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THE

BY GEORGE W. EDELMAN,

DEPUTY TREASURER U, S. ASSAY OFFICE, NEW-YORK.

SECOI^ID EIDITIOlSr.

NEW-YOEK:

GEORGE F, NESBITT & CO., PRINTERS AND STATIONERS, Corner of Pearl and Pine Streets.

1868.

Entered, according to Act of Congress, in the j-ear 1868, by GEORGE W. EDELMATsT,

In the Clerk’s Oflioe of the District Court of the United States, for the Southern District of Xew-York^

RECOMMENDATIONS OF THE WORK.

Mr. Geo. W. Edelman having exhibited to us his work, entitled “The Bullion Dealer’s Guide,” we take great pleasure, from our knowledge of his thorough acq^uaintance with the subjects of which it treats, in recommending it to Merchants, Bankers, and all who have dealings in the precious metals, as the most valuable and correct work of the kind ever published.

DUNCAN, SHERMAN & CO.

AUG. BELMONT & CO.

BROWN BROTHERS & CO.

EUGENE KELLY & CO.

W. WATSON, Agent Bank of B. N. America. J. & J. STUART & CO.

JOHN J. CISCO & SON.

TREVOR & COLGATE.

WELLS, FARGO & CO.

GEO. S. COE, Pres’t Am. Ex. Nat. Bank. JAY COOKE & CO.

ADVERTISEMENT.

Dealers in Bullion frequently apply at this Office for information relative to the subjects presented in the following Tables. This Treatise has been prepared to meet this demand, with the hope that it may contribute to the benefit of all parties concerned. From the favorable reception by the business community of the first edition, the author feels warranted in issuing a second containing additional matter.

For “ Opinions of the Press ” on the first edition, see page 39.

U. S. Assay Office, New- York,

December, 1868.

INTRODUCTION.

The various changes in the precious metals after they have been taken from the mines, resulting from their being melted, refined or coined, render it important, to the DEALER iisr BULLION', to understand how to determine its value when put into any of these forms ; he is thereby enabled to choose that form which will yield him the most profitable return.

As the requisite information for this purpose can be obtained from the following tables, and their explanatory notes, it will suffice, in introducing this work to the public, to note their

CONTENTS.

Table A exhibits the weight of fine silver bars, from 997^ to 999thousandths, payable for a silver deposit of 1000 ounces of any fineness, from 749^ to 949thou- sandths, after deducting the charges for refining. The explanatory notes will enable one to calculate what will be the yield of any other fineness in fine silver.

Table B presents a comparative view of the net proceeds of a silver deposit, payable in fine silver bars, silver dollars, or silver coins.

Table 0 indicates the gain or loss resulting from parting the silver contained in gold bars of California, Colorado, Montana, &c.

Table D gives the weights of all United States coins, from the establishment of the Mint, and the periods when they were authorized by Acts of Congress.

Tables E and F present a statement of the weight, fineness and value of foreign gold and silver coins.

Table G- gives a comparison of the United States Mint method of notation of the fineness of bullion with that of the British.

Table H gives the equivalents in francs of the pound sterling at various premiums.

Table I exhibits the gross values of 1000 ounces of gold and of silver bullion at various degrees of fineness.

Table J shows the equivalents in gold coins at various premiums, advancing hy eighths of one 'per cent^ of $10000 in currency.

Table K gives the value of United States gold coins in British Pounds Sterling at various rates of premium, and vice versa.

At the close of the tables there will be found —

1st. A formula useful to the manufacturers of silverware.

2d. The ratio of weight to value furnishing rules for calculating gold and silver.

3d. Observations in regard to the value and the true par of unparted gold bars at San Francisco, California.

4th. Eemarks relative to the rates of exchange between San Francisco and New- York, and between New-York and London, as connected with the value of unparted gold bars at San Francisco.

5th. Short methods of calculating gold and silver, &c.

6th. Comparison of Spanish, French and English weights, as they relate to coins.

The author embraces this opportunity to acknowledge his indebtedness to Messrs. Eugene Kelly & Co. ^ for the requisite information relative to the subject of exchange presented in the 4ith Section.

6

EXPLANATION'S.

I. Dealers in bullion and manufacturers of silverware can ascertain what quantity of fine silver may be obtained for a silver deposit of inferior quality by referring to this table, and noticing the weight set opposite to the given fineness.

II. In the case of any intermediate fineness, or of those above or helow^ it will be found sufficiently accurate, for practical purposes, to increase or diminish the quantity one ounce for every thousandth, according as it is above or below the fineness in the table.

III. The following are the charges for refining coppery silver, ductile and not containing gold, in order to return fine stamped bars.

9792thousandths and above.	^ ct. per	oz. gross,
949|	to 979 thousandths,	1 ct. “	U	u
749^	to 949 “	2 cts. “	U	u
600	to 749	2^cts. “	u	it.
Under 600thousandths,	3 cts. “	u	ii

Silver under GOOthousandths is frequently base and not ductile^ in which case there is an additional charge of \ ct. to 3 cts. per ounce gross, according to condition.

IV. As the weights in the table are obtained after deducting 2 cts. per ounce gross on deposits of finenesses between T49^thousandths and 949thousandths, it is obvious that the variation from this charge, in the case of deposits of a fineness above 949thousandths or below 749^thousandths, will increase or diminish the weight derived from the table.

The following rule will serve in finding the new weight. After ascertaining from the table, in the mode explained above, the quantity of fine silver payable for a silver deposit, add thereto 7.74 ounces for deposits of finenesses from 949^thousandths to 979thousandths, and 11.61 ounces for those above 979 thousandths. Subtract pro- portionate weights in the case of silver deposits of a fineness below 749 5 thousandths, equal to 3.87 ounces for each variation of ^ cent per oz. gross.

7

TABLE A.

Table showing the weight of Fine Silver Bars payable at the U. S. Assay Office, New- York, and the U. S. Mint, Philadelphia, to depositors for 1000 ounces of Coppery Silver of the following finenesses, ductile and not containing Gold, after deducting 2 cents per ounce gross for refining and | % for coinage on charges.

		FINE SILVER BARS.
		lOOOtlis. 1	lOOOths.	1 OOOths.	lOOOths.
		9971.	998.	9981.	999.
1000 Ounces	OUNCES.	DEC.	OUNCES.	DEC.	OUNCES.	DEC.	OUNCES.	DEC.
at 750tlious. will yield	736	29 i	735	92	735	55	735	18
“ 760 “		746	31 !	745	94	745	57	745	19
“ 770 “		756	34	755	96	755	58	755	20
“ 780 “	U U	766	36 ;	765	98	765	59	765	21
“ 790 “	u u	776	39 ^	775	99	775	60	775	22
“ 800 “	U ik	786	41 i	786	02	785	62	785	23
-m O QO	(• ii	796	44	796	04	795	64	795	24
“ 820 “		806	46 :	806	06	805	65	805	25
“ 830 “		816	49	816	08	815	67	815	26
“ 840 “	U	826	51	826	09	825	68	825	27
‘‘ 850 “	u u	836	54	836	12	835	70	835	28
“ 860 “	ki	846	56	846	14	845	72	845	29
U g^Q U	a a	856	59	856	16	855	73	855	30
“ 880 “	u u	866	61	866	18	865	74	865	31
“ 890 “	u u	876	64	876	20	875	76	875	32
“ 900 “	i% u	886	66	886	22	885	77	885	33
“ 910 “	a a	896	69	896	24	895	79	895	34
“ 920 “	u u	906	72	906	26	905	80	905	35
“ 930 “	U (i	916	74	916	28	915	82	915	36
“ 940 “		1 926	76	926	30	925	1 83	925	37

8

explanations.

I. The figures in i]iQ first column of this Table are the same as those in the last

column of Table A. The explanations presented in that case are therefore applicable to this.

II. As the Assay Office and the Mint pay for silver deposits in fine bars, dollars, or silver coins, it is important for the depositor to know what form of payment will give him the best return, when he disposes of the proceeds for gold coins or currency.

Example :

The average weight of 1000 Mexican dollars (as per Table F) is 866 ounces @ OOlthousandths. 1000 ounces of this fineness will yield in fine silver 886.33 ounces @ 999thousandths.

or in silver dollars $1159.11

or in silver coins 1226.36

As the weight of the Mexican dollar is .866 of an ounce, the yield of 1000 Mexican dollars can be found by multiplying the above results by .866.

By observing the above method one can readily determine the yield in fine silver bars, dollars, or silver coins of any other coins mentioned in Table F, or of any silver bullion whose weight and fineness are known.

III. In deposits of the above fineness, when the market rate for fine silver is

$1.85 per oz. in gold, silver dollars must bring IOSi^qS^, and silver coins per

hundred dollars, in order to produce a similar value. A knowledge of the market

rates of these different forms of silver serves, therefore, to decide which mode of

payment should be asked for, when a deposit is presented at the Assay Office or at the U. S. Mint.

IV. In the series of finenesses in this Table and extending to 949thousandths, add one ounce to the weight of fine silver bars for every intermediate thousandth, $1.28 ]®o to the amount of silver dollars, and $1.36^ to the amount of silver coins. Silver coins are calculated at $1.22^ per standard ounce.

