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[Page 9]
There is no precedent for the Issue of a Coinage of Silver for any of the Colonies or dependencies of the United Kingdom
The benefits of Issuing the Precious metals in the form of Coin in itself sufficiently delicate is now more difficult than Ever on account of the extreme fluctuation in their Prices which has of late years taken place & seems at Present likely to Continue
under these Circumstances their Lordships Commee recommend the Issue of a Silver Coin at the Value of ninepence for the use of the Garrison at Gibraltar as is Proposd in the Correspondence laid before them by order of the Lords of the Treasury
If however it is thought an Object of importance to Pay the Soldiers in that Garrison for work done by them in a manner different from that in which they Receive their usual Pay, their Lordships see no Objection to the Coinage of a Copper Token or Coins of the value of the difference between # 2¾ Reals & 2 Reals which they Conclude to be the daily Pay of the Labor of a British Soldier being ¼ of a Real which at the Rate of nine British Pence the value of the Proposed New Coin to Two Reals will be one penny & half a farthing
if the Commander in chief thinks that they a diminution of half a farthing will not be in the daily pay of a Soldier will not be felt by him or rather if a Penny English may with propriety be considerdf at Gibraltar as was the a penny half farthing on the same principle as the Real which in Spain is valued at [space] in Gibraltar at [space] the Sending out of Penny Peices of which a small number will suffice may answer all the desird Purposes