Mint of the United States,
Philadelphia, September 29th, 1869.
I have the honor to submit the following Report of the operations of the Mint and Branches for the fiscal year ending June 30, 1869. The deposits of bullion at the Mint and Branches during the fiscal year were as follows: Gold, §31,463,249.76; Silver, $1,790,453.49; total deposits, $33,253,703.25.
From this total a deduction must be made for the bullion re-deposited,
or bars made at one Branch of the Mint and re-deposited in another for
coinage. Deducting the re-deposits, the amount will be
The coinage for the same period was as follows: Gold coin, pieces, 1,181,302; value, $21,828,637.50; unparted and fine gold bars, $10,199,328.53; silver coin, pieces, 1,702,616; value, $840,746.50; silver bars, $734,190.67; nickel-copper and bronze coinage, pieces, 33,782,750; value, $1,279,055.00. Total number of pieces struck, 36,666,668; total value of coinage, $34,881,958.20.
The distribution of the bullion received at the Mint and Branches, was as follows:
At Philadelphia, gold deposited, $3,681,960.34; gold coined, $3,178,637.50; fine gold bars, $130,141.91; silver deposited and purchased, $503,840.89; silver coined, $434,746.50; silver bars, $92,090.12; nickel copper and bronze coinage, value, $1,279,055.00. Total deposits of gold and silver, $4,185,801.23; total coinage, $5,114,671.03; total number of pieces, 34,660,168.
At the Branch Mint, San Francisco, the gold deposits were $17,717,393.81; gold coined, $18,650,000.00; silver deposits and purchases, $352,344.74; silver coined, $406,000.00. Total deposits and purchases, $18,069,738.55; total coinage, $19,056,000.00; total number of pieces, 2,006,500.
The Assay Office in New York received during the year in gold bullion, $9,265,168.83; silver bullion, including purchases, $879,439.23. Total value received, $10,144,608.06; number of fine gold bars stamped, 6,721; value, $9,221,914.30; silver bars, 5,764; value, $642,100.55; total value of gold and silver bars stamped, $9,864,014.85.
At the Branch Mint, Denver, Colorado, the deposits for unparted bars were, gold, $795,566.38; silver, $54,828.63; total deposits, $850,395.01. The deposits at this Branch for the fiscal year ending June 30, 1868, were $363,017.78; showing an increase of $487,377.23.
Prior to and since the recent Act of Congress changing this Branch from a Mint to an Assay Office, it has been engaged in melting, assaying and stamping gold and silver bullion, returning the same to the depositors in the form of unparted bars, bearing the Government stamp of weight and fineness. As an Assay Office it will meet all the demands of the miner, and promote as effectually the mining interests of the region as a Mint for coinage could possibly do. The policy of the Government in relation to the development of the mineral wealth of our country should be liberal and generous. Every encouragement should be given, and aid afforded to promote the discovery and increase the production of the precious metals.
But all this can be accomplished without the multiplication of Branch Mints. Assay Offices — the assumption of the risk of transporting bullion from tbe place of deposit to the place of coinage, and paying for bullion deposited by specie drafts on the United States Treasurers in the Atlantic States — furnishing facilities for transportation, and multiplying railroads are some of the means and appliances by which the Government can unlock the untold wealth of our nation, stimulate our enterprize, and add to our national resources and greatness.
At the Branch Mint, Charlotte, North Carolina, the deposits have been very limited, but are increasing. It is now in operation as an Assay Office; deposits being received, assayed and returned to depositors in the form of unparted bars. The deposits for unparted bars were, gold, $3,160.40.
The Branch Mints at Dahlonega, Georgia, and at New Orleans, Louisiana, have not been in operation since the close of the rebellion. No necessity now exists for their continuance, either as Assay Offices or as Branch Mints.
My views on the subject of Assay Offices and the impolicy of multiplying Branch Mints, have been often expressed in previous reports, and to those you are respectfully referred. The remarks of my immediate predecessor on this subject in his last annual report, I fully approve.
The Branch Mint at Carson City, Nevada, is rapidly approaching completion. The machinery is nearly all in place, and operations will soon be commenced. Orders were issued to complete and put in operation as promptly as possible the Assay Department. This will be done. The Superintendent of this Branch reports that they will be ready to open early in September; and this will probably be the case so far as the general operations are concerned; but the more complicated details in reference to the furnaces, assay apparatus, etc., will require some weeks longer.
From the peculiar character of the bullion that will be deposited for fine bars or coinage, the operative officers of this Branch should be practical, experienced and scientific men. The deposits will be generally of mixed bullion, with a gold fineness of two and one-half to forty thousandeths; silver, 940 to 960, and a small per centage of base metals, lead, etc. This bullion, whether deposited for fine bars or coinage, must be refined, or refined and parted, according to the condition of the deposit. It does not seem likely that much, if any, parting will be done at Carson. The bars of mixed bullion being officially stamped with both gold and silver proportions, will be as saleable in that form as if they were parted. Quotations are constantly made in the London market of silver bars containing gold, and selling accordingly. The operations of this Branch will, in all probability, culminate in commercial bars, as coin already abounds in that region so extensively that their papers express alarm as to the prospect of a redundancy. Practically it will be much more an Assay Office than a Mint, and as such, fully meet the wants of the district. The power to make coin may be of occasional benefit; perhaps, in the future, of much advantage.
