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100 REPORT ON THE FlNANCES.

It will be soon that the loss was 40,215.79 standard onnOO8 of silver,eqnivalent to 45,961 trade·dollars, an average aurasion of abont sixtenths of I per cent., or abont 2. grains per piece.

I f all of the trade·dollars redeemed be coined into subsidiary silver

coins of the United States, as at present., in order to meet the currentdemand for dimes, the seignorage to the Government on such coinagewill be, exclusive of operative wastage, 1631,574.50. If coined intostandard silver dollars tho seignorage would have been 193,004.10.

MINOR OOINAGE.

WSTORY.

The token coins of the United States prior to 1857 consisted of thel·cent and half-cent copper pieces originally authorized by the act

establishing a mint and regulating the coins of the United States, approved April 2, 1792.The weight of these coins was fixed uy the act at II pennyweights,

or 264 grains for the I·cent piece, and 5l pennyweights, or 132 grainsfor the half-cent.

The weight was reduced, by an act approved J annary 14, 1793, to 208grains for the l·cent piece, and to 104 grains for the half·cent.

The weight was again reduced by proclamation of the President ofthe United States, dated January 26,1796, under authority conferredupon him by the eighth section of an act approved March 3, 1795, to

168 grains for the l·cent piece, and to 84 grains for the half·cent pieceat which rates these pieces were coined until their coinage was discontinued by the act of February 21, 1857.

The acts authorizing the coinage of tho copper cents and half·cent.did not specify that they should be a legal tender for any gi ven amount.

An act to provide for a copper coinage, approved May 8,1792, authorieed the Director of the Mint, with the approbation of the President of the United States, to contract for the purchase of a quautity ofcOPller not to exceed 150 tons, and to cause the copper to be coined atthe mint into cents and half·cenls. The second section of this act provid.ed as follows:

After the expiration of six oalendar months from the time when there ehall havebeen paid into the Treasury by tbe said Director in cents and half·cents a sum no$less than $;)0,000, which time shall forthwith be announced by the Treaaurer in atleast two gazettes or newspapers published at the !leat of Government of the UnitedStates for the time being, no eopper coius or pieces whatsoever, except the said centaand half·cent.s, shall pass cnrrent as money, or shall be paid or offered to be paid orreceived in payment fur any debt., demal)d, claim, matter or thing whatsoever, andall copper coins or pieces, except the said cents and balf.cents, which shall be paidor offered to be paid or reeeived in payment contrarv to the prohibition aforesaidshall be forfeited, and every person by whom any of tIiem shall have been so paid oroffered to be paid or l'l'ceived in payment shall also forfeit the snm of flO, and theeaid forfeitnre and penalty shall and may be recovered. with eost of suit for the beue

fit of any person or persons by whom information of the inourring thereofehall havebeen given. .

From this it would appear that these coins would be a legal tender forany sum.

The ninth section of an act approved March 3, 1795, provided for thedistribut.ion of the copper coins as follows:

That i t shall be the dnty of tbe Treasnrer of the United States, from time to time,aa often 1\8 ho shal l receive copper eentsand half·cents from the treasureroftbe mint,to !lend them to the bank or branch banks of the United States in eaoh of the Stateawhere such bank is establisbed, and where there is no bank established then to thecolleotor in the principal town in sllch State (in proportion to the number of inhabit-ants of such State) to be by said bank or colleotor paid out to the citizens of the

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DIRECTOR OF THE IONT. 101

State &r OMh in Boma of not leaa than .10 valne, and that the same be done at theTisk and expenae of the United Statea under such regulationa as shall be preacribedby the Treasury DeplU"tment.