V. When silver dollars or silver coins are wanted for a silver deposit under 750 thousandths fine, the amount returnable therefor cannot be derived from the Table, as in this case there are charges for toughening or refining in addition to the coinage charge.

9

TABLE B.

Table showing the amount payable at the U. S. Assay Office, New-York, and the U. S. Mint, Philadelphia, in Fine Silver Bars, Silver Dollars, or Silver Coins, for 1000 ounces of Coppery Silver, ductile and not containing Gold, after deducting 2 cents per oz. gross for fine bars, and ^ % for coinage of silver dollars.

							FINE SILVER
							BARS.	oJL V LxC T\r\T T A T>G	oi-L V L±C pni'M'
							999tliou8. Fine.
							OUNCES.	DEC.	DOLLAKS.	CTS.	DOLLAES.	CTS.
1000 ounces at	750ilious. will yield	735	18	964	85	1020	83
	ii	(i	760	it	it	it	745	19	977	71	1034	44
it	it	it	770	it	it	ii	755	20	990	58	1048	05
it	ii	a	780	it	ii	ii	765	21	1003	44	1061	67
it	it	a	790	it	it	it	775	22	1016	31	1075	28
(i	it	(i	800	it	it	ii	785	23	1029	17	1088	89
(i	it	ii	810	it	ii	ii	795	24	1042	04	1102	50
it	ii	it	820	it	it	ii	805	25	1054	90	1116	11
(i	it	ii	830	it	ii	it	815	26	1067	77	1129	72
it	ii	it	840	it	ii	ii	825	27	1080	63	1143	33
it	ii	(•	850	it	it	ii	i 835	28	1093	50	1156	94
a	it	it	860	it	it	it	845	29	1106	36	1170	55
a	it	•i	870	it	it	ii	855	30	1119	22	1184	17
(i	a	it	880	it	ii	ii	865	31	1132	09	1197	78
it	it	a	890	ii	ii	ii	875	32	1144	95	1211	39
it	it	(i	900	it	ii	ii	885	33	1157	82	1225	00
ii	it	a	910	it	ii	44	895	34	1170	68	1238	61
ii	it	ii	920	it	ii	it	905	35	1183	55	1252	22
it		it	930	it	%i	ii	915	36	1196	41	1265	83
it		ii	940	it	ii	ii	925	37 1 1	1209	28	1279	44

2

10

EXPLANATIONS.

I. Unparted gold bars received from California, Colorado, Montana, and other mining regions, having been assayed at those places, have the weight, fineness and gold value stamped on them. These bars are regarded as consisting of 994^ or 995 parts of gold and silver to every 1000 parts of weight. It is necessary to separate these metals before they are coined or manufactured into fine gold bars.

II. When the value of the silver parted exceeds the charges, a gain upon the value stamped on the bars accrues to the depositor, but a loss arises when the charges exceed the value of the silver.

Table C exhibits the per-centage of gain or loss thus occasioned {expressed in gold corns), on all finenesses from TOlthousandths to 93Tthousandths, the highest point at which the silver parted will pay all the charges when payment is made for the deposit m fine gold bars : 877thousandths is the highest point in the case of payment in coins.

III. The calculations are made only for the whole numbers of the various fine- nesses; gold bars that are stamped with a fineness embracing the thousandth, con- tain the same amount of silver as those of the fineness of the next whole thousandth. Thus the complement of silver for 700.Uhousandths is 294thousandths, the same as that for 701 thousandths.

IV. To determine how much an invoice of unparted gold bars will yield in gold coins : find the average fineness of the bars, and multiply their gross value by the per- centage of gain or loss set opposite the said fineness in the Table ; the product will show the difference of value caused by converting the said bullion into coin. When payment is made in fine gold bars instead of coins, the net result shows an improve- ment of 43 cents per $100, inasmuch as the charge for coinage is 50 cents per $100, while that for fine bars is 6 cents per $100 on that portion only of the deposit which is refined.

EXAMPLES.

The gross value of an invoice of unparted gold bars, weighing 4260.98 ounces at 828thousandths, is $72,932.12. At this fineness the Table shows a gain of 40 cents per $100, payable in gold coins, or $296 32 ; equivalent to 84]^®q $1-00, payable in

fine gold bars, or $616.13.

An unparted gold bar, weighing 100 ounces at 930thousandths, is stamped $1922.48. At this fineness the Table shows a loss, if paid in coins, of SS-^q cents per $100, but a gain of 5^ cents per $100 if paid in fine gold bars.

Whenever, therefore, fine gold bars command in the market the same value as coins, or even three-eighths per cent, discount as compared with coins, it will be found for the interest of depositors to receive fine gold bars in payment of their deposits.

V. The amount of silver contained in unparted gold bars sometimes falls short of the complement. In such cases, after obtaining the gain or loss by the method described, modify the result by allowing 12.9, or about 13 cents, in every 100 ounces for each thousandth of silver short.

1 1

TABLE C .

Table showing the gain or loss, per $100, on coinage of gold bullion containing SILVER, after paying the following charges : For parting, 4 cents per ounce gross on all finenesses below SOlthousandths, and 5 cents on those above; for silver alloy, of standard weight of gold at 129 cents, and for coinage 50 cents per

$100 gross value of gold. $L22.j is allowed for each standard ounce of silver parted, which is equivalent, at 95 cents, the average market rate of silver coins, to $1.16| per standard ounce in gold.

G-.A.Ilsr.		GAINT.		G-^TlSr.
Fineness. 1 1	Cents.	Dec'	Fineness.	Cents.	Dec.	Fineness.	Cents.	Dec.	Fineness.	Cents.	Dec.	Fineness.	Cents.	Dec.
1 lOOOtlis. 701 '	178	42	lOOOths. 721	154	55	lOOOths. 741	131	97	lOOOtlis. 761	110	58	1 lOOOths. 781	90	29
702 1	177	19	722	153	39	742	130	87	762	109	53	782	89	29
703 i	175	96	723	152	23	743	129	77	763	108	49	! 783	88	30
704	174	74'	724	151	07	744	128	68	764	107	45	784	87	31
705	173	52	725	149	92	745	127	59	765	106	42	785	86	33
706	172	31	726	148	77	746	126	50	766	105	39	! 786	85	36
707 i	171	10	727	147	63	747	125	42	767	104	37	787	84	39j
708	169	90	728	146	49	748	124	35	768	103	35	j 788	83	42^
709	16870	729	145	36:	749	123	28	769	102	34	789	82	46
710	167	51	730	144	24	750	122	21 1	770	101	33	790	i	50
711	166	32	731	143	12'	751	121	13 1	771	100	30	791	80	52
712	165	13	732	142	00	752	120	05	772	99	27	792	79 1	55
713	163	94	733	140	88	753	118	98 1	773	98	25	793	78	59|
714	162	75	734	139	76 I	754	117	92	774 1	97	24	794	77 1	63l 1
715	1 161	57	735	138	64	1 755	116	80'	1 775	96	24	795	76	67
716	160	39	736	137	52	i 756	115	81	776	95	25	796	75	71
717	i 159	21	737	136	40	757	114	[ 76	!	94	26	797	74	76
718	158	04	738	135	29	' 758	113	71	778	93	27	798	73	82
719	156	87	739	134	18	759	112	67	779	92	28	799	72	89
! 720	155	71	740	133	08 •	760	111	63	780	91	29	899	71	97

XOTE.— Table C can be modified so as to show the gain or loss, per §100, on coinage, at the San Framisao Mint, of gold bullion conUiuing sllrer. by allowing for the difference in parting charges, .as exphiined on page Ul.

12

TABLE C (Oontiniied.).

GrAIN.	Gr^IN.		GrAIlSr.	Gr^lisr.
Fineness.	Cents.	Dec.	Fineness.	Cents.	Dec.	Fineness.	Cents.	Dec.	Fineness.	Cents.	Dec.	Fineness.	Cents.	Dec.
lOOOthS.			lOOOths.			lOOOths.			lOOOths.			lOOOths.
801	64	98	816	51	24	831	38	02	846	25	23	861	12	93
802	64	04	817	50	34	832	37	15	847	24	40	862	12	11
803	63	10	818	49	45	833	36	29	848	23	57	863	11	30
804	62	16	819	48	56	834	35	43	849	22	75	864	10	49
805	61	23	820	47	68	835	1	57	850	21	93	865	9	69
806	60	31	821	46	78	836	33	71	851	21	10	866	8	89
807	59	40	822	45	89	837	32	85	852	20	27	867	8	10
808	58	49	823	45	01	838	32	00	853	19	44	868	7	31
809	57	58	824	44	13	839	31	15	854	18	61	869	6	53
810	56	68	825	43	25	840	30	30	855	17	79	870	5	75
811	55	76	826	42	37	841	29	45	856	16	97	871	4	95
812	54	85	827	41	50	842	28	59	857	16	16	872	4	15
813	53	94	828	40	63	843	27	74	858	15	35	873	3	36
814	53 ,	04	829	39	76	844	26	90	859	14	55	874	2	57
815	52	14	830	38	89	845	26	06	860	13	75	875	1	79
												876	1	01
												877		24

13

TABLE O (Contiimed.)

