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² The first was his Essay Concerning Human Understanding (1690), the second his Thoughts Concerning Education (1693), which were initially published anonymously but carried his name by the third edition in 1695.

³ While the procedural implementation of the recoinage deviated in a number of ways from Locke's advice, his insistence on a recoinage without devaluation succeeded.

⁴ Locke's monetary thought, I argue below, thus constitutes an important exception to Duncan Bell's otherwise apt observation that Locke's political thought largely failed to excite prior to its mid-twentieth-century liberal refashioning.

⁵ As the historian Albert Feavearyear summarized in 1931, Locke's monetary opinion “has been looked back to ever since as a sterling example to be kept in mind at any time when there may be a temptation to alter the standard of the Mint.” Feavearyear, Albert, The Pound Sterling: A History of English Money (Oxford, 1931), 135Google Scholar.

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⁸ Marx, Karl, Capital, vol. 1, trans. Fowkes, Ben (London, 1976), 126Google Scholar n. 4.

⁹ By 1824, in its twelfth edition, the fourth volume contained first the three coinage essays and only then the Two Treatises. Locke, John, Works of John Locke in Nine Volumes, 12th edn (London, 1824)Google Scholar.

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¹¹ Appleby, Joyce Oldham, Economic Thought and Ideology in Seventeenth Century England (Princeton, 1978), 203Google Scholar.

¹² Appleby, “Locke, Liberalism and the Natural Law of Money,” 73.

¹³ For a powerful critique of Appleby's reading see Carey, Daniel, “John Locke, Money, and Credit,” in Carey, Daniel and Finlay, Christopher J., eds., The Empire of Credit: The Financial Revolution in the British Atlantic World, 1688–1815 (Dublin, 2011), 25–51Google Scholar.

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¹⁷ To protect money against political meddling, Locke called on the state to enforce an arbitrary standard that would remain fixed and at least not nominally fluctuate with silver's world market price. As Appleby herself noted, “by insisting that gold and silver alone were money, Locke not only dismissed the power of civil authority to create value, he also avoided consideration of that value which came from utility and which fluctuated with demand.” Appleby, “Locke, Liberalism and the Natural Law of Money,” 66–7.

¹⁸ Dunn, John, “The Concept of ‘Trust’ in the Politics of John Locke,” in Rorty, Richard, Schneewind, Jerome B., and Skinner, Quentin, eds., Philosophy in History: Essays in the Historiography of Philosophy (Cambridge, 1984), 279–301CrossRefGoogle Scholar; Nacol, Emily, “The Risks of Political Authority: Trust, Knowledge and Political Agency in Locke's Second Treatise,” Political Studies Review 59/3 (2011), 580–95CrossRefGoogle Scholar; Schröder, Peter, “Fidem Observandam Esse: Trust and Fear in Hobbes and Locke,” in Kontler, Laszlo and Somos, Mark, eds., Trust and Happiness in the History of European Political Thought (Leiden, 2017), 99–117CrossRefGoogle Scholar.

¹⁹ Jeremy Waldron in particular has drawn attention to Locke's “paradoxical combination of legislative supremacy and legislative constraint.” Waldron, Jeremy, Political Political Theory (Cambridge, MA, 2016), 20CrossRefGoogle Scholar.

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²⁵ The new milled coins were resistant to clipping thanks to their edges being inscribed with a motto (decus et tutamen, “an ornament and a safeguard”) taken from Virgil's Aeneid (Book V, line 262) that can still be found on one-pound coins to this day.

²⁶ Locke himself adamantly refused to accept clipped coins, rejecting them as not “the lawfull coin” of England. Locke, John, The Correspondence of John Locke, ed. E. S. De Beer, 8 vols. (Oxford, 1979–89), 5: letter 1908, 381Google Scholar.

²⁷ Dwyryd Jones goes as far as describing clipping as a “lucky circumstance” and “salvation that allowed England to hang on for longer it otherwise would have been able to.” Jones, Dwyryd W., War and Economy: In the Age of William III and Marlborough (New York, 1988), 247–8Google Scholar.

