Note 30 — Chapter V

"The clumsy, shapeless coinage, both of gold and silver, called in Mexico máquina de papa, lote y cruz ("windmill and cross-money"), and in this country by the briefer appellation of "cobs." These were of the lawful standards, or nearly so, but scarcely deserved the name of coin, being rather lumps of bullion flattened and impressed by a hammer, the edge presenting every variety of form except that of a circle, and affording ample scope for the practice of clipping: notwithstanding they are generally found, even to this day, within a few grains of lawful weight. They are generally about a century old, but some are dated as late as 1770. They are distinguished by a large cross, of which the four arms are equal in length, and loaded at the ends. The date generally omits the thousandth place; so that 736, for example, is to be read 1736. The letters PLVS VLTRA (plus ultra) are crowded in without attention to order. These coins were formerly brought here in large quantities for recoinage, but have now become scarce."—William E. Dubois, United States Mint.

I think the name of "cob" was applied to money earlier than the date given by Mr. Dubois. Its derivation is uncertain, but was probably either "lump," or from the Welsh, for "thump," i. e., struck money.