1 LOSS.	LOSS.	LOSS.	LOSS.	LOSS.
Fineness.	Cents.	Dec.	Fineness.	Cents.	Dec.	Fineness.	Cents.	Dec.	Fineness.	Cents.	Dec.	Fineness.	Cents.	Dec.
lOOOths.			lOOOths.			lOOOths.			lOOOths.			lOOOths.
878		53	890	9	69	902	18	66	914	27	38	926	35	86
879	1	30	891	10	45	903	19	41	915	28	10	927	36	55
880	2	06	892	11	21	904	20	15	916	28	81	928	37	24
881	2	84	893	11	97	905	20	88	917	29	52	929	37	92
882	3	62	894	12	72	906	21	61	918	30	22	930	38	60
883	4	39	895	13	47	907	22	33	919	30	92	931	39	31
884	5	16	896	14	22	908	23	05	920	31	62	932	40	02
885	5	93	897	14	96	909	23	76	921	32	34	933	40	72
886	6	69	898	15	70	910	24	47	922	33	05	934	41	42
887	7	45	899	16	43	911	25	21	923	33	76	935	42	11
888	8	20	900	17	16	912	25	94	924	34	46	936	42	79
889	8	95	901	17	91	913	26	66	925	35	16	937	43	46

14

EXPLANATIONS.

All the gold coins and the silver dollar (including the parts of the dollar coined prior to April, 1853), are legal tenders in payment of debts for any sum whatever. Of the silver coins issued since April, 1853, those of less denomination than the dollar are legal tenders to the amount of $5, with the exception of the 3-cent piece, which is a legal tender only to the amount of 30 cents. The 5-cent nickel coin is a legal tender to the amount of $1, and the 3-cent piece to the amount of 60 cents. The cent and 2-cent piece, composed of copper, zinc and tin, are legal tenders to the value of 4 cents only.

The value of silver coins differs from that ot the silver dollar in the following particulars : —

1. The weight of the dollar is 412.5 grains; that of two half-dollars of the present coinage is 384 grains; being a reduction of 6}? per cent. At this rate $1.25 of silver coins of a lower denomination than the dollar are manufactured at the United States Mint from one ounce of standard metal, and $1.16i\ in silver dollars.

2. The 'price paid in silver coins at the Mint, and at this Office, for one ounce of standard silver is $1.22^, and $1.1555 per ounce is paid in silver dollars.

3. When the silver dollar is exchanged for gold coins at par^ silver coins (the fractions of a dollar) are worth 93 cents in gold; but as the dollar usually com- mands a premium of 2 to 2.^ per cent, in gold, the average value of silver coins in gold is 95 cents. These rates being affected by the law of supply and demand, are necessarily somewhat variable.

15

TABLE B .

Weight and Fineness of U. S. Coins from 1792 to the Present Period.

PERIODS When the various			<3- O IL. ID	-			Weight of
DOUBLE 1 AGLE.	EAGLE.	HALF EAGLE.	THREE DOLLARS.	QUARTER EAGLE.	DOLLAR.	FINENESS.
Standards of Coins ■were authorized. April, 1792. to July 31, 1831. August, 1834, to January 18, 1837. January. 1837, to Present Period. March, 1849, to Present Period. February 1853, to Present Peiiod.	Grams.	Grams.	Grains.	Grains Dec.	Grains Dec.	Grains Dec.	loootns.	$1000,
516	270. 258. 258.	135. 129. 129.	77.4	67.5 64.5 64.5	25.8	9161 899:rV 900 900 900	OUNCES DEC 56.25 53.75 «i a
	SX1L.-S7- E R,.
	DOLLAIL	HALF DOLLAR.	QUARTER DOLLAR.	dime.	HALF DIME.	THREE CENTS.	FINENESS.
	Grains Dec	Grams Dec.	Grams Dec.	Grains Dec.	Grains Dec.	Grains Dec.	loootns.	OUNCES.
April, 1792, to January 18, 1837. January, 1837, to Present Period. January, 1837, to April, 1853. March, 1851, to April, 1853. April, 1853, to Present Period.	416. ! 412.5	208. 206.25 192.	104. 103.125 96.	41.6 41.25 38.4	20.8 20.625 19.2	12.375 11.52	892A 900 900 750 900	8661 8591 u 800
		C O E E E E,	, ScG.
	C E NTT.	TWO CENTS.	THREE CENTS.	FIVE CENTS.	HALF CENT.
	copper.	Cop. & Mel	Cop. Zinc and Tin.	Cop. Zinc and Tin.	Cop. & Mel	Cop. & Mel	Copper.
	GRAINS.	GRAINS.	GRAINS.	GRAINS.	GRAINS.	GRAINS UEC.	GRAINS.
April, 1792	264.						132.1
	208.						104.	Coinage dis- continued.
#Tn.T)na7*y, 179fi	168.						84. ■
February, 1857 April, 1864		72	48	96			_ 1
			30		1 -	Present Coinage.
May, 1866						77.16

13

^ STA.TEMEISTT

OP

FOREIGN GOLD AND SILVER COINS,

PREPARED BY THE DIRECTOR OP THE MINT, TO ACCOMPANY HIS ANNUAL REPORT, IN PURSUANCE OF ACT OF FEBRUARY 21, 1857.

EXPLANATORY REMARKS.

The first column embraces the names ot 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. This 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

17

TABLE E. GOLD COINS.

COUNTRY.	DBSOMINATKltiS.	Weight.	Fineness.	Value.	Value afier Deduction.
Australia . .	Pound of 1852 ....	Oz. Dec. D.281	Tiious. 916.5	$5.32.37	$5.29.71
	Soverei2;n of 1855-60 .	0.256.5	916	4.85.69	4.83.26
Austria . . .	Ducat	0.112	986	2.28.28	2.27.04
• •	Soin^creigii ....	0.363	900	6.75.35	6.71.98
U • • •	New Union Crown (assumed)	0.357	900	6.64.19	6.60.87
Beli^ium . .	25 Francs	0.254	899	4.72.03	4.69.67
Bolivia . . .	Doubloon	0.867	870	15.59.25	15.51.46
Brazil . . .	Twenty Milreis . . .	0.575	917.5	10.90.57	10.85.12
Central America	Two Escudos ....	0.209	853.5	3.68.75	3.66.91
	Four Reals	0.027	875	0.48.8	0.48.6
"^Cliili ....	Old Doubloon . . .	0.867	870	15.59.26	15.51.47
it	Ten Pesos	0.492	900	9.15.35	9.10.78
Denmark . .	Ten Thaler ....	0.427	895	7.90.01	7.86.06
Ecuador . .	Four Escudos ....	0.433	844	7.55.46	7.51.69
Eiiglaud . . .	Pound or Soveremn, new	0.256.7	916.5	4.86.34	4.83.91
t ...	“ “ average	0.256.2	916	4.85.12	4.82.69
Erauce . . .	Twenty Francs, new . “ “ averaire	0.207.5	899	3.85.62	3.83.69
ii • • •	0.207	899	3.84.69	3.82.77
Germany, North	Ten Thaler . . . . .	0.427	895	7.90.01	7.86.06
ii ii	“ “ Prussian .	0.427	903	7.97.07	7.93.09
it it	Krone (Crown) . . .	0.357	900	6.64.20	6.60.88
“ Soutli	Ducat	0.112	986	2.28.28	2.27.14
Greece . . .	Twenty Drachms . . .	0.185	900	3.44.19	3.42.47
Iliudostan . .	Mobil r	0.374	916	7.08.18	7.04.64
! Italy ....	Twenty Lire . . . .	0.207	898	3.84.26	3.82.34
Japan . . .	Old Cobang ....	0.362	568	4.44.00	4.41.8
t " ....	New “	0.289	572	3.57.6	3.55.8
Mexico . . .	Doubloon, average . .	0.867.5	866	15.52.98	15.45.22
ii t • t	“ new . . .	0.867.5	870.5	15.61.05	15.53.25
ii • • t	Twenty Pesos (Max.) .	1.086	875	19.64.33	19.54.5
Naples . . .	Six Ducati, new . . .	0.245	996	5.04.43	5.01.91
Neiherland .	Ten Guilders . . .	0.215	899	3.99.56	3.97.57
New Granada .	Old Doubloon, Bogota .	0.868	870	15.61.06	15.53.26
ii ii t	” “ Popayan	0.867	858	15.37.75	15.30.07
ii ii t	Ten Pesos	0.525	891.5	9.67.51	9.62.68
Peru . . .	Old Doubloon . . .	0.867	868	15.55.67	15.47.90
ii f f t t	Twenty Soles ....	1.035	898 !	19.21.30	19.11.7
Portugal . .	Gold Crown ....	0.308	912	5.80.66	5.77.76
Prussia . . .	New Union Crown (assumed)	0.357	900	6.64.19	6.60.87
Eome . . .	Sciidi. new . . .	0.140	900	2.60.47i	2.59.17
Russia . . .	Five Roubles ....	0.210	916	3.97.64!	3.95.66
Spain (See Cliili)	100 Reals	0.268	896	4.96.39!	4.93.91
ii • tit	80 "	0.215	869.5	3.86.44;	3.84.51
Sweden . .	Ducat	0.111	975	2.23.72	2.22.61
Tunis ....	25 Piastres	0.161	900	2.99.54	2.98.05
Turkey . .	100 ....	0.231	915	4.36.93	4.34.75
Tuscany . . .	Segiiin	0.112	999	2.31.29	2.30.14

* The system of Coinage ia the same as that received from Spain. , . ^ n , c-

t The legal weight and fineness of the Sovereign are slightly higher than the above, making its full value (See page 22). _ , ^ i

1 The Gohang being nearly half silver, the values given as above include the value of the silver.

18

weight in grains by the following rule: Eemove 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 at the Mint after the uniform deduc- tion 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 ex- change 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 122| 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, thetdata are assumed from the legal rates, and so stated.