Instructions relative to the transaction of business at the Branch Mint at Carson, approved by the Secretary of the Treasury, have been prepared and forwarded to the Superintendent of that Branch. Under the supervision of skilled and experienced men — with an honest and energetic administration of its affairs, this Branch may fully meet the expectations of its friends, and greatly promote the general prosperity of that interesting portion of our country.
I regret that I am not able to report progress in the erection of the new Branch Mint building at San Francisco. It should be commenced at once and prosecuted, without further delay, to final completion. In my report for 1866 in reference to this subject, I said “I cannot too earnestly urge upon the Government the importance of erecting a new Mint building at San Francisco. The present building is not only wholly unfitted for the large and increasing business of that Branch Mint, but unsafe, and unworthy the great mineral wealth of the Pacific States. The appropriation made by Congress should be applied at once to the erection of a building, which in architecture, size, capacity, machinery and every useful and modern appliance, should be equal to the present and future of California.” Time has strengthened my convictions of the importance of the improvement then suggested, and I repeat, unhesitatingly, the recommendation of 1866.
The redemption of the nickel-copper cents was continued during the fiscal year, payment being made therefor in the three and five cent nickel coins. The amount thus redeemed by exchange, was, in pounds, 103,536; value, $101,465.25. The redemption for the year ending June 30, 1868, was, in value, $260,482.04 — a decrease of about one hundred and fifty per centum. This marked decrease indicates that the redundancy of these small coins has been greatly diminished; and that the amount now out-standing of the one and two cent pieces is but little, if any, in excess of the actual demand for them. Existing laws provide for the redemption of the three and five cent nickel-copper coins. No consideration of public interest or private convenience demands the redemption of the bronze one and two cent pieces, or the substitution of a nickel one cent piece for the bronze coin of that denomination.
I cannot concur in the recommendation of my predecessor for the reduction and redemption of the inferior coins by creating a fund for redemption out of the profits of such coinage heretofore paid into the Treasury of the United States. Existing laws meet every necessity for the redemption, by exchange, of the nickel-copper cent and of the three and five cent pieces when presented for redemption as directed by law. What advantage would or could accrue to the people or the Government by a redemption of the inferior coins in the mode suggested? In the draft of the bill accompanying the recommendation, it was provided “That the Secretary of the Treasury is hereby required to ascertain the amount which has been paid into the Treasury by the Mint of the United States, beginning with the year 1857, as profits accruing from the coinage of nickel-copper and bronze pieces, which amount is hereby set apart and appropriated as a fund for the purpose herein after mentioned” — the redemption of such coins. Now, when it is known that the profits so paid into the Treasury amount to four millions, two hundred and twenty-five thousand dollars — that the coins to be redeemed were issued for the convenience of the people, with no promise or proposal of redemption, (until the issue of the three and five cent coins) — that the public are satisfied with these coins — that they are constantly and freely circulating — that the redemption, in the manner proposed, would add nearly four millions to the public debt, the necessity or advantage, public or private, of such redemption is not apparent, and the policy is of very doubtful propriety.
The net profits of the nickel-copper and bronze coinage, and paid into the Treasury of the United States during the fiscal year were, seven hundred and fifty thousand dollars.
As required by law the bronze and nickel-copper alloy of the minor coinage has been regularly assayed and reported by the Assayer of the Mint, and the legal proportion of the constituent metals found to have been properly maintained.
The progress of events, and the corresponding addition of statutes, have resolved the work of the Mint into three kindred departments.
The business of one of these, is to make an authoritative circulating medium on a large scale of dimension for commercial uses, serving also for the use of manufacturers.
This function is shared by the Assay Offices. It is, to make bars of gold or silver, whether of fine or standard metal; and in those localities where parting of the mixed metals cannot be economically performed, to make unparted bars of the natural proportions of fineness. These bars are made of convenient shapes and sizes, and are stamped with a suitable device of the United States Government, and the weight, fineness and value. They are used in the manufacture of gold and silver wares; and still more, to send abroad in payment of dues, or settlement of balances of trade. They answer this international purpose better than coin. Indeed, except for the limited wants of travelers, it is a mere waste of labor to coin money to be used for exportation. When commerce was comparatively a small affair, gold might be cut into bits to trade with; but in the immense growth of traffic among the nations, these small pieces are giving way to large bars. For various reasons such bars are singularly exempt from deceptive arts. The known specific gravity of gold gives us an idea of what the weight should be, from the size.
If the surface were tampered with, it could easily be noticed. And usually such bars, if held for sale, are in such hands as cannot be doubted. Moreover, the purchaser of a single piece valued at several thousand dollars, will take more pains to be sure of its genuineness, than he could take with a bag of pieces amounting to the same sum. Bars are safer from robbery than coins, for more than one reason; and, in fact, some silver cakes are sent to the Mint from the Western mines so heavy that no two men would care to lift them. In such a shape, they can stand for their own security, and be carried as ordinary freight, which is the very reason they are made so.
