Warden of the Mint
Encyclopedia
The Warden of the Mint was in principle the highest ranking officer of the Royal Mint
of Great Britain
, having oversight over its operations and physical plant by virtue of a royal warrant
. The office received a yearly emolument of £500. Technically subordinate to the Warden was the Master of the Mint
. The Master was, in fact, the general contractor for the minting process, delegating the actual production to his subcontractors. The Master's yearly salary of £400 might be augmented to a figure of three to five times that amount, benefiting by the markup he imposed on the coinage actually produced by his subcontractors.
The most illustrious holder of the office of Warden of the Mint was Isaac Newton
, who was warranted to this position on the recommendation of his friend, Montagu
, Chancellor of the Exchequer
in 1698. In 1697 however, Newton undertook the office of Master, which was far more lucrative, as well as potentially more technically challenging. Later the office of Master was subsumed by that of the Chancellor of the Exchequer
; the evolution of that of Warden is less clear. It is also unclear whether Newton was allowed to hold both offices at the same time.
Royal Mint
The Royal Mint is the body permitted to manufacture, or mint, coins in the United Kingdom. The Mint originated over 1,100 years ago, but since 2009 it operates as Royal Mint Ltd, a company which has an exclusive contract with HM Treasury to supply all coinage for the UK...
of Great Britain
Great Britain
Great Britain or Britain is an island situated to the northwest of Continental Europe. It is the ninth largest island in the world, and the largest European island, as well as the largest of the British Isles...
, having oversight over its operations and physical plant by virtue of a royal warrant
Warrant (law)
Most often, the term warrant refers to a specific type of authorization; a writ issued by a competent officer, usually a judge or magistrate, which permits an otherwise illegal act that would violate individual rights and affords the person executing the writ protection from damages if the act is...
. The office received a yearly emolument of £500. Technically subordinate to the Warden was the Master of the Mint
Master of the Mint
Master of the Mint was an important office in the governments of Scotland and England, and later Great Britain, between the 16th and 19th centuries. The Master was the highest officer in the Royal Mint. Until 1699, appointment was usually for life. Its holder occasionally sat in the cabinet...
. The Master was, in fact, the general contractor for the minting process, delegating the actual production to his subcontractors. The Master's yearly salary of £400 might be augmented to a figure of three to five times that amount, benefiting by the markup he imposed on the coinage actually produced by his subcontractors.
The most illustrious holder of the office of Warden of the Mint was Isaac Newton
Isaac Newton's later life
During his residence in London, Newton had made the acquaintance of John Locke. Locke had taken a very great interest in the new theories of the Principia...
, who was warranted to this position on the recommendation of his friend, Montagu
Charles Montagu, 1st Earl of Halifax
Charles Montagu, 1st Earl of Halifax, KG, PC, FRS was an English poet and statesman.-Early life:Charles Montagu was born in Horton, Northamptonshire, the son of George Montagu, fifth son of 1st Earl of Manchester...
, Chancellor of the Exchequer
Chancellor of the Exchequer
The Chancellor of the Exchequer is the title held by the British Cabinet minister who is responsible for all economic and financial matters. Often simply called the Chancellor, the office-holder controls HM Treasury and plays a role akin to the posts of Minister of Finance or Secretary of the...
in 1698. In 1697 however, Newton undertook the office of Master, which was far more lucrative, as well as potentially more technically challenging. Later the office of Master was subsumed by that of the Chancellor of the Exchequer
Chancellor of the Exchequer
The Chancellor of the Exchequer is the title held by the British Cabinet minister who is responsible for all economic and financial matters. Often simply called the Chancellor, the office-holder controls HM Treasury and plays a role akin to the posts of Minister of Finance or Secretary of the...
; the evolution of that of Warden is less clear. It is also unclear whether Newton was allowed to hold both offices at the same time.