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²⁹ Pincus, Steven, 1688: The First Modern Revolution (New Haven, 2009), 438Google Scholar, 608 n. 3.

³⁰ John Locke to William Molyneux, 30 March 1696, Correspondence of John Locke, 5: letter 2059, 594.

³¹ Evelyn, John, Numismata: A Discourse of Medals, Antient and Modern (London, 1697), 221–3Google Scholar.

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³³ Ibid., 1. See also Bowen, H. V., War and British Society 1688–1815 (Cambridge, 1998)CrossRefGoogle Scholar, as well as the excellent Jones, War and Economy.

³⁴ Kelly, Patrick Hyde, “General Introduction,” in Kelly, , ed., Locke on Money, 2 vols. (Oxford, 1991), 1: 1–106, at 39.Google Scholar

³⁵ Bowen, War and British Society, 13; Jones, War and Economy, 19.

³⁶ As Childs puts it starkly, “William could not acquire enough hard cash to pay his British troops and the foreign contingents funded by the English Treasury, nor could he meet the demands of the various bread, waggon and forage contractors.” Childs, Nine Years’ War, 305–6.

³⁷ Ibid., 268–9.

³⁸ Ibid., 297. Li, Ming-Hsun, The Great Recoinage of 1696 to 1699 (London, 1963), 58Google Scholar. See also Levenson, Thomas, Newton and the Counterfeiter (London, 2010), 115Google Scholar.

³⁹ “The King's Speech Reported” (26 Nov. 1695), in Journal of the House of Commons, vol. 11, 339. As partially quoted in Levenson, Newton and the Counterfeiter, 116.

⁴⁰ “The King's Speech,” 339.

⁴¹ Ibid., 339.

⁴² For the historiography of the Coinage Crisis, see Feavearyear, The Pound Sterling; Horsefield, J. Keith, British Monetary Experiments, 1650–1710 (Cambridge, MA, 1960)Google Scholar; Li, The Great Recoinage; Dickson, G. M., The Financial Revolution in England: A Study in the Development of Public Credit, 1688–1756 (London, 1967)Google Scholar; Mara Caden, Mint Conditions: The Politics and Geography of Money in Britain and its Empire, 1690–1750 (forthcoming).

⁴³ For a discussion of the different factions concerning the timing of recoinage see Li, The Great Recoinage, 65.

⁴⁴ [Locke], Short Observations on a Printed Paper. Intituled, For Encouraging the Coining Silver Money in England, and after for keeping it here (London, 1695). Reprinted in Kelly, Locke on Money, 2: 345–59. John Freke and Edward Clarke to Locke, 28 Feb. 1695, Correspondence of John Locke, 5: letter 1853, 278; Woolhouse, Roger, Locke: A Biography (Cambridge, 2007), 322Google Scholar, 355.

⁴⁵ John Locke, “Propositions Sent to the Lords Justices,” in Kelly, Locke on Money, 2: 374–80. While Locke was giving advice and writing pamphlets he still moved outside the public eye—pleading with his correspondents to keep his name out of it. “But, pray, whatever use you make of it, conceal my name.” Locke to William Molyneux, 20 November 1695, Correspondence of John Locke, 5: letter 1966, 464.

⁴⁶ Lowndes, William, A Report Containing An Essay for the Amendment of the Silver Coins (London, 1695)Google Scholar.

⁴⁷ While Lowndes was right that raising the coin had been a widespread policy for hundreds of years across all of Europe, the English standard (as well as, interestingly, the Dutch one) had not been raised for decades, though at least in the English case largely due to political weakness and instability. Braudel, Fernand, Civilization and Capitalism, vol. 1 (Berkeley, 1992), 458Google Scholar.

⁴⁸ Desan, Making Money, 267–74.

⁴⁹ Lowndes, Report, 56.

⁵⁰ In March 1695, this would have meant a devaluation of around 9 percent, but as the gap between the price of silver and the nominal value of coins widened the adjustment necessary to restore parity rose with it. By September 1695, Lowndes recommended a nominal raise of 20 percent. Lowndes, Essay for the Amendment of the Silver Coins, 123. Carey, “Locke's Philosophy of Money,” 58.