Note.— These Tables of foreign gold and silver coins are taken from the last Annual Report of the Director of the United States Mint, by special permission.

19

TABLE F. -SILVER COINS.

COUNTRF.	DE1MINATION8.		Weidit. O	Fineness.	Value.
Austria . . .	Old Eix Dollar . . .		O'L. Dec. 0.902	Tuous. 833	$1.02.27
• • •	Old Scndo ....		0.836	902	1.02.64
u • • •	Florin Before 1858		0.451	833	51.14
u • • •	New Florin ....		0.397	900	48.63
u • • •	New Union Dollar . .		0.596	900	73.01
• • •	Maria Theresa Dollar, 1780	0.895	838	1.02.08
Beldiim . .	Five Francs . . .	,	0.803	897	98.04
Bolivia. . .	New Dollar ....		0.643	903.5	79.07
• • «	Half Dollar . . .		0.432	667	39.22
Brazil . . .	Double Milreis . . .		0.820	918.5	1.02.53
Canada . . .	Twenty Cents . . .		0.150	925	18.87
Central America	Dollar		0.866	850	1.00.19
Chili ....	Old Dollar ....		0.864	908	1.06.79
• • t •	New Dollar ....		0.801	900.5	98.17
China, lIon?:-Koiig	Dollar, English (assumed) .		0.866	901	106.20
U ii	Ten Cents ....		0.087	901	10.60
Denmark . .	Two Eigsdaler . . .		0.927	877	1.10.65
England . . .	Shilling, new . . .		0.182.5	924.5	22.96
• • •	Shilling, average . .		0.178	925	22.41
France . . .	Five Franc, average . .		0.800	900	98.00
• • •	*Two Franc, 1867-8 .		0.320	835	36.40
Germany, North	Thaler before 1857 . .		0.712	750	72.67
• • •	New Thaler . . .		0.595	900	72.89
“ South	Florin before 1857 . .		0.340	900	41.65
• t •	New Florin (assumed) .		0.340	900	41.65
Greece . . .	Five Drachms . . .		0.719	900	88.08
Hindostan . .	Enpee		0.374	916	46.62
Japan . . . • • • f •	Itzebii		0.279	991	37.63
New Itzebn . . .		0.279	890	33.80
Mexico . . .	Dollar, new ....		0.867.5	903	1.06.62
44 • • t	Dollar, average . .		0.866	901	1.06.20
44 f • • •	Peso of Maximilian . .		0.861	902.5	1.05.77
Naples . . .	Scndo		0.844	830	95.34
Netherlands . .	2J Guilders ....		0.804	944	1.03.31
Norway . .	Specie Daler . . .		0.927	877	1.10.65
New Granada .	Dollar of 1857 . . .		0.803	896	97.92
Pern . . .	Old Dollar ....		0.866	901	1.06.20
44 • • • •	Dollar of 1858 . . .		0.766	909	94.77
44 • • •	Half Dollar 1835 and 1838	0.433	650	38.31
44 • • • •	Sol		0.802	900	98.24
Prussia . .	Thaler before 1857		0.712	750	72.68
• • •	New Thaler . . . .		0.595	900	72.89
Pome . . .	Scndo		0.864	900	1.05.84
Enssia . . .	Eonble		0.667	875	79.44
Sardinia . .	Five Lire ....		0.800	900	98.00
Spain . . .	New Pistareen . . .		0.166	899	20.31
Sweden . .	Eix Dollar ....		1.092	750	1.11.48
Switzerland . .	Two Francs ....		0.323	899	39.52
Tunis . . .	Five Piastres . . .		0.511	898.5	62.49
Turkey . . .	Twenty ‘* . . . .		0.770	830	86.98
Tuscany . .	Florin		0.220	925	27.70

* Less pieces iu proportion.

20

EXPLANATIONS.

As the English accounts of gold bullion are made out in carats and their sub- divisions, it will be found convenient for Bankers, in examining these accounts, to have a ready means of comparing this method of notation of fineness, with that of the United States by thousandths. Table G furnishes the facility for making this comparison.

It appears from this Table that from |th of a grain to ll|ths grains, the equivalent in thousandths is in each case denoted by a whole number and a decimal; the first exact thousandths is the equivalent of 12 grains, and thus every multiple of 12 grains will produce exact thousandths.

The whole numbers of grains are placed at the top of the Table, and their equiva- lents in thousandths on the first line beneath ; the eighths of grains are at the left side and their equivalents in thousandths in the column adjoining ; those thousandths in the body of the Table are the combined equivalents of whole grains and eighths ; thus, 8 grains = 83. 33thousandths ; f grains == 3. 91thousandths ; 10| grains = 110.68thou- sandths.

A few examples will explain the manner of using the Table :

Kequired to express, in thousandths, the British terms, worseness 5^ grains ; betterness grains.

88— 5¥=82I : 72 ^rains=750 thousandths.

101 “ =111.98

82| grains=861.98thonsaDdths.

88+1h=89s : 84 grains=875 thousandths.

5^ “ = 53.39

891 grains=928.39thousandths.

Eequired to express, in British terms, the finenesses 768thousandths, and 9971 thousandths.

750=72 grains. 13= It “

875 =84 grains. 122i=ll| “

763=734 grains. 144 “ W°.

9974=95f grains.

7f “ Br.

Note. — It is proper to observe that the carat is divided into 32 equal parts ; and as a carat is equiva- lent to 41 f thousandths, (;ach 32d is equal to about l^j^thousandth. Mint assaying extends to one-half of one thousandth ; its nicety is, therefore, greater than that of the carat system.

21

T A B L K G^.

Comparison of the United States Mint method of notation of the fineness ot Bullion by thousandths, with that of the British by carats, carat-grains and eighths or thirty -seconds of a carat.

TL.e standard of gold and silver coins of France and the United States is OOOthousandtlis,

tliat of the gold coins of Britain is 22 carats, or 9 16f thousandths, and that of their silver coins 925 thousandths, or 222 dwts. per lb. The equivalent of 1 d-svt. is 4ithousandths.

The British method of reporting is to denote the fineness as betterness or worseness, according as it

is above or below the standard.

22

EXPLANATIONS.

L From a pound troj of gold, 22 carats or 916|tliousandtlis dne, 46|^ sovereigns are coined, making the full weight of the sovereign 123.27448 grains = 113.001605 grains of fine gold, and therefore the value of the sovereign is $4.86.6563.

II. From one kilogramme,* 3100 francs, in standard gold, are coined ; making the full weight of the gold piece of 25 francs 8.064516 grammes = 112.008982 grains of fine gold ; its value, therefore, is $4.82.3815.

III. From this it appears the sovereign contains .8862 of 1^ more gold than the 25 franc piece.

ly. From these data the following proportions, and those in Table H, are derived : 5.18262 francs = $1.00 : 1 franc = 19.29526 cents, or 9.51566 pence.

Frs. Ctms.

1£ stg. @ = 25.22.155 === $4.86.6563 value of the sovereign.

l£ stg. @ 8i®o^o1)^ = 25 francs = $4.82.3815.

1 oz. of British standard gold = $18.94.918174 or 77/10|^- @ 9i^o^oVo

1 oz. of U. S. or French standard gold = $18.60.465116.

y. French exchange, compared with American, is at a premium, when $100 in gold will buy less than 518^ francs, and at a discount when it will buy more. The quotations, instead of expressing a per-centage, indicate the number of francs that can be thus purchased.

French Exchange, compared with English, is at a discount when it requires more than 2522 francs 15 centimes to buy £100 stg., and at a premium when a less amount is required for this purpose.

yi. In determining the equivalent in francs of the pound sterling at a mixed 'premium^ say at 10§^, add together the amount in the Table set opposite to £1@10^,

Franca. Centimes.

viz.._. ...25.33.726

and that opposite to the §ths of one per cent., viz 08.638

the sum will be the equivalent in francs of £l@10§^ 25.42.364

*Note. — The kilogramme is equal to 15432.34874 troy grains.

23

TABLE II.

Equivalents in Francs of the Pound Sterling at Various Premiums.

24

YII. The par value, in U. S. coins, of the sovereign being very nearly $4.86§, or and the par value, in francs, of the gold dollar being about 5 francs 18|- centimes, these figures are sufficiently accurate for most calculations. To find how mamj francs are required to purchase a sovereign^ multiply the value in U iS. coins of the sovereign by the rate of French exchange.