By an act of Congress approved February 21, 1857, the coinage oft.be copper cent and balf·cent was discontinued; and the coinage of aI·cent piece, of the weight of 72 grains, to consist of 88 per cent. ofcopper and 12 per cent. of nickel, authorized. Thi" coin was to be paidout at the mint in exchange for previous issues of copper coins, and itwas made lawful to transmit parcels of l.he new coin to the assistanttreasurers, dt'positaries, and other officers of theGovemmeut, under gen·eral regulations proposed by the Director of the Mint and approved bytbe Secretary of the Treasury, for exchange, as aforesaid.

This act provided that the pieces commonly known as the quarter,eighth, and sixteenth of the Spanish pillar.dollar, and of the Mexicandollar, should be received at the Treasury of the United States, at itsBe"erul offices, and at the several post-offices and land·offices, at thevaluation following: The fourth of a dollar, or piece of two reals, at 20cents; the eighth of a dollar, or piece of one real, at 10 cents; and thesixteenth of a dollar, or piece of a half·real, at 5 cents. By this act itwas also made lawful for two years from its passage, to payout at themint the ceuts authorized for fractional parts of the Spanish pillar andMexicnn dollars, at their nominal values of 25, 12l, and 6! cents.

The coinage of the J-cent piece authorized by the act of February 21,1857, was discontinued by an act approved April 22,1864:, author·

izing tlae coinage of a l·cent piece of the weight of 48 grains, and a2-ceut piece of the weight of 96 grains, composed of 95 per cent. ofcopper anel 5 per cent. of tin and zinc. These coins were to be a legaltender in sums of 10 and 20 cents respectively,and were to be paid out inexchange for lawful colnR of the United States (except cents and half·cents iasued under former acts of Congress), by the Treasury of theUnited States and by other depositories, as the Secretary of the Treas·ury might designate, under general regulations prescribed by theDirector of the rtlint and approved by the Secretary of the Treasury,the expense of the exchange and distribution to be pai<l out of the prof.

its on the coinage. The coinage of the 2 cent piece was discontinuedby the Ooinage Act of 1873.The coinage of tha silver 3-oont piece was flrst authorized by the

eleventh section of the act of Congress approved March 3, 1851. Theweight of this piece was fixed at 121 grains, to be composed of threefoorth8silver and one-fourth copper. 'fhis coin was made a legal tenderin paymcut of debts in sums of 30 cents or under. The object of thecoinage of this piece seems to havo been to make a coin to correspondin denomination with the 3·cent postage-stamp, first authorized by theact above mentioned.

Theweight

ofthiA piece was reduced

by an actapproved March 3,1853, to 11.52 grains and the fineuess Increased to .900. The object of

this change was evidently to make the fineness of the 3-cent piece cor·reSI)()lJd, nnd its weight proportional, to t he other subsidiary silver coius,88 authorized by the act of February 21, 1803.

The coinage of the silver 0 and 3·cellt pieces was discontinued by tbeact of February 12, 1873. Large amounts of these coins have in thelast few years been transfl'rred to the mint and recoined into otherdenominations, principally dimes.

Owing to the suspeusion ofspccil' payments in the United States from1862 to 1876, and the premium on metallic money during this period1

tile value of the sUver contained in all snbsidiary coins of the Unitea

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102 KEPORT ON THE FINANCES.

States was greater than their nominal value. Hence an exportation ofsilver coins of the United States, to replace which ftactional notes wereissued by the Treasury of denominations the same as of coins previoosly

issued.An act was passed March 3, 1865, providing for the coinage of a 3-cent piece of the weight of 30 grains, composed of 75 per cent. of copper aud 20 per cent. of nickel. This act provided that no fractionalnotes of less than 5 cents should be issued thereaf1mo, and made the8-oont nickel piece a legal tender for 60 cents, and it was to be paidout in exchange for lawful money of the United States (except cents,half-cent& or 2-oout pieces issued under former acts of Congress) insuitable sums by the treasurer of the mint and by such other depositaries as might be designated under general regulations approved by theSecretary of the Treasury, and. under like regulations in exc!lange forany lawful currency of the United States, the expense ofsuch exchange,distribution, and transmission to be paid out of the proftts.

