Annual Report

of the

Director of the Mint,

for the

Fiscal Year Ending June 30, 1867.

Philadelphia:
Ketterlinus, Printer, Fourth and Arch Streets.
1867.

Mint of the United States,
Philadelphia, October 25, 1867.

Sir:
I have the honor to submit the following Report of the operations of the Mint and Branches for the fiscal year, ending June 30th, 1867.

The deposits of bullion at the Mint and Branches during the fiscal year were as follows: Gold, $40,069,200.06; Silver, $1,823,900.70. — Total deposits, $41,893,100.76: deducting from this total the re-deposits of bullion, or bars, made at one branch of the Mint, and deposited at another for coinage, the amount will be $34,537,048.39. This amount exceeds the deposits of the preceding year by $2,625,329.15.

The Coinage for the same period was as follows: Gold coin, pieces, 1,469,482; value, $28,217,187.50. Unparted and fine gold bars, $11,621,691.32. Silver coin, pieces, 2,074,902; value, $986,871.00; bars, $575,823.18; nickel-copper and bronze coinage, pieces, 50,566,000; value, $1,879,540.00. Total number of pieces struck, 54,110,384. — Total value of coinage, $43,281,113.00.

The distribution of the bullion received at the Mint and branches, was as follows: at Philadelphia, gold deposited, $9,962,410.,17; gold coined, $9,992,187.50. Fine gold bars, $79,873.36; silver deposits and purchases, $350,475.69; silver coined, $352,871.00; silver bars, $4,619.38; nickel-copper and bronze coinage, value $1,879,540; total deposits of gold and silver, $10,312,885.86; total coinage, $12,309,091.24.

At the Branch Mint San Francisco, the gold deposits were $18,190,603.13; gold coined, $18,225,000.00; silver deposits and purchases, $819,434.02; silver coined, $634,000; silver bars, value, $146,048.54; total deposits and purchases, $19,010,037.15; total coinage, $19,005,048.54.

The Assay Office in New York received during the year in gold bullion, $11,785,627.06; silver bullion, including purchases, $653,990.99; number of fine gold bars stamped 4,176; value, $11,411,258.26; silver bars, 3,635; value, $425,155.26; total, $11,836,413.52.

The operations of the Branch Mint at Denver, Colorado, are confined by law to the melting, assaying, and stamping of bullion, returning the same to the depositor in the form of unparted bars, bearing the government stamp of weight and fineness of the gold and silver contained. — The number of bars stamped was 214; value, $129,616.38.

Branch Mints at New Orleans and Charlotte.

There is a large demand for the five cent nickel-copper coin in the Southern States, to meet which I respectfully recommend that provision be made by law for the coinage of such pieces at the Branch Mint at New Orleans. The appointment of the necessary officers to conduct the business at the above institution should also be authorized. The duties of Melter and Refiner and Coiner could readily be performed by the Superintendent. The only other officer required will be an Assayer. The employment of one Clerk, and a few workmen is all the additional force that will be required. The coinage of five cent nickel-copper pieces, and the melting and assaying of gold and silver, and casting the same into unparted bars, is all that is required, at least for the present, at New Orleans, and these facilities will be found beneficial to the people of that section of the union.

The Branch Mint at Charlotte, North Carolina, is being repaired and placed in condition for melting and assaying the precious metals, and casting the same into unparted bars. The expense attending these operations will be quite small, and the result beneficial to the interests of the gold bearing districts in that vicinity.

Development of the Precious Metals.

The amount of bullion derived from the mines of the United States, corresponds very nearly in amount with the production during the previous year. This result is very gratifying, considering the causes which have interfered with the prosecution of mining enterprises. The Indian war has greatly retarded emigration to the mining regions, and the population resident at different points in the mineral districts, has been subjected, throughout the entire season most favorable to mining operations, to all the perils and inconveniences arising from extensive Indian hostilities. The frequent attacks made on the great lines of travel to the bullion districts, have prevented, except at much risk, the transportation of supplies and mining materials. The expenses of living and of mining have consequently been kept very high, and the risks and uncertainties, ever attending gold mining, greatly increased. It may also be remarked, that throughout the greater portion of the districts in which mining is now carried on, the surface mines have become exhausted, and attention during the last few years, has been generally turned to “Lode” mining. The ores from the “Lodes” or mineral veins, although usually containing a high percentage of the precious metals, are more or less refractory in their character, and are difficult and expensive to work on account of the base and obnoxious metals, either chemically or mechanically associated with the gold and silver. To crush and pulverize these ores, and extract from them the precious metals, requires powerful machinery, complicated apparatus, and skilled labor. These essentials for successful “Lode” mining now exist only to a limited extent, and cannot be brought into full requisition until railroad communication is extended to the gold and silver bearing territories. When this shall have been done, gold and silver mining enterprise will be carried on in this country to an extent hitherto unknown, and with the most favorable results.