Frs. Ctms.

Suppose the rate to be 5 francs 18^ centimes, this x ^3^®=25.22i^o^oj the equivalent of premium.

The value in francs of the gold dollar is found by dividing the value in francs of the sovereign by its value in U. S. coins, thus : S.IS^.

VIII. Besides using these tables for transactions in direct Exchange, one who desires to make a remittance to Paris can do so by procuring a sterling hill and forwarding it to Paris for disposal there. This is called indirect Exchange, and it is usually found preferable to purchasing a draft on Paris. The following example will illustrate this view :

On June 30th franc quotation in New-York was fr. 5.12^

And the quotation for sterling was lOs^

On July 16th, the date when the remittance of 30th June

reached Paris, sterling was worth fr. 25.16

Now£ stg. 10000@10^;^ cost

While a sterling bill of this sum would be worth, at the

average franc rate in Paris, viz., fr. 25.18^

But $49000@fr.5.12^ in New-York would yield only

Showing a gain, on remitting a sterling hill to Paris for sale there, of.

And in case this bill sold for the highest rate, the gain would be

to fr. 5.13^ to 10^^

to fr. 25.21 $49000

Francs.

251850

251125

725

975

25

TABLE I.

Table of the Gross Values of 1000 Ounces of Gold and of Silver Bullion

OF THE FOLLOWING FINENESSES:

RNEIJESS.	gross value IN GOLD.	GROSS VALUE IN SILVER. @ $1.16 A per Oz. Std.	RNENESS.	GROSS VALUE IN GOLD.	GROSS VALUE IN SILVER. @ $i.i6A per Oz. Std.
lOOOths.	Dollars.	CIS.	Dollars.	CIS.	lOOOths.	Dollars.	cts.	Dollars.	cts.
600	12403	11	775	76	800	16537	47	1034	34
610	12609	83	788	69	810	16744	19	1047	27
620	12816	54	801	62	820	16950	91	1060	20
630	13023	26	814	55	830	17157	63	1073	13
640	13229	98	827	47	840	17364	35	1086	06
650	13436	70	840	40	850	17571	06	1098	99
660	13643	42	853	33	860	17777	78	1111	92
670	13850	14	866	26	870	17984	50	1124	85
680	14056	85	879	19	880	18191	21	1137	78
690	14263	57	892	12	890	18397	93	1150	71
700	14470	29	905	05	900	18604	65	1163	64
710	14677	00	917	98	910	18811	37	1176	57
720	14883	72	930	91	920	19018	09	1189	49
730	15090	44	943	84	930	19224	81	1202	42
740	15297	16	956	77	940	19431	52	1215	35
750	15503	88	969	70	950	19638	24	1228	28
760	15710	60	982	63	960	19844	96	1241	21
770	15917	31	995	56	970	20051	68	1254	14
780	16124	03	1008	48	980	20258	40	1267	07
790	16330	75	1021	41	990	20465	12	1280	00
					1000 1	20671	83	1292	93

NOTK.-In the case of every intermediate thousandth, or of those above or beloio, add $20,672 to the Gold and $1.29 to the Silver value.

26

TABLE J.

Table Showing the Equivalents in Gold Coins at Various Premiums, ADVANCING BY EIGHTHS OF OnE PER CeNT., OF $10000 IN CURRENCY.

GOLD coins.	Premium.	GOLD COINS.	Premium.	GOLD COINS.	Premium.	GOLD COINS.	Premium.
Dollars.	Cents.	Per Cent.	Dollars.	Cents.	Per Cent.	Dollars.	Cents.	Per Cent.	Dollars.	cents.		Per Cent.
8000	00 @ 25	7774	54 @ 28|	7561	44 @ 321	7359	71 @ 35|
7992	01	a	251	7766	99	44	281	7554	30	kk	321	7352	94	kk	36
7984	03	a	251	7759	46	4»	28|	7547	17	kk	321	7346	19	kk	361
7976	07	a	251	7751	94	44	29	7540	06	kk	32t	7339	45	kk	361
7968	13	a	25 k	7744	43	4k	291	7532	96	kk	321	7332	72	kk	361
7960	20	a	25|	7736	94	44	291	7525	87	kk	321	7326	01	kk	36|
7952	29	»»	251	7729	47	44	291	7518	80	kk	33	7319	30	• •	361
7944	39	40	25i	7722	01	44	291	7511	74	kk	331	7312	61	kk	361
7936	51	44	26	7714	56	44	2M	7504	69	kk	331	7305	94	kk	361
7928	64	44	261	7707	13	44	291	7497	66	kk	331	7299	27	kk	37
7920	79	44	261	7699	71	44	291	7490	64	kk	33|	7292	62	kk	371
7912	96	44	261	7692	31	44	30	7483	63	kk	331	7285	97	kk	371
7905	14	44	261	7684	92	44	301	7476	64	kk	331	7279	34	kk	371
7897	33	44	261	7677	54	4k	301	7469	65	kk	331	7272	73	kk	371
7889	55	44	26|	7670	18	44	301	7462	69	kk	34	7266	12	kk	37|
7881	77	44	26i	7662	84	44	301	7455	73	kk	341	7259	53	kk	371
7874	02	4t	27	7655	50	4k	301	7448	79	kk	341	7252	95	kk	371
7866	27	44	271	7648	18	44	301	7441	86	kk	341	7246	38	kk	38
7858	55	44	271	7640	88	44	301	7434	94	kk	341	7239	82	kk	381
7850	83	44	271	7633	59	44	31	7428	04	kk	341	7233	27	kk	381
7843	14	44	271	7626	31	44	311	7421	15	kk	341	7226	74	kk	381
7835	46	44	27|	7619	05	44	311	7414	27	kk	341	7220	22	kk	381
7827	79	44	27i	7611	80	44	311	7407	41	kk	35	7213	71	kk	38§
7820	14	44	27i	7604	56	44	311	7400	56	kk	351	7207	21	kk	38J
7812	50	44	28	7597	34	44	m	7393	72	kk	351	7200	72	kk	381
7804	88	44	281	7590	13	44	311	7386	89	kt	351	7194	24	4i	39
7797	27	44	281	7582	94	44	311	7380	07	kk	351	7187	78	kk	391
7789	68	44	281	7575	76	44	32	7373	27	kk	351	7181	33	kk	391
7782	10	44	281	7568	59	44	321	7366	48	kk	351	7174	89	kt	391

27

TABLE J (Contimied).

COLD COINS.	Premium.	COID COINS.	Premium.	GOIO COINS. Premium.	GOLD COINS.	Premium.
Dollars. Cents.	Per Cent.	Dollars. Cents.	Per Cent.	Dollars. Cents.	Per Cent.	Dollars. Cents.	Per Cent.
7168 46 @ 391	7036 06 @ 42-1	6908 46 @ 441	6785 41 @ 47|
7162 04	• •	39i :	7029 88	kk	42i	6902 50 “	44|	6779 66	kk	471
7155 64	• •	39| '	7023 71	kk	42|	6896 55 “	45	6773 92	• •	471
7149 24		39|	7017 54	u	421	6890 61 “	451	6768 19	kk	47|
; 7142 86	u	40	7011 39	(0	42|	6884 68 “	45i	6762 47	• •	47|
1 7136 49		40i	7005 25	kk	421	6878 76 “	451	6756 76	• •	48
7130 12	»»	m i	6999 13 1		42|	6872 85 “	451	6751 06	% %	481
7123 77	k*	40|	6993 01 1	%•	43	6866 95 “	451	6745 36	iO	48i
7117 44	ki	40' 1	6986 90		431	6861 06	45f	6739 68		48|
7111 11	u	40|	6980 80	Oi	43i	6855 18 “	45|	6734 00	»*	481
1 7104 80	w	40|	6974 72 ♦	»»	43|	6849 32 ‘‘	46	6728 34	4%	48i
7098 49	kk	40|	6968 64	kk	431	6843 46 “	461	6722 69	k.	48|
7092 20	• •	41	6962 58 “	43 1	6837 61 “	46i	6717 04	kk	48?
7085 92		4U	6956 52	kk	431	6831 77 “	46|	6711 41	kk	49
7079 65		411	6950 48	k»	431	6825 94 “	461	6705 78	% 4	491
7073 39	kk	41|	6944 44	»•	44	6820 12 “	46|	6700 17		49i
7067 14	kk	41i	6938 42	kk	441	6814 31 “	461	6694 56	» 4	49|
7060 90	u	41|	6932 41		44i	6808 51 “	46|	6688 96	44	491
7054 67	M	411	6926 41	kk	44|	6802 72 “	47	6683 38	kk	49|
7048 46	kk	41|	6920 42	kk	44i	6796 94 “	471	6677 80	kk	491
7042 25	kk	42	6914 43	kk	44§	6791 17 “	471	6672 23	kk	49|
								6666 67	44	50

jfOTE— If the eqnivaleut in gold coins at a given premium be required for any other amount in currency than the even thousand, use the figures in the table as a multiplier of said amount.

Example : Required, the amount of gold coins which at 33| % premium wUl produce $15672 43.

