Cleveland morning leader. [volume] (Cleveland [Ohio]) 1854-1865, 1859-03-03
The New Canadian COinage

With reference to the new Canadian coin, the
New York Journal of Commerce says:
Most Of our readers are familiar with the fact
that decimal currency has been adopted by the
British Government for Canada, new issue Of
silver and copper coin has been authorized to
respond with the new system. 1t is of course
matter of no little Importance TO determine the
relative value of this and the United States coin
and the Assayers of the Mint have been making
experiments in order TO settle this question by off
eial analysis.
Thus far only the silver coin have been tested,
and report Of the result, for which we indebt-
ed to the courtesy of the Assayers of the Mint, is
annexed below. II may be remarked, in this con
nection. that silver coin has two values: one, the
value of silver coin Bullion; the other, the value
stamped upon il atthe Mint. The formerhss been
slightly reduced within the year, and the govern
ment is now paying at the rate of 81 81 per ounce
of9-l0 fine. The Minteonverts every such ounce
into coin worth 81 25, which therefore pays
small profit to the Government, and above the
expenses of coinage By the report, it will be
seen that the silver coin of Canada is a little finer
than ours, the standard being 925>lOOo, while the
United States is 900>1000; but the weight is less
so that there is greater difference between its
intrinsic and nominal value than there is in our
currency 1t is worth, in fast about four per cent
less than American new silver coin.
ASSAY OFFICE, U. S. MINT,
Feb. IL, 1859.
Hon. ]. r. SEowDKS, Director of the Mint, &c:
DEAR SIR: In compliance with your verbal re-
quest we present the statement in regard 10 the
new issue of silver for the Canadas, by the British
government. You are aware that the coins have
been awaiting previous formality of proclamation,
and have just been put in circulation, Conse"
qusntly we have been able to obtain very few
specimens. Our examination will afford, however,
satisfactory conclusion to standards Of weights
81 6nanaes end xvill the uuesfiOn. Whefh>
er there is a designed conformity to the currency
of the United States.
In respect to the nomenclature, they have ahan-
doned shillings and pence, and have adopted dec
imal system, in accordance with which, there are
three silver coins, 20, 10 cents; besides copper
cents, which we have not seen. The amount OF
coinage is said to be quite large.
First, as to weight, they dc not harmonic with
us. The average indicates standard Of 10 100
an ounce three penny weights) for the 20 cent
cent piece; the smaller pieces in proportion. Our
hall>dollar being 40-100 of an ounce, would make
I6-I0O for 20 cents. They adhere to the British or
sterling standard of 925 thousandths fine.
This IS a departure from the decimal system of
nine-tenths, which being practically the standard
IN almost every country of North and South Amer
lea, may be considered American. Thirdly IN
respect to to the values this must be stated in two
ways. If it be asked, what is ths intrinsic value
as compared with our coins, then the 20 cent
piece falls below two of our dimes by ourhs
of a cent nearly. If it be asked, what will their
20 cent piece full weight, produce at our mint, at
bullion price, then it is worth lS3 cents nearly.
1t is therefore not interchangeable with our
currency. But by calculation based upon the
intrinsic relations of the British coinage to own
$50 as to be able to to turn pence into cents,) we
find the 20 cent piece is regulated in its weight by
the silver shilling, and is in due proportion there-
to- or so nesrIy that the advantage of having an
even number Of pennyweights was taken into sc-
count
What effect it will have upon the currency oi
the two countries, especially along the boundary
line, to have two kind of dimes, it is not easy to
foresee.
Very respectfully, your Obed't serv'ts,
J. R. ECKFELoT,
WN. D. DUBoIs.