The Rail Roads now being constructed across the continent are rapidly approaching the base of the Rocky Mountains from the East, and the Mineral Districts will soon begin to experience the benefits arising from the approach of Rail communication, and if peace is made with the Indians we may safely estimate a large increase in the production of the precious Metals during the coming year.

The law now imposes on all bullion a tax of the half of one per cent. and a coinage charge of the same amount. In view of the hazardous character of Gold Mining — of the great difficulties and privations experienced by those engaged in it, and of the necessity of extending every practicable aid and protection to the important interest, it would appear to be a wise policy to repeal the laws imposing the tax and charge above referred to, or at least to reduce them by one half.

Renovation and Repairs of the Mint Edifice and Machinery.

When I assumed the duties of the Directorship, early in April last, the condition of the Mint was very unsatisfactory. Owing mainly to the immense amount of the lower coinage, and the somewhat refractory nature of the nickel-copper alloys used in pursuance of law, the machinery had become much worn, and unsuitable for the proper execution of the work. This is strikingly shown by a single fact, that in three months’ operations, over eleven hundred working dies were used and broken. The Mint building was also in a condition to require repairs and renovation. Some of the floors being decayed, and the walls and ceilings much soiled and blackened.

The authority to rectify these matters having promptly been given by the Department, the work was taken in hand on the first of August, the regular operations being necessarily intermitted. The repairs were so far completed as to enable us to resume coinage on the first of October.

Every department of the Mint is now believed to be in a satisfactory condition, except that some new machinery remains to be added. When this is done, we expect to be able to meet all present calls, and to be ready for any coinage, or re-coinage that may be necessary, whether on resumption of specie payments, or change of gold standard, or both. We also take some pride in an improved appearance of a representative structure of the United States.

It has always been the practice of the Mint to keep in the front rank as regards improved apparatus and appliances; and I may here take occasion to speak, with pleasure, of the very recent introduction of an admirable apparatus of minute platinum vessels, used for parting in the Assaying department. This is nearly the first of its kind that has been made. It is only just to state, that it is the invention and manufacture of a London Artist.

Restriction and Redemption of the Inferior Coins.

A provision was incorporated in the Act of May 16th, 1866, (Sect. 5.) to redeem in National Currency, the five cent nickel-copper coins, in sums of not less than one hundred dollars, under certain regulations. It is easy to see, that one effect of this enactment is, to restrict the issue of such coins, and prevent them from flooding the community. A most wise and just provision it is; and it is greatly to be deplored that it does not as yet extend to the pieces of oue, two, and three cents. If the public are under the impression that it is the fault of the Mint, or the Treasury Department, when such Coins become redundant, it is a great mistake. We have a law to make such Coins without limitation; and we have also a law to take orders for them, and fill up the orders. And it is to be expected, that when the Banks, and other moneyed institutions, want these pieces in quantities, they will not seek for old and discolored ones, here and there, but will go at once where they can get them the easiest, and in the neatest order. Thus we are told that in London, although the Coins of this class can be had in any amount, at a discount, by going to breweries, and ale houses for them, yet the people prefer clean pennies, and so the Mint is kept at work, although the country is over-stocked. They have no law of restriction or redemption. In this respect the old Country is no example, but a warning for the new. Some evils are said to cure themselves, but this is not one of them. The Copper Currency, years ago, became an enormity in Brazil. The servant going to market, had a heavy load to carry each way; Copper coin in going, and provisions in returning. Before our recent conflict, we were approaching the same condition: the appearance of small notes made a diversion, but now we are again in danger, in the same line.

How is such an evil to be prevented or mitigated? Simply by wise legislation. But it is not sufficient to enact, as in the instance already stated, that there shall, or may be a system of redemption; a fund must be created and kept up for this purpose; and there can easily be one made which shall not be felt as a charge upon the public treasury. It should be created out of the profits of such coinage; these should be sacredly set apart and put at interest for that single purpose. And we might justly and safely go back, and take the profits which began to accrue with the nickel coinage in 1857; for it is not right that the treasury should derive a revenue from such a source. Those profits have by this time reached a sum which would be ample for the object under contemplation; for, of course, the larger part of the inferior currency would either never come back, or only to be exchanged for better pieces.