The sixtb section of this act provided that the 1 and 2-ceut coins ofthe United States sbould not be a legal tender for any payment exceeding 4: cents iu amount, tbus repealing the provision making tbese pieceslegal tender in sums of 10 and 20 cents, respectively.

On May 16, 1866, an act was approved to authorize the coinage of the5-cent piece of tbe weight of 77.16 grains, composed of 75 per cent. ofcopper and 25 per cent. of nickel. Tbis coin was made a legal tenderfor '1 , and was to be paid out in exchange for lawful currency of the

United States (exoopt cents and half-cents or 2·cent pieces issued underformer acts) in 8uitable sums by tbe mint and depositories designated"under general regulations approved by tbe Secretary of the Treas-ury," tbe expenses incidental to such exc1!ange, distribution, and transmission to be paid out of the proftts on coinage. The further issueof fractional notes of a less denomination than 10 cents was forbiddenby tbis act.

This coin was to be redeemed by the Treasurer and the severalassistant treasorers of the United States in national currency, underrules and regulations prescribed by the Secretary of the Treasury, when

presented in sums of not less than- 1100, and accordingly instructionswere issued under date of October28, 1869, for the redemption of 5-oontnickels.

No provision seems to have been made previous to the passage ofthis act for the redemption of any of the minor coins. An act waspassed March 3, 1871, authorizing the redemption of the copper andtoken coins previously issued when presented iu sums of uot less than120. A circular issued by the Secretary of the Treasury April 10, 1871,notifted holders of all minor coins that these would be redeemed underthe provisions of the act by the mint at Philadelphia.

Section 16 of the act of February 12, 1873, provided that minor coinsshould be redeemed by the Treasurer of the United States and by theassistant treasurers when presented in sums of 120 or any mnltiplethereof, and al80 authorized the Secretary of the Treasury, when theamount presented for redemption showed a redundancy, to intermit thecoinage.

On the 24th March, 1873. a circular was issued under this section bythe Secretary announcing that minor coinR would be redeemed uponbeing forwarded to the TreaNurer or any a.ssistant treasurer of theUnited States, or to the mint at Philadelphia. Under this circularmost of the minor cointl prl'sentl'd for redemption were Rent to themint, especially from New York, Boston, Philadelphia, and Baltimore.

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DIRECTOR OF THE MINT. 108

These coins continued to be redeemed at the mint until February 24:,1881, when a circular was issued discontinuing the mint as a redemption agency and announcing that minor coins for redemption mustbe presented to the Treasurer or an assistant treasurer of the UnitedStates, but that the mint would still continue to receive minor coinsof former issues in exchange for current issues, but not otherwise. Be·tWAen 1871 and 1881, large amounts of minor coins were redeemed bythe mint., the uncurrent minor coins used in reooinage, and the currentissues fit for circulation reissued.

By recoining tho old cents the purchase of a considerable quantity ofmetal was obviated as well as loss which would have resulted if thesecoins had been melted and the metal sold.

Prior to the passage of the Ooinage Act of 1873 no provision of lawexisted for the suspension of the minor coinage in case of a redundancy.

On several occasions since, when the amount presented for redemptionhas indicated a redundancy, the coinage has been suspendetl for a t.imeby order of the Secretary of the Treasury.

The Treasury statement of assets and liabilities on the 28th Feb·ruary, 1885, showed the amount of minor coin in the Treasury to be1 8 3 4 , 0 7 ~ . 2 5 . and on the 30N! Jnne following to be 1868,465.64.

The lust suspension of this coinage took effect on the 16th March. 1885.All requests for minor coin afterwards received at.the mint were reo

turned with the information that application must be made to theTreasurer of the United States or to the nearest assistant treasurer.

MINOK COIN.A.GB DURING I'ISCAL YUJ& 1887.