1.5672.48 X 7433.63 = $11728.70.

- See Short Method of MuUipUcation, page 35

28

EXPLANATIOlSrS.

Dealers in Sterling Exchange, by the use of this Table, can find the value in U. S. gold coins of a bill of exchange for any amount of pounds, shillings and pence, and can also ascertain how many pounds sterling a given amount of gold coins will buy.

A merchant wishes to purchase a bill of exchange for any round number of pounds — £5000 or £10000 — when the rate is at %. By reference to the table, it appears that £1000 at this rate cost $4872.22|, therefore £5000 will cost $24361.11, and £10000 will cost $48722.22. If he desire to purchase a Sterling bill for remit-- tance abroad, in settlement of a balance of account amounting to $28765.46 in gold, he refers to the table showing the number of pounds @ ^ that produce $10000 in

gold coins, which he finds to be £2052.452; multiplying this by 28765.46 he ascer- tains that the bill of e.vchange must be drawn for £5903 19s. bd.

It is proposed to find the value in gold of a Sterling bill for £5903 19s. bd, @ 9g %. The table shows that the value of £1000 is $4872.22.2 ; this multiplied by 5903.971 amounts to $28765.46.

Eeference to the tabular statement below furnishes an easy method of converting the decimals of a pound into shillings and pence and vice versa.

For a short method of multiplication, where decimals are involved, see page 35.

When accounts are stated in currency it becomes necessary, before buying a Sterling bill, to determine the equivalent of the currency in gold coins at the market rate or premium. This can be done by referring to Table J.

TABLE SHOWING THE	VALUE OF SHILLINGS AND	PENCE IN DECIMALS	OF A POUND.
	0	1	2	3	4	5	6	7	§	9	10	11	12	13	14	15	10	17	1§	19
0	.000	.050	.100	.150	.200	.350	.300	.350	.400	.450	.500	.550	.600	.050	.700	.750	.800	.850	.900	.950
1 ' 1	.004	.054	.104	.154	.204	.354	.304	.354	.404	.454	.504	.554	.004	.654	.704	.754	.804	.854	.904	.954
	.008	.058	.108	.158	.208	.358	.308	.358	.408	.458	.508	.558	.008	.658	.708	.758	.808	.858	.908	.958
	.013	.063	.113	.163	.213	.302	.312	.363	.413	.462	.512	.562	.012	.002	.712	.763	.813	.802	.913	.963
I	.017	.007	.117	.107	.217	.267	.317	.367	.417	.467	.517	.567	.017	.007	.717	.707	.817	.807	.917	.967
5	.021	.071	.121	.171	.221	.271	.321	.371	.421	.471	.531	.571	.031	.071	.721	.771	.831	.871	.931	.971
0 j j	.035	.075	.125	.175	.325	.375	.325	.375	.425	.475	.535	.575	.025	.075	.725	.775	.835	.875	.935	.975
,! 7	.039	.079	.129	.179	.229	.379	.329	.379	.439	.479	.529	.579	.629	.079	.739	.779	.839	.879	.929	.979
8	.038	.083	.133	.183	.233	.283	.333	.383	.433	.483	.533	.583	.633	.083	.733	.783	.833	.883	.933	.983
»	.037	.087	.137	.187	.237	.287	.337	.387	.437	.487	.537	.587	.037	.087	.737	.787	.837	.887	.937	.987
10	.042	.092	.142	.193	.343	.393	.343	.392	.442	.492	.542	.592	.043	.693	.742	.793	.843	.893	.943	.993
11	.040	.090	.140	.196	.340	.290	.340	.390	.440	.490	.546	.590	.046	.090	.740	.790	.846	.890	.946	-996
The shillinffs arc ^iven at the top, and the pence at tlie left hand.

29

TABT^K K.

Table Showing the Value of U. S. Gold Coins in British Pounds Sterling AT Various Rates of Premium, and Vice Versa.

Amomt of Ponnds Sieiling at yarions Premluis eQnivaleni to $10000 of U.s.fiold Corns	A t	moiint Of D.s. Gold Coins eouiyaleni to 000 Ponnds sterling at p lie Snbloined Preminms. $	Aionnt of Ponnds Sterling at Yarions remiums ennivalent to 10000 of G.s. Gold Coins	A 1 11	monntofU.S.GoldCoins epyalent to DOO Ponnds Sterling at leSuDjolnedPremiiuns.
£Slg.	Dec.	PTemiini.	Dollars.	Cents.	f Stg.	Dec.	Preminin.	Dollars.	Cents.
2112	676	@61 %	4733	33.3	2054	795	@ 9g	4866	66.6
2110	199	U CB	4738	88.8	2052	452	“ 9|“	4872	22.2
2107	728	“ 6i “	4744	44.4	2050	114	“ 9| “	4877	77.7
2105	263	u a? u	4750	00	2047	782	“ 97 “	4883	33.3
2102	804		4755	55.5	2045	455	“10 “	4888	88.8
2100	350	u 71 u • 8	4761	11.1	2043	133	“ 10| “	4894	44.4
2097	902 '	U 71	4766	66.6	2040	816	“ lOi “	4900	00
2095	460	U 73 • 8	4772	22.2	2038	505	“ 10| “	4905	55.5
2093	023	u 71 u • 2	4777	77.7	2036	199	“ lOi “	4911	11.1
2090	592	• •75 • 8	4783	33.3	2033	898	“ lOi “	4916	66.6
2088	167	1 “ 7|-	4788	88.8	2031	603	“ 10| “	4922	22.2
2085	747	U 77 *i • 8	4794	44.4	2029	312	“ 10| “	4927	77.7
2083	333	U 8 "	4800	00 ‘	2027	027	“11 “	4933	33.3
2080	925	Cl u C 8	4805	55.5	2024	747	“ Hi “	4938	88.8
2078	522	“ 8J “	4811	11.1	2022	472	“ lu “	4944	44.4
2076	125	ii g3 ii	4816	66.6	2020	202	44 11 3 44	4950	00
2073	733	“ 8i '•	4822	22.2	2017	937	“ IH “	4955	55.5
2071	346	“ 8| “	4827	77.7	2015	677	“ Ilf “	4961	11.1
2068	966	“ 8|- ‘‘	4833	33.3	2013	423	“ 111 “	4966	66.6
2066	590	“ 8|	4838	88.8	2011	173	“ 111 “	4972	22.2
2064	220	u 9 ..	4844	44.4	2008	929	44 12 “	4977	77.7
2061	856	“ 9i “	4850	00	2006	689	“ 12| “	4983	33.3
2059	497	“ 9i “	4855	55.5	2004	454	“ 12| “	4988	88.8
2057	143	i. 03 ^8	4861	11.1	2002	225	“ 12| “	4994	44.4
					2000	00	“ 12 4- “	5000	00

Note. — In the thiril aurl sixth colunins tlio Decimal of the Cents is a repetfind in e\er^ iustaiice.

30

I.

FORMULA TO ENABLE THE MANUFACTURERS OF SILVERWARE TO OBTAIN A COMPOUND OF ANY DESIRED FINENESS, BY THE MIXTURE OF FINE SILVER WITH SILVER OF AN INFERIOR QUALITY.

Obtain the difference between the two higher finenesses, and divide by the differ- ence between the two lower ; the quotient indicates the number of times each ounce of the silver to be raised in fineness is required to be used with one ounce of fine silver.

Example— Required to raise a quantity of silver of the fineness of 867 thous- andths to 900 thousandths, by the mixture with it of fine silver at 999 thousandths.

Difference between the two higher finenesses.. 99 thousandths.

Difference between the two lower finenesses 33 thousandths.

99-7-33=3: From this it appears that one ounce of fine silver at 999 thousandths will raise three ounces of silver at 867 thousandths, so that the compound will con- sist of four ounces at 900 thousandths.

II.

MODE OP VALUATION.

According to law, the standard gold of the United States is so constituted, that in 1000 parts by weight 900 shall be of pure gold, and 100 of an alloy composed of copper and silver.

387 ounces of pure gold are worth $8,000, and 99 ounces of pure silver are worth $128. (See Table D.) These relations furnish tlie following proportions, from which are readily derived the subjoined rules : —

FOR GOLD.

As 1000 : 83OP7O, or as 99000 : 128 : : the given weight multiplied by its particular fineness in thousandths: the value of said weight.

FOR SILVER.

As 1000: ^11, or as 387:8 : : the given weight multiplied by its particular fineness in thousandths: the value of said weight.

RUL?:S

To find the value in Unite 1 States money of any number of troy ounces of gold or silver, the weight and fineness being given.

FOR GOLD.

Multiply the given weight by the fineness and by 8, and divide the product by

387.

FOR SILVER.

* Multiply the given weight by the fineness and by 128, and divide the product by 99000.

* Notk, — Tho tmdo of valuation for siloi-r o‘ins 1.-3 given on pairu 14.

31

III.

OBSERVATIONS IN REGARD TO THE VALUE AND THE TRUE PAR OF UNPARTEU

GOLD BARS AT SAN FRANCISCO, CALIFORNIA.