It is, therefore, respectfully and urgently proposed, that a section in something like the following terms may receive the attention of the committees on Coinage and Finance, and become a law at an early date:—

“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 hereinafter mentioned; and to this fund shall be added all similar profits, accruing from and after the passage of this Act. And it shall be the duty of the Treasurer of the Mint, under regulations made by the Director of the Mint, and approved by the Secretary of the Treasury, to receive any such coins that may be offered in sums not less than ——— dollars, and to pay for the same out of the fund herein created. And the metal thus received may be worked into new coin, or otherwise disposed of to the best advantage, and any gain or loss thereby is to be set to the account of the said fund.”

If it should be thought best to avoid retroaction, and begin with the present time, then the section may read thus:— “That the amount of profits accruing from the coinage of nickel-copper and bronze pieces, from and after the passage of this Act, is hereby set apart and appropriated as a fund for the redemption of such coins; and it shall be the duty of the Treasurer of the Mint, under regulations made by the Director of the Mint, and approved by the Secretary of the Treasury, to receive any such coins that may be offered in sums not less than ——— dollars, and to pay for the same out of the fund herein created, as soon as such fund shall have sufficiently accumulated. And the metal thus received, &c. [as before.]

The operation of this Act might be extended to the Branch Mint at New Orleans, with power to coin such pieces.

The nett profits arising from the minor coinage, and paid into the Treasury of the United States during the fiscal year amounts to $1,175,000.

Maintenance of the Coin in Good Condition.

There is a subject which I believe has not been brought to the attention of the law-making power, and the present seems to be a proper opportunity. If it is the duty of government to keep the paper currency in good repair, as is acknowledged and practised, it cannot be otherwise in regard to the metallic currency, whether of gold, silver or copper. A wealthy and refined people, accustomed to keep every thing about them in good order, ought to have the same attention paid to the current money, so constantly in their hands, and their pockets. As far as practicable, it ought to be kept neat and legible; it ought not to be worn to smoothness, nor, in the case of precious metals, be materially reduced in bullion value.

This doctrine has been recognized in England, where, in 1774 to 1788, there was a great recoinagc of the old worn out guineas, at an expense to the treasury of over half million of pounds sterling. Another instance has just been brought to our notice; in 1866, a large amount of worn silver coin was received from the Bank of England, and recoined.

In general when a renovation of coins has been effected, it has been on the occasion of reducing the standards, either of weight or fineness, or both. Such has been the case in this country, and in England, France, Germany, Spain, and other countries. This is a very cheap way of keeping the coins in order; but even where there is no such reduction, a re-coinage of worn and spoiled pieces would not be a very serious charge upon the treasury, because, (unlike the paper moneys) they constitute but a small part of the pieces circulating; for coins, in general, wear very slowly, hut the more important consideration is that they are constantly going abroad, where they find their way to the foreign melting pot, and re-appear with other names and devices. Of all the many millions that have been coined here, in gold aud silver, a very small proportion now bears the stamp of the United States. And when the sovereigns, francs, or thalers, come back to us, we treat them in the same way; so that a busy commerce keeps the coinage new and good, and lightens the loss which might otherwise be vexatious and burdensome. Still in specie times, there is much gold and silver current that ought not to be; and that which is worst circulates most, by a fixed law of human sagacity or self-care.

If this proposition be true of gold and silver, it is no less so of nickel-copper and bronze coins. They ought to be kept clean and legible; and when they cease to be so, the Mint ought to be authorized and enabled to take them back, and give new pieces in their stead.

International Coinage.

In regard to a grand and comprehensive scheme of international coinage, it is of course not necessary for me to say a word as to the desirableness of its accomplishment. I shall simply offer a few words as to the most feasible plan.

The first difficulty that meets us, is the fact that in some commercial countries, gold is the principal medium of trade; in others, silver. To maintain these at a steady relation, may be given up as an impossibility. We must therefore calculate, or assume, that as the world grows richer, one nation after another will fall into the wake of those which have taken the lead, in adopting gold as the standard: using silver only for subsidiary purposes.