On the 30th June, 1886, the amount of minor coin iii the TreMury, assho\"n by the statement of assets and liabilities, had been reduced 001377,814. Of this amount over 1160,000 proved to be in 3-cent nickelpieces, for which there was no demand, and over 160,000 in uncurrentminor coins of former issnes. Thus it appears that of the sum of thesecoins held by the Treasury the value of over 1220,000 was nnavail·able.

During the year ended June 30,1886, large orders were constantlyr('ceived at tbe mint at Pbiladelphia for minor coins, all of which werereturned, and the applicants infol'med that the coinage had been inter·mitted, and that application must be made to the nearest assistant treas-urer of the United States. .

Uesnmlltion of minor coinage having been authorized by the Secretary of the Treasury, it was recommenced in September, 1886.

During the fiscal year ended Juue 30,1887, the demand for minorcoins was by far the l&tgest in the history of the mint. The mint atPhiladelphia, to wbich this class of coinage is limited by section 3028of tbe Revised Statutes, has since been taxed to ita utmost capacity to

meet the demand from all parts of the United States, including manywJ)ere minor coins had never before been in general use.

In order to avoid as far as practicable the pnrchas(l of new material,and to relieve the Treasury of an accnmulation of uncurrent minor coinsof former issnes, together with pieces unfit for Circulation, and nickel3-cent pieces, the nominal ,'alne of 1224,445.07 in these old coins wastransferred to the mint at Philadelphia.. This material, together with'3,754.94 worth of old minor coins excbanged for new, was m;ed in thecoinage of l·oont bronze and 5·cent nickel pieces.

In the biJl approved August 4, 1886, an appropriation of 14,000 was

made by Oongress to pay the loss on the above stated reooiuage of nnclll'1'ent minor coins in the Treasury.

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104 REPORT ON THE FINANCES.

The value of the 8everal denominations of minor coins trausferred bythe Treasurer for recoin age, and received iu exchange by the superin.tendent of the mint at Philadelphia., is shown the accompanyingBtatement:

TraD.f ,ned BxchaDge4 by

DeJHwnlpe&Joneo from Treu- the auperln· TotaLlIrY0fUolted tendent ofS&atAle. the minL

In nlekell·oeDt.,1_ ........................ f16, 100.42 ta86. ea flS,188..

In bronse1 · _ tp '- ••••••••••••.•.••••••••• II, OOll.4l1 ""40 11,4411..

In bronze 2-oeDt pl_ ••••••.••••••••••••••••. 26,541." l,oaa.N 21, 80L i i i1n nickel 8-".entpl_ .•••••••••••.••••••••••. 180,1108. '1'1 2311. II I 18O,MS. 7 '

In nickel pl_. ••••• •••••• •••••• ••••. 14 , _ 75 1,426.00 15,1115. 75

- - - - -Total •••••••••••••••••••••••••••••••••••• 1rU,446.07 1,7M.N 228, lIOO. 01

The l·cent and 2·cent bronze pieces were recoined into l·cent bronzepiecws, and the copper· nickel l-cent, and the 3·cent, and li-cent nickelpieces were used in the coinage of new o.cent nickel pieces. .

The amonnt and ooat to the mint of minor coina available for reooinagewas •••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••• _ , ~ 01

In order to nae the 1-c:ent niokel pi806ll i t WM ·neoeuary to add newniokel, ooating.... •••• •••• •••• •••• •••• •••••• •••• •••• •••• •••••• •• • ••• . 606. 36

Uponl ~ t : : ~ [ n ~ ; : ~ f ~ ~ i : ; ~ t ; ; ~ c i ~ ~ i ' b ~ ~ ' p i ~ i h ~ ; ' ; " .:.