⁵¹ Locke, John, Further Considerations Concerning Raising the Value of Money. Wherein Mr. Lowndes's Argument for it in his late Report concerning An Essay for the Amendment of the Silver Coins, are particularly Examined (London, 1695)Google Scholar. A second edition with corrections appeared already on 9 January 1696. Locke later added his two earlier anonymous pamphlets from 1692 and January 1695 and published the volume as Several papers relating to money, interest and trade, &c. Writ upon several occasions, and published at different times. By John Locke Esq (London, 1696).

⁵² Pincus, 1688, 460; Carey, “John Locke, Money, and Credit,” 45.

⁵³ Barbon, Nicholas, A Discourse Concerning Coining the New Money Lighter. in answer to Mr. Lock's Considerations about raising the value of money (London, 1696), 1Google Scholar.

⁵⁴ Ibid., 96.

⁵⁵ Ibid., 92.

⁵⁶ Usher, Abbott Payson, “Introduction,” in Usher, , ed., Two Manuscripts by Charles Davenant (Baltimore, 1942), iii–x, at viGoogle Scholar.

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⁵⁸ Christopher Wren, “Proposal,” in Li, The Great Recoinage, 183–94, at 183.

⁵⁹ Ibid., 183.

⁶⁰ Charles Davenant, “A memoriall concerning Creditt” (1696), in Usher, Two Manuscripts by Charles Davenant, 67–108. Crucially, however, Davenant embraced the possibilities of credit money more fully than Locke ever did. See Carey, “John Locke, Money, and Credit,” 42–4; Li, The Great Recoinage, 63.

⁶¹ Isaac Newton, “Concerning the Amendment of English Coins,” in Li, The Great Recoinage, 217–23.

⁶² Ibid., 217.

⁶³ Ibid., 222.

⁶⁴ A collection of the monetary views of Locke's contemporaries can be found as an appendix to Li, The Great Recoinage, 182–239. See also McCulloch, John Ramsay, ed., A Select Collection of Scarce and Valuable Tracts on Money (London, 1856)Google Scholar.

⁶⁵ Locke's library included five works by Petty and in his papers can be found two further unpublished papers by Petty. Kelly, “General Introduction,” 97.

⁶⁶ Petty, William, “Quantulumcunque concerning Money,” in The Economic Writings of William Petty, ed. Hull, Charles Henry, vol. 2 (Cambridge, 1899), 437–48Google Scholar.

⁶⁷ Ibid., 440. Question 14 equally resembled Locke's position: “Why hath Money been raised, or retrencht, or imbased by many wise States, and so often? Answ. When any State doth these things, they are like Bankrupt Merchants.” Ibid., 443.

⁶⁸ Li, The Great Recoinage, 81–2.

⁶⁹ Ibid., 82.

⁷⁰ John Locke, “Some of the Consequences that are likely to follow upon lessening of interest to 4 per cent,” in Kelly, Locke on Money, 1: 167–202.

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⁷² Ibid., 172.

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⁷⁵ At the same time as Locke made his first serious foray into questions of money he was tasked by Ashley with writing The Fundamental Constitutions of Carolina. Armitage, David, “John Locke, Carolina, and the Two Treatises of Government,” Political Theory 32/5 (2004), 602–27CrossRefGoogle Scholar. Locke even prepared a new decimal currency for the colony based on the sterling penny. Kelly, “General Introduction,” 5.

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⁷⁸ Pufendorf, Samuel, On the Duty of Man and Citizen according to Natural Law (1673), ed. Tully, James, trans. Silverthorne, Michael (Cambridge, 1991)CrossRefGoogle Scholar, Book 1, chap. 14, 96.

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⁸⁶ Ibid., para. 49. On this see also Tully, James, “Aboriginal Property and Western Theory: Recovering a Middle Ground,” Social Philosophy and Policy 11/2 (1994), 153–80CrossRefGoogle Scholar; and Ince, Onur Ulas, Colonial Capitalism and the Dilemmas of Liberalism (Oxford, 2018), 38–73Google Scholar.