The next difficulty is to harmonize or unitize the three principal moneys of the world; the Pound Sterling, the Franc, and the Dollar. When these are brought into a precise relation, the great work will not be far from its accomplishment.

Each of these three great units, has its peculiar advantage, or prestige. The Pound or Sovereign is everywhere familiar; it regulates the exchanges of the world. The Franc is built upon a scientific basis; it has all the éclat of a fixed natural measurement; it has been adopted in various countries of Europe. The Dollar, which first found its name (thaler) in Austria, more than three centuries ago, then became the principal coin of Spain, and afterwards gave its title to the vast products of the mines of Spanish America, from whence it was adopted into our own coinage; this welcome visitor to the millions of China, and the merchants of London — has such a hold upon men’s minds, that it will not easily be displaced, in any re-adjustment of standards or nomenclature. It has also that amount of value, as it were, mid-way between' the great pound and the little franc, which gives it a decided superiorty to both. In this respect, I speak of it rather as a money of account; in actual coinage, a multiple of the dollar (in gold) is much better for size. The idea would therefore be, to have a pound, a five-dollar piece, and a twenty-five franc piece, identical as to value; each nation retaining its own money terms, if they cannot agree upon one.

But there is a third preliminary difficulty which must be noticed, not dwelt upon, because it rather belongs to those who are learned in the law. To make this accommodation, one coin or other must be changed in intrinsic value. In plain terms, if we lighten the gold five-dollar piece, so as to make it conform to the sovereign, would not that impair the obligation of contracts, inasmuch as the holders of our government bonds would get a less amount of interest, without changing the nominal rates?

But supposing these difficulties obviated, the main question comes up, what is the most feasible plan of uniformity?

Nearly five years ago (December 31, 1862,) a letter on this subject was addressed to the Treasury Department from the Mint, in which the precise ground was taken, which has lately been agreed upon by the Paris Conference. It was, in effect, as follows: — A French coin of 25 francs would be worth in our present money, $4.82.5. A British sovereign, new, is worth $4.86.7. Here are pretty near approaches, not only as to those two, but also as to our five-dollar piece. Supposing them all fashioned on the French basis, then the new sovereign would be brought down by 4.2 cents, and the new five dollar piece by 17.5 cents. The shilling in money of account, would be 25 cents, and the franc 20 cents. We should also have a definite relation to the new gold coinage system of Austria, Prussia, and the German States. The lira of Italy has long been in unison with the franc of France.

The weight of the half-eagle would be 1249⁄20 grain, instead of 129 grains, as at present.

Whether England could be induced to acquiesce in this movement, or whether we should move without her, need not here be discussed.

Protection of Gold Coins from Debasement.

If the proposed international coinage of gold should become a law of the United States, the reduced weight would call for a re-coinage; and this would be a proper moment to introduce an improvement, which the progress of counterfeiting loudly calls for. Indeed, whether the proposed reduction should be adopted or not, there seems a necessity for improving the gold coin, in the point just referred to, and which I will proceed to explain briefly, leaving larger details for a time of particular inquiry from an authoritative source.

Of all the various frauds practiced upon the metallic currency, (and they all call for more or less care on the part of receivers and payees) there is but one that is really alarming; and it has grown out of the advanced state of science, and mechanic arts. It attaches only to the gold coin, for it cannot profitably be performed on the silver. The opportunity for it lies in the thickness of the coin. With pieces like ducats or guineas, or the original ten dollar piece, it would not have been practicable. These remarks are enough to indicate, that the fraud is performed by sawing out the interior of a thick gold coin, preserving the two outer faces intact, and inserting a planchet of heavy metal, platinum between; then finishing up the edge with a gold rim, closely soldered. One would suppose that the labor and skill required for such an achievement would not be compensated by the gold extracted; or that they could be better paid in an honest calling; or that the difficulty of adjusting the weight to half a grain, would be insuperable. But there is evidence enough that the fraud pays, and that the right weight, and pretty nearly the specific gravity, can be maintained. And then there seems to be a pride of success in this line, as there is in burglary and picking of pockets, sufficient to keep a few skillful men at it, whether the gain is something or nothing.