It has already been stated on page 10, that these bars contain silver, and that the expenses of separating it from the gold, exceed, in some cases, the value of the silver, while in others a profit accrues from the operation. Table C has been prepare! for the purpose of enabling those, who buy and sell unparted gold bars, to ascertain what amount can be obtained for them in gold coins or in fine gold bars, at the United States Assay Office, New-York, and the United States Mint, Philadelphia.

It may be observed here, that the value thus ascertained, is the proper value of these bars at San Francisco, whenever they are taken as a remittance to New-York. A quantity of grains, lumps, dust, or amalgam, having been presented at the Branch Mint, at San Francisco, or at some private Assay office, and the charges for melting and assaying having been paid, the depositor receives the net proceeds in bars made of the gold thus deposited ; these bars have their weight, fineness and the value of the gold alone stamped upon them.

To determine what they are worth, it is necessary to inquire the use to be made of them ; if they are to be exported to New-York, their value in gold coins at New-York is the problem to be solved ; but if they are to be converted into coins at San Francisco, then, after calculating their net value by the Table as already explained, the result must be modified by taking into the account the difference of parting chaige, which is the only element in the calculation at San Francisco, which differs from that at the U. S. Mint, or at the U. S. Assay Office, New-York.

EXAMPLE.

Gross Value.

1 bar, w’^eighing 601 ounces, @ 803 thousandths=S9,976.29.

At this fineness, the gain (per Table C,) is Q'^io cents per $100, or $62.95.

Now, if this bar is taken for exportation, then its value in gold coins is $9,976.29+62.95=$10,039.24, but if put into the Br. Mint at San Francisco, to be con- verted into coin there, where the charge for parting is 11 cents per ounce, the net value must be diminished 6 cents per ounce of the 601 ounces, or $36.06.

By reference to Table C, it appears that at the fineness of 877 thousandths or 8762 thousandths, both of which are considered as containing the same proportion of silver or 118 thousandths, the value of this silver is about the same as the charges for parting and coinage at New-York, so that, in view of the preceding observations, it is evident that this fineness is the true par.

Finenesses helow 877 thousandths contain more silver, and are, therefore, worth a premium; while those above, containing less silver, are at a discount as compared with bars of 877 thousandths.

32

Each thousandth shows a different premium or discount, and the proportionate difference varies in the several grades of fineness: thus, between 704 thousandths and 714 thousandths the average variation per thousandth in the gain is cent; between 770 thousandths and 780 thousandths it is 1 cent; between 810 thousandths and 820 thousandths it is cent; between 860 thousandths and 870 thousandths it is f cent. It is evident, therefore, that no average rate of gain or loss per thousandth will equally apply to all the grades of fineness; but the actual value of any nnparted gold bar must be determined by the use of the Table in the manner already explained.

Having thus found what the unparted gold bar is worth when converted into coin at Hew-York, it would seem to be a rule, alike just to the seller and the purchaser of these bars, to place such a premium upon their ascertained value as the market rate of ex- change prevailing at the time of the transaction requires. This causes every fineness to express its exact character, and obviates the exceptionable custom of employing a fictitious par.

IV.

OBSERVATIONS IN REGARD TO THE RATES OF EXCHANGE BETWEEN SAN FRANCISCO AND NEW-YORK, AND BETWEEN NEW-YORK AND LONDON, AS CONNECTED WITH THE VALUE OF UNPARTED GOLD BARS AT SAN FRANCISCO.

Applying the rule stated at the close of the previous chapter for estimating the value of unparted gold bars by comparing them with the true par, the inquiry arises, what rate may be paid for them in lieu of buying a draft on New- York ?

Suppose a lot of bars, weighing 10,000 ounces, averaging 840 thousandths fine, and stamped value $173,648.41, are purchased as a remittance to New-York. These bars are worth, per Table C, SO^^q cents per $100 premium, making the value of them $174,169.54 as the net amount they will produce in coin at the United States Assay Office, New-York, providing they contain the complement of silver. The allowance to be made for every thousandth of silver short is given on page 10.

Having thus ascertained the par or coin value of the bars, the holder of them may charge to 1% premium thereon. If the purchaser pay premium, the bars will cost him $435.42 additional, making their total cost at San Francisco $174,604.96. He now ships them to New-York, paying for freight and for insurance on the stamped value, together $2257.36, making the cost of the bars delivered at

New-York. $176,862 32

If the rate of sterling Exchange at New-York is below the shipping point, and the bars are, therefore, refined and coined there, producing 174,169 54

Then this amount of coin has cost $2,692 78

or l^foo

33

But when sterling Exchange is at the shipping point, the imparted bars may be deposited at this office, rehned and cast into fine gold bars. These, shipped to London and sold at T7s. 9d. per ounce English standard, will yield a profit of $276.90 after pay- ing freight tc', insurance bankers’ commission at New-York and at London, and some petty charges. This gain deducted from $2692.78, the amount against the account at New-Tork, will leave $2416.12 as the net amount of outlay, oi about Reo-ardino- these two transactions — the transmission of the bars from San Francisco to New-York, and thence to London— as expre.ssing one interest, it is proper to conclude that the rate of exchange, as thus determined, between San Francisco and New-York, is 1%% premium whenever exchange between New-York and London is 10^^.

It is obvious that any change in the items which make up the foregoing account will involve a change in the net result. Thus — if premium on the pai value, in- stead is charged for unparted gold bars at San Francisco, Exchange on London

must bring 101% otherwise the rate of Exchange between San Francisco and New- York, as above determined, will amount to premium when the sterling rate is

By observing the system just explained, the imperfect and Jluctuating par is obviated, a full allowance is made for silver contained in the bars in every instance, and the true par is used as the basis for a commission of | to |^, to be regulated by the law of demand and supply.

V.

SHORT METHODS OF CAECIJLATIOlSr.

FOR GOLD.

1. To Convert Weight into Value.

Multiply the weight by double the fineness, add to the product g^oth thereof, plus jigth of the s\)th, the answer will be in cents.

Example.— What is the value of 1258 ounces at 774thousandths?

1258 X 1548 == 19473.84

g^oth 649.128

ninth 5.032

Answer. — $20,128.00

By this rule the value of one ounce of gold, of any fineness, may be readily determined.

Example —What is the value of 1 ounce at 658.ithousandths?

658i X 2 = 1317

gigth 43.9 i^gth .34

Answer. — $13.61.24

The division by 129 being somewhat difficult, it will be found sufficiently accurate

in most cases to divide by 130.

5

34

2. To Convert Value into Standard Weight.

Divide the value in dollars by 20, this quotient by 20, and the second quotient by 2, add the three quotients together; the answer will be in standard ounces.

Example. — What is the weight, in standard ounces, of $154,686.56?

20) 154686.56

20) 7731.328 2) 386.7164

193.3582

Answer.— ozs. 8314.4026 FOR SILVER.

1. lo Convert Weight into Dollar Value.

Add to the weight in standard ounces i\th thereof, plus the ]®oth of the i\th, the answer will be in dollars.

Example. — What is the value of 1268.30 standard ounces?

1268.30 i\th 115.30 i^oths of i\th 92.24

Answer.— $1475.84

2. To Convert Dollar Value into Standard Ounces.

Subtract from the value |th thereof, plus gth of this quotient, the answer will be in standard ounces.

Example. — What is the weight of $1475.84?

$1475.84

|th 184.48 |th 23.06

207.54

Answer. — Stand, ozs. 1268.30

TO CONVERT TROY OUNCES INTO POUNDS AVOIRDUPOIS. Multiply the ounces by .O67.

Example. — What is the weight in pounds avoirdupois of 2688 troy ounces?

2688

.064

7)161.28

23.04

lbs. 184.32

It will be seen that 7 of the product is the same as ^ of the multiplicand.

35

SHOKT METHOD OF MULTIPLICATION.

When the multiplicand and multiplier contain decimals, the 'product can be more easily obtained by reversing the figures in the multiplier.

Example. Required the equivalent in gold coins @ premium of $156(2.48

in currency ? Answer. $11728.70.

From Table J, it appears that $7483.63 of gold coins, at this premium, produce $10000 in currency, therefore, 15672.48 multiplied by .748363, the value of one gold dollar, will give the above answer.

OLD METHOD OF MULTIPLICATION.

INVERSE MULTIPLICATION.

15672.48

.748363

15672.48 3638 47

4701744

9403488

4701741

12537984

6268992

10970736

10970.736

626.899

125.380

4.702

940

47

$11728.70415024

$11728.704

EXPLANATION OF INVERSE MULTIPLICATION.

After reversing the figures of the multiplier, the multiplicand is first multi- plied by .7, and the product is set down in the usual way, pointing off three decimals, there being two in the multiplicand and one in the multiplier. Now multiply by 4 the next decimal, beginning with the figure in the multiplicand directly over it, adding to the product the carrying figure derived from 4 times 8, and set down the lesult at the extreme right of the first product, completing the second line by continuing the multiplication of the multiplicand in the ordinary way; proceed to multiply in like manner, as shown in the example, with the remaining decimals in the multiplier, and add together the several products.

EASY MODE OF DIVIDING BY 99.

Rule. Set down the dividend, and add thereto 100th of the same to the extent of three decimals, then 100th of that quotient, and so on until the quotients are exhausted ; then add these quotients together.

