He had previously consulted Newton upon the subject of the recoinage, and on the opportunity occurring he appointed Newton to the post of warden of the mint.
In return, the Mint receives at its nominal value for recoinage the worn gold and silver coin which is withdrawn from circulation by the Bank of England and some other banks.
In spite of the cost of this recoinage, however, the profit on the issue of new silver and bronze usually exceeds in each year the total expenditure of the Mint.
But in general his domestic policy was not very fortunate, and he can hardly claim any personal credit for the reassessment of the land-tax (1692), the creation of the national debt or the recoinage act (1693-1695).
WINDOW TAX, a tax first levied in England in the year 1697 for the purpose of defraying the expenses and making up the deficiency arising from clipped and defaced coin in the recoinage of silver during the reign of William III.