•.. .. 228,806.36WM a 1088 of ••••••.••••••••••.••••••••••••••••••••••••••••• 12;216.2C

And on the 1· cent, ~ c e n t , and 5-oent niokel pi806ll.... ••••••• 728.602,1«.84

Net valne of metal for recoinage...... •••••• •••••• •••• •••• ••••••• 225,861.52From whioh there waa man1tfaotnred minor coin of the nQminal value of 291,050.41

Gain on recoinage •••••••••••••••••••••••••••••••••••• .••••• •••• 86, 188. 89

As there was no demand for the 3·cent nickel pieces, as proved by thelarge accumulation in the Treasury, tI60,306.77, transferrec1 for recoin·age, the minor coinage was confined to l·cent bronze and 5·cent nickelpieces. The demand for l·cent bronze and 5·cent nickel pieces, at firstsndden, has since been urgeut and continuous; at times largely beyondthe ability of the mint to promptly meet.

In addition to the amount, t291,050.41, iu minor coins mannfacturedfrom the coins transferred by the Treasury and received in exchange bythe mint, there was manufactured from new material t652,600.24: ofminor coins.

The minor coinage dnring the ftsca.l year was composed. of the foUow·ing denomination8 : .

Denomination. Plecea. Value.

Bl'ODse 1-ceDtpi_ ..... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 311, 114, 7114 ,,1,147.114

:NIckel fHleD tpleoea.. . . . . . . . . . . . .. . . . . . . . .. . . . . . . . .. . . . . . . . .. . . 11, 047, 523 Ii52, 878.111

:NIckel 8-oentpl_ (proof ooIna) . . . . . . . . . . . . . . . . . . . . . . . . . . ••• " 282 128...

- - - - - - - - - - - ~ - - - - . - - - - -otal. . . . . . . . . . . . . . . . . . . ••••••• . . . . . . . . . . . . .•••• . . . . . . . . 50, UMI.5OII N3, 850.l1li

The Secretary of the Treasury was anthorized by the appropriationact of Angust 4, 1886, also to transfer to the mint at PbihMlelphia anyminor coins of current issues fit for circulation, to be cleaned and reoissued, and an appropria.tion of '5,000 was made to pay the expell868 of

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DmECTOR OF THE :HINT.

distributioD of the ooins after cleaning. Tbe following table shows thevalues and denominations of ooins accordingly transferred to the mintfor cleaning and reissue:

Ja l_ t IroDsept_ . . . . . . . . . . . . . . . . . . .. . . . . . .. . . . . . . . . ... . . .. . . . . . . . . . ...I a ~ a t o k e l . .. . . . .. . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ..... . . . . . . . . . . . . . . . . . . .. . . ..

Value.

t4a.80L 13

83,21l1..:i

106,813. 68

All of theRe were cleaned and reissned, at a cost of '507 .50 for laborand U,I60.17 for transportation, a total expense of $4,667.67.

During the year old COppel' l·cent pieces, of the nominal ",uloe ofta,llO .9'J, including $84.93 received in exchange, were transferred to themint IIlld melted, and the old metal sold for $1,136.83. The loss of13,974.09 was reimbursed the Treasurer from the appropriation for losson recoinage of onCUfreot and minor coins.

The accompanying table exbibiUi the denomination aod nominal valueof minor coins forwarded to each of the States and Territories doringthe fiscal year eoded June 30, 1887:

Stal . or Territory. I·cent

Itl-oent

State or Territory. l ·centronze. nlok el. ronze. niok

Alab wa ............... $2500 $5,375.00 Missouri ••. ••••.••.• . '7,650.00 $t9,490.00ArkanSAs . . . . . . . . . . . . 20.00 890.00 New york . . . . . . . . . . . 128,125.00 73,870.00

Arizona . . . . . . . . . . . . . 20.00 North Carolina . . . . . . 1,035.00 1,290.00

California . . . . . . . . . . . 1,215.00 11,585.00 New Joraey . . . . . . . . . . 12,965.00 11 . 835. 00

Colorado. . . . . . . . . . . . . 105.00 0,090.00 New Hampshire _... 800. 00 2, GOO. 00

Connecticut . . . . . . . . . 6, 230. 00 0. 010. 00 Now MeDeo . . . _ . . . . ...... .. ...... 400.00

Delaware . . . . . .