Ounces. Dec.

Example. Divide 120486.568 by 99.

126486.568

1264.866

!i2.649

126

1

Answer. 127 764.210

36

VI. A Comparison op the Weights Employed in the United States, England, France and Spain that Relate to the Coins of those Countries.

FRANCE.

The metric system of measures was established in France in 1795 ; it is derived fiom the measurement of the earth. The Meire^ wliich is the fundamental measure, is piesumed to be the ten millionth part of a meridian line drawn from the jDole to the equator, and is 39.37079 English inches.

The derivative unit of weight is the Gramme^ which has been determined by the woignt of a cubic centimetre of distilled water at its maximum density. Professor Miller ascertained that the Kilogramme is equivalent to 15432.34874 grains. The coins if accurately minted may serve also as weights. Thus 5 francs in copper, 50 in billon, 200 in standaid silver, or 3100 in standard gold should weigh 1 kiloo'ramme.

French Weights. Milligramme (1000th of a gramme). Centigramme (100th of a gramme). Decigramme (10th of a gramme). Gramme {unit of weight). Decagramme (iO grammes). Hectogramme (100 grammes). Kilogramme (luOO grammes). Myriagramme (10000 grammes).

1 Franc in silver weighs 5 Francs “ weigli 5 Francs in gold “

o grammes

9^

1.6129032 gramme

Eguivalertts.

0.01543 troy grains, 0.15432 “ “

1.54323 “

15.43235 “

154.32349 “

1543.23487 “ 15432.34874 “

321.50726 troy ounces.

.160754 “ ounce. .803768 “

.051856 “

U

u

u

u

u

SPAIN.

Gold is weighed by the Castilian Mark of 50 Castellanos, 400 Tomines or 4800 Granos. Silver is weighed by the same Mark, but is divided into 8 Onzas, 64 Ochavas, 128 Adarmes, 384 Tomines or 4603 Granos. The Castilian Mark contains 3552 troy grains or 230.166 grammes. As this weight is equal to 7.4 ounces troy and the Mark is divided into 8 onzas, one Spanish ounce is therefore equal to 0.925 troij ounce.

Spanish Weights.

12 granos make 1 tomin.

3 tomines “ 1 ad a r me.

2 adarmes “ 1 ochava.

8 ochavas “ 1 onza.

8 onzas 2 marcos

U

.5994 gramme or 1.7982

3.5963 grammes “

Equivalents.

9.25 troy grains. 27.75 55.50

28.7707 “ “ 444.

1 marco. 230.1658 “ “ 3552. “

1 libra. 460.3315 “ “ 7104.

In 1786 the standard of Gold coins was reduced from 21^ carats to 21 carats (='375 thousandths) for the different Doubloons and their divisions. There are four dcnorninaiions of gold required to be of this fineness — the <loubloon, the half, the quarter or pistole and the eighth or escudo. The weight should be 8^- doubloons to the Mark of Castile, or about 418 grains or 0.870j of an ounce troy to the doubloon.’^ Dy reference to Table E of Gold Coins, it will be seen that the average weight and fineness of the Doubloon falls below its legal terms. 1000 Dollars (silver) should weigh, according to the Mint regulations, 117 marks 5 ounces, Castilian weight, equal to 870.5 troj^ ounces ; but the average weight of this number of dollars is found to be 866 ounces,

* Tliin would inako tho groH8 value of the doubloon $15.75.

S7

UNITED STATES AND ENGLAND.

The United States and English Standard Unit for Weights is the Troy Pound containing 5760 grains.

24 grains make 1 pennyweight = 1.55517 gramme.

20 iienny weights “ 1 ounce = 31.1035 grammes.

12 ounces “ 1 pound = 373.24197

The legal weight of the Sovereign is 123.2/448 grains @ 916|thou- sandths = '25.55734 grains @ OOOthousandths ; that of the Half-Eagle is 129 grains and of the 5-Franc gold piece 1612.9032milligrammes, both of these @ 900thousandths. From these terms the following comparison is derived.

Grains. Dec. Oz. De;. Grammes. Dec.

Sovereign = 125.55734 = 0.2615778 = 8.135984

Half-Eac^le = 129 = 0.26875 = 8.359065

25-Franc Gold Piece = 124.15442 = 0.2592801 = 8.064516

INTERNATIONAL COINAGE SYSTEM.

This contemplates making the Sovereign, the Half-Eagle and the 25-Franc gold piece of the same weight and value. “ The weight of the present 5-Franc gold piece, 1612.9032 milligrammes, to be the unit with its multiples.” In conforming the weight of the Sovereign to that of the 25-Franc piece, it would require a reduction of .8786^ (about ^ths %) and a reduction of 3.5237^ (about 2>\%) from the Half-Eagle to conform it to the French coin.

According to this proposition, the several denominations of U. S. gold coins

would weigh as follows :

Milligrammes. Dec. Grains. Dec.

The Dollar 1612.9032 = 24.890885

Qr.-Eagle 4032.2581 = 62.227212 3 Dollar Piece 4838.7097 = 74.672655 Half-Eagle 8064.5161 = 124.454423 Eacrle 16129.0-322 = 248.908847

Double Eagle 32258.0644 = 497.817603

Present Weight. Grains. Dec.

25.8

64.5

77.4

129

258

516

By a slight modification of these terms, substituting 1620 milligrammes as the weight of the franc gold piece and of the gold dollar, all the denominations of French, British and U. S. gold coins could be expressed in whole numbers, thereby facilitating their adjustment and calculation.

The present ratio of Gold to Silver is about 1 to 16 (1 to 15.9883/ 1). If the weight of the gold dollar were fixed at 1620 milligrammes or 25 troy grains, the above ratio would be maintained by reducing the weight of the silver dollar from 412.5 grains to 400 grains, or one-fourth of one cent to the grain, the new weight of the gold dollar being four cents to the grain. This relation of weight to value furnishes an easy method of determining the amount of United States gold and silver coins

exchangeable for old coins.

By this plan, the increase in the weight of the French coin would be iqq%, the decrease in tliat of ihe British coin (.about while the weight of U. S. gold

coins would be reduced (3.101)7) about 3,1q^.

OPINIONS OF THE PRESS.

The Bullion Dealer’s Guide, by Geo. W. Edelman, Deputy Treasurer United States Assay Office, New York, 18G8, is just published by J. K. Van Slyke k Co., No. 3 Broad street. This small, elegantly printed volume, deserves the attention of business men. It presents, in the compass of thirty pages, the results of a vast amount of calculation of weight, fineness and value of gold and silver bullion, enabling the dealer in bullion to find at a glance just what he needs to know, in order to regulate wisely his transactions in coin or bullion. For example, a single line in Table B of Mr. Edelman’s Book tells exactly what one thousand ounces of silver bullion at any fineness will produce, at the Mint or Assay Office, in either fine bars, dollars or silver coins. If any one attempts to calculate all this, he will see what a vast amount of faithful labor Mr. Edelman has put into this single page of his book. Table C is equally condensed and valuable, exhibiting at a glance the gain or loss, according to fineness, upon gold bars containing silver, when deposited at the Assay Office or Mint. Table D gives the weight and fineness of every coin of the United States, from 1792 to the present time, presenting in a condensed form matter of great historical as well as financial interest. Indeed, all the tables in the book are models of concise accuracy, and the whole exhibits an intelligent comprehension of the subjects treated, and thorough fidelity in the manner of presenting them. It is evidently the right book by the right man; and Messrs. Duncan, Sherman & Co., Aug. Belmont & Co., Brown Brothers k Co., and other eminent bankers, are right in “ recommending it as the most valuable and correct work of the kind ever published.” — N. Y. Evening Post.

The attention of bankers, bullion dealers, and merchants generally, who are interested in the assay or handling of coin and bullion, is directed to a new publication by George W. Edelman, the well known Deputy Treasurer of the Assay Office in this city. It is endorsed by the first bankers in the city, and to those in active business will save more than its cost, each day in the year. — N. Y. Journal of Commerce.

Mr. George W. Edelman, of the United States Assay Office, has just published the Bullion Dealer’s Guide, containing a series of tables which show the values of all kinds and grades of coin and bullion, with minute explanations of their use. It is much the most careful and accurate work of the kind extant, and will be found in- dispensable to all who buy or sell foreign coins or bars. — N. Y. Evening Post.

Mr. George W. EoELiiAN, Deputy Treasurer of the United States Assay Office, in this city, has compiled a very thorough guide for dealers in bullion, explanatory of the value of the precious metals in the various changes which they undergo after they have been taken from the mines, and resulting from their being melted, refined, or coined. The aim of the work is to enable the bullion dealer to determine the form into which he will convert his bullion so as to yield him the most satisfactory return. The work consists of a series of pertinent tabular exhibits, accompanied by the neces- sary illustrative notes. Other tables, apposite to the nature and object of the work, are appended. The book, under the title of The Bullion Dealers Guide, is handsomely issued by Messrs. George F. Nesbitt & Co. It is emphatically recom- mended by some of the leading city bankers and dealers in bullion. N. Y. Times.

Tables I., J. k K. and Section Qth {See Introduction) present additional mam not found in the first edition.

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