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1 Ounce,

12 Oz. Standard,

934 Pence Sterling.

Reduced, gives 67,36 d. Sterling per Milree.

According to the above methods, the other Pars, contained in the following Table, have been computed.

Table 1.

A Table of the Par of Exchange between England and the principal places in Lloyd's List, computed from the intrinsic value of their coins, by comparing gold with gold, and silver with silver, according to their Mint Regulations, and to Assays made at the London and Paris Mints, valuing English gold at £3 17 s. 10 d. per Oz. Standard, and English silver at 5 s. 2 d. per Oz. Standard.

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It has already been shown that when the quantity of pure metal in the moneys of Exchange is known, the Par is found by division; and it may, in the same manner also, be found from the Table of Moneys of Account, when the moneys of exchange are of the same denomination. Thus, to find the Par between France and England, the Franc is worth 9,7 Pence in Silver, and 9,52 Pence in Gold; and therefore 240, divided by these sums respectively, will give the Par in Gold and Silver, as before.

540. Gold and silver in their pure state are considered too flexible for coin; hence they are mixed with a certain proportion of harder metal, called alloy. The alloy of silver is mostly

copper, and that of gold both silver and copper; but in the computations of coins, the alloy is never reckoned of any value.

541. In regular governments a standard for the quantity of pure metal in coins is fixed by law. In the United States and in England the legal standard for gold is 22 or 11; that is, eleven parts of pure metal and one of alloy. The fineness of gold is generally estimated in carats; the whole weight being divided into 24 equal parts, or carats. Hence the United States and English standard gold is said to be 22 carats fine; that is, 22 parts of pure gold and 2 of alloy. The carat is divided into 4 equal parts, called grains.

24

542. The English standard for silver is 22 or 37; that is, 11 oz. 2 dwt. of pure silver and 18 dwt. of alloy make 1 lb. Troy. In England 1 lb. Troy of standard gold is coined into 44 guineas, and 1 lb. of standard silver into 66 shillings; hence the Mint price of standard gold is £3 17 s. 10 d. per oz., and that of standard silver, 66 d. per oz. Before the year 1816, silver was coined at the rate of 62 d. per oz., and this is still, reckoned the standard price in the valuation of foreign silver coins.

543. In 1790 the United States Government established a Mint, and ordered money to be coined in gold, silver, and copper, according to the following denominations and values, viz.:

Eagles. Each to be of the value of 10 dollars or units, and to contain 2471 grains of pure, or 270 grains of standard, gold, the standard being 22 carats fine, or 11. Its intrinsic value in English gold is, therefore, £2 3 s. 8 d., nearly: halfeagles and quarter-eagles to be in the same proportion.

1664

Dollars, or Units.-Each to be of the value of a Spanish milled dollar, and to contain 3714 grains of pure, or 416 grains of standard, silver, the standard being 1485 fine, or 10 oz. 14 dwt. nearly. Its intrinsic value in English silver is, therefore, 4 s. 33 d., nearly: half-dollars, quarter-dollars, dimes, or tenths of dollars, and half-dimes in the same proportion.

--

Cents. Each to be of the value of the one-hundredth part of a dollar, and to contain 208 grains of copper: half-cents in the same proportion.

544. The following coins are by Act of Congress rendered current in the United States:

The gold coins of Great Britain, Portugal, and Brazil, not less than 22 carrats fine, at 94,8 cents per dwt. Those of France, fine, at 93,1 cents, and those of Spain, Mexico, and Columbia, 20 carats, 3 grains, at 89,9 cents per dwt,

The silver dollars of Mexico, Peru, Chili, and Central America, of not less weight than 415 grains each, and those restamped in Brazil, of like weight; not less than 10 oz. 15 dwt. in the Troy pound of standard silver, at $1,00 each.

The 5-franc piece of France, of not less fineness than 10 oz. 16 dwt. in the Troy pound of standard silver, and weighing not less than 384 grains each, at 93 cents.

545. The intrinsic worth of the Spanish peso duro (hard dollar) universally circulated under the name of the Spanish dollar, as well as of the dollar of the United States, considered of equal value, is, according to the Cambist, 51,79 d., or 4 s. 3,79 d. sterling. The nominal par, however, is 4 s. 6 d., or £ sterling. Wherefore, at this par,

40

9

To reduce Federal money to Sterling, multiply by 0.
To reduce Sterling money to Federal, multiply by 40.

Table 2.

The Relative Value of Gold and Silver in the Principal Trading Places of the World; computed from the proportional Quantity of Pure Metal in their principal Coins, and the Legal Current Price of those Coins respectively.

England:

(From Kelley's Universal Cambist.)

By Mint
Regulations.

By old coinage...
By new coinage..

15,2096 to 1
14,2878 to 1

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By Assays. Proved correct by the trials of the Pix

14,83 to 1...
15,5 to 1.....
(15,851
to 1
16,46
13,33 to 1...
14,32 to 1...
15,35 to 1...

14,35 to 1...
15,25 to 1...
15,94 to 1...
14,827 to 1..
13,857 to 1..

15 to 1.......

Names of Coins from which the
Proportions are taken.

Per guinea and old shilling.
Per sovereign and new shilling.

(Per ten-guilder piece, decreed in
1816, and silver florin of the
same date.

Per ducato, reckoned at 6 marks
banco, and rix-dollar.
Per 20-franc piece, and 5-franc
piece.

Per doubloon and dollar of dif
ferent coinages.

Per joanese and new silver cru-
sado.

Per ruspono and francescone.
Per genovina and scudo.

Per oncetta and ducato. (Coin-
age of 1818.)
Per sequin and ducat.
Per ducat and ruble.
Per eagle and dollar.
Per gold mohur and Sicca rupee.
Per star pagoda and current

rupee.

Per gold rupee and silver rupee.
(Per tale of gold and the average
price of Spanish dollars.

546. The foregoing Table may be computed by the Chain

Rule, in the following manner:

Required the relative proportion between Gold and Silver in the English Coins, according to the Mint Regulations both of the old and new system.

The question is, to compare the value of any certain quantity, suppose an ounce of pure Gold, with an ounce of pure Silver, at the Mint price:

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The operation is more simple when the rate of fineness of both metals is expressed in the same manner. Thus, in the Coinage of France, the 20-Franc Piece in Gold weighs 6,5161 Grammes in pure Gold, and 20 Francs in Silver weigh 100 Grammes: hence, the latter divided by the former will give 15,5, as in the Table.

When the fineness differs in expression, the comparison may be made from the quantity of pure Gold and of pure Silver in any particular sum, found either by the Mint Regulations or by Assays. Thus the English Sovereign contains 113 Grains of fine Gold; and 20 Shillings, (new coinage,) 1614,54 Grains of fine Silver: hence, the latter divided by the former will give the relative value very nearly as above.

Moneys of Account.-Table 3.

547. In the following Table of Moneys of Account, it may be observed that some of these moneys are real coins, the value of which may be computed from the Mint Regulations or from Assays; but when they are imaginary moneys, which is generally the case, their value must be found by their established proportion to real coins.

Table 3 contains the Value of the Moneys of Account of difrent Places, (expressed in Pence Sterling and Decimals of Pence,) according to the Mint Price both of Gold and Silver in England; that is, £3 17 s. 10 d. per Ounce Standard for Gold, and 5 s. 2 d. per Ounce Standard for Silver.

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In the places marked variable, the price of the coins is not fixed; and, therefore, the intrinsic value in gold of the moneys of account cannot be ascertained for any length of time.

Where the columns are marked with a dash, it is to be understood that there is no coin in the metal of that column by which the moneys of account can be computed.

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