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⁸⁹ Arneil, Barbara, John Locke and America: The Defence of English Colonialism (Oxford, 1996), 145CrossRefGoogle Scholar.

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⁹² Ibid., para. 184.

⁹³ Locke, “Propositions Sent to the Lords Justices,” 374.

⁹⁴ For this link between Locke's philosophies of money and his account of language in the Essay, I here draw on the work of Caffentzis, Clipped Coins, 77–123; and Carey, “Locke's Philosophy of Money,” 74–81. Both insist, rightly I think, on crucial parallels between Locke's discussion of language and money, though I diverge from them in the way I reconstruct Locke's drawing of a disanalogy between metal money and words.

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⁹⁷ Ibid., 3.10.12.

⁹⁸ Dawson, Hannah, “Locke on Language in (Civil) Society,” History of Political Thought 26/3 (2005), 397–425Google Scholar, at 402; See also Dawson, Locke, Language and Early-Modern Philosophy, 286–9.

⁹⁹ Dawson, Locke, Language and Early-Modern Philosophy, 289.

¹⁰⁰ Locke, Essay, 3.5.3.

¹⁰¹ Ibid., 3.9.11.

¹⁰² Caffentzis, Clipped Coins, 78.

¹⁰³ Dawson, Locke, Language and Early-Modern Philosophy, 289. The opacity of language and its constitutive reliance on the precarious semantic malleability of mixed modes could at best be contained by clarity and consistency. Locke, Essay, 3.9.8 and 3.11.8–9.

¹⁰⁴ Locke, “Some of the Consequences,” 172–3.

¹⁰⁵ Fool's gold could now be revealed as such in the laboratories that both Locke and Newton operated. Newman, William R., Atoms and Alchemy: Chymistry and the Experimental Origins of the Scientific Revolution (Chicago, 2006)CrossRefGoogle Scholar; Anstey, Peter R., John Locke and Natural Philosophy (Oxford, 2011), 176–7CrossRefGoogle Scholar.

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¹⁰⁷ Locke, “Some Considerations,” 213.

¹⁰⁸ Ibid., 214.

¹⁰⁹ Locke, “Further Considerations,” 416.

¹¹⁰ All creditors, Locke explained, would be “defrauded” by 20 percent of their loans. This was particularly tragic for those who had entrusted their savings to the postrevolutionary Whig state, for example by investing in the Million Lottery. Locke, “Further Considerations,” 417. That recoinage at the old rate would at the same time violate the property of debtors who had contracted their debt in clipped coins was initially not mentioned by Locke—though he added a minor concession in later printings. Locke, “Further Considerations,” 477.

¹¹¹ Feavearyear, The Pound Sterling, 124.

¹¹² Locke's pamphlet was “mightyly Commended at Courtt.” Martha Lockhart to Locke, 4 Jan. 1696, cited in Kelly, “General Introduction,” 37.

¹¹³ Newton was promoted from warden to master of the Mint in 1700, a post he held until the end of his life in 1727. For an account of the importance of capital punishment in defending the post-Recoinage monetary system, see Wennerlind, Carl, Casualties of Credit: The English Financial Revolution, 1620–1720 (Cambridge, MA, 2011), 123–57CrossRefGoogle Scholar. On Newton's initially reluctant but then meticulously earnest and devastatingly effective pursuit of counterfeiters see Levenson, Newton and the Counterfeiter, 107–44.

¹¹⁴ Carey, “Locke's philosophy of money,” 57 n. 3.

¹¹⁵ Reading Locke on coinage, Schumpeter remarked, a “sorry picture unfolds itself before the eyes.” Schumpeter, Joseph A., History of Economic Analysis, ed. Schumpeter, Elizabeth Boody (New York, 1954), 117Google Scholar. Sargent and Velde declare Locke's monetary advice an “embarrassment” to the discipline of economics. Sargent, Thomas J. and Velde, François R., The Big Problem of Small Change (Princeton, 2002), 288CrossRefGoogle Scholar.

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¹²⁴ Locke, “Some Considerations,” 213. The circulation of clipped coins had to be stopped, Locke wrote, “or else we are undon.” “Its continuance will unevitably ruin the nation.” Locke to Cornelius Lyde, 24 April 1696, in Correspondence of John Locke, 5: letter 2072, 616.