Another function of the Mint, still more important in some respects, is to furnish a legal basis for the currency of the country. That legal basis, in its highest and most permanent sense, is gold coin; an unlimited legal tender, which does not promise to pay, but actually pays, is not a representative of property, but is property itself. It cannot satisfy hunger, nor protect the human frame; but it will infallibly procure the means of doing so. It is not only a medium of exchange, but it has an intrinsic value, and is itself the standard of value; and, for the uses of money, it has, and can have no rival or substitute. No country, not even the richest, need have a great deal of it. It is a scarce metal, and ought to be scarce; that is the very property which makes it fit for its purpose. No fact is more striking, than that Great Britain, in some respects the wealthiest of all countries, transacts such an enormous amount of business with so little gold. It is pretty accurately ascertained for example, that in the city of London alone, the annual summing up of receipts and payments, amounts to not less than fifty thousand millions of dollars, while the whole gold currency of the United Kingdom does not exceed five hundred millions of dollars. This is easily understood. The accelerated progress of wealth and industry has called in the aid of paper money; the gold lies underneath it, and supports it, if it be kept within bounds. And then it is the old story of the same fifty dollar note going around the village and paying everybody’s debts, on the annual pay day.
The crop of cotton or corn serves but one turn; the crop of gold turns over and over, and has no limit but that of slow wearing out.
The third employment of the Mint, not less important than the others, is that of supplying the change , which is used by everybody, rich and poor, in the traffic of every hour. Here, unfortunately the disorder in the currency, introduced by our late intestine war, still continues. The printing-press takes the place of the coining press; and gossamer paper triumphs over solid silver. Even the copper coin might have been supplanted by the paper issue, reaching down to a three cent piece. From this depth we have partly rallied. Paper issues of a less denomination than ten cents have been recalled; and in their place we have three and five cent coins. Now that a re-action has commenced, the question arises, can we not proceed to give the people silver currency? Every consideration of private convenience and economy, as also public policy and interest, require a speedy return to specie payments.
The restoration of a silver currency “for change,” in lieu of the postal or small note currency, would be an important adjuvant to a general resumption. But while the law stands as it is, fixing the weight of silver coins at so high a figure, no man can foresee when we shall have the pleasure of paying and receiving silver. More than four years have passed since the great conflict was over, and still gold and silver are at a high premium; and for the past three years, that premium has been at a tolerably steady rate, not diminishing as fast as could be wished. Indeed, there are potent influences at work to keep it up. Some of these are, that our wealthy people either send their money abroad, or go abroad to spend it. If a spasm of love of country could only induce them for a short time to seek their luxuries in domestic manufactures, and cut down the extravagance of importation, we should soon be set upon our feet again, and have such a currency, as is enjoyed by the other great nations of the earth. But extravagance of living and excessive importations, are not the only reasons why the precious metals command a high premium to-day. There is no legitimate reason why the premium on gold should exceed ten per centum, nor why specie payments could not be safely resumed in three months from this date. The people have confidence in their Government, and have patriotism enough to sustain and defend its credit.
The promise of the nation to pay one dollar or one million dollars, apart from unwarranted and improper disturbing influences, is in the estimation of all loyal and disinterested men, equal in value to the gold or silver represented in such promises. The great financial evil of the hour — the principal disturbing element — the troubler of the nation and its finances, is the unprecedented and unprincipled stock and gold gambling in our large cities. Let that evil be abandoned, or crushed out by proper legislation, and soon gold will cease to command a premium, and the entire finances and business of the country return to their natural and legitimate condition.
While, therefore, we spend nearly as fast as we make — or rather, send away our gold as fast as we dig it out — and disturb our currency and finances by dishonest gold gambling, how distant seems the prospect of returning to specie payments! There is no necessity for continuing in this condition. We can, at least, take one important step, and have silver change, by accommodating ourselves to the facts in the case, and by accepting a principle, the truth of which, however some may fight against it, has been abundantly demonstrated.
That principle is, that coins merely of a subsidiary character, and made a limited tender by law, need not have a full intrinsic value. It is a proposition too plain to call for any argument or illustration. If it did, we should only point to the five cent nickel piece, which freely circuates, although its real value is nothing like five cents. Now, if we reduce the weight of our silver coins, so that their intrinsic value shall be below the market rate of silver bullion; make the legal tender of small extent, and guard by express Act of Congress against an over-issue, we shall have a silver currency, substituted for the flimsy paper of the denominations less than one dollar.
It is not very easy to find a precedent, if we needed one, for such a policy as is indicated, for few nations have been brought to such a pass. We may mention one, however, which is Austria. That country, like the United States, has for the past eight years been using paper money, almost down to the last kreutzer. The Government is now replacing it with a silver currency, at a reduction of real value. No doubt the people are greatly pleased with the change.
France, Italy, Belgium and Switzerland have also lately reduced their lesser silver coins. This they did, not to get rid of paper, to which they had not been driven, but because the relative value of silver had increased, so that they must either take that course, or do without silver change. And while they were doing that, they wisely reduced the intrinsic value considerably below the market rate for silver bullion, so as to be reasonably out of the reach of fluctuations, and not have to do the thing over again upon a lower basis.
They acted unwisely in reducing the fineness, from the simple and symmetrical standard of nine-tenths, to the awkward figure of 835 thousandeths, which seems to cast ridicule upon their decimal system. The reduction, as we think, should have been in weight, not in quality. Nine-tenths fine, and standard, ought to be held as synonymous terms; as indeed they have become, nearly everywhere except in England and Russia. England will be apt to cling to her sterling, as the more aristocratic and ancient title; but 925 fine, answers no better than 900, either for plate or for coin, and it is less simple.
Impressed with these considerations I have concurred in the desire felt by officers of the Mint and others, to have some silver coins prepared, of the denominations of 50, 25 and ten cents, of such a size and weight as would illustrate the view taken, and help to bring the subject tangibly before the Department, and the law-makiug power.