Now, to counteract this capital fraud, I do not propose to recommend any of the schemes which have been prompted by theory without experience, and which always seems to have an eye to the pecuniary benefits of a patent, or a congressional bonus. Several years ago (1860) this subject was taken in hand by officers of the Mint, upon the pressing proof that such filled pieces, especially twenty and ten dollar pieces, were growing in numbers, and occasioning alarm. Without giving in detail their written conclusions (which are at hand) it is sufficient to state, that the remedy, in their view, lies in making the coin thinner, and slightly double-concave. This would necessitate an expansion of surface, so as to make the ten dollar pieces about the same diameter as the twenty dollar now is; and, of course, to take the other out of the list; as any larger diameter would be inadmissible. After being so long accustomed to the double eagle, there are some persons, especially in treasury offices and banks, who have much counting to do, who would strenuously object to this change. It is, however, expressly for their advantage. If pieces are liable to be offered to them, made up of gold and platinum, which they cannot distinguish from the genuine, they are running a great risk, merely for the sake of doing double-quick work. This is not practical wisdom. Moreover, be the wishes of tellers what they may, the public at large have a right to the best guarantees of the genuineness of money. And, again, the wealthiest nations in the world, most abundant in gold currency, have nearly all their coins in a size under five dollars. To put the most of our coin in such very large pieces, is, in effect, to keep it out of ordinary circulation; an idea agreeable enough to a small class, but not to the people at large, nor to the spirit of the Constitution and Laws.

A specimen piece of five dollars, of the proposed form and size, was prepared and struck in copper at the time. If desired, this or something like it, can be reproduced for inspection. It is entirely proof against the mischievous art under discussion. Lesser pieces, such as the three, two and a half, and one dollar, need not be made of the dishing shape, provided they have the suitable enlargement of diameter; the dollar, however, need not be altered in any way.

I shall not discuss this subject any further, prefering to enter into larger details when they may be called for. I must add, however, the hope that no section will be inserted in the laws, requiring particular and fixed diameters. Such a thing never has been done in legislation, and it ought always to be left to the discretion of the Mint officers, under the approval of the Secretary of the Treasury. If foreign Mints do not choose to make their coins thief-proof, (which, indeed, they have little occasion to do, their pieces being mostly small and thin) this should not stand in the way of our carrying out such an improvement. I say this, because it was decided by the Paris Conference to make uniform sizes one of their articles. If there must be, let there be a further conference, as to whether safety does not require a return to the old system, of making gold coins thin, and of enlarged diameter.

Devices Upon the Coinage.

The character of the devices upon the coinage, as a matter of increasing interest in the public mind, is not unworthy of special notice in reviewing the operations of the Mint; and in this connection it seems quite in place to remark that the Engraver’s Department has lately been enriched by the acquisition of an important and interesting machine, (the invention of Mr. C.J. Hill, of London) very superior to any heretofore in use, which greatly facilitates the work of the artist on the devices appropriate to the coinage.

The peculiar power of this machine consists in the perfect accuracy, and almost perfect finish, given by its operation in the reduction of the artistic model, by which all the freedom of execution of which the larger model is susceptible in the hands of the artist, can be preserved in the most minute proportions in its application to the face of the coin for which it may be designed.

Of the advantage thus afforded, in the execution of this interesting portion of the public service, the most liberal use is intended to be made in the future issues of our more important coins, which while preserving the national character required by law, will add materially to their beauty aud distinctness of expression.

Foreign Coins.

There are a few items to be added to this branch of the report.

The silver sol of Peru, which is the successor of the peso or dollar, is found to be of standard fineness, and the average weight 0.802 ounce troy. The dates observed are 1864 to 1866.

The Mexican silver peso, or dollar of Maximilian, of the date 1866, averages 902½ thousandths fine, and 0.861 oz. or 418⅓ grains in weight, upon trial of a considerable quantity. These two reports arc furnished by the Assay Office at New York.

We have seen but one gold piece of Maximilian, called “20 pesos,” of the date 1866. and weighing 1.086 oz. or 521¼ grains. We had not the opportunity of assaying it, being held as a curiosity, but the weight indicated that the doubloon fineness of 875 has been retained. On this assumption we placed it in the table.

I will here add the result of a recent assay of single gold pieces of France, of the dates 1863 to 1867, and mint-marks of Paris and Strasbourg. This is important in its bearing upon the question of international coinage, for if such an inter-change is to take place, the respective countries must keep good faith in regard to the fineness of their coins, otherwise the matter will soon come to an end. We find the fineness varying from 898.5 to 899.8 and averaging 899.2. This has generally been the result for many years, and is not what should be expected. The average ought to be 900, as required by law. The British coins are kept up to the mark.

