The Sun.
London, England, 1842-06-29 00:00:00

123.0177

The weight, therefore, at which it may be suffered to issue
from the Mint is as nearly as possible 123 grains; equal to
5 dwt. 3 grains.
The loss by wear and tear of the coin, and which by law
is to be borne by the public, must, therefore be the difference
between the actual weight of a worn sovereign and the
weight when issued from the Mint, and not the difference
between the present weight and the weight if 5 dwt. 2tgrains,
which is the lowest sufferance weight allowed by the procla-
mation.

But here a difficulty occurs. In selling back the old coin
to the Government as mere bullion, ought the public to be
charged with the difference arising from compariug the pre-
sent weight with the full estimated coinage weight of 5 dwt.
3i grains, or with the allowed weight of 5 dwt. 3 grains, at
which it may be suffered to issue from the Mint?
The difference between the two methods is only of a grain,
or one halfpenny sterling on a single sovereign; but becomes
of some importance when the old coinage is considered.
It cortainly would appear to be the more equitable course to
claim of the public only that weight of standard gold which by
law they may have received a few yea a back from the Go-
vernment, viz.. the allowance weight of 5 dvi t. 3 grains, as it
is to be presuined that whatever en or may arise in the coinage
will most probably be on what the Government would call the
right side—that is, an error of deficiency within the limits o
the law.

'Fl.e follow,ing would then be tl-.e toile of loss on light 14 •
vereigus
Ailowed weight when issued from the Mint, sdwt. 3gr.
Minimum weight fur circulation, as fixed by the proclarna.
tion, sOwt. '4gr.
Short of this not exceeding 1/20-., say weight above sdw'.
2gr., loss
Short of this not exceeding lgr., say weight above sdwt,
1 igr. , loss igr.=_.-3d.
Nh,rt of this nut exceeding ligr., say weight above sdwt
lgr., loss 2gr.=4d.,
If, however, the ful calculated weight of sdwt. 3lgr. i
taken, in•tead of the allowed issuing weight, then tht, loss in
cases becomes grain more, whipe value is one halfpenny
which sum must be added to each of the above rates.

For halt sovereigns, the allowed weight is 2dwt.
minimum weight for circulation, 2dwt. l 3 gr.
Short not exceeding igr., say weight above 2dwt. 121 gr.,
loss igr.,—_lid.
Short, not exceeding lgr., say weight above 2dwt. 12kgr.,
loss INg r.=2/d.
Short, not exceeding ligr., say weight above 2dwt.
loss I igr.,=3id.
If the full calculated weight of 2dwt. Ingr. is used for the
half-sovereign, then the loss becomes in all cases one-eighth of
a grain more, value one farthitg sterling, which must be added
to each of the above rates.

It must here be observed, that the Government have not
called in the defective coinage, nor do they offer to take it hack
from the holder ; they have merely reminded the public, that
by law no sovereigns can be a legal tender if under the weight
of 5 dwt. 21,- gr. each ; and they leave them to make the most
of all coin below that weight by selling it as mere bullion at the
best price they can obtain.
The Bank of England has offered to buy light coin at the
legal Mint price of 31. 17s. 101/2d. per ounce for standard gold.
This is 11/,d. higher than the present market price of starvarti
gold, which is 31. 17s. 9d. If, therefore, a person were to take
to them for sale 50 sovereigns, weighing on an average 5 dwt.
2 gr. each, they would form an aggregate weight of 12 oz. 14
dwt. 4 gr., which, at the above price of 31. 175. 101/od. per
ounce, would be equal to 491.9;. Bd., showing a loss to the
seller on 50 sovereigns of 10s. 4.1.
Each of the above sovereigns being supposed to weigh on an
average 5 dwt. 2 gr., the deficiency on each, as compared with
the strict legal weight, is 114 grain, that is in all 621/2 grains,
which, at 2d. per grain, is worth 10s. sd.
The above difference of Id. arises from taking the value of
I grain of gold as being worth 2d., when in fact, as shown by
the previous calculations, it is worth only 1.94688 d.
The English funds have remained unchanged throughout
the day, and business continues extremely liinited.