Further details in regard to these specimens, will be furnished when required; in the present document they would be out of place.
To supply the country at large with a new silver currency, would be a vast and important business. Not less than one dollar for every inhabitant would meet the necessity. But we are ready to do it, with such allowance of time as would not be felt to be an unwise or unnecessary delay. It may be well to wait action, until the premium on silver has descended to about thirty per cent., but in the meanwhile, the needful enactments should be made, and the proper preparations authorized.
Desirous to keep up with the times, perhaps willing to lead where the way is clear, we are constantly trying the value of new suggestions, in regard to metals or alloys for current money. It will, at least, be interesting to speak of two, which our officers have been testing.
The first of these came to our notice in a pamphlet published in New York within the present year, entitled, “Suggestions to Congress on the Finances of the United States.” Amidst many sound propositions and much useful information there is a suggestion, a little out of the line of argument, in regard to introducing silver change. An alloy is proposed by a German chemist residing there, upon the authority of another chemist operating in Germany, which, if adopted, it is said would supply “the finest, cheapest, and cleanest small coin of any nation in the world.”
Three alloys are mentioned, but the one most insisted upon, is a mixture of
This proves to be one of the many instances in which a recommendation is made upon mere theory, and without sufficient trial. Having abundant experience here in the working of all those metals, we undertook to make up such an alloy, and to test its fitness for coinage.
This was done, not with faith confessedly, but with patience. After a third melting (which was necessary) it was rolled down with great difficulty, splitting and cracking in spite of every precaution. The color was of that mongrel tint which might be expected from the materials. Under the coining press, it was barely possible to produce a feeble impression, on account of the intense hardness, and danger both of breaking the dies and flawing the planchet. In short, nothing could be more unfit for coinage.
Even if it had been ductile and malleable, the infusion of silver would be a waste of that metal. As it could never be recovered without an expense equal to its value, it would be effectually buried.
Another experiment, in which nickel had its part, was to substitute that metal for copper, in making the standard silver coins; namely, nine parts silver with one part nickel. This, it was supposed, would increase the durability of the coin.
Although it is hard to imagine anything more complete and satisfactory than the silver and copper alloy, we undertook to try this substitution. It was a vain and fruitless trial. We took pure silver, and the purest nickel to be had. The fusion was of course very difficult, requiring the use of anthracite coal. The melting had to be repeated several times; till finally it was evident the two metals could not be forced into union, being even more repugnant to each other than gold and iron. The nickel was found to be scattered in extremely fine grains, all through the silver — but not at all in alloy with it — much like the diffusion of iridosmine in some of the California gold, which has sometimes given the workers in gold so much trouble. The metal was soft, and easy enough to roll, although it had not much tenacity. It was simply silver, spoiled by the presence of a foreign body. The addition of a little copper, to serve as a nexus or solder for the two metals, had no effect to reconcile them. We therefore place it on record that according to our experiments, silver and nickel are incompatible; and we are confirmed by a similar trial and result, stated to have been made and obtained by the present Master of the Royal Mint in England. In regard to the use of nickel in the arts, it is gratifying to learn that the manufacturers who had discarded it from the “German silver,” on account of its great infusibility as well as its rigidity in any alloy, are now to some extent resorting to it again for vessels to be exposed to the action of heat. The plated wares, so rapidly increasing in use, ought certainly to be made of strong and substantial material. I only mention this matter for the reason that nickel is used in a part of our coinage, and it is very desirable that what is so employed should have increasing value in the line of technology.
This interesting subject has for years engaged the attention of leading minds in our own and other commercial countries. The matter seems to have come to a stand-still, from the fact that England does not seem to be prepared to fall in with all the pre-requisites. Certainly, it would be an advantage to the whole world, if a pound sterling, and five dollars, and twenty-five francs, meant the same thing precisely, and were not mere approaches to each other, as they are at present. But whether it is worth while to unsettle or root out monetary systems which have become so fixed, and are found to be so satisfactory for internal purposes, merely to satisfy an exterior or commercial want, is a question which calls for very deliberate reflection.
It may be, that we could retain our dollar and its divisions, and England could keep to her pounds, shillings and pence, and France to her francs, for home use; while these and other nations might unite in a money of account, of easy relation to existing systems.
Then, all commercial and State papers could express sums of money in that common medium. We could easily learn to talk about money in two sets of terms; our forefathers had to do it, when colonial pounds, and new dollars, stood in parallel columns.
But in settling upon a money of account, each nation would be obliged to yield somewhat, and not expect that other nations should bend to one. We cannot agree to the pound nor the franc; the oue is too large, the other too small. If our cherished dollar will not suit other countries, we might consent to a double dollar as the unit, on the ground of its being made the same as ten francs, or one hundred pence sterling.
As custodian of the standard troy pound, upon which all the weights in the country, troy or avoirdupois are based, I may be allowed to say something in regard to the prevalent double system of weights. I might rather say the treble system, since the French metrology has been permissively legalized; but as this last is not known in common use, my remarks will apply only to the two pounds, and their respective schedule.
The troy pound is, I may say, used not at all. The ounce which proceeds from it by duodecimal division, is the normal weight of the Mint, of the silversmiths and the apothecaries. Nowhere else is this ounce recognized. When people at large speak of pounds and ounces, they mean the avoirdupois. They weigh themselves, and all their commodities by that weight.