In concluding this report it is proper, that I should express my acknowledgement to the Officers, Clerks, and Employees of the Mint, for the faithful and efficient manner in which they have performed their respective duties.

The statistics relating to the Coinage will be found in the tabular statements hereto annexed.

Very respectfully, your obedient servant,

H. R. LINDERMAN,
Director of the Mint.

Hon. HUGH McCULLOCH,
   Secretory of the Treasury,

A.— Statement of Deposits at the Mint of the United States, the Branch Mint San Francisco, Assay Office New York, and Branch Mint Denver, during the Fiscal Year, ending June 30. 1867.

B.— Statement of the Coinage at the Mint of the United States, the Branch Mint San Francisco, Assay Office New York, and Branch Mint Denver, during the Fiscal Year, ending June 30, 1867.

C.— Statement of Gold and Silver of Domestic Production, deposited at the Mint of the U.S. Branch Mint, San Francisco, Assay Office, New York, and Branch Mint, Denver, during the fiscal year, ending June 30, 1867.

D1.— Coinage of the Mint and Branches.

From their Organization to the Close of the Fiscal Year, ending June 30th, 1867.

MINT OF THE UNITED STATES, PHILADELPHIA.

D2.— Coinage of the Mint and Branches.

MINT OF THE UNITED STATES, PHILADELPHIA—(Continued)

D3.— Coinage of the Mint and Branches.

MINT OF THE UNITED STATES, PHILADELPHIA.—(Continued)

E1.— Coinage of the Mint and Branches.

BRANCH MINT AT SAN FRANCISCO.

E2.— Coinage of the Mint and Branches.

BRANCH MINT, SAN FRANCISCO.—(Continued)

F1.— Coinage of the Mint and Branches.

BRANCH MINT, NEW ORLEANS.—(To January 31, 1861.)

F2.— Coinage of the Mint and Branches.

BRANCH MINT, NEW ORLEANS.—(Continued)—To January 31, 1861.

G.— Coinage of the Mint and Branches.

BRANCH MINT, DAHLONEGA, GA.—(To February 28th, 1861.)

H.— Coinage of the Mint and Branches.

BRANCH MINT, CHARLOTTE, N.C.—(To March 31, 1861.)

I.— Coinage of the Mint and Branches.

ASSAY OFFICE, NEW YORK.

K.— Coinage of the Mint and Branches.

BRANCH MINT, DENVER.

L.— Coinage of the Mint and Branches.

Summary Exhibit of the Coinage of the Mint and Branches, to the Close of the Year Ending June 30, 1867.

M.— Statement of gold of domestic production, deposited at the Mint of the U. S. and Branches, to the close of the year ending June 30, 1867.

1.— MINT OF THE UNITED STATES, PHILADELPHIA.

N.— Statement of gold of domestic production.—(Continued.)

2.— BRANCH MINT SAN FRANCISCO.

O.— Statement of gold of domestic production.—(Continued.)

3.— BRANCH MINT, NEW ORLEANS – to January 31, 1861.

P.— Statement of gold of domestic production.—(Continued.)

4.— BRANCH MINT, DAHLONEGA – to February 28, 1861.

Q.— Statement of gold of domestic production.—(Continued.)

5.— BRANCH MINT, CHARLOTTE, N. C., – to March 31, 1861.

R.— Statement of gold of domestic production.—(Continued.)

6.— ASSAY OFFICE, NEW YORK.

S.— Statement of gold of domestic production.—(Continued.)

7.— BRANCH MINT, DENVER.

T.— Statement of gold of domestic production.—(Continued.)

8.— SUMMARY EXHIBIT OF THE ENTIRE DEPOSITS OF DOMESTIC GOLD AT THE MINT OF THE UNITED STATES AND BRANCHES,
To June 30, 1867.

U.— Statement of the amount of Silver coined at the Mint of the United States and Branches at San Francisco and New Orleans, under the Act of February 21st, 1853.

V.— Statement of the amount of Silver of Domestic Production, deposited at the Mint of U.S. and Branches,
From January 1841, to June 30, 1867.

A Statement of Foreign Gold and Silver Coins,

Prepared by the Director of the Mint, to accompany his Annual Report,
in pursuance of the Act of February 21, 1857.

Explanatory Remarks.

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 rule — 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 at 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.

W.

SILVER COINS.

X.

GOLD COINS.