_._. lIM.OO 950.00 Nebraska . . . . . . . . . . . . 2,710.00 lot, 865. 00

Dlstriet ofColnmblA . 200.00 300.011 Ohio . . . . . . . . . . . . . . . . . 29,015.00 3ol, Il00. 00

Dakota . . . . . . . . . . . . . . 1,590.00 3, MO. 00 Oregon . . . . . . . . . . . . . . 20.00 3,510.00

Florida . . . . . . . . . . . . . 190.00 840.00 Pennsylvania . . . . . . . 25,500.00 4 6 , ~ 5 . 0 0 o-.:orgla. . . . . . . . . . . . . . '90.00 3,020.00 I Rbode Island ...• .. . . 6,950.00 9,100.00

Indlanll . . . . . . . . . . . . . 10,669.37 18,710.00 Soutb CaroUDIl . . . . . . 800.00 2,805.0010. . . . . . . . . . . . . . . . . . . . . 8,330.00 11,970.00 TexU8 . . . . . . . . . . . . . . . 150.00 7, 3 ~ 0 . 00

Ulinota . . . . . . . . . . . . . . 51,831. 00 68,355.00 I Tenoessee . . . . . . . . . . . 1,280.00 15,890.00

Idaho. . . . . . . . . . . . . . . . 80 .00I

Utah J, 320. 00....... ... ..... ..................... ----.- .... -...K Dtueky . . . . . . . . . . . 1,775.00 12,050.00 Virltinill . . . . . . . . . . . . . 3,080.00 6,MO.00

Kan8aA . . . . . . . . . . . .. . 4, «<I. 00 8,720.00 VerUlont . . . . . . . . . . . . 1. 370. 00 900.00

Lonlalana . . . . . . . . . . . 400.00 6,610.00 West Virginia . . . . . . . J, 235. 00 2. ~ ~ O . 00

l1JehlilUl ...•..•••••. 17,840.00 11,780.00 WillOOn8in . .. . . . . . . . . 7,230.00 10,755.00

bOMttS . . . . . . . sa. 815. 00 39, 210 . 00 WaRbington Terri·

Mlnn ta . . . . . . . .... 10, 4D5. 00 13, 615. 00 tory . . . . . . . . . . . . . . . .............. 300.00

lfaI.oe . . . . . . . . . . . . . . . 1,325.00 1,215.00 WyomJng . . . . . . . . . . . . ......... _---- 200.00

iaaillpi . . . . . . . . . . 25. 00 250.00Total . . . . . . . . .. 400,610.37 Mol, 61!6. 00

UOntana ••••••.••... ..... ....... _- 2, 020. 00

M.rylAnd . . . . . . . . . . . . 14,270.00 22, 070. 00

RBCAPITULATION.

DnomlDaUon. Pleoee. VaIDe.

------------------!----_. ---- --One-oentplecee ... .. ... ... ..... .. .......... ..... ....... .... .. .. 4 0 ! \ I , O ~ 7 tIOO,5JO. :r7

.F\.,e-cent plecee .. . . . . . . . . . . . . . . . . . . . . . . . . . . . ... . .. ... .. . .. . . . . 10. ' !I:I. ;>41 . li ' 6 . 1'0-- --- - - -

-----

To"'I . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . ~ H ~ . ~ , ~ ~ ~ ~ 3 ~

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106 REPORT ON THE FINANCES.

From the above table it will be soon that minor coins were shippedfrom the mint to every State and Territory except Nevada., Alaska., andtbe Indian Territory.

A large stock of l·cent blanks, purchased prior to the suspension of

tbe coinage in March, 1885, was soon exbausted, wben an additionalstock of blanks was procured. under contract.