Let me give an idea how this double system works at the Mint. Gold and silver are weighed by the ounce troy; nickel and copper by the pound avoirdupois. All the weighable accessories and material, from anthracite coal to acids and chemicals are measured by the latter. Explanations have to be given, cross calculations made, and mistakes watched against. An ounce troy is 480 grains; the other ounce, 437½ grains. If we want to bargain for platinum or aluminum, a question arises as to which ounce is to be used. When we sell sweeps, it is by one weight; when we get the returns, it is by another. In short, we are often reminded of the awkward relation of 437½ to 480; and that a pound avoirdupois is equal to 14.5833 ounces troy.
Apothecaries buy by avoirdupois, and sell by troy weight. Workers in precious metals do not speak much of pounds or ounces, their ideas rather run in pennyweights; a misnomer for our day, referring as they do to a penny far back in the middle ages.
This confusion of weights has been under consideration by our druggists, especially iu the National Pharmaceutical Association, and they are much inclined to abandon troy or apothecaries weight, as their brethren in England have done.
A recent report to Parliament, presented by the Standards Commission, also favors the disuse of that system. But to effect a reform among us, it is necessary to have the binding force of a law; one for example that should provide that hereafter all weights shall be stated in the pound avoirdupois, with its multiples and divisions; and that the troy pound and its parts shall not be used in any Government offices, nor in accounts which are liable to be contested in courts of law.
For the sake of simplicity and uniformity I would urge the passage of such a law.
For the convenience of calculations, it were to be wished that the avoirdupois pound might be divided decimally. But in practice this may not be so important. Those who use pounds, such as dealers in provisions rarely use ounces; they halve and quarter the pound. The division into sixteen ounces give us a weight which would form the real unit for the Mint, for apothecaries, and for silversmiths; and for our purposes, this ounce could be divided into hundredths, as we do now with the troy ounce.
In fact, it is always requisite to have several normal or starting points, according to the bulk of the article to be weighed. If the commodity is coal, we speak by the ton; if an article in the shops, we want a pound; ascending to more costly goods, we begin with the ounce; in fine, for very delicate weighings we employ the grain. So that, however neat and symmetrical a decimal scale would be, from ton to grain, its practical value may be over-estimated. For book entries, each normal weight could be decimally divided, without insisting that those primaries should have a decimal relation to each other.
I say nothing in this connection of the French gram and kilogram, which by a recent law are allowed to be used here. The Mint has been using them, in a small way, for many years. Their decimal scale is well fitted for assay and analysis; not so well suited to hardware and groceries.
What I have here recommended falls in so kindly with general usage and ideas, that the reform suggested could not be met by popular disapproval. And here I would quote a significant passage from the recent report of the British Standards Commission:
“It is obvious that in this country, where the people are more accustomed to self-government than in other European countries, the Executive has far less power of compelling obedience to the law, in all the small transactions of trade, against the wishes of the public.”
This remark applies even more strongly to the United States; and it shows the necessity of proceeding with great deliberation, where any radical change is projected. The metrical system has been in force more than seventy-five years in France, backed by stringent laws; and yet, to this day it has hardly penetrated into the rural districts.
The statement of the weight, fineness and value of foreign coins required by law, to be made annually, will be found appended to this report. No additions have been made to our annual tables.
This Department has been successfully operated during the past year. A large number of medals have been made and sold.
The Cabinet of Coins and Medals continues to attract a large number of visitors from every State in the Union. It deserves the fostering care of the Government.
The statistics relating to the deposits of bullion and coinage at the Mint of the United States and Branches, will be found in the tabular statements hereto annexed.
Very respectfully, Your obedient servant,
Director of the Mint.
Hon. GEORGE S. BOUTWELL,
Secretory of the Treasury,
Washington, D. C..
|Description of Bullion.||Mint U. S. Philadelphia.||Branch Mint San Francisco||Assay Office, New York.||Branch Mint, Denver.||Branch Mint, Charlotte.||Total.|
|U. S. Bullion||1,198,162||58||6,454,449||36||$8,343,157||65||$795,566||38||$3,160||40||16,794,496||37|
|U. S. Coin||665,127||15||108,486||29||773,613||44|
|U. S. Bullion||120,108||99||89,874||36||$497,417||01||$54,828||63||762,228||99|
|U. S. Coin||4,666||91||94,622||70||99,289||61|
|Less Re deposits at different institutions|
|Total gold and silver||$4,185,801||23||$18,069,738||55||$10,144,608||06||$850,395||01||$3,160||40||33,253,703||25|
|Less Re-deposits at different institutions|
|Denomination.||Mint U. S.
|Three Cent Pieces||5,050||151||50||5,050||151||50|
|Five Cent Pieces||22,025,000||$1,101,250||00||22,025,000||$1,101,250||00|
|Three do do||2,146,000||64,380||00||2,146,000||64,380||00|
|Two do do||1,730,750||34,615||00||1,730,750||34,615||00|
|One do do||7,881,000||78,810||00||7,881,000||78,810||00|
|Three Cent Pieces|
|Description of Bullion.