¹²⁵ Dunn, John, “Trust,” in Dunn, The History of Political Theory and other Essays (Cambridge, 1995), 91–9CrossRefGoogle Scholar. Dunn, Locke: A Very Short Introduction (Oxford, 2003), 64. On the broader significance of trust see also Dunn, “Toleration, Trust and the Travails of Living Together Globally,” in Laszlo Kontler and Mark Somos, eds., Trust and Happiness in the History of European Political Thought (Leiden, 2017), 19–32, at 30-2.

¹²⁶ “That Men should keep the Compacts, is certainly a great and undeniable Rule of Morality.” Locke, Essay, 1.3.5.

¹²⁷ Locke, Second Treatise, para. 128.

¹²⁸ Locke, John, Essays on the Law of Nature: The Latin Text with a Translation, Introduction and Notes, ed. Leyden, Wolfgang von (Oxford, 1954), 118–19Google Scholar; Locke, A Letter Concerning Toleration: Latin and English Texts Revised and Edited with Variants and an Introduction, ed. Mario Montuori (The Hague, 1963), 92. Locke thus reinterpreted the concept of the vinculum of the Church in terms of civic trust. See Bejan, Teresa, Mere Civility (Cambridge, MA, 2017), 112–43CrossRefGoogle Scholar; Bejan, Teresa, “John Locke on Toleration, (In)civility, and the Quest for Concord,” History of Political Thought 37/3 (2016), 556–87Google Scholar. This meant in turn that the untrustworthy had to be excluded from religious toleration. In particular atheists posed a profound danger according to Locke. See Locke, A Letter Concerning Toleration, 52–3.

¹²⁹ Locke, A Letter Concerning Toleration, 12.

¹³⁰ Locke, “Some Considerations,” 329.

¹³¹ Locke, “Further Considerations,” 415.

¹³² Locke, “Some Considerations,” 312.

¹³³ Laski, Harold J., Political Thought in England from Locke to Bentham (New York and London, 1920)Google Scholar; Macpherson, Crawford Brough, The Political Theory of Possessive Individualism: Hobbes to Locke (Oxford, 1964)Google Scholar; Appleby, “Locke, Liberalism and the Natural Law of Money.”

¹³⁴ Macpherson, The Political Theory of Possessive Individualism, 206.

¹³⁵ Desan, Making Money, 345, 73. Felix Martin has similarly credited—or rather charged—Locke with having effected “a complete reversal of perspective” that single-handedly displaced more than a millennium of monetary wisdom. Martin, Felix, Money: The Unauthorised Biography (London, 2014), 129–30Google Scholar. See also Sartori, Andrew, Liberalism in Empire: An Alternative History (Oakland, 2014), 7–11Google Scholar.

¹³⁶ On the significance of public debt for eighteenth-century political thought see Sonenscher, Before the Deluge, 1–21.

¹³⁷ This ambivalence toward credit is well captured by his attitude toward the Bank of England. When the bank was founded in 1694, Locke's response betrayed a characteristic double play. While he became one of its founding investors in June 1694 by investing five hundred pounds, he refused to lend the bank his voice. Bank of England Archive, 10A20/1.

¹³⁸ James Hodges to Locke, 8 Feb. 1697, Correspondence of John Locke, 5: letter 2194, 777.

¹³⁹ Locke, “Further Considerations,” 403–4.

¹⁴⁰ Smith, Adam, “Early Draft of the Wealth of Nations,” in Smith, , Lectures on Jurisprudence, ed. Meek, R. L., Raphael, D. D., and Stein, P. G. (Oxford, 1978), 502Google Scholar [LJ (B) 242]; 101 [LJ(A)81]; Smith, An Inquiry into the Nature and Causes of the Wealth of Nations, ed. R. H. Campbell and A. S. Skinner (Oxford, 1976), 43–4 [I.iv.11] and 929–32 [V.iii.59–64].

¹⁴¹ Smith, “Early Draft of the Wealth of Nations,” 370 [LJ (A) vi, 106].