There was on band at the mint at Pbiladelpbia a quantity of Englishand German nickel, some 2,000 pounds, wbicb bad been purcbased in18841'0r the 5-cent uickel coinage. Tbe price paid for thil5 nickel was 84:

cents per pound, tbe lowest rate at wbicb it was offered at tbat time.This nickel having proved 80 un malleable as to delay and impede coinage operations very seriously, it was found expedient to bave it cut intoblanks, as well as treated, outside tbe mint. A contract wasacoordinglymade with Mr. Joseph Wharton, of PhiladelplMa, to convert tbis nickel

into i)-cent blanks within the legal tolerance of 3 grains per piece andof 1 per cent. of pure nickel, at 25 cents per pound for each pound ofblanks accepted.

It Rubseq'llently became necessary to procure additional planchets fortbe 5-cent nickel coinagq. Proposals were tberefore invited by publicadvertisement. A conimct for tbe same was awarc1ed to tbe Benedict& Burnbam Manufacturing Company, of Waterbury, Conn., for 20,000pounc1s at the rate of 37/crcents per pound.

Every precaution was observed by the mint before accepting theseblanks as df'livered to secure their conformity to legal requirements.

Early in December, 1886, orders for minor coins were so far beyondthe capacity of the mint to promptly supply that the superintenc1entwas instructed to scale one-balf all orders in excess of t100, and to oWerapplicants the option of the balance of orders to be supplied as early aspracticable, witb the alternative of a retnrn of remittances for ordersnot filled. This was necessary in order to supply impartially, and asearly as practicable, applicants from all sections with at least a portionof tbeir requisitions.

Tbere is bere for tbe first time presented a table showing the valueof the different denominations of minor coins issued from tbe mint at

Philadelphia since its establishment, the amount melted down, and theamount outstanding.I t is proper to remark that of the minor coins shown in tbis table 8S

outstanding, many pieces of tbe older issues have doubtless either leftthe country or been destroyed by individuals, or otherwise retired fromuse as coin.

For instance, it will be noticed that of the old copper half·cents issuedfrom tbe mintz t39,926.11 in value, none are reported as having beeumelted, yet it IS doubtful whetber any consic1erable number of them arein existence, except as curiosities or in coin-collections. These have notbeen included iu the total minor coins ontstanding. So, too, of the

older copper coins which have not since been remelted by the mint,119,014,574 pieces, representing a value of tl,I90,I45.74. These are ofa kmd rarely seen in circulation.

While this statement may not show with accuracy the previous stockof token coins in the country, it is believed that so far as the cnrrent

tissues are concerned-bronze l·cent piece and nickel 3·cent and 5-centpieces-it does not fail to exhibit approximately the stock of such coinsin circulation.

Section 3587 of tbe Revised Statutes provides tha,t " the minor coinsof the United States sha.ll be a legal tender at their nominal va.lue' for

any amount not exceeding 25 cents in anyone payment." The minor

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DmECTOR OF THE JUNT. 107

coins authorized by the act of February 12,1873, are the l·cent bronzeand the 3 and a·cent nickel pieces.

STATEMENT SHOWING BY DENOMIXATIOS THB SBVBRAL TYPES 01 ' MINoa

COL"'S STRUCK AND REMELTED FROM TH E ORGANIZATION 01 ' TH E HINT, ANDTUB AMOUNT OUTSTA.NDING JUNK :IO, 1887.

Denomination. Coined. I Remelted. OutatmdlnltJUDe 80. 1887.

Copper _ta........ ....... ........... .... . . ,I,l562, 887. 44 fII72. 74L 70 .1, 190, 145. 74

Copper balt_ta.... ................ ........ "39, tI28. 11 . . . . . . . . . . . . . .