Description of Bullion.
|Mint of the U. S.
|GOLD.||Mint of the U. S.||Branch Mint,||Assay Office,||Branch Mint,||Branch Mint,|
|Parted from Silver||4,672||44||60,582||59||33,089||23||98,344||26|
|Parted from Gold||19,484||60||56,624||08||112,151||13||188,259||81|
|Total gold and silver, of Domestic Production.|
|Total Gold and Silver of Domestic Production.||$1,318,271||57||$17,772,765||50||$8,840,574||66||$850,395||01||$3,160||40||$28,785,167||14|
From their organization to the close of the fiscal year ending June 30, 1869.
|1793 to 1817||132,592||845,909||22,197|
|1818 to 1837||3,087,925||879,903|
|1838 to 1847||1,227,759||3,269,921||345,526|
|1848 to 1857||8,122,526||1,970,597||2,260,390||223,015||5,544,900||15,348,599||$33,612,140||46|
|1858 to 1867||5,740,871||179,745||795,075||65,381||1609,749||2,360,834||1,078,168||51|
|Dollars.||Half Dollars.||Quarter Dollars.||Dimes.||Half Dimes.||Three Cents.||Bars.|
|1793 to 1817||1,439,517||13,104,433||650,280||1,007,151||265,543|
|1818 to 1837||1,000||74,793,560||5,041,749||11,854,949||14,463,700|
|1838 to 1847||879,873||20,203,333||4,952,073||11,387,995||11,093,235|
|1848 to 1857||350,250||10,691,088||41,073,080||35,172,010||34,368,520||37,778,900||32,355||55|
|1858 to 1867||758,700||12,632,830||22,955,730||6,042,330||12,995,330||4,209,330||73,552||45|
|COPPER COINAGE.||TOTAL COINAGE.|
|Five Cent.||Three Cent.||Two Cent.||One Cent.||Half Cent.||Number of Pieces Coined||Value of Gold.||Value of Silver.||Value of Copper.||Total.|
|1793 to 1817||29,316,272||5,235,513||52,019,407||$5,610,957||50||$8,268,295||75||$319,340||28||$14,198,593||53|
|1818 to 1837||46,554,830||2,205,200||158,882,816||17,639,382||50||40,566,897||15||476,574||30||58,682,853||95|
|1838 to 1847||34,967,663||88,327,378||29,491,010||00||13,913,019||00||349,676||63||43,753,705||63|
|1848 to 1857||51,449,979||544,510||244,898,364||256,950,474||46||22,365,413||55||517,222||34||279,833,110||35|
|1858 to 1867||32,574,000||16,987,000||38,245,500||284,909,000||443,061,405||128,249,763||01||14,267,879||35||5,752,340||00||148,269,952||36|
|Over the years, this table has never listed the number of gold and silver bars produced. The original table exhibits inconsistent treatment of the number of produced bars and their values: in some years, the numbers are included in the “No. of pieces” and the Gold and Silver Values; in other years they are not included. My corrected numbers are consistent: the number of bars are not included in the pieces count (because they are not stated explicitly), but the values of the bars are included in the Values of Gold and Silver (because they are stated explicitly). (I might change my conventions in the future, if future reports explicitly state the numbers of pieces and the values for all past years.)|
|Double Eagles.||Eagles.||Half Eagles.||Three Dollars.||Quarter Eagles.||Dollars.||Unparted Bars.||Fine Bars.|
|SILVER COINAGE.||TOTAL COINAGE.|
|Dollars.||Half Dollars.||Quarter Dollars.||Dimes.||Half Dimes.||Bars Value.||Number of Pieces.||Gold Value.||Silver Value.||Total Value.|
|Double Eagles||Eagles||Half Eagles||Three Dollars||Quarter Eagles||Dollars.|
|1838 to 1847||1,026,342||709,925||550,528|
|1848 to 1857||730,500||534,250||108,100||24,000||546,100||1,004,000|
|Period.||SILVER COINAGE.||TOTAL COINAGE.|
|Dollars||Half Dollars||Quarter Dollars||Dimes||Half Dimes||Three Cents||Bars||No. of Pieces.||Value of Gold.||Value of Silver.||Total Value Coined.|
|1838 to 1847||59,000||13,509,000||3,273,600||6,473,500||2,789,000||28,390,895||$15,189,365||$8,418,700||00||$23,608,065||00|
|1848 to 1857||40,000||21,406,000||4,556,000||5,690,000||8,170,000||720,000||43,528,950||22,934,250||12,881,100||00||35,815,350||00|
|Half Eagles||Three Dollars||Quarter Eagles||Dollars||Total Pieces.||Total Value.|
|1838 to 1847||576,553||134,101||710,654||$3,218,017||50|
|1848 to 1857||478,392||1,120||60,605||60,897||601,014||2,607,729||50|
|Half Eagles.||Quarter Eagles.||Dollars.||Total Pieces.||Total Value.|
|1838 to 1847||269,424||123,576||393,000||$1,656,060||00|
|1848 to 1857||500,872||79,736||103,899||684,507||2,807,599||00|
|Period.||Fine Gold Bars Value.||Fine Silver Bars Value.||Total Value.|
|Period.||Unparted Gold Bars, Value.|
|Mints.||Commencement of Coinage.||Gold Coinage.||Silver Coinage.||Copper Coinage.||Entire Coinage.|
|New Orleans, (to Jan. 31, ’61)||1838||40,381,615||00||29,890,037||13||94,890,695||70,271,652||13|
|Charlotte, (to March 31, ’61)||1838||5,048,641||50||1,206,954||5,048,641||50|
