important mining bonanzas in the 1840s and 1850s. Mine of la Luz
4
Although they could not foresee mining discoveries, they had already laid the legal base and the physical infrastructure to gain from the 1840s&50s bonanza
5
The Guanajuato Mint business reveals also a great deal of information regarding the relationships between Mexican and British entrepreneurs.
List of tools and replacements for the machinery for the Guanajuato Mint, 1826. (Millington Archives and Boulton &Watt Collection)