4. To turn an English silver report into a millième form. Add or subtract given report to or from 222. Divide result by 240 to 3 figures-answer will be French report. Example. W 7. 222-7=2,4,0 | 2150 | ·8958=896 raide. 1. Find all the particulars from these Assay Reports. (1) Russian Imperial (1801), 981 fineness, 1851 grains wt. (2) Spanish Doubloon (1772), W 0. 24, 4161 grains wt. Sicca Rupee, B 0. 13, weight 7 dwts. 11 grs. (3) U. S. Dollar, W 0. 83, weight 17 dwts. 8 grs. (5) Mexican Dollar, 898 fine, weight 4163 grains. (6) Turkish Piastre, fine, weight 7.216 grammes. 2. Find prices at 778. 9d. per oz. st. of (1) 673-829 oz. gold, 910 fine. (2) 712-56 oz. gold, 876 fine. (3) 210 lb. 9 oz. 17 dwts. 20 grs., 916 fine. 3. Find prices at 43d. per oz. st. of 4. Transform these reports. (1) 961 fine to old gold report. (2) 835 fine to English silver report. (4) 864 fine to zolotniks. (5) W07 to Chinese report. 23. Arbitrations of Bullion. These consist of arbitrated pars of exchange and arbitrated prices of bullion. Pars of exchange are the rates calculated for operations in bullion-arbitrated from the prices of bullion in the two countries. An arbitrated price of bullion is the price of gold or silver in one country arbitrated from its price in another and the rate of exchange between the two. The difference then is simply that in arbitrating pars the prices are given and we have to find the rate of exchange, whereas in arbitrating prices one price and the rate of exchange are given and we have to find the other price. The method of arbitration is exactly the same as for bills of exchange but two additional points must be considered-the relations between the gold and silver weights of the two countries and the degrees of fineness at which the prices are rated. These particulars will be found under each country and should be frequently consulted. The chain rule is employed but the calculations are much simplified by the use of "fixed numbers." In England bullion is rated at standard fineness but some coins (doubloons, dollars, etc.) in large quantities are valued per oz. weight in accordance with their estimated fineness. In other countries gold and silver bars are quoted per weight fine and coins per piece. AVERAGE WEIGHTS OF COINS. 277 Thus to compare English and foreign rates for coins we must know the average weights. Pars and prices are given for practice under some of the chief countries and fixed numbers or tables are supplied to facilitate the calculations. For coins the above average weights are of great importance. Accounts are kept in sterling (£. s. d., librae, solidi, denarii). "Sterling" (easterling) abroad is used for "English money." Farthings (fourthings) are written as fractions. Since 1816 gold has been the sole standard of value. The gold coins are the sovereign and half-sovereign. Amounts are sometimes stated in guineas (21s.) and half-guineas (10s. 6d.), but the coins are not now made. Legally "1869 sovereigns are to be coined out of 40 Troy-pounds weight of gold 11ths fine," .. 1 sovereign should weigh 123-27445 grains (7·98805 grammes), and the half-sovereign the half of this. The Master of the Mint must not issue a sovereign of less than 123 07445 grains or more than 123 47445 grs. (the remedy allowance is thus 0-2 grain). BRITISH MONEY. 279 Sovereigns cease to be legal tender when less than 122 grains, half-sovereigns when less than 614 grains. The sovereign and half-sovereign of the Sydney and Melbourne mints are legal tender here. The common silver coins are the half-crown, florin, shilling, sixpence, threepence. Legally "60 shillings are to be coined out of 1 Troypound weight of silver 37 fine." .. 1 shilling should weigh 87 grains (565518 grammes) and the other coins in proportion. The silver coins are legal tender for 40s. only. Their real value is about 60% of their nominal value. The bronze coins (95 parts copper, 4 tin, 1 zinc) are the penny, half-penny, and farthing. Legally "40 pence must weigh 1 lb. Avoir. of bronze." .. 1 penny should weigh 175 grains, and the other coins in proportion. Pence and half-pence are legal tender for 12d., and farthings for 6d. Their real value is just of their nominal value. The silver and copper coins being only tokens, pass for more than their intrinsic value, and when much worn are received back at the Mint (or Bank) for their nominal value. Gold coins are only taken at their actual value except under a special Act of Parliament passed for the purpose of improving the coinage. The promissory notes of the Bank of England are legal tender for sums above £5 except at the Bank's own branches. The gold coins of the Sydney and Melbourne mints are legal tender here. Seigniorage" is the profit on our silver and bronze coinage. Thus an oz. of silver whose market price is about |