|Dahlonega, (to Feb. 28, ’61)||1838||6,121,919||00||1,381,780||6,121,919||00|
|New Orleans, (to Jan. 31, ’61)|
|Period.||Parted from Silver.||Virginia.||North Carolina.||South Carolina.||Georgia.||Tennessee.||Alabama.||New Mexico.||California.||Nebraska.|
|1804 to 1827||110,000||00|
|1828 to 1837||427,000||00||2,519,500||00||327,500||00||1,763,900||00||12,400||00|
|1838 to 1847||518,294||00||1,303,636||00||152,366||00||566,316||00||16,499||00||45,493||00|
|1848 to 1857||534,491||50||467,237||00||55,626||00||44,577||50||6,669||00||9,451||00||48,397||00||226,839,521||62|
|1858 to 1867||105,070||16||77,889||48||214,453||74||6,156||15||129,940||00||835||88||530||06||9,685||33||4,096,277||30||3,645||08|
|Period.||Montana.||Oregon.||Colorado.||Maryland.||Arizona.||Washington Territory.||Idaho Territory.||Kansas.||Utah Territory.||Nevada.||Other Sources.||Total.|
|1804 to 1827||110,000||00|
|1828 to 1837||13,200||00||5,063,500||00|
|1838 to 1847||21,037||00||2,623,641||00|
|1848 to 1857||54,285||00||7,218||00||228,067,473||62|
|1858 to 1867||3,990,940||52||123,508||80||5,855,150||23||7,768||28||26,127||55||2,799,559||81||4,327||11||2,522||67||5,108||85||17,459,497||00|
|Period.||Parted from Silver.||California.||Colorado.||Mexico.||Nevada.||Oregon.||Dacotah.||Sitka.||Washington.||Idaho.||Arizona.||Montana.||Refined Gold.||Total.|
|Period.||North Carolina.||South Carolina.||Georgia.||Tennessee.||Alabama.||California.||Colorado.||Other Sources.||Total.|
|1838 to 1847||741||00||14,306||00||37,364||00||1,772||00||61,903||00||3,613||00||119,699||00|
|1848 to 1857||1,911||00||2,317||00||947||00||15,379||00||21,606,461||54||3,677||00||21,630,692||54|
|1861 (to Jan. 31)||19,932||10||1,666||81||21,598||91|
|1861 (to Jan. 31.)|
|Period.||Utah.||North Carolina.||South Carolina.||Georgia.||Tennessee.||Alabama.||California.||Colorado.||Other Sources.||Total.|
|1838 to 1847||64,351||00||95,427||00||2,978,353||00||32,175||00||47,711||00||$3,218,017||00|
|1848 to 1857||28,278||82||174,811||91||1,159,420||98||9,837||42||11,918||92||1,124,712||82||951||00||2,509,931||87|
|1861 (to Feb.28,)||145||14||812||79||2,066||91||22,182||14||4,213||79||32,772||28||62,193||05|
|Period.||North Carolina.||South Carolina.||California.||Total.|
|1838 to 1847||$1,529,777||00||$143,941||00||$1,673,718||00|
|1848 to 1857||2,503,412||68||222,754||17||$87,321||01||2,813,487||86|
|1861 (to March 31,)||65,558||30||65,558||30|
|1861 (to March 31st.)|
|Period.||Parted from Silver.||Virginia.||North Carolina.||South Carolina.||Georgia.||Alabama.||New Mexico.||California.||Montana.|
|Mint.||Parted from Silver.||Virginia.||North Carolina.||South Carolina.||Georgia.||Alabama.||Tennessee.||Utah.||Nebraska.||Kansas.||Colorado.||California.||Sitka.|
|Mint.||Montana.||Arizona.||New Mexico.||Oregon.||Nevada||Washington||Dacotah||Maryland.||Vermont.||Idaho||Other Sources.||Total.|
|Year.||U.S. Mint, Philadelphia.||Branch Mint, San Francisco.||Branch Mint, New Orleans, to January 31st, 1861.||Total.|
|Year.||Parted from Gold.||Oregon.||Arizona.||Nevada.||Lake Superior.||Idaho.||Kansas.||Georgia.||California.||Montana.||New Mexico & Sonora.||North Carolina.||Colorado.||Bars.||Total.|
|1841 to 1851||$768,509||00||$768,509||00|
The first column embraces the names of the countries where the coins are issued; the second contains the names of the coin, only the principal denominations being given. The other sizes are proportional; and when this is not the case, the deviation is stated.
The third column expresses the weight of a single piece in fractions of the troy ounce, carried to the thousandth, and in a few cases to the ten thousandth, of an ounce. The method is preferable to expressing the weight in grains for commercial purposes, and corresponds better with the terms of the Mint. It may be readily transferred to weight in grains by the following rules — Remove the decimal point; from one-half deduct four per cent. of that half, and the remainder will be grains.
The fourth column expresses the fineness in thousandths, i. e. the number of parts of pure gold or silver in 1000 parts of the coin.
The fifth and sixth columns of the first table express the valuation of gold. In the fifth, is shown the value as compared with the legal contents, or amount of fine gold in our coin. In the sixth, is shown the value as paid in the Mint, after the uniform deduction of one-half of one per cent. The former is the value for any other purposes than re-coinage, and especially for the purpose of comparison; the latter is the value in exchange for our coins at the Mint.