Copper Dlcbl cen.. . . . . . . . . . . . . . . . . . . . . . . . . . . . 2, 007, 720. 00 735, 818. 80

BrollZOcenta................................. 4,8111,275.48 24,517.11

Bronze 2_ _ pieces. . . . . . . •••••• . . . . •. . . . • •• 912, O:!O. 00 282, 12l!. oa

Nickel 8-contpi_ . . . . . . . . . . . . . . . . . . . . . . . . 1103. 705. 00 175, MI. 44Nickel ken t pIeee&.................. .... .... II, .1 , 171. 75 II , 11M. 00

---------

1, 2'12, loa. 70

4,2M,7118.87

119, 891.118

'IlI8, 183. 58II, 8211, 737. 75

Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 111, m, 205. 78 1, _ 478. 83 18, 73t,BOLeK

-There ill no record or tbe meltlDl( at tb e mint of any old copper balf conts, but it la belleved that few,lf any, are in clrcubr.tlon.

A.PPROPRIATIONS AND EXPENDITURES.

The amount specifically appropriated for the support of the mintsand assay otJices of the United States for the fiscal year 1887 was.1,146,739.20, including a special appropriation of $54,639.20 for the

renewal of the steam·power plant of the mint at Philadelphia.Of tile above specific appropriation there was expended .988,399.31.In addition, there was expended from the general appropriation for

the coinage of silver dollars- the sum of $ ~ 0 1 , 1 1 0 . 0 ~ . Of this sumt200,189.02 was expended by the mints, and $921 by this Bureau; thelatter for daily quotations by telegraph of the price of silver in London.

For the service of the mints and assay offices, including the cost ofthe mandatory coinage of the silver dollar, the total eXI)enditllre duringthe fiscal year ended Jone 30,1887, was $1,189,509.33.

The appropriations and expenditures are exhibited in the following

~ ~ : .

IuUtutlOllll. Salarlee.

~ " " " ' "

APPROPRIATIONS, 1807.

Wagee.

Colnaae ofetauilard

Benewal of 1111vcr dol·Contingent. ateam· pow· lara, act of

er p l a b ~ . Febrnar,21. 1878 (m·

deftDito).

ToW.

PhUadelphla....... ,,1, lIII0. 00 . . . 00. 00 ,100,000.00 f5&. 689. 20 . . . . . . . . . . . . . . , 89. 20

au J!'ranclMo ..... 4" 000. 00 170, 000. 00 40,000.00.... . . . . . .. . . . . . . . . . . . . 251,900.000.-............. 29,550.00 00,000.00 25,000.00.... . . . . . . . . . . . . . . . . . . . . 114,550. 00

J r_Or__ . . . . . . 81,950.00 7,,000.00 85,000.00 . . . . . . . . . . . . . . . . . . . . . . . . 140,950.00

A - . 0,...Jr_ york......... 89,210.00 25, 000. 00 10,000.00...... . . . . . . . . . . . . . . . . . . 7" 250. 00

Da-fft . . . . . . . . . . . . 10,950.00 I" 000. 00 6. 000. 00 . . . . . . . . . . . . . . . . . . . . . . . . 80, 950.00

. . . . . . . . . . . . 7, 700. 00 12,000.00 8, 000. 00 . . . . . . . . . . . . . . . . . . . . . . . . 25.700.00

... .. ........... a. 000.00 . . . . . . . . . . . . 5,000.00.. . . . . . . . . . . . . . . . . . . . . . . 8.000.00

~ . . . . . . . . . . 2,750.00 . . . . . . . . . . . . 2,000.00 . . . . . . . . . . . . . . . . . . . . . . . 4,750.00

.....LaaIa........ 3,Il00.00 . . . . . . . . . . . 3,000.00 . . . . . . . . . . . . . . . . . . . . . . . .! 6,1\(10.00

'IIIW ........ m:tuo:oo Mi"'ooo.oo 2 3 2 . 0 0 O : 0 0 r G : i : o . : m . : ; o I ~ = : - , i ~ 7 : i 2 0 • Aot; of February28, Itl18.

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