Isaac Newton’s Hidden Ties to Slavery and Wealth Revealed in New Book

Sir Isaac Newton, known for his theory of gravity, had significant financial ties to the transatlantic trade in enslaved people, according to a new book called Ricardo’s Dream. This book examines David Ricardo, a contemporary of Newton, who was a leading economic thinker and the richest stock trader of his time.

During Newton’s 30 years as master of the mint at the Bank of England, he profited from gold largely obtained from enslaved Africans in Brazil. As master, he earned a fee for every coin minted. The author, Nat Dyer, points to evidence showing that Newton benefited from this gold during his time at the bank. Despite financial losses in the stock market crash, Newton died wealthy, with much of his wealth linked to the transatlantic slave trade.

The book highlights how the gold came to the Bank of England mainly through trade with Portugal, which had extensive gold mining operations in Brazil. British merchants trading in Lisbon were paid in gold, much of which was transformed into currency at the bank. Before joining the bank, Newton earned £100 a year as a professor at Cambridge. By 1702, his salary increased to nearly £3,500 a year. Upon his death, he owned valuable items, including sterling silver chamber pots.

The book states that England minted about £14 million in gold during Newton’s time at the mint, significantly more than the previous 136 years combined. Newton’s correspondence confirms that the gold came from the West Indies, as noted in a letter he wrote in 1701.

Dyer emphasizes that Newton was central to this gold rush, gaining wealth as more gold entered the mint. He believes this new understanding of Newton’s finances does not diminish his contributions to science but shows that even great thinkers were part of their historical contexts.

Historian Prof. Leonardo Marques noted that the link between Newton’s wealth and the slave trade is not surprising, as many financial actors in 18th-century Britain were connected to slavery. Dr. Patricia Fara, an expert on Newton, previously discussed his ties to the East India Company and his investments in slave-trading ventures. She argues that we cannot judge historical figures by modern moral standards.

Overall, this exploration of Newton’s financial history reveals the intertwined nature of science, finance, and the impacts of slavery in the 18th century.