For the silver there is no fixed legal valuation, the law providing for shifting the price according to the condition of demand and supply. The present price of standard silver is 122½ cents per ounce, at which rate the values in the fifth column of the second table are calculated. In a few cases, where the coins could not be procured, the data are assumed from the legal rates, and so stated.
prh, at line 7110
|Country.||Denominations.||Weight.||Fine’s.||Value.||Value after Deduction.|
|Central America||Pound, or sovereign, average||Oz. Dec.||Thous.|
|Australia||Pound of 1852,||0.281||916.5||$5||32.4||$5||29.7|
|“||Sovereign of 1855-60,||0.256.5||916||4||85.7||4||83.3|
|“||New Union Crown, (as’md)||0.357||900||6||64.2||6||60.9|
|Central America||Two Escudos,||0.209||853.5||3||68.8||3||66.9|
|“ “||Four Reals,||0.027||875||0||48.8||0||48.6|
|England||Pound or Sovereign, new||0.256.7||916.5||4||86.3||4||83.9|
|“||“ “ average||0.256.2||916||4||85.1||4||82.7|
|France||Twenty Francs, new||0.207.5||899||3||85.8||3||83.9|
|“||“ “ average||0.207||899||3||84.7||3||82.8|
|Germany, North||Ten Thaler,||0.427||895||7||90||7||86.1|
|“ “||“ “ Prussian||0.427||903||7||97.1||7||93.1|
|“ “||Krone, (Crown)||0.357||900||6||64.2||6||60.9|
|“||Twenty Pesos, (Max)||1.086||875||19||64.3||19||54.5|
|Naples||Six Ducati, new||0.245||996||5||04.4||5||01.9|
|New Granada||Old Doubloon, Bogota||0.868||870||15||61.1||15||53.3|
|“ “||“ “ Popayan||0.867||858||15||37.8||15||30.1|
|“ “||Ten Pesos, new||0.525||891.5||9||67.5||9||62.7|
|Prussia||New Crown, (assumed)||0.357||900||6||64.2||6||60.9|
|Rome||2½ Scudi, (new)||0.140||900||2||60.5||2||59.2|
|Germany, North||Maria Theresa dollar, 1780||Oz. Dec.||Thous.|
|Austria||Old Rix Dollar,||0.902||833||$1||02.3|
|“||Florin before 1858,||0.451||833||51.1|
|“||New Union Dollar,||0.596||900||73.1|
|“||Maria Theresa Dollar 1780,||0.895||838||1||02.1|
|China||Dollar (English,) assumed,||0.866||901||1||06.2|
|France||Five Franc, average,||0.800||900||98|
|Germany, North||Thaler before 1857,||0.712||750||72.7|
|“ “||New Thaler,||0.595||900||72.9|
|“ South||Florin before 1857,||0.340||900||41.7|
|“ “||New Florin, (assumed,)||0.340||900||41.7|
|“||Peso of Maximilian,||0.861||902.5||1||05.5|
|New Granada||Dollar of 1857,||0.803||896||98|
|“||Dollar of 1858,||0.766||909||94.8|
|“||Half Dollar, 1835 and ’38,||0.433||650||38.3|
|Prussia||Thaler before 1857,||0.712||750||72.7|
A— Statement of Bullion deposited at the Mint of the United States and Branches, during the fiscal year, ending June 30, 1869.
B— Statement of Coinage at the Mint of the U.S. and Branches during the fiscal year, ending June 30, 1869.
C— Statement of Gold and Silver of domestic production, deposited at the Mint of the U.S. and Branches during the fiscal year, ending June 30, 1869.
D1 & 2 & 3— Coinage at the Mint of U.S. from organization to close of fiscal year, ending June 30, 1869.
E1 & 2— Coinage at Branch Mint at San Francisco, from organization to June 30, 1869.
F1 & 2— Coinage at Branch Mint, New Orleans, from organization to January 31, 1861.
G— Coinage at Branch Mint at Dahlonega, Ga., from organization to February 28, 1861.
H— Coinage at Branch Mint, Charlotte, N.C., from organization to March 31, 1861.
I— Coinge at Assay Office, New York, from organization to June 30, 1869.
K— Coinage at Branch Mint, Denver, Colorado, from organization to June 30, 1869.
L— Summary Exhibit of Coinage at the Mint and Branches to the close of the year, ending June 30, 1869.
M— Gold of domestic production, deposited at Mint of U.S., to the close of the year, ending June 30, 1869.
N— Same at Branch Mint, San Francisco, to June 30, 1869.
O— Same at Branch Mint, New Orleans, to January 31, 1861.
P— Same at Branch Mint, Dahlonega, Ga., to Feb. 28, 1861.
Q— Same at Branch Mint, Charlotte, N.C., to June 30 1869.
R— Same at Assay Office, New York, to June 30, 1869.
S— Same at Branch Mint, Denver, to June 30, 1869.
T— Summary Exhibit of Gold Deposits at Mint of U.S. and Branches, to June 30, 1869.
U— Statement of amount of Silver Coined at Mint of U.S. and Branches, at San Francisco and New Orleans, under Act of February 21, 1853.
V— Statement of amount of Silver of domestic production deposited at Mint of U.S. and Branches, from January 1841, to June 30, 1869.
W— Statement of the weight, fineness and value of Foreign Gold Coins.
X— Statement of the weight, fineness and value of Foreign Silver Coins.
|Scanned Original.||A value highligted in green means the shown value has been “corrected” from the value in the original.|